News Update: Discover Financial Services Net Income Gains 14% Boost in 2010 FQ2 (DFS,V,MA)

Discover Financial Services (NYSE:DFS) officials said Thursday that the company's fiscal Q2 net income jumped 14% from $225.8 million in the year-ago period to $258.1 million.

Discover Financial's net income from fiscal 2009 Q2 included $295 million from a Visa Inc. (NYSE:V) and MasterCard Inc. (NYSE:MA) antitrust settlement.

Discover Financial also redeemed $1.2 billion of preferred stock, which reduced EPS by $0.13.

Net income for common shareholders declined from the year-ago period's $206.4 million, or $0.43 per share, to $184.6 million, or $0.33 per share.

Shares of Discover Financial are trading up 2.86% Thursday afternoon at $14.41.

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