The Canadian PressApril 22, 2014 18:09
LOS ANGELES, Calif. - Discover Financial Services' net income fell 6 per cent in the first three months of the year as the company set aside more money to cover potential loan losses, offsetting loan growth.
The credit card issuer and lender said Tuesday that total loans grew 6 per cent in the first quarter from a year earlier. Personal loans jumped 27 per cent, while private student loans rose 5 per cent. Credit card loans increased 5 per cent, while sales volume for the company's namesake card rose 3 per cent.