Discover Financial Services - DFS STOCK NEWS

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.

Discover Global Network is partnering with TYDEi to enhance healthcare payments by digitizing the vendor management system. This collaboration addresses the $40 billion in waste associated with manual processing in the healthcare sector, where 85% of purchasing is still done via paper checks. TYDEi's blockchain-enabled solution streamlines hospital procurement, reducing costs and risks while improving payment tracking. With over 280 million cardholders and a significant merchant acceptance network, Discover aims to leverage its capabilities in the trillion-dollar healthcare payments market.

Discover Financial Services (NYSE: DFS) will release its third quarter 2022 earnings on October 24, 2022, after market close. A conference call to discuss the results is scheduled for October 25, 2022, at 8:00 a.m. CT, accessible via Discover's Investor Relations website. Discover is a major digital banking and payment services provider in the U.S., recognized for its cash rewards credit card and extensive banking services, including loans and savings accounts.

Discover's annual survey reveals that 72% of parents with college-bound children plan to fill out the FAFSA this fall, a notable increase from 58% who were previously not considering it. The survey highlights financial strain due to economic uncertainties, with 53% of parents feeling they can't cover tuition costs. Despite this willingness to apply for federal aid, many parents lack essential knowledge about FAFSA deadlines and requirements. Discover offers resources, including online guides, to assist families in navigating the financial aid process.

Discover Financial Services is hiring 2,000 customer care positions across Arizona, Delaware, Illinois, Ohio, and Utah, with remote work options available. The roles offer competitive benefits, including a $500 home office setup stipend, 20 days of paid time off, and day-one medical, dental, and vision coverage. The starting wage for agent roles is $17 per hour, with potential earnings up to $22.76 per hour. Discover's education assistance program, Shine Brighter U, provides significant tuition benefits, saving employees over $23 million since 2018.

Discover has launched its new Advanced Analytics Resource Center (AARC) in downtown Chicago, welcoming 75 employees. This initiative emphasizes Discover's commitment to technology and analytics while boosting job opportunities in the area. The program aims to provide career development through diverse project rotations. Discover plans to introduce an additional cohort of 75-100 employees in 2023. This follows the opening of a customer care center in Chatham, intended to employ over 1,000 by 2024. The AARC@606 strengthens Chicago's tech reputation.

Discover Financial Services (NYSE: DFS) will have its CFO, John Greene, present at the Barclays Global Financial Services Conference on September 13, 2022, at 10:30 a.m. ET. Live webcast details will be available on Discover's Investor Relations website. Post-conference, a replay will be accessible for 90 days.

Discover, founded in 1986, is a prominent digital banking and payment services company in the U.S., known for the Discover® card and offering various financial products including loans and deposit accounts. More information can be found at www.discover.com/company.

Discover has inaugurated its new Chatham Customer Care Center and Shine Bright Community Center on Chicago's South Side. With the aim to employ over 1,000 individuals by 2024, the center will also offer free space for community organizations and a tech hub for career development. The facility has already exceeded customer satisfaction goals and prioritizes local hiring and minority-owned businesses. Discover's commitment to the local community is evident through its support of the INVEST South/West initiative, promoting economic growth in the region.