🔹 Adj. EPS: $5.95 (Est. $4.39) 🟢; UP +35% YoY
🔹 Revenue: $15.4B (Est. $15.03B) 🟢; UP +23% QoQ
🔹 Net Interest Margin: 8.36% (Est. 8.11%) 🟢; UP +74bps QoQ
🔹 Provision for Credit Losses: $2.71B (Est. $3.80B) 🟢; DOWN -8.7B QoQ
🔹 Net Charge-Offs: $3.47B (Est. $3.71B) 🟢
🔹 Efficiency Ratio: 53.8% (Est. 51%) 🔴
🔹 Total Deposits: $468.8B (Est. $479.8B) 🔴; FLAT QoQ
🔹 Loans Held for Investment: $443.2B (Est. $443.9B) 🟡; UP +1% QoQ
🔹 Net Income: $3.2B, or $4.83/sh (GAAP)
Segment & Loan Growth
🔹 Credit Card Loans: $271.0B; UP <1% QoQ
🔹 Domestic Card Loans: $254.0B; UP +1% QoQ
🔹 Consumer Banking Loans: $83.2B; UP +2% QoQ
🔹 Auto Loans: $82.0B; UP +3% QoQ
🔹 Commercial Banking Loans: $88.9B; UP +1% QoQ
Other Key Metrics
🔹 CET1 Ratio: 14.4%
🔹 Pre-Provision Earnings: $7.1B; UP +29% QoQ
🔹 Loan Reserve Release: $760M
🔹 Avg. Deposits: $467.3B; UP +13% QoQ
🔹 Interest-Bearing Deposit Rate: 3.27%; +5bps QoQ
🔹 September Charge-Offs: 4.35%
🔹 September Delinquencies: 3.89%
Adjusting Items (Pre-tax impact)
🔹 Discover Integration Expenses: $348M ($0.41/sh)
🔹 Discover Intangible Amortization: $498M ($0.59/sh)
🔹 Discover FV Mark Amortization: $105M ($0.12/sh)
Management Commentary
🔸 “Our adjusted earnings, top-line growth, credit results, and capital generation continued to be strong.”
🔸 “The Discover integration continues to go well and we are well positioned to capitalize on the opportunities ahead.” — Richard D. Fairbank, CEO