Discover Financial Services - DFS STOCK NEWS

Discover and Eazy Financial Services have partnered to expand card acceptance in Bahrain. Cardholders can now use their cards at 95% of merchants and 100% of ATMs in the country. Eazy Financial will soon issue national cards, allowing access to Discover's global network of over 50 million merchants. This marks Discover's second alliance in Bahrain within a year and its sixth in the Middle East and North Africa. Matt Sloan from Discover highlighted the benefits to regional partners, while Eazy's CEO noted significant customer acquisition opportunities.

Arab Financial Services (AFS) and Discover have entered a strategic network alliance agreement to enhance global acceptance of their payment solutions. This partnership allows Discover and Diners Club International cardholders to utilize their cards at AFS's Android-based POS terminals in Bahrain. It aims to expand AFS's market presence and facilitate access to the Discover Global Network for international transactions. AFS's advanced POS technology offers multiple payment options, enhancing customer convenience in Bahrain.

Discover Financial Services has been awarded the FutureEdge 50 award for the fourth consecutive year, recognizing its innovative use of technology to enhance business operations. This year, Discover was highlighted for its READAR platform, which identifies data anomalies in real-time through pattern matching. This technology aims to improve operational efficiency by reducing manual interventions. The award will be accepted during the Future of Work Summit on September 21-23, 2021. Discover is also actively hiring engineers in fields such as cybersecurity and data.

Discover Financial Services (NYSE: DFS) reported a strong first quarter for 2021, with net income of $1.6 billion or $5.04 per diluted share, compared to a loss of $61 million in Q1 2020. Total loans decreased by 7% year-over-year to $86.3 billion. However, net charge-off rates improved, dropping to 2.48%, down 79 basis points from the previous year. Operating expenses fell by 6%, and a notable reserve release of $879 million contributed to the positive results. Payment Services volume rose 19% year-over-year, highlighting recovery in spending patterns attributed to pandemic-related stimulus.

Discover has introduced its Discover^® Identity Theft Protection, a fee-based service now available to all U.S. consumers. This rollout aims to enhance security as identity theft reports surged over 100% from 2019 to 2020. The service offers daily monitoring of personal information on the Dark Web and major credit bureaus, alerts for suspicious activities, and up to $1 million in identity theft insurance coverage. Consumers can subscribe for $15 a month, extending protections to up to 10 children under 18.

Discover Financial Services has declared a quarterly cash dividend of $0.44 per share, payable on June 3, 2021, to shareholders recorded by the close of business on May 20, 2021. Discover, recognized as one of the largest card issuers in the U.S., offers various financial services including personal and student loans, checking and savings accounts. The company emphasizes that future dividends are at the discretion of its Board of Directors, dependent on operational results, financial condition, and market conditions.

Discover Financial Services (NYSE: DFS) will report its Q1 2021 financial results on April 21, 2021, after market closure. The earnings release will be accessible via Discover's Investor Relations website. Additionally, a conference call to discuss the company's performance and future outlook is set for April 22, 2021, at 7:00 a.m. Central Time, also available to the public through the company’s website. Discover is a leading digital banking and payment services provider and has become one of the largest card issuers in the U.S., offering various financial products.