Discover exceeded profit estimates in the last quarter of 2016 and set record highs for new student and personal loans, according to Discover Financial Services.

Discover, which is based in Riverwoods, Illinois, offers borrowers credit cards, student loan options, home equity loans, personal loans and debt consolidation. Some features that make the company attractive to potential borrowers: Most of its loans offer no application and origination fees, and student borrowers who get a 3.0 GPA or better receive a full one percent cash reward on each new student loan.

These types of incentives have helped the company increase its loan business.  In fact, Discover recorded a record high number of new personal and student loans for the entire year, with student loans increasing by 9 percent and personal loans growing by 31 percent. The company also saw its total number of loans rise 7 percent in the fourth quarter.

In addition, the company saw earnings of $1.40 per share, an increase from the projected $1.38 per share estimated by analysts. And its net earnings increased 13 percent from the last quarter of 2015 to the last quarter of 2016, with a net income of $563 million and overall revenue of $2.36 billion. And while the rate for credit cards with holders that are 30 days or more behind on payments did increase, the company’s CEO assured investors that overall credit performance is healthy. In fact, consumer deposits rose 17 percent during the last three months of the year, reaching $5.1 billion “We are proud of all we accomplished in 2016,” said CEO David Nelms.

Discover | The Student Loan Report Review Series