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Discover Financial Services’ profit slips, but beats forecasts; stock rises

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Discover Financial Services said credit card use rose and more customers paid off balances on time in the latest quarter. That overshadowed a slight earnings decline, mostly due to the setting aside of more money to cover bad loans and a legal bill in a regulatory matter. Net income of $621 million was down 3 percent from a year earlier, but topped the forecast of analysts polled by FactSet.

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