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Jun 30, 2020
Discover Q2 2020 Earnings Report
Discover reported a net loss for Q2 2020 due to increased credit loss provisions.
Key Takeaways
Discover Financial Services reported a net loss of $368 million, or ($1.20) per diluted share, for the second quarter of 2020, compared to a net income of $753 million, or $2.32 per diluted share, for the second quarter of 2019. The results included a $1.3 billion addition to the allowance for credit losses.
Net loss of $368 million, or ($1.20) per diluted share.
Total revenue net of interest expense decreased by 7% year-over-year to $2,662 million.
Direct Banking pretax loss of $484 million, $1.4 billion lower than the prior year.
Payment Services pretax income was $23 million, down $23 million year-over-year.
Revenue by Segment
Forward Guidance
Discover did not provide specific forward guidance in the press release. The company's outlook is subject to significant risks and uncertainties, including the ongoing COVID-19 pandemic and its impact on the economy and financial markets.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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