Discover Financial Services Posts Lower Q1 Profit

(RTTNews) - Discover Financial Services (DFS) reported net income of $586 million or $1.28 per share for the first quarter, compared to $631 million or $1.31 per share for the year-ago quarter.

Net interest income for the first quarter rose to $1.63 billion from $1.56 billion a year ago. Revenue net of interest expenses grew to $2.17 billion from $2.08 billion last year.

Analysts polled by Thomson Reuters expected the company to earn $1.27 per share on revenue of $2.17 billion for the first quarter.

Total loans for the first quarter grew 5.9% from the prior year to $67.6 billion. Credit card loans grew 5.1% to $53.5 billion and Discover card sales volume increased 2.7% from the prior year.