Discover's 3Q net income up nearly 9 percent
RIVERWOODS, Ill. (AP) — Discover Financial Services says its third-quarter net income increased nearly 9 percent to beat market expectations.
The credit card issuer and lender's gains were made on increased credit card spending and overall lending.
Discover said Tuesday that its net income after preferred dividends rose to $630 million, or $1.37 per share. That compares with $579 million, or $1.20 per share, a year earlier. Revenue net of interest expense rose to $2.19 billion from $2.06 billion.
Analysts polled by FactSet expected earnings of $1.34 per share on revenue of $2.2 billion.
Shares of the Riverwoods, Illinois-based company ended regular trading up $1.68 to $64.38 and added 13 cents in extended trading following the report.