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Jun 30, 2024
Discover Q2 2024 Earnings Report
Discover reported strong Q2 2024 results driven by loan growth and margin expansion.
Key Takeaways
Discover Financial Services reported a net income of $1.5 billion, or $6.06 per diluted share, for the second quarter of 2024. This represents a significant increase compared to the second quarter of 2023, when net income was $901 million, or $3.54 per diluted share. The company's performance was supported by loan growth, margin expansion, and higher non-interest revenue.
Net income for Q2 2024 was $1.5 billion, or $6.06 per diluted share, compared to $901 million, or $3.54 per diluted share, in Q2 2023.
Total loans ended the quarter at $127.6 billion, up 8% year-over-year.
Digital Banking pretax income was $1.8 billion, $694 million higher than the prior year period.
Payment Services pretax income was $277 million, up $207 million year-over-year.
Revenue by Segment
Forward Guidance
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements, which speak to our expected business and financial performance, among other matters, contain words such as "believe," "expect," "anticipate," "intend," "plan," "aim," "will," "may," "should," "could," "would," "likely," "forecast," and similar expressions. Such statements are based on the current beliefs and expectations of our management and are subject to significant risks and uncertainties.
Positive Outlook
- Our ability to successfully achieve card acceptance across our networks and maintain relationships with network participants and merchants.
- Our ability to sustain our card and personal loan growth.
- Our ability to timely complete the recently announced sale of the our private student loan portfolio, including due to the failure of a closing condition in the agreement to be satisfied, or any unexpected delay in closing the transaction or the occurrence of any event, change or other circumstances that could give rise to the termination of the agreement.
- Our ability to increase or sustain Discover card usage or attract new customers.
- Difficulty obtaining regulatory approval for, financing, closing, transitioning, integrating or managing the expenses of acquisitions of or investments in new businesses, products or technologies.
Challenges Ahead
Historical Earnings Impact
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Avg. Return Before/After Earnings
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