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2014 ANNUAL CONNECTING CUSTOMERS WITH THE FUTURE 2500 Lake Cook Road • Riverwoods, Illinois 60015 • Discover.com/company REPORT 2014 ANNUAL REPORT DFS_14_AR_Covers_InsideCovers.indd 1 3/2/15 5:14 PM Board of Directors Mary K. Bush Gregory C. Case Candace H. Duncan President, Bush International Compensation and Leadership Retired Managing Partner, CONNECTING CUSTOMERS Development Committee Chair; KPMG LLP The Leading Direct Bank President and CEO, Aon plc WITH THE FUTURE and Payments Partner Direct Banking Discover is one of the largest direct banks in the United States, offering a broad array of products, including credit cards, personal loans, student loans, deposit products and home loans. The Discover brand is known for rewards, service and value. Across all direct banking Primary Investor Contact Michael H. Moskow Mark A. Thierer products, Discover seeks to help customers Risk Oversight Committee Chair; Chairman and CEO, Investor Relations meet their fi nancial needs and achieve brighter Retired President and CEO, Catamaran Corporation Phone: 1• 224 • 405 • 4555 Federal Reserve Bank of Chicago [email protected] fi nancial futures. Transfer Agent Executive Committee Payment Services Computershare P.O. Box 30170 College Station, TX 77842 PULSE is one of the nation’s leading ATM/debit Phone: 1• 866 • 258 • 6590 networks, while Diners Club International is Corporate Web site: a global payments network. Our Network www.computershare.com/investor Partners business provides payment transaction processing and settlement services on the Annual Shareholders’ Meeting Discover Network. In the payments industry, The 2015 Annual Meeting of Shareholders of Discover Financial Services Discover strives to be the most fl exible and Steven E. Cunningham Carlos M. Minetti Wednesday, April 29, 2015, at 9:00AM CST innovative partner in the United States and Senior Vice President, Executive Vice President, at the company’s headquarters at Chief Risk Offi cer President–Consumer Banking around the world. 2500 Lake Cook Road, Riverwoods, IL 60015 Glenn P. Schneider Harit Talwar Executive Vice President, Executive Vice President, Chief Information Offi cer President–U.S. Cards DFS_14_AR_Covers_InsideCovers.indd 2 3/2/15 5:14 PM Discover Card Deposit Products • $56 billion in loans • $29 billion in direct-to-consumer deposits • Leading cash rewards program • Money market accounts, certifi cates of deposit, • 1 in 4 U.S. households savings accounts and checking accounts Student Loans Home Loans • $9 billion in private student loans • $3 billion of originations in 2014 • Offered at more than 2,000 colleges • Conventional and FHA loans • Home equity loans Personal Loans • $5 billion in loans • Debt consolidation and major purchases Discover Pulse Debit Diners Club Network Network International • $129 billion volume • $166 billion volume • $27 billion volume • 10+ network alliances • 3,700+ issuers • 80+ licensees DFS_14_AnnualReport_InsidePages_022715.indd 1 3/2/15 5:11 PM To Our Shareholders: Five years ago, we set our sights on becoming the leading U.S. direct bank and a fl exible global payments partner. Our focus on that vision has allowed us to pursue new opportunities and has led to consistently strong performance across a number of key metrics. Today, we are connecting more and more customers with a brighter fi nancial future. Over the last fi ve years, Discover has expanded signifi cantly in direct banking. We now offer credit cards, personal loans, private student loans, home loans, deposit products and checking accounts that help our customers achieve their fi nancial goals. We have grown to be the world’s third- most-accepted network* by partnering with fi nancial institutions, acquirers, processors and other companies around the world to leverage our Discover, PULSE and Diners Club International networks. *The Nilson Report, March 2014 David Nelms, Chairman & CEO DFS_14_AnnualReport_InsidePages_022715.indd 2 3/2/15 5:11 PM Our Progress Your company achieved strong fi nancial results in 2014. Direct Banking Loans Highlights included: $49.2 Bn $69.9 Bn • Net income of $2.3 billion or $4.90 per diluted share Direct-To-Consumer Deposits $20.6 Bn • Return on equity of 21% $28.8 Bn Total Network Volume • Repurchase of 5% of our outstanding common stock $248 Bn • Growth in total loans of 6% $322 Bn Acceptance Locations • A net charge-off rate of 2.04% 17 MM 31 MM • Network volume of $322 billion, including ATM Locations $116 billion of Discover card volume 750K 1.6 MM We achieved these results primarily by focusing on Net Income profi table growth in our U.S. credit card business, which $0.8 Bn in turn has been built around our promise to provide $2.3 Bn cardmembers with “rewards, service and value.” We also Stock Price at Fiscal Year-End achieved meaningful growth in personal loans and private $18.28 student loans, while continuing to invest for the future $65.49 across our direct banking and payments operations. 2010 2014 DFS_14_AnnualReport_InsidePages_022715.indd 3 3/2/15 5:11 PM Direct Banking Accomplishments Credit card loan growth of 6% outpaced the industry average, driven in part by the popularity of our fl agship Discover it card. One of our greatest accomplishments of 2014 came when Discover received the highest customer satisfaction ranking among U.S. credit card companies, tying for the top ranking in the 2014 J.D. Power U.S. Credit Card Satisfaction StudySM— a recognition bestowed upon us by our customers. Discover pioneered cash rewards in the credit card industry, and today Discover continues to innovate in ways that are important to customers. In 2014, we enhanced our Cashback Bonus rewards program by providing customers with multiple redemption options with no minimum for redemption, and with rewards that will never expire. We also launched Discover Deals, which provides customers with opportunities to earn extra cash rewards and to receive instant savings while shopping. Also in 2014, Discover led the industry by providing free FICO® Credit Scores to all eligible Discover cardmembers—online and on monthly statements. Knowing and understanding their FICO Credit Scores can help cardmembers achieve their personal goals and better prepare for the future. Customer response has been overwhelmingly positive. Of course, our growth in credit cards would be of no value to shareholders were it not profi table growth. Accordingly, we have continued to focus on leading-edge practices in credit risk management. As a result, we continue to outperform most large competitors when it comes to credit quality. We are leveraging our expertise in credit risk management across other consumer lending products. In 2014, we grew personal loans by 19% and private student loans by 4% (22% growth rate excluding purchased student loans). We also made Discover Personal Loans more widely available to the general public, and Discover Student Loans launched rewards for good grades. Discover.com/company DFS_14_AnnualReport_InsidePages_022715.indd 4 3/2/15 5:11 PM Total Network Volume [Billions] Direct Banking Loans [Billions] Direct-To-Consumer Deposits [Billions] $322 $28.8 $306 $310 $69.9 $27.9 $28.4 27 $65.8 $26.2 $280 29 27 5.3 $61 4.5 29 $248 $57.7 3.6 8.5 3.4 8.1 12.2 $20.6 13.1 27 $49.2 7.8 7.3 14.2 166 3 13.8 160 160 1 140 118 12.2 56.1 49.6 53.2 45.2 47 16.6 15.3 13.7 129 12.4 111 117 123 103 8.4 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 Diners Club International Personal/Other* Certifi cate of Deposits PULSE Student Money Market/Savings/Checking Discover Network Credit card *Includes other consumer loans and loans held for sale Net Principal Charge-Off Rate Effi ciency Ratio Net Income [Millions] 7.53% 39.9% 39.4% 39.4% $2,470 36% $2,345 $2,323 $2,227 32.8% 3.97% 2.29% 1.98% 2.04% $765 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 The effi ciency ratio is noninterest expense divided by total revenue (net interest income and noninterest income). Diluted Earnings Per Share Return on Equity Stock Price at Fiscal Year-End of Common Stock $65.49 30% $4.96 $4.90 $55.95 $4.46 26% $4.06 24% 21% $41.61 12% $23.82 $18.28 $1.22 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 DFS_14_AnnualReport_InsidePages_022715.indd 5 3/2/15 5:11 PM For Discover Home Loans and Discover Home Equity, 2014 was largely about positioning for the future. Discover Cashback Checking exceeded 100,000 cross-sold accounts by year end, and we look forward to a broad market launch in 2015. Payments Accomplishments In 2014, Discover achieved growth in dollar volume on our networks while expanding acceptance to more than 31 million global merchant locations and more than 1.6 million ATMs. In addition, our proprietary network continued to be an integral component of card issuance by providing added branding, acceptance and value for Discover cardmembers. We believe that owning a proprietary, branded network contributes to the related card business, and that it is no accident that the two U.S. credit card issuers with their own networks have had stronger profi tability in terms of return on card assets than most of their competitors. Our accomplishments in payments in 2014 included: • Launch of a new business-to-business payments platform with Ariba®, an SAP company and a leading global business commerce network. • The signing of agreements in Thailand and Cambodia that enhance the presence we already have in Asia through UnionPay (China), JCB (Japan), BC Card (Korea), RuPay (India) and others. • Endorsement by the American Bankers Association (ABA) of Discover Debit, a compelling alternative signature debit program.
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