🔹 Revenue: $12.49B (Est. $11.84B) 🟢; UP +25% QoQ
🔹 Adj. EPS: $5.48 (Est. $3.88) 🟢
🔹 Net Interest Margin: 7.62% (Est. 7.43%) 🟢
🔹 Efficiency Ratio: 56% (Est. 52%) 😐
🔹 Net Charge-Offs: $3.06B (Est. $3.25B) 🟢
🔹 Loans Held for Investment: $439.3B (Est. $397.5B) 🟢
Segment:
🔹 Credit Card Loans: $269.7B; UP +72% QoQ
🔹 Domestic Card Loans: $252.5B; UP +68% QoQ
🔹 Auto Loans: $80.0B; UP +3% QoQ
🔹 Commercial Loans: $88.4B; UP +1% QoQ
🔹 Total Loans Held for Investment: $439.3B; UP +36% QoQ
🔹 Total Deposits: $468.1B; UP +27% QoQ
🔹 Interest-Bearing Deposit Rate Paid: 3.22% (Flat QoQ)
Capital & Efficiency Metrics
🔹 CET1 Ratio: 14.0%
🔹 Adjusted Efficiency Ratio: 50.85%
🔹 Operating Efficiency Ratio: 45.20%
🔹 Adj. Operating Efficiency Ratio: 40.16%
🔹 Provision for Credit Losses: $11.43B
Adjusting Items Breakdown (Pre-Tax)
🔹 Discover Allowance Build: $8.77B
🔹 Integration Expenses: $299M
🔹 Intangible Amortization: $255M
🔹 Fair Value Amortization: $85M
🔹 Legal Reserves: $41M
🔹 California Tax Adjustment: -$128M
CEO Commentary
🔸 “We completed our acquisition of Discover on May 18th. We’re fully mobilized and hard at work on integration which is going well.” — CEO Richard D. Fairbank
🔸 “We’re as excited as ever by the expanding set of opportunities to grow and create value as a combined company.”