Discover Financial Services (NYSE:DFS) reported its second-quarter financial results on Wednesday. Here's a look at the key figures from the report.
The Details: Discover reported GAAP earnings of $6.06 per share, beating the estimate of $3.07 per share, and quarterly Net Interest Income (NII) of $3.524 billion.
Net interest income for the quarter increased by $347 million, or 11% year-over-year, driven by higher average receivables and net interest margin expansion. Net interest margin was 11.17%, up 11 basis points versus the prior year.
Card yield was 15.99%, up 85 basis points from the prior year primarily driven by a lower promotional balance mix and lower payment rates, partially offset by higher interest charge-offs. Interest expense as a percent of total loans increased 71 basis points from the prior year period, primarily driven by higher funding costs.
Digital Banking pretax income of $1.8 billion for the quarter was $694 million higher than the prior year period reflecting a lower provision for credit losses and increased revenue net of interest expense partially offset by increased operating expenses.
Total loans ended the quarter at $127.6 billion, up 8% year-over-year, and up 1% sequentially. Credit card loans ended the quarter at $100.1 billion, up 7% year-over-year. Personal loans increased $1.2 billion, or 13%. Private student loans were down 1%, and were classified as held-for-sale as of June 30, 2024.
The total net charge-off rate was 4.83%, up 161 basis points from the prior year period and down 9 basis points from the prior quarter reflecting continued seasoning of recent vintages.
"Discover's fundamental operating performance remains very good, as shown by our loan growth, margin expansion and higher non-interest revenue in the quarter," said Michael Shepherd, Discover's Interim CEO and President.
"Additionally, we advanced several critical initiatives including entering into an agreement to sell our student loan assets, favorably resolving litigation in our Payment Services segment, and entering into a class action settlement agreement for the card misclassification matter."
Discover will host a conference call to discuss its second-quarter results at 8:00 a.m. ET Thursday morning.
DFS Price Action: According to Benzinga Pro, Discover Financial shares are up 5.01% after-hours at $148.49 at the time of publication Wednesday.
周三,发现金融(纽交所:DFS)发布了第二季度财报。以下是报告中的关键数据。
具体数据:发现公司报告的每股普通股收益为6.06美元,超过了每股盈利预期的3.07美元。本季度净息收入为35.24亿美元。
本季度净息收入较去年同期增加34700万美元,同比增长11%,主要受平均应收账款和净利息收益率扩张的推动。净利息收益率为11.17%,较上一年同期提高了11个基点。
信用卡年化收益率为15.99%,较上年同期提高了85个基点,主要是由于推广余额组合比例降低和付款比率降低,部分抵消了更高的利息核销额。利息费用占总贷款比例从上一年的同期上升了71个基点,主要是由于资金成本增加。
本季度数字银行税前收入为18亿美元,比去年同期增加了6,940万美元,反映出信贷损失准备金较少和净利息支出增加部分抵消了营业费用增加。
本季度总贷款余额为1276亿美元,按年计算增长了8%,按季计算增长了1%。信用卡贷款总额为1001亿美元,按年计算增长了7%。个人贷款增加了12亿美元,增长了13%。私人学生贷款下降了1%,并于2024年6月30日归类为可出售。
净转嫁率为4.83%,较上年同期上升了161个基点,较上一季度下降了9个基点,这反映出近期增量的良好表现。
发现公司的临时首席执行官和总裁迈克尔·谢泼德说:“本季度,我们的贷款增长、净利差扩张和非利息收入增加等方面的基本经营业绩都非常出色。”
“此外,我们还推进了几项关键举措,包括签订协议出售学生贷款资产,在我们的付款服务业务中解决了诉讼,并与卡片分类问题达成了集体诉讼和解协议。”
发现公司将于周四上午8:00 ET举行电话会议,讨论其第二季度业绩。
DFS股价表现:据Benzinga Pro报道,发现金融股票在周三发布后,在发布时段后大幅上涨5.01%,收于148.49美元。