Discover Financial Services 8K Reports Third Quarter Net Income of $649 Million or $1.18 Per Diluted Share | DFS 22 Sep 11

Exhibit 99.2

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EARNINGS SUMMARY

(unaudited, in millions, except per share statistics)

	Quarter Ended																					Nine Months Ended
	Aug 31, 2011			May 31, 2011			Feb 28, 2011			Nov 30, 2010			Aug 31, 2010			August 31, 2011 vs. August 31, 2010						Aug 31, 2011			Aug 31, 2010			2011 vs. 2010
EARNINGS SUMMARY
Interest Income		$1,599			$1,573			$1,553			$1,499			$1,536			$63			4	%		$4,725			$4,647			$78			2	%
Interest Expense		362			380			383			375			389			(27	)		(7	%)		1,125			1,208			(83	)		(7	%)
Net Interest Income		1,237			1,193			1,170			1,124			1,147			90			8	%		3,600			3,439			161			5	%

Discount/Interchange Revenue		517			489			468			453			468			49			10	%		1,474			1,340			134			10	%
Rewards		234			223			207			203			194			40			21	%		664			535			129			24	%
Discount and Interchange Revenue, net		283			266			261			250			274			9			3	%		810			805			5			1	%
Fee Products Revenue		108			105			108			103			104			4			4	%		321			310			11			4	%
Loan Fee Income		84			81			86			72			92			(8	)		(9	%)		251			267			(16	)		(6	%)
Transaction Processing Revenue		44			45			43			40			40			4			10	%		132			110			22			20	%
Other Income		33			47			65			7			54			(21	)		(39	%)		145			131			14			11	%
Total Other Income		552			544			563			472			564			(12	)		(2	%)		1,659			1,623			36			2	%

Revenue Net of Interest Expense		1,789			1,737			1,733			1,596			1,711			78			5	%		5,259			5,062			197			4	%

Provision for Loan Losses		100			176			418			383			713			(613	)		(86	%)		694			2,824			(2,130	)		(75	%)

Employee Compensation and Benefits		242			230			213			200			204			38			19	%		685			603			82			14	%
Marketing and Business Development		133			124			136			150			131			2			2	%		393			313			80			26	%
Information Processing & Communications		64			66			65			67			62			2			3	%		195			191			4			2	%
Professional Fees		106			105			90			104			85			21			25	%		301			239			62			26	%
Premises and Equipment		18			18			17			17			18			0			0	%		53			53			0			0	%
Other Expense		79			92			74			90			66			13			20	%		245			155			90			58	%
Total Other Expense		642			635			595			628			566			76			13	%		1,872			1,554			318			20	%

Income Before Income Taxes		1,047			926			720			585			432			615			142	%		2,693			684			2,009		NM
Tax Expense		398			326			255			235			171			227			133	%		979			269			710		NM
Net Income		$649			$600			$465			$350			$261			$388			149	%		$1,714			$415			$1,299		NM

Net Income Allocated to Common Stockholders		$642			$593			$459			$347			$258			$384			149	%		$1,694			$322			$1,372		NM

Effective Tax Rate		38.0	%		35.2	%		35.4	%		40.3	%		39.7	%								36.4	%		39.3	%

Net Interest Margin		9.26	%		9.15	%		9.22	%		9.28	%		9.16	%		10		bps				9.21	%		9.10	%		11		bps
ROE		33	%		33	%		28	%		22	%		17	%								31	%		9	%

Ending Common Shares Outstanding		538			546			545			545			545			(7	)		(1	%)		538			545			(7	)		(1	%)
Weighted Average Common Shares Outstanding		544			546			545			545			544			-			0	%		545			544			1			0	%
Weighted Average Common Shares Outstanding (fully diluted)		545			546			546			545			547			(2	)		(0	%)		546			550			(4	)		(1	%)

PER SHARE STATISTICS
Basic EPS		$1.18			$1.09			$0.84			$0.64			$0.47			$0.71			151	%		$3.11			$0.59			$2.52		NM
Diluted EPS		$1.18			$1.09			$0.84			$0.64			$0.47			$0.71			151	%		$3.11			$0.58			$2.53		NM
Common Stock Price (period end)		$25.16			$23.84			$21.75			$18.28			$14.51			$10.65			73	%		$25.16			$14.51			$10.65			73	%
Dividend declared per share		$0.06			$0.06			$0.06			$0.02			$0.02			$0.04			200	%		$0.18			$0.06			$0.12			200	%
Book Value per share		$14.88			$13.79			$12.65			$11.85			$11.22			$3.66			33	%		$14.88			$11.22			$3.66			33	%

Note: See Glossary of Financial Terms for definitions of financial terms.

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EARNINGS SUMMARY

(unaudited, in millions)

	Quarter Ended														Nine Months Ended
	Aug 31, 2011		May 31, 2011		Feb 28, 2011		Nov 30, 2010		Aug 31, 2010		August 31, 2011 vs. August 31, 2010				Aug 31, 2011		Aug 31, 2010		2011 vs. 2010
SEGMENT- INCOME BEFORE INCOME TAXES
Direct Banking		$1,009		$883		$677		$554		$395		$614	155	%		$2,569		$574		$1,995	NM
Payment Services		38		43		43		31		37		1	3	%		124		110		14		13	%
Total		$1,047		$926		$720		$585		$432		$615	142	%		$2,693		$684		$2,009	NM

TRANSACTIONS PROCESSED ON NETWORKS
Discover Network		451		422		410		413		418		33	8	%		1,283		1,193		90		8	%
PULSE Network		950		1,006		929		901		882		68	8	%		2,885		2,407		478		20	%
Total		1,401		1,428		1,339		1,314		1,300		101	8	%		4,168		3,600		568		16	%

NETWORK VOLUME
PULSE Network		$35,109		$36,719		$34,380		$31,334		$30,582		$4,527	15	%		$106,208		$86,845		$19,363		22	%
Third-Party Issuers		1,984		1,838		1,772		1,768		1,794		190	11	%		5,594		5,034		560		11	%
Diners Club International 1		7,660		7,380		6,998		7,328		6,542		1,118	17	%		22,038		19,806		2,232		11	%
Total Payment Services		44,753		45,937		43,150		40,430		38,918		5,835	15	%		133,840		111,685		22,155		20	%
Discover Network - Proprietary		27,133		25,684		24,784		24,075		24,880		2,253	9	%		77,601		71,684		5,917		8	%
Total		$71,886		$71,621		$67,934		$64,505		$63,798		$8,088	13	%		$211,441		$183,369		$28,072		15	%

1 Volume is derived from data provided by licensees for Diners Club branded cards issued outside of North America and is subject to subsequent revision or amendment.

Note: See Glossary of Financial Terms for definitions of financial terms.

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BALANCE SHEET STATISTICS

(unaudited, in millions)

	Quarter Ended
	Aug 31, 2011			May 31, 2011			Feb 28, 2011			Nov 30, 2010			Aug 31, 2010			August 31, 2011 vs. August 31, 2010

BALANCE SHEET SUMMARY
Assets
Cash and Investment Securities		$10,847			$10,344			$11,463			$11,913			$10,209			$638		6	%
Total Loan Receivables		54,082			52,510			51,663			48,836			50,131			3,951		8	%
Allowance for Loan Losses		(2,273	)		(2,632	)		(3,033	)		(3,304	)		(3,744	)		1,471		39	%
Net Loan Receivables		51,809			49,878			48,630			45,532			46,387			5,422		12	%
Premises and Equipment, net		466			471			459			461			457			9		2	%
Goodwill and Intangible Assets, net		445			447			449			444			446			(1	)	(0	%)
Other Assets		2,159			2,298			2,506			2,435			2,559			(400	)	(16	%)
Total Assets		$65,726			$63,438			$63,507			$60,785			$60,058			$5,668		9	%

Liabilities & Stockholders' Equity
Direct to Consumer and Affinity Deposits		$24,493			$22,923			$21,795			$20,597			$19,069			$5,424		28	%
Brokered Deposits and Other Deposits		13,094			12,296			13,065			13,816			15,178			(2,084	)	(14	%)
Deposits		37,587			35,219			34,860			34,413			34,247			3,340		10	%
Borrowings		17,818			18,039			19,090			17,706			17,709			109		1	%
Accrued Expenses and Other Liabilities		2,315			2,657			2,658			2,209			1,991			324		16	%
Total Liabilities		57,720			55,915			56,608			54,328			53,947			3,773		7	%
Total Equity		8,006			7,523			6,899			6,457			6,111			1,895		31	%
Total Liabilities and Stockholders' Equity		$65,726			$63,438			$63,507			$60,785			$60,058			$5,668		9	%

BALANCE SHEET STATISTICS
Total Common Equity		$8,006			$7,523			$6,899			$6,457			$6,111			$1,895		31	%
Total Common Equity/Total Assets		12.2	%		11.9	%		10.9	%		10.6	%		10.2	%
Total Common Equity/Net Loans		15.5	%		15.1	%		14.2	%		14.2	%		13.2	%

Tangible Assets		$65,281			$62,991			$63,058			$60,341			$59,612			$5,669		10	%
Tangible Common Equity 1		$7,561			$7,076			$6,450			$6,013			$5,665			$1,896		33	%
Tangible Common Equity/Tangible Assets 1		11.6	%		11.2	%		10.2	%		10.0	%		9.5	%
Tangible Common Equity/Net Loans 1		14.6	%		14.2	%		13.3	%		13.2	%		12.2	%
Tangible Common Equity per share 1		$14.05			$12.97			$11.83			$11.04			$10.40			$3.65		35	%

REGULATORY CAPITAL RATIOS
Total Risk Based Capital Ratio		17.0	%		16.8	%		16.0	%		15.9	%		15.5	%
Tier 1 Risk Based Capital Ratio		13.6	%		13.2	%		12.4	%		12.2	%		11.7	%
Tier 1 Leverage Ratio		11.7	%		11.3	%		10.2	%		9.9	%		9.5	%

LIQUIDITY
Liquidity Investment Portfolio		$9,394			$8,724			$10,232			$10,132			$9,111			$283		3	%
Undrawn Credit Facilities 2		16,880			15,532			14,414			12,492			11,659			5,221		45	%
Total Liquidity		$26,274			$24,256			$24,646			$22,624			$20,770			$5,504		26	%

1 Tangible Common Equity ("TCE") is a non-GAAP measure. The Company believes TCE is a more meaningful measure to investors of the net asset value of the Company. For corresponding reconciliation of TCE to a GAAP financial measure see Reconciliation of GAAP to non-GAAP data schedule.

2 Excludes investments pledged to the Federal Reserve, which is included within the liquidity investment portfolio.

Note: See Glossary of Financial Terms for definitions of financial terms.

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LOAN STATISTICS

(unaudited, in millions)

	Quarter Ended																					Nine Months Ended
	Aug 31, 2011			May 31, 2011			Feb 28, 2011			Nov 30, 2010			Aug 31, 2010			August 31, 2011 vs. August 31, 2010						Aug 31, 2011			Aug 31, 2010			2011 vs. 2010
TOTAL LOAN RECEIVABLES
Ending Loans 1, 2		$54,082			$52,510			$51,663			$48,836			$50,131			$3,951			8	%		$54,082			$50,131			$3,951			8	%
Average Loans 1, 2		$53,013			$51,727			$51,488			$48,597			$49,687			$3,326			7	%		$52,080			$50,345			$1,735			3	%

Interest Yield		11.83	%		11.93	%		12.10	%		12.24	%		12.16	%		(33	)	bps				11.95	%		12.19	%		(24	)	bps
Net Principal Charge-off Rate		3.43	%		4.42	%		5.42	%		6.58	%		7.18	%		(375	)	bps				4.41	%		7.89	%		(348	)	bps
Net Principal Charge-off Rate excluding PCI Loans 3		3.63	%		4.69	%		5.64	%		6.58	%		7.18	%		(355	)	bps				4.64	%		7.89	%		(325	)	bps
Delinquency Rate (over 30 days) 3		2.35	%		2.68	%		3.44	%		3.89	%		4.16	%		(181	)	bps				2.35	%		4.16	%		(181	)	bps
Delinquency Rate (over 90 days) 3		1.17	%		1.44	%		1.88	%		2.03	%		2.19	%		(102	)	bps				1.17	%		2.19	%		(102	)	bps
Net Charge-off Dollars		$459			$577			$689			$797			$900			($441	)		(49	%)		$1,725			$2,983			($1,258	)		(42	%)
Loans Delinquent Over 30 Days 3		$1,203			$1,329			$1,673			$1,902			$2,083			($880	)		(42	%)		$1,203			$2,083			($880	)		(42	%)
Loans Delinquent Over 90 Days 3		$599			$715			$915			$994			$1,099			($500	)		(45	%)		$599			$1,099			($500	)		(45	%)

Allowance for Loan Loss (period end)		$2,273			$2,632			$3,033			$3,304			$3,744			($1,471	)		(39	%)		$2,273			$3,744			($1,471	)		(39	%)
Change in Loan Loss Reserves		($359	)		($401	)		($271	)		($414	)		($187	)		($172	)		(92	%)		($1,031	)		($159	)		($872	)	NM
Reserve Rate 4		4.20	%		5.01	%		5.87	%		6.77	%		7.47	%		(327	)	bps				4.20	%		7.47	%		(327	)	bps
Reserve Rate Excluding PCI Loans 3, 4		4.44	%		5.31	%		6.23	%		6.77	%		7.47	%		(303	)	bps				4.44	%		7.47	%		(303	)	bps

CREDIT CARD LOANS
Ending Loans		$46,178			$44,961			$44,317			$45,157			$45,248			$930			2	%		$46,178			$45,248			$930			2	%
Average Loans		$45,343			$44,288			$45,443			$44,670			$44,905			$438			1	%		$45,022			$45,931			($909	)		(2	%)

Interest Yield		12.46	%		12.57	%		12.65	%		12.68	%		12.86	%		(40	)	bps				12.56	%		12.83	%		(27	)	bps
Net Principal Charge-off Rate		3.85	%		5.01	%		5.96	%		6.95	%		7.73	%		(388	)	bps				4.93	%		8.44	%		(351	)	bps
Delinquency Rate (over 30 days)		2.43	%		2.79	%		3.59	%		4.06	%		4.39	%		(196	)	bps				2.43	%		4.39	%		(196	)	bps
Delinquency Rate (over 90 days)		1.22	%		1.51	%		1.99	%		2.12	%		2.35	%		(113	)	bps				1.22	%		2.35	%		(113	)	bps
Net Charge-off Dollars		$440			$559			$668			$774			$875			($435	)		(50	%)		$1,666			$2,910			($1,244	)		(43	%)
Loans Delinquent Over 30 Days		$1,121			$1,256			$1,590			$1,831			$1,986			($865	)		(44	%)		$1,121			$1,986			($865	)		(44	%)
Loans Delinquent Over 90 Days		$565			$681			$882			$958			$1,062			($497	)		(47	%)		$565			$1,062			($497	)		(47	%)

Allowance for Loan Loss (period end)		$2,154			$2,519			$2,939			$3,209			$3,647			($1,493	)		(41	%)		$2,154			$3,647			($1,493	)		(41	%)
Change in Loan Loss Reserves		($365	)		($420	)		($270	)		($412	)		($179	)		($186	)		(104	%)		($1,055	)		($145	)		($910	)	NM
Reserve Rate		4.66	%		5.60	%		6.63	%		7.11	%		8.06	%		(340	)	bps				4.66	%		8.06	%		(340	)	bps

Total Discover Card Volume		$28,455			$26,927			$25,759			$25,054			$25,553			$2,902			11	%		$81,141			$73,644			$7,497			10	%
Discover Card Sales Volume		$26,271			$24,844			$23,990			$23,219			$23,993			$2,278			9	%		$75,105			$69,251			$5,854			8	%

1 Total Loans includes mortgages and other loans.

2 Purchased Credit Impaired ("PCI") loans were acquired in The Student Loan Corporation transaction on December 31, 2010. PCI loans are loans for which a deterioration in credit quality occurred between the origination date and the acquisition date. These loans were initially recorded at fair value and accrete interest income over the estimated lives of the loans as long as cash flows are reasonably estimable, even if the loans are contractually past due. PCI loans are private student loans and are included in total loan receivables.

3 Excludes PCI loans (described above) that were acquired as part of The Student Loan Corporation transaction which are accounted for on a pooled basis. Since a pool is accounted for as a single asset with a single composite interest rate and aggregate expectation of cash flows, the past-due status of a pool, or that of the individual loans within a pool, is not meaningful. Because the company is recognizing interest income on a pool of loans, it is all considered to be performing.

4 The Reserve Rate includes federal student loans held for sale.

Note: See Glossary of Financial Terms for definitions of financial terms.

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LOAN STATISTICS

(unaudited, in millions)

	Quarter Ended																					Nine Months Ended
	Aug 31, 2011			May 31, 2011			Feb 28, 2011			Nov 30, 2010			Aug 31, 2010			August 31, 2011 vs. August 31, 2010						Aug 31, 2011			Aug 31, 2010			2011 vs. 2010

FEDERAL STUDENT LOANS
Ending Loans 1		$738			$757			$767			$789			$2,247			($1,509	)		(67	%)		$738			$2,247			($1,509	)		(67	%)

PRIVATE STUDENT LOANS
Ending Loans		$4,715			$4,567			$4,545			$999			$881			$3,834		NM				$4,715			$881			$3,834		NM
Ending PCI Loans 2		$2,887			$2,947			$3,011			-			-			$2,887		NM				$2,887			-			$2,887		NM

Interest Yield		7.29	%		7.42	%		7.40	%		6.04	%		5.81	%		148		bps				7.37	%		5.63	%		174		bps
Net Principal Charge-off Rate		0.23	%		0.18	%		0.11	%		0.63	%		0.31	%		(8	)	bps				0.18	%		0.21	%		(3	)	bps
Net Principal Charge-off Rate excluding PCI Loans 3		0.62	%		0.51	%		0.29	%		0.63	%		0.31	%		31		bps				0.49	%		0.21	%		28		bps
Delinquency Rate (over 30 days) 3		0.80	%		0.55	%		0.72	%		0.50	%		0.80	%		0		bps				0.80	%		0.80	%		0		bps


Reserve Rate		1.09	%		0.92	%		0.43	%		1.86	%		1.67	%		(58	)	bps				1.09	%		1.67	%		(58	)	bps
Reserve Rate Excluding PCI Loans 3		2.80	%		2.60	%		1.29	%		1.86	%		1.67	%		113		bps				2.80	%		1.67	%		113		bps

PERSONAL LOANS
Ending Loans		$2,439			$2,213			$2,020			$1,878			$1,707			$732			43	%		$2,439			$1,707			$732			43	%

Interest Yield		11.97	%		11.90	%		11.71	%		11.59	%		11.40	%		57		bps				11.87	%		11.33	%		54		bps
Net Principal Charge-off Rate		2.73	%		2.88	%		4.10	%		4.70	%		5.67	%		(294	)	bps				3.19	%		6.11	%		(292	)	bps
Delinquency Rate (over 30 days)		0.85	%		0.96	%		1.20	%		1.57	%		1.75	%		(90	)	bps				0.85	%		1.75	%		(90	)	bps


Reserve Rate		3.10	%		3.35	%		3.68	%		4.05	%		4.70	%		(160	)	bps				3.10	%		4.70	%		(160	)	bps

1 Federal Student Loans are held-for-sale as of November 30, 2010.

Note: See Glossary of Financial Terms for definitions of financial terms.

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SEGMENT RESULTS

(unaudited, in millions)

	Quarter Ended																					Nine Months Ended
	Aug 31, 2011			May 31, 2011			Feb 28, 2011			Nov 30, 2010			Aug 31, 2010			August 31, 2011 vs. August 31, 2010						Aug 31, 2011			Aug 31, 2010			2011 vs. 2010
DIRECT BANKING

Interest Income		$1,599			$1,573			$1,553			$1,499			$1,536			$63			4	%		$4,725			$4,647			$78			2	%
Interest Expense		362			380			383			375			389			(27	)		(7	%)		1,125			1,208			(83	)		(7	%)
Net Interest Income		1,237			1,193			1,170			1,124			1,147			90			8	%		3,600			3,439			161			5	%
Other Income		481			470			486			404			496			(15	)		(3	%)		1,437			1,424			13			1	%
Revenue Net of Interest Expense		1,718			1,663			1,656			1,528			1,643			75			5	%		5,037			4,863			174			4	%
Provision for Loan Losses		100			176			418			383			713			(613	)		(86	%)		694			2,824			(2,130	)		(75	%)
Total Other Expense		609			604			561			591			535			74			14	%		1,774			1,465			309			21	%
Income Before Income Taxes		$1,009			$883			$677			$554			$395			$614			155	%		$2,569			$574			$1,995		NM

Net Interest Margin		9.26	%		9.15	%		9.22	%		9.28	%		9.16	%		10		bps				9.21	%		9.10	%		11		bps
Pretax Return on Loan Receivables		7.55	%		6.78	%		5.33	%		4.57	%		3.16	%		439		bps				6.57	%		1.52	%		505		bps


PAYMENT SERVICES

Interest Income		$-			$-			$-			$-			$-			$-		NM				$-			$-			$-		NM
Interest Expense		-			-			-			-			-			-		NM				-			-			-		NM
Net Interest Income		-			-			-			-			-			-		NM				-			-			-		NM
Other Income		71			74			77			68			68			3			4	%		222			199			23			12	%
Revenue Net of Interest Expense		71			74			77			68			68			3			4	%		222			199			23			12	%
Total Other Expense		33			31			34			37			31			2			6	%		98			89			9			10	%
Income Before Income Taxes		$38			$43			$43			$31			$37			$1			3	%		$124			$110			$14			13	%

Note: See Glossary of Financial Terms for definitions of financial terms.

Discover Financial Services

Glossary of Financial Terms

Book Value per share represents total equity divided by ending common shares outstanding.

Capital Ratios are regulatory measures used to evaluate capital adequacy. To be considered "well-capitalized," total risk-based, tier 1 risk-based, and tier 1 leverage ratios of 10%, 6% and 5% respectively must be maintained. Total Risk Based Capital Ratio represents total capital divided by risk-weighted assets. Tier 1 Capital Ratio represents tier 1 capital divided by risk-weighted assets. Tier 1 Leverage Ratio represents tier 1 capital divided by average total assets.

Delinquency Rate (Over 30 Days) represents loans delinquent over thirty days divided by ending loans (total or respective loans, as appropriate).

Delinquency Rate (Over 90 Days) represents loans delinquent over ninety days divided by ending loans (total or respective loans, as appropriate).

Earnings Per Share represents net income allocated to common stockholders divided by the weighted average common shares outstanding.

Effective Tax Rate represents tax expense divided by income before income taxes.

Interest Yield represents interest income on loan receivables (annualized) divided by average loans for the reporting period.

Liquidity Investment Portfolio represents cash and cash equivalents (excluding cash-in-process) and other investments.

Net Income Allocated to Common Stockholders represents net income less (i) dividends and accretion of discount on shares of preferred stock and (ii) income allocated to participating securities.

Net Interest Margin represents net interest income (annualized) divided by average total loans for the period.

Net Principal Charge-off Rate represents net principal charge-off dollars (annualized) divided by average loans for the reporting period.

Pretax Return on Loan Receivables represents income before income taxes (annualized) divided by total average loans for the period.

Proprietary Network Volume represents gross proprietary sales volume on the Discover Network.

Reserve Rate represents the allowance for loan losses divided by total loans.

Return on Equity represents net income (annualized) divided by average total equity for the reporting period.

Tangible Assets represents total assets less goodwill and intangibles.

Tangible Common Equity ("TCE"), a non-GAAP financial measure, represents total common equity less goodwill and intangibles. The Company believes TCE is a more meaningful measure to investors of the net asset value of the Company. For corresponding reconciliation of TCE to a GAAP financial measure, see Reconciliation of GAAP to Non-GAAP Data schedule.

Tangible Common Equity/Net Loans, a non-GAAP measure, represents total common equity less goodwill and intangibles divided by total loans less the allowance for loan loss (period end).

Tangible Common Equity per Share, a non-GAAP measure, represents total common equity less goodwill and intangibles divided by ending common shares outstanding.

Tangible Common Equity/Tangible Assets, a non-GAAP measure, represents total common equity less goodwill and intangibles divided by total assets less goodwill and intangibles.

Undrawn Credit Facilities represents asset-backed conduit funding facilities, committed unsecured credit facility and Federal Reserve discount window (excluding investments pledged to the Federal Reserve, which are included within the liquidity investment portfolio).

Discover Financial Services
Reconciliation of GAAP to Non-GAAP Data
(unaudited, in millions)

	Quarter Ended															Nine Months Ended
	Aug 31, 2011			May 31, 2011			Feb 28, 2011			Nov 30, 2010			Aug 31, 2010			Aug 31, 2011			Aug 31, 2010
GAAP Total Common Equity		$8,006			$7,523			$6,899			$6,457			$6,111			$8,006			$6,111
Less: Goodwill		(255	)		(255	)		(255	)		(255	)		(255	)		(255	)		(255	)
Less: Intangibles		(190	)		(192	)		(194	)		(189	)		(191	)		(190	)		(191	)
Tangible Common Equity		$7,561			$7,076			$6,450			$6,013			$5,665			$7,561			$5,665

GAAP Book Value per share		$14.88			$13.79			$12.65			$11.85			$11.22			$14.88			$11.22
Less: Goodwill		(0.47	)		(0.47	)		(0.47	)		(0.47	)		(0.47	)		(0.47	)		(0.47	)
Less: Intangibles		(0.36	)		(0.35	)		(0.35	)		(0.34	)		(0.35	)		(0.36	)		(0.35	)
Tangible Common Equity per share		$14.05			$12.97			$11.83			$11.04			$10.40			$14.05			$10.40


Tangible common equity ("TCE"), a non-GAAP financial measure, represents common equity less goodwill and intangibles. A reconciliation of TCE to common equity, a GAAP financial measure, is shown above. Other financial services companies may also use TCE and definitions may vary, so we advise users of this information to exercise caution in comparing TCE of different companies. TCE is included because management believes that common equity excluding goodwill and intangibles is a more meaningful measure to investors of the true net asset value of the company.

Discover Financial Services (DFS) 8-KDiscover Financial Services Reports Third Quarter Net Income of $649 Million or $1.18 Per Diluted Share