Blog

Discover announces major profit increase

December 23, 2011

A major credit card company recently announced that it had increased profits during the fourth quarter of the year.

A major credit card company recently announced that it had increased profits during the fourth quarter of the year.

Discover Financial Services announced that it had processed a total of $25.03 billion during the time frame, 8 percent higher than the previous quarter. In addition, the firm stated that the total number of retailers it provided merchant services for rose 5 percent.

“We are pleased to report another quarter of very strong performance as we generated organic growth in all loan products, had continued improvement in credit and demonstrated solid expense control,” said David Nelms, chairman and chief executive officer of Discover. He went on to say that the company had taken in a total of $2 billion during the entire year and had achieved record level of transactions overall.

Discover, along with Capitol One Financial and American Express, announced that the total amount of credit being used by customers had increased. The Wall Street Journal reports that Discover announced loans grew 3.3 percent from a year ago.

Back To Blog