October 21, 2013 / 8:16 PM / 4 years ago

Discover Financial profit falls 7 percent

1 Min Read

Oct 21 (Reuters) - Credit card company Discover Financial Services reported a 7 percent drop in quarterly profit as it set aside more money to cover future defaults.

Net profit fell to $593 million, or $1.20 per share, in the third quarter, from $637 million, or $1.24 per share, a year earlier.

Revenue, net of interest expense, increased 3 percent to $2.06 billion.

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