Discover earns $350M as credit improves

By Reuters
Posted Dec. 16, 2010 at 7:57 a.m.

Discover Financial Services reported a quarterly profit of $350 million on Thursday as consumers spent more on their credit cards and the company expanded its non-lending lines of business. The credit card lender and transaction-processing network said it earned 64 cents per share in its fiscal fourth quarter ended Nov. 30.

That compared with $371 million, or 63 cents per share, a year earlier, which included an after-tax benefit of $285 million from an antitrust settlement.

The company’s shares were up 16 cents to $19.29 in premarket trading. They have gained almost 30 percent this year.

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