Discover 2010 Annual Report Download - page 159
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Discover Financial Services
(Parent Company Only)
Condensed Statements of Income
For the Years Ended November 30,
2010 2009 2008
(dollars in thousands)
Interest income .............................................................................................................................................. $ 28,948 $ 53,696 $ 72,368
Interest expense ............................................................................................................................................. 69,598 49,324 43,135
Net interest income ..................................................................................................................................... (40,650) 4,372 29,233
Dividends from subsidiaries ............................................................................................................................. 132,500 0 95,000
Antitrust litigation settlement............................................................................................................................. 0 1,153,936 526,817
Other income ................................................................................................................................................ 27,605 (497) (1,207)
Total income .............................................................................................................................................. 119,455 1,157,811 649,843
Other expense
Employee compensation and benefits............................................................................................................. 23,879 30,121 30,220
Marketing and business development............................................................................................................. 251 134 218
Information processing and communications ................................................................................................... 511 125 123
Professional fees ......................................................................................................................................... 8,932 8,025 7,216
Premises and equipment .............................................................................................................................. 3,095 3,051 3,531
Other........................................................................................................................................................ (37,089) 29,309 2,514
Total other expense.................................................................................................................................. (421) 70,765 43,822
Income before income tax benefit (expense) and equity in undistributed net income of subsidiaries and losses from
discontinued operations ............................................................................................................................... 119,876 1,087,046 606,021
Income tax benefit (expense)............................................................................................................................ 9,070 (420,641) (197,082)
Equity in undistributed net income of subsidiaries ................................................................................................ 635,842 609,780 531,720
Loss from discontinued operations..................................................................................................................... 0 0 (12,909)
Net income................................................................................................................................................ $764,788 $1,276,185 $ 927,750
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