US-based card issuer Discover Financial Services has reported a net income of $644m for the third quarter of 2014, compared to $593m for the same quarter of 2013.
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The company’s Payment Services unit has reported a pre-tax income of $28m in the quarter, flat to the prior year.
Payment Services dollar volume was $49.6bn for the third quarter of 2014, up 2% from the prior year. PULSE transaction dollar volume was up 3% year-over-year
Credit card yield was 12.04%, an increase of four basis points from the prior year, reflecting a higher portion of customers revolving balances and lower interest charge-offs.
David Nelms, chairman and CEO of Discover Financial Services, said: "I am very pleased with Discover’s results this quarter, which were driven by robust card loan growth, strong revenue growth and near historically low credit performance resulting in continued better than industry returns.
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By GlobalData"Our Direct Banking strategy continues to work as we grow consumer loans faster than our peers and return meaningful amounts of capital back to our shareholders."
