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Discover Financial Services (DFS-1.32%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing net income of $870 million, or $3.32 per diluted share, compared to $586 million, or $2.21 per diluted share, in the same quarter the previous year.
Total loans grew by 4% to $127.0 billion, with credit card loans increasing by 3% to $100.5 billion.
The net charge-off rate for credit card loans increased to 5.28%, and the delinquency rate for credit card loans over 30 days past due rose to 3.84%.
Direct-to-consumer deposits increased by 11% to $90.3 billion.
Payment Services transaction volume for the segment was $100.5 billion, up 9% from the previous year.
The filing also reports on the pending merger with Capital One Financial Corporation, which is expected to be completed subject to regulatory approvals.
Discover Financial Services is in the process of selling its private student loan portfolio, with the first closing executed during the quarter, resulting in a $70 million gain.
The company has paused share repurchases in accordance with the merger agreement with Capital One.
The filing details the company's liquidity and capital resources, highlighting a liquidity portfolio of $24.8 billion and undrawn credit facilities totaling $77.5 billion.
Discover Financial Services continues to focus on maintaining stable, diversified funding sources and a strong liquidity profile to support its business operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Discover Financial Services quarterly 10-Q report dated December 23, 2024. To report an error, please email earnings@qz.com.