(MENAFN) Discover Financial Services' Chairman and CEO, David Nelms, announced that the company's fourth-quarter net income rose to USD541 million, from USD513 million a year ago, reported AP.
Nelms said that in the period ended November 30, revenue of the US sixth-largest credit card issuer grew 11 percent to USD2 billion after interest expense, exceeding Wall Street forecast of USD1.96 billion.
He added credit card loans and Discover card sales volume went up 6 percent to USD49.6 billion and USD26.5 billion respectively, moreover, private student loans rose also 6 percent and personal loans jumped 24 percent.
The delinquency rate on credit-card loans over 30 days past due was 1.86 percent, higher by 53 basis points from a year ago, whereas the rate of charge-offs, that's when the firm writes off unpaid credit card balances, fell to a record low of 2.29 percent.
In the quarter, the company raised its provision for loan losses by 6 percent to USD338 million.
It is worth noting that Riverwoods, Ill.-based Discover said that its payment-services business, which competes with Visa and MasterCard, saw dollar volume up 13 percent in the September-November period.
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