Insurance brokerage and risk management services firm $AJG said it acquired privately held Vincent L. Braband Insurance, Inc. based in Arlington Heights, Illinois. Terms of the transaction were not disclosed.
Direct Banking pretax income for $DFS was $824MM in 1Q17, down 7% from the prior year as higher provision for loan losses and lower other income more than offset higher net interest income. Payment Services pretax income jumped 37% to $44MM, primarily driven by a reserve release related to a Diners Club International licensee.
Chipmaker $TXN reported 1Q17 revenue of $3.40Bil, up 13% YoY, due to high demand in automotive and industrial markets. Net income was $997MM, or 97 cents per share, compared to $711MM, or 69 cents per share in 1Q16. EPS included an 8-cent discrete tax benefit not in the company's original guidance.
In 1Q17, credit card loans for $DFS grew 7% to $59.8Bil and Discover card sales volume increased 6%. Consumer deposits gained 13% from the prior year to $37.1Bil. Payment Services transaction dollar volume was $47.1Bil, up 5%. Provision for loan losses was at $594MM, up by $171MM from a year ago.
$DFS reported a net income of $564MM or $1.43 per diluted share for 1Q17, compared to $575MM or $1.35 per diluted share a year ago. Net interest income rose 8% to $1.89Bil. Net interest margin was 10.07%, up 13 basis points from the prior year. Total loans ended the quarter at $75.8Bil, up 8%.