Discover Financial Services Reports Fourth Quarter 2024 Net Income of $1.3 Billion or $5.11 Per Diluted Share and Full Year Net Income of $4.5 Billion or $17.72 Per Diluted Share
Discover Financial Services (DFS) reported Q4 2024 net income of $1.3 billion ($5.11 per diluted share), a 253% increase from $366 million ($1.45 per diluted share) in Q4 2023. Total revenue net of interest expense grew 14% to $4.759 billion. Total loans decreased 6% year-over-year to $121.1 billion, while credit card loans grew 1% to $102.8 billion.
The company's Digital Banking segment posted pretax income of $1.6 billion, with net interest margin expanding to 11.96%. The total net charge-off rate increased to 4.64%, up 53 basis points year-over-year. Card yield improved to 16.22%, up 59 basis points from the prior year. Payment Services pretax income rose 37% to $74 million, with payment volume reaching $102 billion.
Notable developments include the completion of the student loan sale, resulting in a $381 million gain, and the announcement of a pending merger with Capital One.
Discover Financial Services (DFS) ha riportato un reddito netto per il quarto trimestre del 2024 di 1,3 miliardi di dollari (5,11 dollari per azione diluita), con un aumento del 253% rispetto ai 366 milioni di dollari (1,45 dollari per azione diluita) del quarto trimestre del 2023. Il fatturato totale, al netto dei costi di interesse, è aumentato del 14% raggiungendo i 4,759 miliardi di dollari. I prestiti totali sono diminuiti del 6% su base annua, attestandosi a 121,1 miliardi di dollari, mentre i prestiti con carta di credito sono aumentati dell'1%, arrivando a 102,8 miliardi di dollari.
Il segmento di Digital Banking della compagnia ha registrato un reddito ante imposte di 1,6 miliardi di dollari, con un margine di interesse netto che è cresciuto all'11,96%. Il tasso netto di cancellazione è aumentato al 4,64%, con un incremento di 53 punti base su base annua. Il rendimento delle carte è migliorato al 16,22%, in crescita di 59 punti base rispetto all'anno precedente. Il reddito ante imposte dei Servizi di Pagamento è aumentato del 37%, raggiungendo i 74 milioni di dollari, con un volume di pagamenti che ha toccato i 102 miliardi di dollari.
Sviluppi significativi includono il completamento della vendita di prestiti agli studenti, che ha generato un guadagno di 381 milioni di dollari, e l'annuncio di una fusione in corso con Capital One.
Discover Financial Services (DFS) reportó un ingreso neto de $1.3 mil millones ($5.11 por acción diluida) en el cuarto trimestre de 2024, un aumento del 253% desde los $366 millones ($1.45 por acción diluida) del cuarto trimestre de 2023. Los ingresos totales netos de gastos por intereses crecieron un 14% a $4.759 mil millones. Los préstamos totales disminuyeron un 6% interanual a $121.1 mil millones, mientras que los préstamos con tarjetas de crédito crecieron un 1% a $102.8 mil millones.
El segmento de Banca Digital de la compañía mostró un ingreso antes de impuestos de $1.6 mil millones, con un margen de interés neto que se expandió al 11.96%. La tasa total de cancelaciones netas aumentó al 4.64%, un incremento de 53 puntos básicos interanuales. El rendimiento de las tarjetas mejoró al 16.22%, un aumento de 59 puntos básicos respecto al año anterior. El ingreso antes de impuestos de los Servicios de Pago aumentó un 37% a $74 millones, con un volumen de pagos alcanzando los $102 mil millones.
Desarrollos notables incluyen la finalización de la venta de préstamos estudiantiles, resultando en una ganancia de $381 millones, y el anuncio de una fusión pendiente con Capital One.
Discover Financial Services (DFS)는 2024년 4분기 순이익이 13억 달러(희석 주당 5.11달러)로 2023년 4분기 3억 6천6백만 달러(희석 주당 1.45달러)에서 253% 증가했다고 보고했습니다. 이자 비용을 제외한 총 수익은 14% 증가하여 47억 5천9백만 달러에 달했습니다. 총 대출은 전년 대비 6% 감소하여 1,211억 달러에 이르렀고, 신용 카드 대출은 1% 증가하여 1,028억 달러에 도달했습니다.
회사의 디지털 뱅킹 부문은 세전 소득이 16억 달러를 기록했으며, 순 이자 마진이 11.96%로 확장되었습니다. 총 순 차감율은 4.64%로 증가했으며, 이는 전년 대비 53 베이시스 포인트 상승한 수치입니다. 카드 수익률은 16.22%로 개선되었으며, 이는 전년 대비 59 베이시스 포인트 상승한 것입니다. 결제 서비스의 세전 소득은 37% 증가한 7천4백만 달러에 이르렀으며, 결제량은 1천2백억 달러에 도달했습니다.
주요 발전 사항으로는 학생 대출 매각 완료로 3억 8천1백만 달러의 이익을 기록했으며, Capital One과의 합병 발표가 있습니다.
Discover Financial Services (DFS) a rapporté un revenu net de 1,3 milliard de dollars (5,11 dollars par action diluée) pour le quatrième trimestre de 2024, soit une augmentation de 253% par rapport à 366 millions de dollars (1,45 dollar par action diluée) au quatrième trimestre de 2023. Le chiffre d'affaires total, net des charges d'intérêt, a augmenté de 14% pour atteindre 4,759 milliards de dollars. Les prêts totaux ont diminué de 6% par rapport à l'année précédente, s'élevant à 121,1 milliards de dollars, tandis que les prêts par carte de crédit ont augmenté de 1% pour atteindre 102,8 milliards de dollars.
Le segment de la Banque Numérique de l'entreprise a affiché un revenu avant impôts de 1,6 milliard de dollars, avec une marge d'intérêt nette qui s'est agrandie à 11,96%. Le taux de défaut net total a augmenté à 4,64%, soit 53 points de base de plus par rapport à l'année précédente. Le rendement des cartes a amélioré, atteignant 16,22%, soit une hausse de 59 points de base par rapport à l'année précédente. Le revenu avant impôts des Services de Paiement a augmenté de 37% pour atteindre 74 millions de dollars, avec un volume de paiements atteignant 102 milliards de dollars.
Parmi les développements notables, on trouve la finalisation de la vente des prêts étudiants, ayant généré un gain de 381 millions de dollars, et l'annonce d'une fusion en attente avec Capital One.
Discover Financial Services (DFS) berichtete für das vierte Quartal 2024 einen Nettogewinn von 1,3 Milliarden US-Dollar (5,11 US-Dollar pro verwässerter Aktie), was einem Anstieg von 253% im Vergleich zu 366 Millionen US-Dollar (1,45 US-Dollar pro verwässerter Aktie) im vierten Quartal 2023 entspricht. Der Gesamterlös nach Abzug der Zinsen stieg um 14% auf 4,759 Milliarden US-Dollar. Die Gesamtvergabe von Krediten sank um 6% im Vergleich zum Vorjahr auf 121,1 Milliarden US-Dollar, während die Kreditkartenkredite um 1% auf 102,8 Milliarden US-Dollar anstiegen.
Das Segment Digital Banking des Unternehmens erzielte vor Steuern einen Gewinn von 1,6 Milliarden US-Dollar, wobei die Nettomarge auf 11,96% anstieg. Die Gesamtnettoküpfungsrate stieg auf 4,64%, was einem Anstieg von 53 Basispunkten im Vergleich zum Vorjahr entspricht. Die Kartenrendite verbesserte sich auf 16,22%, was einem Anstieg von 59 Basispunkten im Vergleich zum Vorjahr entspricht. Das Ergebnis der Zahlungsdienstleistungen vor Steuern stieg um 37% auf 74 Millionen US-Dollar, da das Zahlungsvolumen 102 Milliarden US-Dollar erreichte.
Bedeutende Entwicklungen umfassen den Abschluss des Verkaufs von Studentendarlehen, der einen Gewinn von 381 Millionen US-Dollar erzielte, und die Ankündigung einer bevorstehenden Fusion mit Capital One.
- Net income increased 253% YoY to $1.3 billion
- Revenue grew 14% to $4.759 billion
- Net interest margin expanded 98 basis points to 11.96%
- Card yield improved 59 basis points to 16.22%
- Payment Services pretax income up 37% to $74 million
- $381 million gain from student loan sale
- Total loans declined 6% YoY to $121.1 billion
- Total net charge-off rate increased 53 bps to 4.64%
- Credit card net charge-off rate up 35 bps to 5.03%
- Personal loan net charge-off rate increased 85 bps to 4.24%
- Operating expenses increased 4% YoY
Insights
Discover's Q4 2024 results showcase remarkable financial strength with net income surging
Key performance indicators reveal a strategic shift in Discover's business model:
- The successful exit from student lending, resulting in a
$381 million gain, demonstrates management's focus on core operations - Credit card loans, the company's primary revenue driver, grew
1% to$102.8 billion , showing disciplined growth amid economic uncertainties - Net interest margin expanded significantly to
11.96% , positioning DFS among the industry's top performers in profitability
Credit quality metrics warrant attention: The credit card net charge-off rate of
The declared quarterly common stock dividend of
The credit performance metrics reveal a nuanced picture of Discover's risk profile. The
Notable credit trends include:
- Credit card delinquencies holding steady at
3.84% indicates effective risk management in the core portfolio - Personal loan charge-offs increasing 85 basis points year-over-year to
4.24% suggests potential stress in this segment - The
$1.2 billion provision for credit losses decreased significantly, driven by an$807 million favorable reserve change, indicating management's confidence in the portfolio's trajectory
The stabilizing credit metrics, particularly in the credit card portfolio, suggest that Discover's risk management enhancements are taking effect. The favorable reserve change, despite elevated charge-offs, indicates that management expects credit normalization to continue, supported by strong employment data and resilient consumer spending patterns.
Board of Directors Declares Semi-Annual Dividend for Preferred Stock and Quarterly Dividend for Common Stock
Fourth Quarter 2024 Results |
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Total revenue net of interest expense (in millions) |
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Net income (in millions) |
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Discover Financial Services (NYSE: DFS) today reported net income of
“Discover's fourth quarter results capped off a successful 2024 as loan growth, margin expansion, and credit improvement led to strong financial performance,” said Michael Shepherd, Discover’s Interim CEO and President. “It was a transformative year for our business as we announced our pending merger with Capital One, exited student lending, and enhanced our risk management and compliance programs. These actions position us well for the future."
Segment Results
Digital Banking
Digital Banking pretax income of
Total loans ended the quarter at
Net interest income for the quarter increased
Non-interest income increased
The total net charge-off rate was
Provision for credit losses of
Total operating expenses were up
Payment Services
Payment Services pretax income of
Dividend Declaration
The Board of Directors of Discover Financial Services declared a semi-annual cash dividend on its Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series C, in the amount of
The Board of Directors of Discover Financial Services declared a semi-annual cash dividend on its Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series D, in the amount of
The Board of Directors declared a quarterly cash dividend of
Conference Call and Webcast Information
The company will host a conference call to discuss its fourth quarter results on Thursday, January 23, 2025, at 7:00 a.m. Central Time. Interested parties can listen to the conference call via a live audio webcast at https://investorrelations.discover.com.
About Discover
Discover Financial Services (NYSE: DFS) is a digital banking and payment services company with one of the most recognized brands in
A financial summary follows. Financial, statistical, and business related information, as well as information regarding business and segment trends, is included in the financial supplement filed as Exhibit 99.2 to the company's Current Report on Form 8-K filed today with the Securities and Exchange Commission (“SEC”). Both the earnings release and the financial supplement are available online at the SEC's website (http://www.sec.gov) and the company's website (https://investorrelations.discover.com).
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements, which speak to our expected business and financial performance, among other matters, contain words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “aim,” “will,” “may,” “should,” “could,” “would,” “likely,” “forecast,” and similar expressions. Such statements are based on the current beliefs and expectations of our management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements. These forward-looking statements speak only as of the date of this press release and there is no undertaking to update or revise them as more information becomes available. The following factors, among others, could cause actual results to differ materially from those set forth in the forward-looking statements: changes in economic variables, such as the availability of consumer credit, the housing market, energy costs, the number and size of personal bankruptcy filings, the rate of unemployment, the levels of consumer confidence and consumer debt and investor sentiment; the impact of current, pending and future legislation, regulation, supervisory guidance and regulatory and legal actions, including, but not limited to, those related to accounting guidance, tax reform, financial regulatory reform, consumer financial services practices, anti-corruption and funding, capital and liquidity; risks related to the proposed merger with Capital One Financial Corporation (“Capital One”) including, among others, (i) failure to complete the merger with Capital One or unexpected delays related to the merger or the inability of the parties to obtain regulatory approvals or satisfy other closing conditions required to complete the merger, (ii) regulatory approvals resulting in the imposition of conditions that could adversely affect the combined company or the expected benefits of the transaction, (iii) diversion of management’s attention from ongoing business operations and opportunities, (iv) cost and revenue synergies from the merger may not be fully realized or may take longer than anticipated to be realized, (v) the integration of each party’s management, personnel and operations will not be successfully achieved or may be materially delayed or will be more costly or difficult than expected, (vi) deposit attrition, customer or employee loss and/or revenue loss as a result of the announcement of the proposed merger, (vii) expenses related to the proposed merger being greater than expected, and (viii) shareholder litigation that could prevent or delay the closing of the proposed merger or otherwise negatively impact our business and operations; the actions and initiatives of current and potential competitors; our ability to manage our expenses; our ability to successfully achieve card acceptance across our networks and maintain relationships with network participants and merchants; our ability to sustain our card and personal loan growth; our ability to increase or sustain Discover card usage or attract new customers; difficulty obtaining regulatory approval for, financing, closing, transitioning, integrating or managing the expenses of acquisitions of or investments in new businesses, products or technologies; our ability to manage our credit risk, market risk, liquidity risk, operational risk, compliance and legal risk and strategic risk; the availability and cost of funding and capital; access to deposit, securitization, equity, debt and credit markets; the impact of rating agency actions; the level and volatility of equity prices, commodity prices and interest rates, currency values, investments, other market fluctuations and other market indices; losses in our investment portfolio; limits on our ability to pay dividends and repurchase our common stock; limits on our ability to receive payments from our subsidiaries; fraudulent activities or material security breaches of our or others’ key systems; our ability to remain organizationally effective; our ability to maintain relationships with merchants; the effect of political, economic and market conditions, geopolitical events, climate change, pandemics and unforeseen or catastrophic events; our ability to introduce new products and services; our ability to manage our relationships with third-party vendors, as well as those with which we have no direct relationship such as our employees’ internet service providers; our ability to maintain current technology and integrate new and acquired systems and technology; our ability to collect amounts for disputed transactions from merchants and merchant acquirers; our ability to attract and retain employees; our ability to protect our reputation and our intellectual property; our ability to comply with regulatory requirements; and new lawsuits, investigations or similar matters or unanticipated developments related to current matters. We routinely evaluate and may pursue acquisitions of, investments in or divestitures from businesses, products, technologies, loan portfolios or deposits, which may involve payment in cash or our debt or equity securities.
Additional factors that could cause the company’s results to differ materially from those described in the forward-looking statements can be found under “Risk Factors,” “Business - Competition,” “Business - Supervision and Regulation” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the company’s Annual Report on Form 10-K/A for the year ended December 31, 2023, which is filed with the SEC and available at the SEC’s internet site (http://www.sec.gov) and subsequent reports on Forms 8-K and 10-Q, including the company’s Current Report on Form 8-K filed today with the SEC.
Important Information About the Transaction and Where to Find It
Capital One has filed a registration statement on Form S-4 (No. 333-278812) with the SEC, which became effective on January 6, 2025, to register the shares of Capital One’s common stock that will be issued to Discover stockholders in connection with the proposed transaction. The registration statement includes a joint proxy statement of Capital One and Discover that also constitutes a prospectus of Capital One. The definitive joint proxy statement/prospectus has been sent to the stockholders of each of Discover and Capital One in connection with the proposed transaction. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT AND JOINT PROXY STATEMENT/PROSPECTUS (AND ANY OTHER DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTION OR INCORPORATED BY REFERENCE INTO THE JOINT PROXY STATEMENT/PROSPECTUS) BECAUSE SUCH DOCUMENTS CONTAIN IMPORTANT INFORMATION REGARDING THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and security holders may obtain free copies of these documents and other documents filed with the SEC by Discover or Capital One through the website maintained by the SEC at http://www.sec.gov or by contacting the investor relations department of Discover or Capital One at:
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Discover Financial Services |
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Capital One Financial Corporation |
2500 Lake Cook Road |
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1680 Capital One Drive |
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Attention: Investor Relations |
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Attention: Investor Relations |
investorrelations@discover.com (224) 405-4555 |
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investorrelations@capitalone.com (703) 720-1000 |
Before making any voting or investment decision, investors and security holders of Discover and Capital One are urged to read carefully the entire registration statement and joint proxy statement/prospectus, because they contain important information about the proposed transaction. Free copies of these documents may be obtained as described above.
Participants in Solicitation
Discover, Capital One and certain of their directors and executive officers may be deemed participants in the solicitation of proxies from the stockholders of each of Discover and Capital One in connection with the transaction. Information regarding the directors and executive officers of Discover and Capital One and other persons who may be deemed participants in the solicitation of the stockholders of Discover or of Capital One in connection with the transaction are included in the joint proxy statement/prospectus related to the proposed transaction, which was filed by Capital One with the SEC. Information about the directors and executive officers of Discover and their ownership of Discover common stock can also be found in Discover’s definitive proxy statement in connection with its 2024 annual meeting of stockholders, as filed with the SEC on March 15, 2024, as supplemented by Discover’s proxy statement supplement, as filed with the SEC on April 2, 2024, and other documents subsequently filed by Discover with the SEC. Information about the directors and executive officers of Capital One and their ownership of Capital One common stock can also be found in Capital One’s definitive proxy statement in connection with its 2024 annual meeting of stockholders, as filed with the SEC on March 20, 2024, and other documents subsequently filed by Capital One with the SEC. Additional information regarding the interests of such participants will be included in the joint proxy statement/prospectus and other relevant documents regarding the proposed transaction filed with the SEC when they become available.
| DISCOVER FINANCIAL SERVICES | |||||
| (unaudited, in millions, except per share statistics) | |||||
| Quarter Ended | |||||
| Dec 31, 2024 |
Sep 30, 2024 |
Dec 31, 2023 |
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| EARNINGS SUMMARY | |||||
| Interest Income |
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| Interest Expense | 1,359 |
1,457 |
1,400 |
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| Net Interest Income | 3,630 |
3,655 |
3,468 |
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| Discount/Interchange Revenue | 1,157 |
1,142 |
1,142 |
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| Rewards Cost | 758 |
779 |
788 |
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| Discount and Interchange Revenue, net | 399 |
363 |
354 |
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| Protection Products Revenue | 43 |
42 |
43 |
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| Loan Fee Income | 200 |
214 |
217 |
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| Transaction Processing Revenue | 83 |
84 |
82 |
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| Other Income | 404 |
95 |
16 |
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| Total Non-Interest Income | 1,129 |
798 |
712 |
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| Revenue Net of Interest Expense | 4,759 |
4,453 |
4,180 |
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| Provision for Credit Losses | 1,202 |
1,473 |
1,909 |
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| Employee Compensation and Benefits | 792 |
703 |
646 |
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| Marketing and Business Development | 299 |
263 |
372 |
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| Information Processing & Communications | 208 |
197 |
170 |
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| Professional Fees | 363 |
323 |
312 |
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| Premises and Equipment | 25 |
25 |
25 |
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| Other Expense | 168 |
277 |
263 |
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| Total Operating Expense | 1,855 |
1,788 |
1,788 |
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| Income/(Loss) Before Income Taxes | 1,702 |
1,192 |
483 |
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| Tax Expense | 411 |
322 |
117 |
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| Net Income/(Loss) |
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| Net Income/(Loss) Allocated to Common Stockholders |
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| PER SHARE STATISTICS | |||||
| Basic EPS |
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| Diluted EPS |
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| Common Stock Price (period end) |
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| Book Value per share |
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| BALANCE SHEET SUMMARY | |||||
| Total Assets |
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| Total Liabilities | 129,714 |
134,506 |
137,478 |
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| Total Equity | 17,926 |
17,109 |
14,235 |
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| Total Liabilities and Stockholders' Equity |
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| TOTAL LOAN RECEIVABLES | |||||
| Ending Loans 1 |
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| Average Loans 1 |
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| Interest Yield 1 |
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| Gross Principal Charge-off Rate 2 |
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| Net Principal Charge-off Rate 2 |
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| Delinquency Rate (30 or more days) 2 |
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| Delinquency Rate (90 or more days) 2 |
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| Gross Principal Charge-off Dollars 2 |
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| Net Principal Charge-off Dollars 2 |
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| Net Interest and Fee Charge-off Dollars 2 |
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| Loans Delinquent 30 or more days 2 |
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| Loans Delinquent 90 or more days 2 |
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| Allowance for Credit Losses (period end) |
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| Reserve Change Build/(Release) 3, 4 |
( |
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| Reserve Rate 2 |
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| CREDIT CARD LOANS | |||||
| Ending Loans |
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| Average Loans |
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| Interest Yield |
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| Delinquency Rate (30 or more days) |
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| Delinquency Rate (90 or more days) |
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| Gross Principal Charge-off Dollars |
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| Net Principal Charge-off Dollars |
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| Loans Delinquent 30 or more days |
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| Loans Delinquent 90 or more days |
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| Allowance for Credit Losses (period end) |
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| Reserve Change Build/(Release) 4 |
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( |
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| Reserve Rate |
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| Total Discover Card Volume |
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| Discover Card Sales Volume |
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| Rewards Rate |
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| SEGMENT- INCOME/(LOSS) BEFORE INCOME TAXES | |||||
| Digital Banking |
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| Payment Services | 74 |
84 |
54 |
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| Total |
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| NETWORK VOLUME | |||||
| PULSE Network |
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| Network Partners | 6,081 |
7,512 |
8,736 |
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| Diners Club International 5 | 11,435 |
10,388 |
10,468 |
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| Total Payment Services | 102,416 |
100,473 |
98,398 |
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| Discover Network - Proprietary | 57,120 |
55,184 |
58,419 |
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| Total |
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| 1 Total Loans includes private student loans, home equity and other loans | |||||
| 2 Excludes loans classified as held-for-sale as of June 30, 2024 | |||||
| 3 Includes the adjustment to eliminate the allowance for credit losses upon classifying the private student loan portfolio as held-for-sale as of June 30, 2024 | |||||
| 4 Excludes any build/release of the liability for expected credit losses on unfunded commitments as the offset is recorded in accrued expenses and other liabilities in the Company's condensed consolidated statements of financial condition | |||||
| 5 Volume is derived from data provided by licencees for Diners Club branded cards issued outside of |
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| Note: See Glossary for definitions of financial terms in the financial supplement which is available online at the SEC's website (http://www.sec.gov) and the Company's website (http://investorrelations.discoverfinancial.com). | |||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20250121162988/en/
Investors:
Erin Stieber, 224-405-4555
investorrelations@discover.com
Media:
Matthew Towson, 224-405-5649
matthewtowson@discover.com
Source: Discover Financial Services
FAQ
What was Discover Financial's (DFS) Q4 2024 earnings per share?
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