Business

Discover reports student loan lending up slightly

Posted October 20, 2021 11:00 pm

RIVERWOODS - Discover Financial Services Thursday reported net income of $1.1 billion, or $3.54 per diluted share, for the third quarter of 2021, as compared to a net income of $771 million, or $2.45 per diluted share, for the third quarter of 2020.

"Our results this quarter reflected 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 heightened competition, our attractive value proposition drove strong new account growth, which contributed to our return to year-over-year loan growth in the quarter.

Total loans ended the quarter at $89.5 billion, up 1% year-over-year. Credit card loans ended the quarter at $70.3 billion, also up 1% year-over-year. Personal loans decreased $321 million, or 4%, and private student loans increased $168 million, or 2%, year-over-year.

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