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UNAUDITED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Millions, $ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Interest income    
Interest and fees on loans $ 1,247 $ 1,289
Interest on cash and investment securities 53 46
Total interest income 1,300 1,335 CloseClose
Interest expense    
Interest on deposits 155 117
Interest on borrowings 93 101
Total interest expense 248 218 Close
Net interest income 1,052 1,117
Non-interest income    
Interchange revenue, net of retailer share arrangements (92) (87)
Gain on portfolio sale 0 230 Close
Other 31 29
Total non-interest income (61) 172
Total net interest and non-interest income 991 1,289
Provision for credit losses 321 107 Close
Total net interest and non-interest income, after provision for credit losses 670 1,182
Non-interest expenses    
Employee compensation and benefits 213 220
Card and processing expenses 86 120
Information processing and communication 74 75
Marketing expenses 28 39
Depreciation and amortization 23 34
Other 58 56
Total non-interest expenses 482 544 Close
Income from continuing operations before income taxes 188 638 Close
Provision for income taxes 53 183 Close
Income from continuing operations 135 455 Close
(Loss) income from discontinued operations, net of income taxes [1] (1) 0 CloseCloseClose
Total Other Income Expenses -1.0 0.0 0.0 0 0 Close Close
Net income $ 134 $ 455 CloseClose
Basic income per share (Note 14)    
Income from continuing operations (in dollars per share) $ 2.74 $ 9.10
(Loss) income from discontinued operations(in dollars per share) (0.03) 0
Net income per share (in dollars per share) 2.71 9.10
Diluted income per share (Note 14)    
Income from continuing operations (in dollars per share) 2.73 9.08
(Loss) income from discontinued operations (in dollars per share) (0.03) 0
Net income per share (in dollars per share) $ 2.70 $ 9.08
Weighted average common shares outstanding (Note 14)    
Basic (in shares) 49.5 50.0
Diluted (in shares) 49.7 50.1
[1] Includes amounts that related to the previously disclosed discontinued operations associated with the spinoff of our former LoyaltyOne segment in 2021 and the sale of our former Epsilon segment in 2019. For additional information refer to Note 1, “Description of Business, Basis of Presentation and Summary of Significant Accounting Policies” to the unaudited Consolidated Financial Statements.