Discover Financial Services - DFS STOCK NEWS

Discover Financial Services (NYSE: DFS) reported first-quarter 2023 net income of $976 million, or $3.58 per diluted share, reflecting a 21% year-over-year decline. Total loans reached $112.7 billion, showing a robust 21% growth from the previous year. Total revenue increased by 29% to $3.75 billion, driven by higher net interest income, which rose by 26%. However, the net charge-off rate increased to 2.72%, up 111 basis points year-over-year. The Board approved a $2.7 billion share repurchase program and raised the quarterly dividend by 17% to $0.70 per share, payable on June 8, 2023. Despite the challenges with rising provisions for credit losses, Discover maintains a strong position with record deposit inflows and continued receivables growth, suggesting a solid outlook for 2023.

Discover Home Loans conducted a survey revealing that rising inflation and interest rates are negatively impacting homeowners' plans for home improvement projects. Approximately 59% of respondents plan to delay their projects, while 26% will reduce the project scope due to increased costs. Despite these challenges, 79% prefer to renovate rather than move. Additionally, 42% report interest rates have deterred them from purchasing new homes. Interestingly, 80% of homeowners view renovations as investments in their property, with 59% planning eco-friendly improvements. The survey, conducted by Dynata, involved 1,500 homeowners in January 2023 and showcases the financial pressures affecting the housing market.

Discover Financial Services (NYSE: DFS) will hold its 2023 Annual Meeting of Shareholders virtually on May 11, 2023, at 9:00 a.m. Central time. Shareholders on record as of March 13, 2023, are eligible to participate and vote. Access to the meeting will be available at www.meetnow.global/MDTA9YP. A replay will be accessible shortly after the meeting on Discover’s corporate website. Founded in 1986, Discover is a leading digital banking and payment services company, known for the Discover® card, and offers a range of financial products including loans and deposit accounts.

Discover Financial Services (NYSE: DFS) will report its first quarter 2023 results after market close on April 19, 2023. Investors can access the earnings release via the company's Investor Relations website. A conference call to discuss the results and outlook is scheduled for April 20, 2023, at 7:00 a.m. Central Time, also available through the Investor Relations site. Discover is a leading digital banking and payment services company, and since its establishment in 1986, it has grown to become one of the largest card issuers in the U.S., providing various financial products including personal loans and savings accounts.

Discover Financial Services has initiated construction on a new customer care center in Whitehall, Ohio, investing over $16 million. The 103,000-square-foot facility will be completed by 2024 and aims to create local jobs, hiring primarily from the Whitehall community. This center will enhance Discover's presence in Central Ohio, where it already employs 2,100 people. The initiative aligns with Discover's strategic approach to improve community equity and development. City officials express optimism about the economic impact of this investment.

Discover Financial Services (NYSE: DFS) announces the appointment of Jason Hanson as the new executive vice president and president of payment services, succeeding Diane Offereins, who will retire on June 30 after over 25 years. Offereins has been instrumental in leading Discover through significant changes, including its transition to an independent public company and the acquisition of PULSE and Diners Club International. Hanson, who joined Discover in 2019, has extensive experience in payments strategy and operations. Both will collaborate until Offereins's departure to ensure a smooth transition.

Discover Financial Services has launched the Discover Technology Experience, a digital platform aimed at enhancing technology skills and knowledge sharing within the developer community. This strategic investment allows Discover's developers to engage with the financial technology space through blogs, videos, and events. Alongside this launch, Discover has joined the Linux Foundation as a Silver member and the Fintech Open Source Foundation (FINOS) as a Gold member, enabling collaboration on open-source projects. Discover's commitment to this initiative highlights its focus on innovation and community engagement in the tech landscape.