Earnings

Chargeoffs Up In October For Discover

Discover Financial Services said via an 8-K filing with the Securities and Exchange Commission that its chargeoff rate in October was 2.4 percent, up from 2.2 percent in September, and that rate was also up from 2.1 percent in October a year ago.

As noted by Seeking Alpha on Tuesday (Nov. 15), the chargeoff rate has ranged from about 2.1 percent to 2.5 percent through the year.

The total loan book stood at $58.5 billion in October, as compared to $58 billion in September of this year and up from $55.7 billion last year.

In addition, the 30-day delinquency rate reported by the company was 2 percent in the latest month, and that was up 10 basis points sequentially and a jump of 30 basis points from the same period last year. The range through the year, said Seeking Alpha, has been between 1.6 percent and 1.9 percent.

In the latest full quarter, which ended in September, the firm reported earnings per share of $1.56, which was better than the $1.48 analysts had expected. Revenues, which were $2.3 billion, were also better than the $1.9 billion forecast by The Street.

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