Discover Q2 2023 Earnings Report
Key Takeaways
Discover Financial Services reported a net income of $901 million, or $3.54 per diluted share, for the second quarter of 2023. This compares to a net income of $1.1 billion, or $3.93 per diluted share, for the second quarter of 2022. The results reflect revenue growth offsetting normalizing charge-offs and deposit base growth.
Net income for the second quarter of 2023 was $901 million, or $3.54 per diluted share.
Total loans ended the quarter at $117.9 billion, up 19% year-over-year.
The total net charge-off rate was 3.22%, 142 basis points higher versus the prior year period.
The company repurchased approximately 6.8 million shares of common stock for $700 million during the second quarter of 2023 and decided to pause share repurchases.
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Forward Guidance
Discover is actively enhancing governance and oversight structures and making significant investments in its compliance management system. The company has decided to pause share repurchases while the internal review of compliance, risk management and corporate governance is pending.