Fiscal 2021 results
Discover reported improved performance relative to the previous year for Fiscal 2021. Net income for the year amounted to $5.4 billion compared to $1.1 billion in Fiscal 2020, with provisions for credit losses during the pandemic accounting for the major difference in expenses and thus net income between reporting periods. Revenue net of interest expenses amounted to $12.0 billion, a 9.0% increase year-over-year. The company’s record results for 2021 largely reflect improved loan growth (4.4%) and the benefits of Discover’s integrated digital banking and payments model.
New ActivityIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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