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Discover's profit masks weak U.S. card business
June 26, 2008
ChicagoBusiness.com: Discover's profit in the most recent quarter rose 12 percent, following record volumes in its third-party payments business, where ATM and debit transactions are processed.The company also benefited from the sale of its British card business.But while Discover saw modest increases in sales on its own cards and within its portfolio of managed loans, its U.S. card segment's profit dropped 20 percent, namely because of card defaults.
Debit / CreditNorth AmericaCentral and Eastern EuropeTrends / StatisticsTransaction ProcessingBank / Credit UnionBranch Transformation
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