UPDATE: Discover Financial FQ2 Profit Drops 11%

Discover Financial Services

reported an 11% drop in its fiscal second-quarter profit. Its total loans climbed 8.6% y/y to $57.06 billion, while credit card loans gained 3.7% to $46.61 billion. Discover Financial Services' quarterly profit dropped to $537 million, or $1 per share, from a year-ago profit of $600 million, or $1.09 per share. Its revenue, net of interest expense, gained 6.4% to $1.85 billion. Analysts were expecting earnings of $1 per share on revenue of $1.85 billion. Discover Financial Services shares closed at $32.83 yesterday.