July 22, 2014 ©2014 DISCOVER FINANCIAL SERVICES 2Q14 Financial Results Exhibit 99.3

Notice The following slides are part of a presentation by Discover Financial Services (the "Company") in connection with reporting quarterly financial results and are intended to be viewed as part of that presentation. No representation is made that the information in these slides is complete. For additional financial, statistical, and business related information, as well as information regarding business and segment trends, see the earnings release and financial supplement included as exhibits to the Company’s Current Report on Form 8-K filed today and available on the Company’s website (www.discoverfinancial.com) and the SEC’s website (www.sec.gov). The information provided herein includes certain non-GAAP financial measures. The reconciliations of such measures to the comparable GAAP figures are included at the end of this presentation, which is available on the Company’s website and the SEC’s website. The presentation contains forward-looking statements. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made, which reflect management’s estimates, projections, expectations or beliefs at that time, and which are subject to risks and uncertainties that may cause actual results to differ materially. For a discussion of certain risks and uncertainties that may affect the future results of the Company, please see "Special Note Regarding Forward-Looking Statements," "Risk Factors," "Business – Competition," "Business – Supervision and Regulation" and "Management’s Discussion and Analysis of Financial Condition and Results of Operations" in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, and under “Management's Discussion and Analysis of Financial Condition and Results of Operations” in the company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2014, which are filed with the SEC and available at the SEC's internet site. The Company does not undertake to update or revise forward-looking statements as more information becomes available. 2

B / (W) ($MM, except per share data) 2Q14 2Q13 $ Δ % Δ Revenue Net of Interest Expense $2,172 $2,041 $131 6% Provision for Loan Losses 360 240 (120) (50%) Operating Expense 797 820 23 3% Direct Banking 984 1,002 (18) (2%) Payment Services 31 (21) 52 NM Total Pre-Tax Income 1,015 981 34 3% Pre-tax, Pre-Provision Income(1) 1,375 1,221 154 13% Income Tax Expense 371 379 8 2% Net Income (Loss) $644 $602 $42 7% Diluted EPS $1.35 $1.20 $0.15 13% ROE 23% 23% 2Q14 Summary Financial Results • Diluted EPS of $1.35, up 13% YOY • Revenue net of interest expense of $2.2Bn, up 6% YOY due to loan growth and net interest margin expansion • Higher provision for loan losses driven by a modest reserve build in 2Q14 versus a reserve release in 2Q13 3 Note(s) 1. Pre-tax, pre-provision income, which is derived by adding provision for loan losses to pre-tax income, is a non-GAAP financial measure which should be viewed in addition to, and not as a substitute for, the company’s reported results. Management believes this information helps investors understand the effect of provision for loan losses on reported results and provides an alternate presentation of the company’s performance; see appendix for reconciliation

2Q13 2Q14 80 70 60 50 40 30 20 10 0 Total Card Student Personal $61.7 $49.8 $7.9 $3.6 $65.9 $52.7 $8.3 $4.6 2Q13 2Q14 50 40 30 20 10 0 DN Proprietary PULSE Diners(1) Network Partners $28.6 $40.1 $6.8 $2.4 $30.3 $41.5 $6.7 $2.6 2Q14 Loan and Volume Growth 4 Volume ($Bn)Ending Loans ($Bn) Note(s) 1. Volume is derived from data provided by licensees for Diners Club branded cards issued outside of North America and is subject to subsequent revision or amendment Total +7% Card +6% Student +5% Personal +26% PULSE +4% Diners(1) -2% Network Partners +7% Proprietary +6%

2Q14 Revenue Detail • Net interest income of $1.6Bn, up 11% YOY due to loan growth, funding cost improvement and yield expansion • Discount and interchange revenue of $595MM, up 9% YOY driven primarily by an increase in card sales • Rewards rate increased 5bps YOY due to higher standard and promotional rewards • Other income decreased by $40MM primarily due to lower direct mortgage related income • Payment Services revenue was flat Note(s) 1. Rewards cost divided by Discover card sales volume 5 B / (W) ($MM) 2Q14 2Q13 $ Δ % Δ Interest Income $1,863 $1,727 $136 8% Interest Expense 274 297 23 8% Net Interest Income 1,589 1,430 159 11% Discount/Interchange Revenue 595 546 49 9% Rewards Cost 268 238 (30) (13%) Net Discount/Interchange Revenue 327 308 19 6% Protection Products Revenue 78 88 (10) (11%) Loan Fee Income 80 76 4 5% Transaction Processing Revenue 46 47 (1) (2%) Other Income 52 92 (40) (43%) Total Non-Interest Income 583 611 (28) (5%) Revenue Net of Interest Expense $2,172 $2,041 $131 6% Direct Banking $2,092 $1,961 $131 7% Payment Services 80 80 0 0% Revenue Net of Interest Expense $2,172 $2,041 $131 6% Change ($MM) 2Q14 2Q13 QOQ YOY Discover Card Sales Volume $29,341 $27,574 14% 6% Rewards Rate (1) 0.91% 0.86% -12 bps 5 bps

2Q14 Net Interest Margin 6 • Total interest yield of 11.42% increased 18bps YOY due to yield expansion in credit card and private student loans • Credit card yield of 12.10% increased 13bps YOY due to a modestly higher portion of customers revolving balances and lower interest charge-offs • Private student loan yield expansion reflects the recognition of cash flow estimates on acquired pools of loans that were revised during 4Q13 • Net interest margin on receivables increased 40bps YOY due to funding cost tailwinds and higher loan yield Change (%) 2Q14 QOQ YOY Total Interest Yield 11.42% -2 bps 18 bps NIM on Receivables 9.84% -3 bps 40 bps NIM on Interest-Earning Assets 8.35% 14 bps 50 bps 2Q14 2Q13 ($MM) Average Balance Rate Average Balance Rate Credit Card $51,718 12.10% $49,002 11.97% Private Student 8,301 6.84% 7,925 6.52% Personal 4,426 12.49% 3,511 12.51% Home Loans and Other 283 3.69% 355 3.27% Total Loans 64,728 11.42% 60,793 11.24% Other Interest-Earning Assets 11,600 0.73% 12,273 0.75% Total Interest-Earning Assets $76,328 9.79% $73,066 9.48% Direct to Consumer and Affinity $28,752 1.27% $28,946 1.50% Brokered Deposits and Other 15,638 1.54% 13,756 2.21% Interest Bearing Deposits 44,390 1.37% 42,702 1.73% Borrowings 19,978 2.48% 19,169 2.36% Total Interest-Bearing Liabilities $64,368 1.71% $61,871 1.92%

B / (W) ($MM) 2Q14 2Q13 $ Δ % Δ Employee Compensation and Benefits $301 $285 ($16) (6%) Marketing and Business Development 168 185 17 9% Information Processing & Communications 87 85 (2) (2%) Professional Fees 112 101 (11) (11%) Premises and Equipment 22 20 (2) (10%) Other Expense 107 144 37 26% Total Operating Expense $797 $820 $23 3% Direct Banking $748 $734 ($14) (2%) Payment Services 49 86 37 43% Total Operating Expense $797 $820 $23 3% Operating Efficiency(1) 36.7% 40.2% 348 bps 2Q14 Operating Expense Detail 7 • Employee compensation and benefits of $301MM, up 6% YOY primarily due to higher headcount • Marketing and business development expense of $168MM, down 9% YOY due to lower advertising and direct marketing • Professional fees of $112MM, up 11% YOY due primarily to higher consultant expenses related to technology updates and improvements • Other expense of $107MM, down 26% YOY primarily due to 2Q13 charges related to supporting Diners Club franchises in Europe(2) Note(s) 1. Defined as reported noninterest expense divided by total revenue (net interest income and noninterest income) 2. Total charges in 2Q13 relating to Diners Club franchises in Europe were $55MM which included a $15MM reserve build related to loans to select Diners franchises

2Q14 Provision for Loan Losses and Credit Quality 8 • Net charge-offs of $337MM, up 6% YOY due to loan growth • Reserve build of $23MM driven by loan growth • Card net charge-off rate decreased 1bp YOY to 2.33% • Card 30+ day delinquency rate of 1.63% increased 5bps YOY • Student loan net charge-off rate excluding PCI loans of 1.30%, down 28bps YOY Note(s) 1. Excludes PCI loans which are accounted for on a pooled basis. Since a pool is accounted for as a single asset with a single composite interest rate and aggregate expectation of cash flows, the past-due status of a pool, or that of the individual loans within a pool, is not meaningful. Because the company is recognizing interest income on a pool of loans, it is all considered to be performing B / (W) ($MM) 2Q14 2Q13 $ Δ % Δ Net Principal Charge-Off $337 $318 ($19) (6%) Reserve Changes build/(release) 23 (78) (101) (129%) Total Provision for Loan Loss $360 $240 ($120) (50%) Change (%) 2Q14 QOQ YOY Credit Card Loans Gross Principal Charge-Off Rate 3.22% 0 bps -19 bps Net Principal Charge-Off Rate 2.33% 1 bps -1 bps 30-Day Delinquency Rate 1.63% -9 bps 5 bps Reserve Rate 2.58% -6 bps -15 bps Private Student Loans Net Principal Charge-Off Rate (excl. PCI Loans)(1) 1.30% -1 bps -28 bps 30-Day Delinquency Rate (excl. PCI Loans)(1) 1.66% -13 bps 28 bps Reserve Rate (excl. PCI Loans)(1) 2.29% 13 bps -9 bps Personal Loans Net Principal Charge-Off Rate 1.95% -12 bps -29 bps 30-Day Delinquency Rate 0.66% -2 bps 2 bps Reserve Rate 2.37% -15 bps -33 bps Total Loans Gross Principal Charge-Off Rate (excl. PCI Loans)(1) 3.01% 0 bps -22 bps Net Principal Charge-Off Rate (excl. PCI Loans)(1) 2.22% 0 bps -5 bps 30-Day Delinquency Rate (excl. PCI Loans)(1) 1.56% -9 bps 6 bps Reserve Rate (excl. PCI Loans)(1) 2.56% -5 bps -16 bps

Capital Position and 2014 Outlook 9 Note(s) 1. Tier 1 common capital (non-GAAP measure) as a percent of risk-weighted assets under Basel I; see appendix for reconciliation Tier 1 Common Ratio(1) 14.6% 14.7% 14.3% 14.9% 15.2% 3Q13 4Q13 1Q14 2Q13 2Q14 • Expect net interest margin to be relatively stable for 2014 • Expect rewards rate of ~100bps for 2014 • Expect operating expenses of ~$3.3Bn for the full year 2014 • Credit outlook remains relatively stable • No change in plan to repurchase ~$1.6Bn of common stock over the four quarters ending 3/31/15

Appendix

Reconciliation of GAAP to Non-GAAP Data Quarter Ended (unaudited, in millions) Jun 30, 2014 Jun 30, 2013 Provision for loan losses $360 $240 Income before income taxes 1,015 981 Pre-tax, pre-provision income(1) $1,375 $1,221 1. Pre-tax, pre-provision income, which is derived by adding provision for loan losses to pre-tax income, is a non-GAAP financial measure which should be viewed in addition to, and not as a substitute for, the company’s reported results. Management believes this information helps investors understand the effect of provision for loan losses on reported results and provides an alternate presentation of the company’s performance 2. Tangible common equity ("TCE"), a non-GAAP financial measure, represents common equity less goodwill and intangibles. A reconciliation of TCE to common equity, a GAAP financial measure, is shown above. Other financial services companies may also use TCE and definitions may vary, so we advise users of this information to exercise caution in comparing TCE of different companies. TCE is included because management believes that common equity excluding goodwill and intangibles is a more meaningful measure to investors of the true net asset value of the company 3. Tier 1 common capital, a non-GAAP financial measure, represents common equity and the effect of certain items in accumulated other comprehensive income (loss) excluded from tier 1 common capital, less goodwill and intangibles. A reconciliation of tier 1 common capital to common equity, a GAAP financial measure, is shown above. Other financial services companies may also use tier 1 common capital and definitions may vary, so we advise users of this information to exercise caution in comparing tier 1 common capital of different companies. Tier 1 common capital is included to support the tier 1 common capital ratio which is meaningful to investors to assess the quality and composition of the Company’s capital 4. Tier 1 common capital ratio is calculated using tier 1 common capital, a non-GAAP measure, divided by risk weighted assets 11 Quarter Ended Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 GAAP total common equity $10,821 $10,461 $10,249 $10,042 $9,888 Less: Goodwill (284) (284) (284) (284) (284) Less: Intangibles (179) (182) (185) (188) (191) Tangible common equity(2) $10,358 $9,995 $9,780 $9,570 $9,413 Effect of certain items in accumulated other comprehensive income (loss) excluded from tier 1 common capital 73 71 69 110 106 Total tier 1 common capital(3) $10,431 $10,066 $9,849 $9,680 $9,519 Risk weighted assets $68,755 $67,365 $68,649 $65,741 $65,087 Tier 1 common capital ratio (4) 15.2% 14.9% 14.3% 14.7% 14.6% GAAP book value per share $24.46 $23.53 $22.89 $22.14 $21.52 Less: Goodwill (0.62) (0.60) (0.60) (0.59) (0.59) Less: Intangibles (0.38) (0.39) (0.39) (0.39) (0.40) Less: Preferred Stock (1.20) (1.20) (1.19) (1.17) (1.15) Tangible common equity per share $22.26 $21.34 $20.71 $19.99 $19.38