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Discover Financial profit jumps on lower loss provision and higher interest income

U.S. credit card issuer Discover Financial reported a 30% rise in first-quarter profit on Wednesday, helped by a drop in the company's provision for credit losses and higher interest income.
Discover Financial Services reported a significant increase in first-quarter profit on April 23, 2025, driven by lower provisions for potential loan losses and higher interest income. The company's net income rose to $1.08 billion, or $4.10 per share, up from $778 million, or $2.92 per share, in the same quarter of the previous year. This improvement was supported by a decrease in the provision for credit losses to $550 million from $750 million, reflecting a more favorable economic outlook. Additionally, net interest income increased to $3.25 billion from $2.95 billion, boosted by higher interest rates and loan growth. Despite these positive developments, Discover also noted an increase in net charge-offs to 3.5% of average receivables from 3.0%, indicating some ongoing credit quality concerns.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/finance/discover-financial-profit-jumps-lower-loss-provision-higher-interest-income-2025-04-23/ ]