Discover Financial Services 10-K form for the fiscal year ended 2023-12-31, page 67: 
Delinquencies

Delinquencies are an indicator of credit quality at a point in time. A loan balance is considered delinquent when contractual payments on the loan become 30 days past due.
The following table presents the amounts and delinquency rates of key loan products that are 30 and 90 days or more delinquent, and loan receivables that are not accruing interest regardless of delinquency (dollars in millions):|    |                                  |              |       |      |      |    |    |    |       |      |    |
|---:|:---------------------------------|:-------------|:------|:-----|:-----|:---|:---|:---|:------|:-----|:---|
|  1 |                                  | December 31, |       |      |      |    |    |    |       |      |    |
|  2 |                                  | 2023         |       | 2022 |      |    |    |    |       |      |    |
|  3 |                                  | $            |       | %    | $    |    | %  |    |       |      |    |
|  4 | Loans 30 or more days delinquent |              |       |      |      |    |    |    |       |      |    |
|  5 | Credit card loans                | $            | 3,955 |      | 3.87 | %  |    | $  | 2,278 | 2.53 | %  |
|  6 | Private student loans            | $            | 271   |      | 2.62 | %  |    | $  | 212   | 2.05 | %  |
|  7 | Personal loans                   | $            | 143   |      | 1.45 | %  |    | $  | 63    | 0.80 | %  |
|  9 | Total loan receivables           | $            | 4,427 |      | 3.45 | %  |    | $  | 2,578 | 2.30 | %  |
| 11 | Loans 90 or more days delinquent |              |       |      |      |    |    |    |       |      |    |
| 12 | Credit card loans                | $            | 1,917 |      | 1.87 | %  |    | $  | 1,028 | 1.14 | %  |
| 13 | Private student loans            | $            | 70    |      | 0.67 | %  |    | $  | 45    | 0.43 | %  |
| 14 | Personal loans                   | $            | 39    |      | 0.40 | %  |    | $  | 16    | 0.21 | %  |
| 16 | Total loan receivables           | $            | 2,045 |      | 1.59 | %  |    | $  | 1,101 | 0.98 | %  |
| 18 | Loans not accruing interest      | $            | 269   |      | 0.21 | %  |    | $  | 214   | 0.19 | %  |
The 30-day and 90-day delinquency rates for credit card loans, private student loans, and personal loans at December 31, 2023, increased compared to December 31, 2022, primarily driven by portfolio seasoning.

Modified and Restructured Loans

For information regarding modified and restructured loans, see Note 4: Loan Receivables to our condensed consolidated financial statements.

Maturities and Sensitivities of Loan Receivables to Changes in Interest Rates

Our loan portfolio had the following maturity distribution(1) (dollars in millions):
|    |                       |                    |        |                                    |       |                                           |        |                         |       |        |        |       |    |         |
|---:|:----------------------|:-------------------|:-------|:-----------------------------------|:------|:------------------------------------------|:-------|:------------------------|:------|:-------|:-------|:------|:---|:--------|
|  1 | At December 31, 2023  | Due OneYear orLess |        | Due AfterOne YearThroughFive Years |       | Due AfterFive Years Through Fifteen Years |        | Due After Fifteen Years | Total |        |        |       |    |         |
|  2 | Credit card loans     | $                  | 32,250 |                                    |       | $                                         | 54,628 |                         | $     | 15,032 | $      | 349   | $  | 102,259 |
|  3 | Private student loans | 364                |        |                                    | 2,083 |                                           |        | 6,296                   |       | 1,609  | 10,352 |       |    |         |
|  4 | Personal loans        | 2,653              |        |                                    | 6,653 |                                           |        | 546                     |       | -      | 9,852  |       |    |         |
|  5 | Other loans           | 161                |        |                                    | 724   |                                           |        | 2,102                   |       | 2,959  | 5,946  |       |    |         |
|  6 | Total loan portfolio  | $                  | 35,428 |                                    |       | $                                         | 64,088 |                         | $     | 23,976 | $      | 4,917 | $  | 128,409 |

(1)    Because of the uncertainty regarding loan repayment patterns, the above amounts have been calculated using contractually required minimum payments. Historically, actual loan repayments have been higher than such minimum payments and, therefore, the above amounts may not necessarily be indicative of our actual loan repayments.
At December 31, 2023, approximately $55.9 billion of our loan portfolio due after one year had interest rates tied to an index and approximately $37.0 billion were fixed-rate loans.
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, Discover Financial Services 10-K form for the fiscal year ended 2023-12-31, page 85: 
DISCOVER FINANCIAL SERVICES


Consolidated Statements of Financial Condition

(dollars in millions, except for share amounts)|    |                                                                                                                                                                                                                |              |         |      |          |    |         |
|---:|:---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|:-------------|:--------|:-----|:---------|:---|:--------|
|  1 |                                                                                                                                                                                                                | December 31, |         |      |          |    |         |
|  2 |                                                                                                                                                                                                                | 2023         |         | 2022 |          |    |         |
|  3 | Assets                                                                                                                                                                                                         |              |         |      |          |    |         |
|  4 | Cash and cash equivalents                                                                                                                                                                                      | $            | 11,685  |      |          | $  | 8,856   |
|  5 | Restricted cash                                                                                                                                                                                                | 43           |         |      | 41       |    |         |
|  7 | Investment securities (includes available-for-sale securities of $13,402 and $11,987 reported at fair value with associated amortized cost of $13,451 and $12,167 at December 31, 2023 and 2022, respectively) | 13,655       |         |      | 12,208   |    |         |
|  8 | Loan receivables                                                                                                                                                                                               |              |         |      |          |    |         |
|  9 | Loan receivables                                                                                                                                                                                               | 128,409      |         |      | 112,120  |    |         |
| 10 | Allowance for credit losses                                                                                                                                                                                    | (9,283)      |         |      | (7,374)  |    |         |
| 11 | Net loan receivables                                                                                                                                                                                           | 119,126      |         |      | 104,746  |    |         |
| 12 | Premises and equipment, net                                                                                                                                                                                    | 1,091        |         |      | 1,003    |    |         |
| 13 | Goodwill                                                                                                                                                                                                       | 255          |         |      | 255      |    |         |
| 15 | Other assets                                                                                                                                                                                                   | 5,667        |         |      | 4,597    |    |         |
| 16 | Total assets                                                                                                                                                                                                   | $            | 151,522 |      |          | $  | 131,706 |
| 17 | Liabilities and Stockholders' Equity                                                                                                                                                                           |              |         |      |          |    |         |
| 18 | Liabilities                                                                                                                                                                                                    |              |         |      |          |    |         |
| 19 | Deposits                                                                                                                                                                                                       |              |         |      |          |    |         |
| 20 | Interest-bearing deposit accounts                                                                                                                                                                              | $            | 107,493 |      |          | $  | 90,151  |
| 21 | Non-interest-bearing deposit accounts                                                                                                                                                                          | 1,438        |         |      | 1,485    |    |         |
| 22 | Total deposits                                                                                                                                                                                                 | 108,931      |         |      | 91,636   |    |         |
| 23 | Short-term borrowings                                                                                                                                                                                          | 750          |         |      | -        |    |         |
| 24 | Long-term borrowings                                                                                                                                                                                           | 20,581       |         |      | 20,108   |    |         |
| 25 | Accrued expenses and other liabilities                                                                                                                                                                         | 6,432        |         |      | 5,618    |    |         |
| 26 | Total liabilities                                                                                                                                                                                              | 136,694      |         |      | 117,362  |    |         |
| 27 | Commitments, contingencies and guarantees (Notes 15, 18 and 19)                                                                                                                                                |              |         |      |          |    |         |
| 28 | Stockholders' Equity                                                                                                                                                                                           |              |         |      |          |    |         |
| 29 | Common stock, par value $0.01 per share; 2,000,000,000 shares authorized; 570,837,720 and 569,689,007 shares issued at December 31, 2023 and 2022, respectively                                                | 6            |         |      | 6        |    |         |
| 30 | Preferred stock, par value $0.01 per share; 200,000,000 shares authorized; 10,700 shares issued and outstanding at December 31, 2023 and 2022, respectively                                                    | 1,056        |         |      | 1,056    |    |         |
| 31 | Additional paid-in capital                                                                                                                                                                                     | 4,553        |         |      | 4,468    |    |         |
| 32 | Retained earnings                                                                                                                                                                                              | 30,448       |         |      | 28,207   |    |         |
| 33 | Accumulated other comprehensive loss                                                                                                                                                                           | (225)        |         |      | (339)    |    |         |
| 34 | Treasury stock, at cost; 320,734,860 and 302,305,216 shares at December 31, 2023 and 2022, respectively                                                                                                        | (21,010)     |         |      | (19,054) |    |         |
| 35 | Total stockholders' equity                                                                                                                                                                                     | 14,828       |         |      | 14,344   |    |         |
| 36 | Total liabilities and stockholders' equity                                                                                                                                                                     | $            | 151,522 |      |          | $  | 131,706 |
The table below presents the carrying amounts of certain assets and liabilities of Discover Financial Services' consolidated variable interest entities ("VIEs"), which are included in the consolidated statements of financial condition above. The assets in the table below include those assets that can only be used to settle obligations of the consolidated VIEs. The liabilities in the table below include third-party liabilities of consolidated VIEs only and exclude intercompany balances that eliminate in consolidation. The liabilities also exclude amounts for which creditors have recourse to the general credit of Discover Financial Services.
|    |                                                                       |              |         |      |    |         |
|---:|:----------------------------------------------------------------------|:-------------|:--------|:-----|:---|:--------|
|  1 |                                                                       | December 31, |         |      |    |         |
|  2 |                                                                       | 2023         |         | 2022 |    |         |
|  3 | Assets                                                                |              |         |      |    |         |
|  4 | Restricted cash                                                       | $            | 43      |      | $  | 41      |
|  5 | Loan receivables                                                      | $            | 30,590  |      | $  | 25,937  |
|  6 | Allowance for credit losses allocated to securitized loan receivables | $            | (1,347) |      | $  | (1,152) |
|  7 | Other assets                                                          | $            | 3       |      | $  | 3       |
|  8 | Liabilities                                                           |              |         |      |    |         |
|  9 | Short- and long-term borrowings                                       | $            | 11,743  |      | $  | 10,259  |
| 10 | Accrued expenses and other liabilities                                | $            | 19      |      | $  | 14      |

See Notes to the Consolidated Financial Statements.

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Question: What was Discover’s Delinquency Ratio for 2023, and what does this suggest about the risk in its loan portfolio?
Answer: Discover’s Delinquency Ratio for 2023 can be calculated as follows:

30 Days Delinquent
Total Delinquent Loans: $4,427 million
Total Loans: $128,409 million
30-Day Delinquency Ratio =3.45%

90 or More Days Delinquent
Total Delinquent Loans: $2,314 million
Total Loans: $128,409 million
90-Day Delinquency Ratio=1.59%

Implications:
Increased Delinquency Rates: The 30-day delinquency ratio of 3.45% in 2023, up from 2.30% in 2022, and the 90-day delinquency ratio of 1.59%, up from 0.98% in 2022, indicate a deterioration in credit quality. 
Risk in Loan Portfolio: Higher delinquency rates signal increased credit risk within the loan portfolio.