Discover Financial Services released its restated financial results for the quarter ended September 30, 2024, showing changes in various key metrics compared to the previously reported figures. The company's total non-interest income for the quarter decreased by $50 million, from $722 million to $672 million, impacting the revenue net of interest expense, which decreased by the same amount from $4,044 million to $3,994 million.
The company's total operating expense for the quarter increased by $96 million, from $1,454 million to $1,550 million. As a result, income before income taxes decreased by $96 million, from $888 million to $792 million, and net income allocated to common stockholders decreased by $94 million, from $647 million to $553 million.
The restated per share statistics also reflect these changes. Diluted earnings per share decreased by $0.37, from $2.59 to $2.22, and book value per share decreased by $0.60, from $56.93 to $56.33.
In terms of the balance sheet, the restated total common equity for the quarter ended September 30, 2024, decreased by $151 million, from $14,236 million to $14,085 million. The total common equity to total assets ratio decreased by 0.8%, from 9.2% to 8.4%, and the tangible common equity to tangible assets ratio decreased by 0.3%, from 9.0% to 8.7%.
Discover Financial Services also reported changes in its regulatory capital ratios. The restated total risk-based capital ratio decreased by 0.7%, from 13.6% to 12.9%, and the common equity tier 1 capital ratio decreased by 0.2%, from 11.1% to 10.9%.
These restated financial results demonstrate the impact of the adjustments on Discover Financial Services' earnings, per share statistics, and balance sheet metrics for the quarter ended September 30, 2024, compared to the previously reported figures. Following these announcements, the company's shares moved -0.5%, and are now trading at a price of $172.36. Check out the company's full 8-K submission here.
