Discover Financial Services Reports Q4 Profit of $1.29 Billion, Tops Estimates

RIVERWOODS, Ill., March 8, 2023 /PRNewswire/ -- Discover Financial Services (NYSE: DFS) today announced its financial results for the fourth quarter and full year of 2022.

Fourth Quarter Highlights

* Net income: $1.29 billion, or $5.11 per share, compared to $853 million, or $3.39 per share, in the fourth quarter of 2021.
* Adjusted revenue: $4.76 billion, compared to $4.44 billion in the prior-year period.
* Net interest income: $2.70 billion, up from $2.45 billion.
* Provision for credit losses: $157 million, compared to a provision of $427 million in the fourth quarter of 2021.

Full Year Highlights

* Net income: $4.54 billion, or $17.72 per share, compared to $3.54 billion, or $14.08 per share, in 2021.
* Adjusted revenue: $17.91 billion, compared to $16.66 billion in the prior year.
* Net interest income: $10.41 billion, up from $9.46 billion.
* Provision for credit losses: $700 million, compared to a provision of $1.36 billion in 2021.

"Discover delivered strong results in the fourth quarter and full year of 2022," said Roger Hochschild, Chairman and CEO of Discover. "Our disciplined execution and focus on core capabilities enabled us to achieve record net income and adjusted revenue. We remain optimistic about the future and are well-positioned to continue delivering value for our customers, shareholders, and employees."