The fourth-largest credit card network in the world recently made headlines after it reported strong earnings numbers during the most recent quarter.
Discover Financial Services stated that card sales volumes for its Discover card had increased 9 percent during its third quarter that ended on August 31, totaling $26.3 billion in transactions. In addition, volumes for its Diners Club International card had increased volume by 17 percent to a total of $7.6 billion.
In a recent earnings call to announce the positive gains, Discover’s chairman and chief executive, David Nelms, said that the profits were helped by a higher adoption rate.
“Before the market opened this morning, we reported record quarterly earnings of $649 million or $1.18 per share,” Nelms said. “This was driven by continued improvements in credit and positive growth trends, led by the re-emergence of year-over-year growth in Discover Card receivables.”
Discover reported other good news recently when it came to the amount of charge offs it recorded. The company stated that in August, it wrote off $50.8 million in uncollectable fees, down from the July total of $54.4 million.Back To Blog