Open The Warehouse Financial Services Trade Flat As Total Loans Surge 9%

Discover financial services (Ticker NYSE:DFS) shares were flat after hours after the company’s latest quarterly earnings report, which saw its total loans, the cost of growing.

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In financial services, the company announced a net profit of $666 million in the first quarter of fiscal 2018, or $1.82 per share. This figure was ahead of company a year ago and a net profit of $564 million, or $1.43 per share, plus the company’s first-quarter return on equity of 25%.

Discover financial services added that its total volume of loans during this period increased by 9% compared to the same quarter last year, marking a growth of 6.9 billion$, which brought his total to 82.7 billion dollars. Credit card company loans grew by $ 5.8 billion or 10% year-over-year to 65.6 billion dollars in business card sales volume reached 30.9 billion.

The company’s total write-off rate, excluding purchased credit-impaired (PCI) loans, which is 48 basis points, with the year-ago quarter to 3.17%, and only 30+ days past due rate excluding PCI loans, growing by 26 points over the year to 2.23%.

Consumer deposits to discover financial services rose by 4.2 billion dollars, or 11%, compared to the same quarter last year, amounting to $41.3 billion. Payment for services the amount of the company’s dollar transactions amounted to 56.1 billion, a 19% increase compared to the same quarter last year.

“Our performance this quarter was characterized by strong credit growth and earnings, reflecting the strength to open a franchise, as we continued to invest in product and service excellence,” said David Nelms, Chairman and chief Executive officer of the city.

Shares of the DPP amounted to about 0.7% during regular trading hours, but trading flat after the bell Thursday.

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