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Sep 30, 2023
Discover Q3 2023 Earnings Report
Discover reported strong revenue and receivables growth, with net income impacted by higher credit loss provisions.
Key Takeaways
Discover Financial Services reported a net income of $683 million, or $2.59 per diluted share, for Q3 2023, compared to $1.0 billion, or $3.56 per diluted share, for Q3 2022. The results reflect strong growth in revenues, receivables, and deposits, while credit performance is in line with expectations.
Total loans reached $122.7 billion, a 17% increase year-over-year.
Total revenue, net of interest expense, was $4.044 billion, up 17% year-over-year.
The total net charge-off rate was 3.52%, an increase of 181 basis points year-over-year.
Digital Banking pretax income was $803 million, a decrease of $471 million compared to the prior year.
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Forward Guidance
No specific forward guidance was provided in the press release.