Discover Financial Profit Plunges 68% as Compliance Costs Bite [BNN Bloomberg (Canada)]
Ally Financial Inc. (ALLY)
Last ally financial inc. earnings: 4/20 07:30 am
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Source: BNN Bloomberg
deal, posted a decline in first-quarter profit as it worked to address compliance and risk-management deficiencies. Net income plunged 68% to $308 million, or $1.10 a share, Riverwoods, Illinois-based Discover said Wednesday in a statement. That missed the $2.96 average estimate of analysts surveyed by Bloomberg. Capital One Chief Executive Officer Richard Fairbank predicted in February, shortly after announcing the $35 billion deal to create the largest US credit-card issuer by loan volume, that the time and expense needed to fix Discover's regulatory challenges would be high. The acquisition, subject to antitrust reviews and shareholder approvals, is expected to be completed late this year or in early 2025. Discover's first-quarter operating expenses surged 67% to $2.31 billion. Shares of Discover were little changed in extended trading at 4:23 p.m. in New York. The stock had climbed 6.7% this year through the close of regular trading. Discover's net revenue for the three
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News
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ALLY
Earnings
- 4/19/24 - Beat
ALLY
Sec Filings
- 4/29/24 - Form 424B2
- 4/29/24 - Form 424B2
- 4/22/24 - Form 424B2
- ALLY's page on the SEC website