Discover Financial Services (DFS) Q4 2022 Earnings Call Transcript

Discover Financial Services (NYSE:DFS) Q4 2022 Results Conference Call January 19, 2023 8:00 AM ET

Company Participants

Eric Wasserstrom - Head of Investor Relations

Roger Hochschild - Chief Executive Officer

John Greene - Chief Financial Officer

Conference Call Participants

Moshe Orenbuch - Credit Suisse

Sanjay Sakhrani - KBW

John Hecht - Jefferies

Mark DeVries - Barclays

Betsy Graseck - Morgan Stanley

Rick Shane - JPMorgan

Bob Napoli - William Blair

John Pancari - Evercore ISI

Bill Carcache - Wolfe Research

Mihir Bhatia - Bank of America

Kevin Barker - Piper Sandler

Don Fandetti - Wells Fargo

Arren Cyganovich - Citi

Operator

Good morning. My name is Todd, and I will be your conference operator today. At this time, I would like to welcome everyone to the Fourth Quarter and Full Year 2022 Discover Financial Services Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers remarks there will be a question-and-answer session. [Operator Instructions] Thank you.

I will now turn the call over to Mr. Eric Wasserstrom, Head of Investor Relations. Please go ahead.

Eric Wasserstrom

Thanks, Todd, and good morning, everyone, and welcome to today's call. I'll begin on Slide 2 of the earnings presentation, which you can find in the financial section of our Investor Relations website, investorrelations.discover.com.

Our discussion today contains certain forward-looking statements that are subject to risks and uncertainties that may cause actual results to differ materially. Please refer to our notices regarding forward-looking statements that appear in the fourth quarter earnings press release and presentation.

On our call today will include remarks from our CEO, Roger Hochschild; and John Greene, our Chief Financial Officer. After we conclude our formal comments, there will be time for a question-and-answer session. During the Q&A session, you'll be permitted to ask one question followed by one follow-up question. After your follow-up questions, please return to the queue.

And with that, it's my pleasure to turn the call over to Roger.

Roger Hochschild

Thanks, Eric, and thanks to our listeners for joining today's call. I want to begin by reviewing the highlights and key metrics for the year, and then John will take you through the details of our fourth quarter results and our perspectives on 2023.

I'm very pleased to say that 2022 was the second strongest year for earnings in our company's history. We reported net income of $1 billion or $3.77 per share for the fourth quarter and $4.4 billion or $15.50 per share for the full year. This was accomplished against a fluid and unusual macroeconomic and monetary policy backdrop and I want to thank the entire Discover team for their solid execution. This performance gives us significant momentum going into 2023 and beyond.