Discover Financial Services 2nd-qtr profit leaps as unpaid bills decline, card use increases

Discover Financial Services said its profit more than tripled in its second quarter as card sales volume rose 9 percent and transactions processed by Discover-owned networks rose 18 percent.

LOWER WRITE-OFFS: The company wrote off $577 million, or 4.42 percent of credit card and loan balances, as uncollectible. That was down from $1 billion, or 7.97 percent of balances, last year.

HIGHER EXPENSES: Costs for marketing and advertising, labor, debt collection, fraud and expenses related to its newly-acquired Student Loan Corp. drove up expenses by 25 percent.

Read Full Article from Washington Post

- Posted: 2011-06-23 12:36:10

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