Discover Finl Svcs Stock Price, News & Analysis

Discover Financial Services (NYSE: DFS) reported first-quarter 2022 net income of $1.2 billion or $4.22 per diluted share, down 22% year-over-year. Total loans increased 8% to $93.5 billion, but net income declined due to high inflation and a reserve increase for credit losses. The company launched a new Cashback Debit product, emphasizing innovation in customer service. The Board approved a $4.2 billion share repurchase program and raised the quarterly dividend by 20% to $0.60 per share.

Discover Financial Services has launched a free Online Privacy Protection service for customers, allowing them to remove personal information from 10 major people-search websites. This benefit is available through the Discover mobile app and will be rolled out in stages. Research indicates that 83% of consumers are worried about data misuse, while 72% want their information removed from such sites. The service automatically scans participating websites every 90 days, aiming to enhance customer security and reduce identity theft risks.

Discover has launched a new Cashback Debit account, enhancing user experience with features like early paycheck access up to two days and a mobile-first banking experience. This account offers industry-leading benefits, including 1% cash back on up to $3,000 in monthly purchases, no fees, and access to over 60,000 ATMs in the U.S. Discover aims to meet consumer demands for simple, fee-free banking, reinforcing its commitment to customer service and security. The initiative builds on Discover's existing Cashback Bonus rewards program, rewarding millions since 2017.

Discover Financial Services has expanded its fully paid education benefit program to Chicago through a partnership with Chicago State University (CSU). Eligible Discover employees residing in Chicago and current CSU students working at Discover can finance their education and access professional development opportunities. This initiative supports employees at the Chatham Customer Care Center and marks CSU as a key on-campus partner. The program covers tuition, fees, and supplies for select degrees and aims to recruit skilled talent while promoting community education access.

Discover Financial Services (NYSE: DFS) will report its first quarter 2022 results on April 27, 2022. The earnings release will be available on Discover's Investor Relations website. A conference call to discuss these results and the company's outlook is scheduled for April 28, 2022, at 7:00 a.m. CT, accessible to the public via the same Investor Relations site.

Discover is a major player in digital banking and payment services in the U.S., known for its cash rewards credit cards and diverse financial offerings including loans and deposit accounts.

IBM Consulting is partnering with Discover Financial Services to enhance the bank's digital transformation into a hybrid cloud architecture using Red Hat OpenShift. This collaboration aims to modernize Discover’s systems, improve customer experience, reduce operational costs, and enable faster application deployment. With automated solutions, Discover seeks to deliver integrated banking experiences while ensuring data security. The project involves utilizing advanced automation and management tools for improved visibility and control over Discover's hybrid cloud environment.

Discover Home Loans conducted a survey revealing that 79% of homeowners prefer renovation over moving. 58% of Gen Z and millennials are undertaking home improvements, viewing them as investments. However, 42% report that rising interest rates delay projects. Nearly 48% experience material delays, while 57% exceed budgets. Discover advises homeowners to plan financing carefully in light of ongoing material costs and supply chain issues.

Discover Financial Services announced that it has no active partners in Belarus and Russia, resulting in no acceptance of Discover or Diners Club cards in these regions. Prior to the Ukraine invasion, the company had initiated plans to establish a branch in Russia but has since suspended all related actions, including the registration with the Central Bank of Russia. Furthermore, Discover will halt transactions by sanctioned Russian banks and suspend acceptance of cards issued by Russian and Belarusian banks on the Discover Global Network.

Dan Capozzi, executive vice president and president of US cards at Discover Financial Services, will present at the Wolfe FinTech Forum on March 9, 2022, at 9:45 a.m. ET. A live webcast will be available on Discover's Investor Relations website, with a replay accessible for 90 days post-conference. Discover, traded under the symbol DFS, is a key player in digital banking and payment services, recognized for issuing the Discover card. The company also provides loans and operates the Discover Global Network, which includes millions of merchant locations.