Summary Box: Discover posts 1st-quarter profit

AP News
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Posted: Mar 22, 2011 7:05 PM
Summary Box: Discover posts 1st-quarter profit

SWING TO PROFIT: Discover Financial Services Co. said fiscal first-quarter net income attributable to common shareholders was $459 million, or 84 cents per share. That reversed a year-ago loss of $122 million, or 22 cents per share.

MORE CARD USE: Sales volume on Discover cards rose 7 percent, to $24 billion. Its processing networks handled $43 billion in transactions, up 21 percent from last year

DIVIDEND HIKE: Discover raised its dividend to 6 cents, restoring its pre-financial crisis payout.