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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.
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Discover Revenue by Segment
Revenue by Segment
Digital Banking Revenue
CapyFin.comPayment Services Revenue
CapyFin.com 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.