News Summary: Discover posts higher 4Q profit

Published on NewsOK Modified: January 23, 2014 at 6:46 pm •  Published: January 23, 2014

BORROWING BOOST: Discover Financial Services reported an 11 percent gain in net income for the fourth quarter, as the lender and credit card issuer's benefited from a pickup in loans and card spending.

BOTTOM LINE: Discover posted a profit, after paying preferred dividends, of $588 million, or $1.23 per share, for the October-December quarter. Revenue after interest expense grew about 6 percent to $2.13 billion.

LOANS & SPENDING: Sales volume for Discover's namesake credit card rose 3 percent, while card loans rose 4 percent. Overall loans, including private education and personal loans, increased 5 percent.

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