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News Summary: Discover posts higher 4Q profit

By The Associated Press
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BORROWING BOOST: Discover Financial Services reported an 11 percent gain in net income for the fourth quarter, as the lender and credit card issuer’s benefited from a pickup in loans and card spending.

BOTTOM LINE: Discover posted a profit, after paying preferred dividends, of $588 million, or $1.23 per share, for the October-December quarter. Revenue after interest expense grew about 6 percent to $2.13 billion.

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