State and Nation Business

Discover Financial's profit jumps 13 pct. in 2Q

Discover Financial Services says its second-quarter net income grew 13 percent, as an increase in loan volume drove revenue higher.

The lender said Tuesday that it posted a profit after paying preferred dividends of $588 million, or $1.20 per share, in the three months ended June 30.

That compares with net income of $520 million, or 99 cents per share, a year earlier.

Revenue net of interest expense climbed to $2.04 billion from $1.87 billion.

Analysts polled by FactSet expected earnings of $1.15 per share on $2 billion in revenue.

Riverwoods, Ill.-based Discover, best known for its namesake credit card, is the sixth-largest U.S. credit-card issuer.

Shares ended regular trading down 17 cents at $50.71. The stock added 29 cents to $51 in after-market trading.

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