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Discover Financial Services Q4 net income rises

US-based payment services firm Discover Financial Services has reported a net income of $513m, or $0.95 diluted earnings per share, for the fourth quarter of 2011, compared to $350m, or $0.64 diluted earnings per share, for the same period in 2010.

Revenue net of interest expense was $1.80bn for the fourth quarter of 2011, compared to $1.59bn for the same period a year ago.

Net interest income was $1.26bn, compared to $1.12bn for the same period in the corresponding year.

Direct banking pretax income was $776m, up 40%, from the prior year and payment services pretax income of $42m, up 35%, from the corresponding year.

Discover Financial Services chairman and CEO David Nelms said that their fourth quarter results, together with their already strong capital levels, allowed them to increase their dividend and execute on their share repurchase program.