Posted AT 8:47 AM EST on 25/09/08
Loan loss provisions rise for Discover card
NEW YORK — Discover Financial Services , the fourth-largest credit card network, Thursday posted an 11 per cent drop in net income, as its provision for loan losses rose sharply.
The Riverwoods, Illinois-based company said quarterly net income fell to $180-million (U.S.), or 37 cents a share, from $202-million, or 42 cents a share, a year earlier.
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