Shares of Discover Financial Services fell after hours on Wednesday, after the credit-card and financial services giant set aside more money to cover losses on souring credit and reported an uptick in a metric of credit-card debt that it likely won’t get back.
The figures in Discover’s DFS, -1.26% third-quarter earnings release were released as Wall Street tries to parse consumer-spending habits as they deal with higher prices for essentials, begin trying to repay student loans and prepare for the holidays. One analyst on Wednesday noted that Discover’s card sales volumes had slowed — a trend he said has become more common outside of wealthier shoppers.
Piper Sandler analyst Kevin Barker, in a note published after Discover’s earnings, said the reserve build was “sizeable” and overshadowed higher net-interest income and fee revenue and slimmer expenses. Elsewhere, total loans at Discover rose during the quarter. Bill Ryan, an analyst at Seaport Research Partners, echoed that sentiment in a Wednesday note. And he said Discover card sales volumes only moved 0.3% higher, a slowdown from prior quarters.
Source: News Formal (newsformal.com)
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