News Summary: Discover posts higher 4Q net income
News Summary: Discover Financial Services' 4Q net income climbs as credit card use rises
COMING UP SHORT: Discover Financial Services' fiscal fourth-quarter earnings rose 6 percent to $541 million, or $1.07 per share. Still, the results fell short of analysts' consensus forecast, which called for earnings of $1.12 per share.
CHARGE! Total loans, credit card loans and Discover card sales volume all increased 6 percent in the quarter.
ON-TIME THIS TIME: The rate of charge-offs, when the company writes off unpaid credit card balances, dropped to a historic low of 2.29 percent. While the delinquency rate on credit-card loans over 30 days past due improved to 1.86 percent.
