AI English summary of an SEC filing — figures as filed

The company said net income for Q2 2024 was $597 million, or $1.38 per diluted common share, compared with $1.3 billion ($3.13) in Q1 2024 and $1.4 billion ($3.52) in Q2 2023. Adjusted net income was $3.14 per diluted common share.

8-KResults of Operations and Financial ConditionFiled Jul 23, 2024Period of report Jul 23, 2024Summary published (UTC) Oct 20, 2026

Key points

AI summary

The company said net income for Q2 2024 was $597 million, or $1.38 per diluted common share, compared with $1.3 billion ($3.13) in Q1 2024 and $1.4 billion ($3.52) in Q2 2023. Adjusted net income was $3.14 per diluted common share.
The company said it presented the following adjusting items for Q2: an allowance build related to the Walmart program agreement loss sharing termination of $826 million pre-tax ($1.63 per share), a contra revenue impact from the Walmart program agreement termination of $27 million ($0.05 per share), Discover integration expenses of $31 million ($0.06 per share), and an FDIC special assessment of $8 million ($0.02 per share).
The company said total net revenue for Q2 2024 rose 1% from Q1 to $9.5 billion, non-interest expense fell 4% to $4.9 billion, and pre-provision earnings rose 7% to $4.6 billion. Provision for credit losses increased by $1.2 billion to $3.9 billion, including net charge-offs of $2.6 billion and a loan reserve build of $1.3 billion.
The company said period-end loans held for investment as of June 30, 2024 increased $3.0 billion (1%) in the quarter to $318.2 billion, and total deposits rose to $351.4 billion. Its Basel III Standardized Approach Common Equity Tier 1 capital ratio was 13.2% (preliminary).

Summary

AI-written

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

Q2 Net Income and Earnings Per Share

The company said net income for Q2 2024 was $597 million, or $1.38 per diluted common share, compared with $1.3 billion ($3.13) in Q1 2024 and $1.4 billion ($3.52) in Q2 2023. Adjusted net income was $3.14 per diluted common share.

Source · Based on the filing body and exhibits

Q2 Adjusting Items

The company said it presented the following adjusting items for Q2: an allowance build related to the Walmart program agreement loss sharing termination of $826 million pre-tax ($1.63 per share), a contra revenue impact from the Walmart program agreement termination of $27 million ($0.05 per share), Discover integration expenses of $31 million ($0.06 per share), and an FDIC special assessment of $8 million ($0.02 per share).

Source · Based on the filing body and exhibits

Q2 Income Statement Summary

The company said total net revenue for Q2 2024 rose 1% from Q1 to $9.5 billion, non-interest expense fell 4% to $4.9 billion, and pre-provision earnings rose 7% to $4.6 billion. Provision for credit losses increased by $1.2 billion to $3.9 billion, including net charge-offs of $2.6 billion and a loan reserve build of $1.3 billion.

Source · Based on the filing body and exhibits

Q2 Period-End Loans, Deposits and Capital Ratio

The company said period-end loans held for investment as of June 30, 2024 increased $3.0 billion (1%) in the quarter to $318.2 billion, and total deposits rose to $351.4 billion. Its Basel III Standardized Approach Common Equity Tier 1 capital ratio was 13.2% (preliminary).

Source · Based on the filing body and exhibits

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

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