Discover Financial Services reported a nearly $1.6 billion profit in the first quarter and logged a negative provision for credit losses of over $300 million.
The financial firm's net income was $1.59 billion, compared with a year earlier's loss of $61 million. Earnings were $5.04 a share compared with a loss of 25 cents a share a year ago. According to FactSet, analysts were expecting $2.83 a share.
Revenue, net of interest expense, was $2.8 billion and slipped from $2.89 billion the comparable year-ago three-month period. Both net interest income and noninterest income decreased on a year-over-year basis. Analysts were expecting $2.77 billion.
Discover reported a negative $365 million provision for credit losses. A year earlier, Discover's credit-losses provision was $1.81 billion.
The company's operating expense also fell 6.7%.
Write to Allison Prang at allison.prang@wsj.com
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April 22, 2021 at 03:36AM
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Discover Financial's Q1 earnings top $5 a share - MarketWatch
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