CHARLOTTE, N.C. – Discover Financial Services says it was profitable during its fiscal third quarter, helped by a payment from a lawsuit settlement.
The credit card lender said Thursday that its earnings surged to $559.4 million, or $1.07 per share, during the three months ended Aug. 31. That’s up from $180.1 million, or 37 cents per hare, a year earlier.
The latest results were bolstered by an estimated $287 million after taxes related to a settlement of an antitrust lawsuit with Visa Inc. and MasterCard Inc.
As with other credit card lenders, Riverwoods, Ill.-based Discover continues to face card losses as customers fall behind on payments. During the quarter, however, it nearly cut in half its loan-loss reserves.
Discover 3Q profit rises, reserves lowered
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