Discover Financial Services - DFS STOCK NEWS

Discover Financial Services (NYSE: DFS) reported fourth quarter 2022 net income of $1.0 billion, or $3.77 per diluted share, down 3% from $1.1 billion in 2021. Total loans grew 20% year-over-year to $112.1 billion, driven by a 21% increase in credit card loans. Total revenue reached $3.73 billion, a 27% rise from 2021, aided by a 24% increase in net interest income. However, the net charge-off rate rose to 2.13%, reflecting credit normalization. The Board declared a $0.60 quarterly dividend and also announced semi-annual dividends for preferred stock. Despite higher operational costs, the company remains optimistic about revenue growth for 2023.

Discover Global Network has expanded its Tap and Pay solutions with transit agencies in Poland, Spain, and Taiwan, allowing riders to make contactless payments with Discover and Diners Club cards. The adoption of contactless payments has surged, with 53% of transit transactions now contactless, up from 14% in August 2020. Discover's Transit Solution aims to enhance customer experience and operational efficiency for transit agencies. Discover has partnered with various transit systems, including EMT Madrid and Metro de Seville, and plans further deployments in Turkey and Qatar.

Discover Financial Services (NYSE: DFS) will report its fourth quarter 2022 results on January 18, 2023, after market closure. A conference call to discuss these results and future outlook is scheduled for January 19, 2023, at 7:00 a.m. CT. The earnings report will be accessible via Discover’s Investor Relations website. As one of the largest card issuers in the U.S., Discover offers a range of financial products, including personal and student loans, alongside its renowned cash rewards credit card.

Discover Financial Services announces that Hope Mehlman will join as chief legal officer and general counsel. With over 20 years of experience in legal and compliance within the financial services sector, Mehlman aims to enhance Discover's legal strategies and ESG efforts. Previously at Bank of the West, her leadership experience includes promoting diversity and inclusion. CEO Roger Hochschild states her expertise will significantly support Discover's corporate and regulatory initiatives.

Discover has been recognized as one of the 'Best Places to Work in IT' for 2023 by Foundry's Computerworld, marking its 19th year on the list. Ranked No. 30 among large companies, Discover is acknowledged for providing competitive benefits, extensive career development opportunities including tuition reimbursement, and a flexible work environment. The recognition is based on a comprehensive questionnaire and review by industry experts, highlighting Discover’s commitment to its IT workforce and diversity initiatives.

Discover, a top digital banking and payments company, plans to invest over $16 million to open a customer care center in Whitehall, Ohio. Hiring for customer support roles will commence early next year, with renovations of the 103,000-square-foot facility starting in spring. This initiative expands Discover's workforce in the Columbus region, where it already employs 2,100 individuals. The center aims to create quality job opportunities and foster economic growth in the local community.

Discover Financial Services (NYSE: DFS) will have CEO Roger Hochschild presenting at the Goldman Sachs 2022 US Financial Services Conference on December 6, 2022, at 9:20 a.m. ET. Investors can access the live webcast on Discover's Investor Relations website, with a replay available for 90 days thereafter. Discover, a leading digital banking and payment services company in the U.S., offers a range of financial products including credit cards, personal loans, and banking services, operating under its globally recognized brand.

Discover Financial Services (NYSE: DFS) reported a net income of $1.0 billion, or $3.54 per diluted share, for Q3 2022, a slight decrease from $1.1 billion in Q3 2021. Total loans increased by 17% year-over-year to $104.9 billion, driven by strong credit card and personal loan growth. However, net charge-offs rose to 1.71%, reflecting credit normalization. The Board declared a quarterly dividend of $0.60 per share, payable December 8, 2022. The company has suspended its share repurchase program amid an ongoing investigation into student loan servicing practices.

The second annual Fintech State of the Union study, conducted by 451 Research and commissioned by Discover Global Network, highlights emerging trends in the fintech sector, including open banking and connected commerce. The survey reveals that 78% of fintechs find open banking relevant, with 63% expressing interest in partnering with payment networks to enhance their solutions. Consumer sentiment is also positive, as 68% appreciate faster credit approvals through open banking. The report showcases significant adoption of fintech applications, with 87% of U.S. consumers using at least one fintech app.