RIVERWOODS – Discover Financial Services on Thursday reported net income of $ 1.1 billion, or $ 3.54 per diluted share, for the third quarter of 2021, compared to net income of $ 771 million, or 2, $ 45 per diluted share, for the third quarter of 2020.
“Our results this quarter reflect the strengths of our integrated digital banking and payments model, which continues to be a source of significant competitive advantage,” said Roger Hochschild, CEO and President of Discover. “Even in an environment of increased competition, our attractive value proposition resulted in strong growth in new accounts, which helped our return to year-over-year loan growth during the quarter.
Total loans ended the quarter at $ 89.5 billion, up 1% year-on-year. Credit card loans ended the quarter at $ 70.3 billion, also up 1% year-over-year. Personal loans were down $ 321 million, or 4%, and private student loans were up $ 168 million, or 2%, year over year.