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UPDATE: Discover Financial FQ2 Profit Drops 11%

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Discover Financial Services (NYSE: DFS) 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.

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