RIVERWOODS, Ill. -- Dean Witter, Discover and Co., the financial-services company that issues the Discover card, reported second-quarter net income of $206.9 million, a 32% increase.
Earnings for the credit-services subsidiary jumped 48% to a record $129.2 million, while the securities subsidiary reported an 11% hike to $77.7 million.
Net operating revenue in the second quarter for credit services rose 25% to a record $561.3 million.
Managed loans increased 16% to $21.4 billion, as the number of Discover Card accounts grew to 30.1 million.
Merchant locations accepting Discover grew to 2.01 million, up 239,000 from a year earlier.
