Good afternoon. My name is Ruth, and I will be your conference operator today. At this time, I would like to welcome everyone to the Discover Financial Services Third Quarter Earnings Conference Call. [Operator Instructions]
Craig Streem, you may begin your conference.
Thank you, Ruth, and welcome, everybody, to today's call.
Moving in on slide 2 of our earnings presentation, which you can find in the financial section of our Investor Relations website, investorrelations.discover.com. Our discussion today contains certain forward-looking statements about the Company's future financial performance and business prospects, which are subject to risks and uncertainties and speak only as of today. Factors that could cause actual results to differ materially from these forward-looking statements are set forth within today's earnings press release, which was provided to the SEC in an 8-K report and in our 10-K and 10-Qs which are on our website and of course on file with the SEC.
In the third quarter 2017 earnings materials, we have provided information that compares and reconciles the Company's non-GAAP financial measures with GAAP financial information, and we explain why these measures are useful to management and investors, and of course we urge you to review that information in conjunction with today's discussion.
Our call today will include remarks from David Nelms, our Chairman and Chief Executive Officer, covering third quarter highlights and developments and then Mark Graf, our Chief Financial Officer, will take you through the rest of the earnings presentation. After Mark completes his comments, there will be time for a question-and-answer session. During the Q&A session, I'd ask you to please limit yourself to one question and one follow-up, so we can accommodate as many participants as possible.
Now it's my pleasure to turn the call over to David, who'll begin on page 3 of the presentation.
Thanks, Craig, and thanks to our listeners for joining today's call.
For the third quarter, we delivered net income of $602 million on revenue growth of 10%. Earnings per share were $1.59 and a return on equity of 22%. I'm particularly pleased with the strong growth we achieved across all product lines. We drove total loan growth of 9% as we continue to focus on delivering profitable prime loan growth.
In payment services, total volume grew 16%, our fastest growth in more than six years. Looking specifically at card, loan growth was split about evenly between new accounts and growth from existing customers. While the third quarter of last year was highly competitive characterized by unusually aggressive offers on new products from a number of competitors, this year some of the issuers has appeared to fall back a bit. However, our strategy and discipline remain unchanged.
We continue to innovate and enhance our flagship product the Discover card and offer unique features like cashback match with allows new card members to earn double the cashback bonus in their first year and creates meaningful benefit for us to sustain customer engagement. Our consistent approach and a slightly less than -- competitive
Chairman and Chief Executive Officer
Chief Financial Officer
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