Discover Financial Services (NYSE: DFS) today reported a net loss for the first quarter of 2010 of $104 million, as compared to net income of $120 million for the first quarter of 2009. Discover Financial Services, together with its subsidiaries, operates as a credit card issuer and electronic payment services company primarily in the United States. Discover trades on the “New York Stock Exchange” under the stock symbol “DFS”. For the Latest information regarding “DFS”, make sure to visit the Most Exclusive and In Depth newsletter website at: http://www.wallstreetgrand.com/.
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Discover Financial Services (NYSE: DFS) today reported a net loss for the first quarter of 2010 of $104 million, as compared to net income of $120 million for the first quarter of 2009. Results for the first quarter of 2010 included a pre-tax addition to loan loss reserves of $305 million ($185 million after tax), which brings the company’s reserve coverage to approximately 12 months of losses. Net income for the first quarter of 2009 included approximately $297 million (after tax) related to the Visa/MasterCard antitrust litigation settlement.
The company has received regulatory approval to redeem the $1.2 billion of preferred stock that it issued to the U.S. Treasury under the TARP Capital Purchase Program. Prior to such redemption, Discover Bank will issue $350 million of tier 2 qualifying capital in the form of subordinated debt. The subordinated debt offering is expected to be completed during the second quarter, subject to market conditions.
About Discover Financial Services:
Discover Financial Services, together with its subsidiaries, operates as a credit card issuer and electronic payment services company primarily in the United States. The company offers Discover Card-branded credit cards to individuals and small businesses over the Discover Network. It also provides other consumer products and services, including personal loans, student loans, and prepaid cards, as well as deposit products, such as certificates of deposit, money market accounts, online savings accounts, and individual retirement accounts. In addition, the company offers automated teller machine, debit, and electronic funds transfer network; payments network; and credit, debit, and prepaid cards issued by third parties. Discover Financial Services was founded in 1986 and is based in Riverwoods, Illinois
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