US-based card issuer Discover Financial Services has reported a net income of $599m, or $1.33 per diluted share, for the second quarter of 2015, a 6.9% decrease compared to $644m, or $1.35 per diluted share, for the same period of 2014.
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The company’s credit card loans increased 4.2% to $54.9bn for the quarter ended 30 June 2015, while its card sales volume increased 2.3% from the prior year or about 5% excluding gas purchases.
The Payment Services unit has reported a pre-tax income of $28m for the quarter, a $3m decrease from the previous year.
Payment Services dollar volume was $47.5bn, a 7% decrease compared to the last year, while PULSE transaction dollar volume was dipped 10% year-over-year due to the loss of some volume from a large debit issuer.
Discover chairman and CEO David Nelms said: "We once again generated solid loan growth amid heightened competition, marking more than four years of quarterly card receivables growth. Our results benefited from strong credit results with both overall charge-off and delinquency rates declining versus last year."
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By GlobalData
