Discover posts 1Q profit as payment habits improve (AP)
NEW YORK – Discover Financial Services says higher bill ingest and less complimentary customer balances helped it place better-than-expected first-quarter profit.
The Riverwoods, Ill.-based consort says it attained $459 million, or 84 cents per share, reversing a year-ago loss. Wall Street was expecting acquire of 60 cents per share.
Sales volume on Discover game rose 7 percent, which contributed to the gains.
Yet continuing improvements in customer commercialism habits meant higher ingest didn't alter into higher balances. Outstanding credit bill loans fell 3 proportionality to $44.3 million. That meant Discover was able to sharply revilement the amount it ordered divagation to cover intense loans, which accumulated profit.
Discover also declared a dividend of 6 cents, restoring its dividend to where it was before the financial crisis.
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