Discover Financial Services 10-K form for the fiscal year ended 2023-12-31, page 86: 
DISCOVER FINANCIAL SERVICES


Consolidated Statements of Income

(dollars in millions, except for share amounts)|    |                                                       |                                  |        |      |        |      |        |        |    |       |
|---:|:------------------------------------------------------|:---------------------------------|:-------|:-----|:-------|:-----|:-------|:-------|:---|:------|
|  1 |                                                       | For the Years Ended December 31, |        |      |        |      |        |        |    |       |
|  2 |                                                       | 2023                             |        | 2022 |        | 2021 |        |        |    |       |
|  3 | Interest income                                       |                                  |        |      |        |      |        |        |    |       |
|  4 | Credit card loans                                     | $                                | 14,438 |      |        | $    | 10,632 |        | $  | 8,717 |
|  5 | Other loans                                           | 2,515                            |        |      | 1,870  |      |        | 1,734  |    |       |
|  6 | Investment securities                                 | 449                              |        |      | 179    |      |        | 182    |    |       |
|  7 | Other interest income                                 | 443                              |        |      | 183    |      |        | 18     |    |       |
|  8 | Total interest income                                 | 17,845                           |        |      | 12,864 |      |        | 10,651 |    |       |
|  9 | Interest expense                                      |                                  |        |      |        |      |        |        |    |       |
| 10 | Deposits                                              | 3,886                            |        |      | 1,257  |      |        | 661    |    |       |
| 11 | Short-term borrowings                                 | 5                                |        |      | 2      |      |        | -      |    |       |
| 12 | Long-term borrowings                                  | 855                              |        |      | 606    |      |        | 473    |    |       |
| 13 | Total interest expense                                | 4,746                            |        |      | 1,865  |      |        | 1,134  |    |       |
| 14 | Net interest income                                   | 13,099                           |        |      | 10,999 |      |        | 9,517  |    |       |
| 15 | Provision for credit losses                           | 6,018                            |        |      | 2,359  |      |        | 218    |    |       |
| 16 | Net interest income after provision for credit losses | 7,081                            |        |      | 8,640  |      |        | 9,299  |    |       |
| 17 | Other income                                          |                                  |        |      |        |      |        |        |    |       |
| 18 | Discount and interchange revenue, net                 | 1,447                            |        |      | 1,380  |      |        | 1,188  |    |       |
| 19 | Protection products revenue                           | 172                              |        |      | 172    |      |        | 165    |    |       |
| 20 | Loan fee income                                       | 763                              |        |      | 632    |      |        | 464    |    |       |
| 21 | Transaction processing revenue                        | 303                              |        |      | 249    |      |        | 227    |    |       |
| 22 | (Losses) gains on equity investments                  | (9)                              |        |      | (214)  |      |        | 424    |    |       |
| 23 | Other income                                          | 85                               |        |      | 75     |      |        | 66     |    |       |
| 24 | Total other income                                    | 2,761                            |        |      | 2,294  |      |        | 2,534  |    |       |
| 25 | Other expense                                         |                                  |        |      |        |      |        |        |    |       |
| 26 | Employee compensation and benefits                    | 2,434                            |        |      | 2,139  |      |        | 1,986  |    |       |
| 27 | Marketing and business development                    | 1,164                            |        |      | 1,035  |      |        | 810    |    |       |
| 28 | Information processing and communications             | 608                              |        |      | 513    |      |        | 500    |    |       |
| 29 | Professional fees                                     | 1,041                            |        |      | 871    |      |        | 797    |    |       |
| 30 | Premises and equipment                                | 89                               |        |      | 118    |      |        | 92     |    |       |
| 31 | Other expense                                         | 680                              |        |      | 540    |      |        | 620    |    |       |
| 32 | Total other expense                                   | 6,016                            |        |      | 5,216  |      |        | 4,805  |    |       |
| 33 | Income before income taxes                            | 3,826                            |        |      | 5,718  |      |        | 7,028  |    |       |
| 34 | Income tax expense                                    | 886                              |        |      | 1,344  |      |        | 1,606  |    |       |
| 35 | Net income                                            | $                                | 2,940  |      |        | $    | 4,374  |        | $  | 5,422 |
| 36 | Net income allocated to common stockholders           | $                                | 2,859  |      |        | $    | 4,286  |        | $  | 5,323 |
| 37 | Basic earnings per common share                       | $                                | 11.27  |      |        | $    | 15.45  |        | $  | 17.75 |
| 38 | Diluted earnings per common share                     | $                                | 11.26  |      |        | $    | 15.44  |        | $  | 17.74 |

See Notes to the Consolidated Financial Statements.

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Question: How did Discover Financial Service’s Gross Profit Margin for 2023 compare to the previous year?
Answer: Discover Financial Services: Gross Profit Margin Analysis
Gross Profit Margin Calculation for 2023
Gross Profit=Net Interest Income+Other Income−Provision for Credit Losses Gross Profit=$13,099 million+$2,761 million−$6,018 million=$9,842 million
Total Revenue=Net Interest Income+Other Income Total Revenue=$13,099 million+$2,761 million=$15,860 million
Gross Profit Margin=Gross Profit/Total Revenue×100
Gross Profit Margin=9,842/15,860×100 = 62.1%

Gross Profit Margin for 2022:
Gross Profit=$10,999 million+$2,294 million−$2,359 million=$10,934 million
Total Revenue=$10,999 million+$2,294 million=$13,293 million
Gross Profit Margin=10,934/13,293×100 = 82.2%