Discover Reports Decline in Earnings, Increase in Charge-Offs for Q4

RIVERWOODS, Ill. — Discover Financial Services (NYSE: DFS) today reported income for the quarter and year ended Nov. 30, 2009 as follows:

Fourth quarter income from continuing operations was $371 million, down 16% from the fourth quarter of 2008. After-tax income related to the Visa/MasterCard antitrust litigation settlement included in continuing after-tax earnings was approximately $285 million and $535 million in the fourth quarter of 2009 and 2008, respectively.