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Discover Financial Services (DFS) announces strong Q1 2023 results and approves new share repurchase program while increasing quarterly dividend
April 20, 2023
Discover Financial Services (DFS), a leading financial services company, has announced its first-quarter 2023 results, along with a significant increase in the quarterly common stock dividend and the authorization of a new share repurchase program.
DFS reported a net income of $1.0 billion or $3.58 per diluted share for the first quarter of 2023, compared to a net income of $1.2 billion or $4.22 per diluted share for the same period in 2022. Despite a 15% decline in earnings per share, Discover Financial Services had a solid start to the year, with a 21% YoY increase in total loans and a 29% YoY increase in total revenue net of interest expense.
DFS also repurchased approximately 11.3 million shares of common stock for $1.2 billion during the first quarter of 2023. As of the end of the quarter, the number of shares outstanding declined by 4.0% from the prior quarter.
Moreover, the Discover Financial Services's Board of Directors approved a new share repurchase program of up to $2.7 billion. The new program will last for five quarters through June 30, 2024, and may be terminated at any time. DFS expects to make share repurchases from time to time, subject to the company's capital plan, market conditions, legal and regulatory restrictions, and other factors.
DFS has also increased its quarterly common stock dividend by 17% to $0.70 per share, up from $0.60. Discover Financial Services has declared a quarterly cash dividend of $0.70 per share of common stock, payable on June 8, 2023, to holders of record at the close of business on May 25, 2023.
Members of LevelFields received the alert of this event on April 19, 4:50 PM ET
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