Discover Financial Reports Q2 2024 Net Income of $1.5 Billion ($6.06/share); Regions Financial Profit Falls 14% to $477 Million

Discover Financial Services reported a net income of $1.5 billion for the second quarter of 2024, translating to $6.06 per diluted share. This represents a significant increase in profit, driven by a $1.8 billion pretax income from its Digital Banking segment, which was $694 million higher than the same period last year. The increase was attributed to a lower provision for credit losses and elevated revenue net of interest expense. In contrast, Regions Financial announced a second-quarter profit of $477 million, or $0.52 per diluted share, reflecting a 14% decline due to reduced interest income. Similarly, Fifth Third Bancorp reported diluted earnings per share of $0.81, with its quarterly profit dipping as higher deposit costs impacted interest income.