©2023 DISCOVER FINANCIAL SERVICES Exhibit 99.3 2Q23 Financial Results July 19, 2023

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.discover.com) and the SEC’s website (www.sec.gov). 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, 2022, "Risk Factors" and “Management's Discussion & Analysis of Financial Condition and Results of Operations” in the company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, which is filed with the SEC and available at the SEC's website (www.sec.gov) and subsequent reports on Forms 8-K and 10-Q, including the Company's Current Report on Form 8-K filed today with the SEC. The Company does not undertake to update or revise forward-looking statements as more information becomes available. Notice 2

2Q23 Highlights 3 • 2Q23 net income of $901MM; diluted EPS of $3.54; and return on equity of 26% • Strong financial condition ◦ Healthy loan growth generating robust revenue growth ◦ Credit metrics normalizing as expected ◦ Sustained consumer deposit growth ◦ Capital remains well above regulatory requirements and our internal target • Taking action to resolve card product misclassification ◦ Preparing program to compensate affected merchants and merchant acquirers ◦ Immaterial to current and prior periods' EPS; modest cumulative reduction to retained earnings • In discussions with regulators on misclassification as well as risk management and corporate governance ◦ Undertaking internal reassessment of these areas ◦ Pausing share repurchases during this review

• Revenue net of interest expense was $3.9Bn, up 21%, due to higher net interest income, higher loan fee income, and prior year losses on equity investments • Net interest margin was 11.06%, up 12 bps primarily driven by higher market rates, partially offset by higher funding costs and higher interest charge-offs • Provision for credit losses increased by $756MM reflecting a $263MM increase in reserve build and a $495MM increase in net charge-offs • Expenses increased $181MM, or 15%, across most line items, primarily driven by investments in compliance management systems 2Q23 Summary Financial Results Key Points 4 $1,103 $567 $98 $(756) $(181) $70 $901 2Q22 Net Income Net Interest Income Non- Interest Income Provision for Credit Losses Operating Expense Income Tax/ Capital Action 2Q23 Net Income Year-Over-Year Net Income & EPS ($MM, except EPS) 2Q23 $ 3,177 $ 701 $ 1,305 $ 1,404 $ 268 2Q22 $ 2,610 $ 603 $ 549 $ 1,223 $ 338 B/(W) $ 567 $ 98 $ (756) $ (181) $ 70 EPS $ 3.93 $ 1.55 $ 0.27 $ (2.07) $ (0.50) $ 0.36 $ 3.54 (1) Note(s) 1. The comparative prior quarter ended June 30, 2022 has been restated to reflect immaterial corrections to the financial statements. See Reconciliation of Prior Periods in the Financial Supplement for reconciliation to previously reported results

• NIM on loans was 11.06%, down 28bps QOQ as higher net funding costs were slightly offset by favorable loan yields • Total loan yield was up 11bps QOQ primarily due to higher prime rate, partially offset by higher interest charge-offs • The net funding rate increased by 39bps QOQ, reflecting higher consumer deposit pricing, partially offset by higher securities yields • Consumer deposits were up 4% QOQ 2Q23 Net Interest Income Drivers 5 Key Points Note(s) 1. Includes checking and reflects both interest-bearing and non-interest bearing consumer deposits 2. Net Funding Rate reflects interest expense, net of interest income from other interest-earning assets, as a percentage of average receivables 10.94% 11.05% 11.27% 11.34% 11.06% 2Q22 3Q22 4Q22 1Q23 2Q23 NIM on Loans Loan Growth ($Bn) Funding Mix (%), Average Balance Total Loans +19% YOY $79.2 $83.6 $90.1 $89.8 $94.0 $9.4 $9.7 $9.7 $9.9 $9.7 $7.1 $7.7 $8.0 $8.4 $9.1 $3.5 $3.9 $4.3 $4.6 $5.1 Card +19% YOY Organic Student +3% YOY Personal +27% YOY Other + 46% YOY 2Q22 3Q22 4Q22 1Q23 2Q23 70% 65% 64% 66% 66% 11% 15% 18% 17% 18% 9% 10% 9% 9% 9% 10% 10% 9% 8% 7% DTC and Affinity Deposits Brokered & Other Deposits Securitized Borrowing Unsecured Borrowing 2Q22 3Q22 4Q22 1Q23 2Q23 Total Loan Yield 12.00% 12.67% 13.53% 14.06% 14.17% Net Funding Rate2 1.06% 1.62% 2.26% 2.72% 3.11% Consumer Deposits(1) +20% YOY (1)

Note(s) 1. The comparative prior quarter ended June 30, 2022 has been restated to reflect immaterial corrections to the financial statements. See Reconciliation of Prior Periods in the Financial Supplement for reconciliation to previously reported results 2. Rewards rate represents credit card rewards cost divided by Discover Card sales volume • Net interest income increased primarily due to higher loan receivables and YOY margin expansion • Net discount and interchange revenue was down 2% primarily driven by increased rewards costs due to a change in the 5% category • Loan fee income increased primarily reflecting higher late fee instances driven by account growth • The rewards rate was 1.42%, up 5bps YOY driven by a change in the 5% category from Gas to Restaurants 2Q23 Revenue 6 Key Points Inc / (Dec) ($MM) 2Q23 2Q22 $ % Net Interest Income 3,177 2,610 567 22% Net Discount/Interchange Revenue 370 379 (9) (2%) Protection Products Revenue 44 42 2 5% Loan Fee Income 186 142 44 31% Transaction Processing Revenue 72 61 11 18% Gain/(Loss) on Equity Investment 1 (42) 43 102% Other Income 28 21 7 33% Total Non-Interest Income 701 603 98 16% Revenue Net of Interest Expense $3,878 $3,213 $665 21% Change 2Q23 2Q22 QOQ YOY Discover Card Sales Volume ($MM) $55,229 $53,860 9 % 3% Rewards Rate (2) 1.42 % 1.37 % 1bps 5bps $3,213 $567 $(9) $2 $44 $11 $43 $7 $3,878 2Q22 Rev Net of Int Exp Net Interest Income Net Discount/ Interchange Protection Products Loan Fee Income Transaction Processing Gain/ (Loss) on Equity Investments Other Income 2Q23 Rev Net of Int Exp Year-Over-Year Revenue ($MM) (1) (1)

Note(s) 1. Defined as reported total operating expense divided by revenue net of interest expense 2. The comparative prior quarter ended June 30, 2022 has been restated to reflect immaterial corrections to the financial statements. See Reconciliation of Prior Periods in the Financial Supplement for reconciliation to previously reported results • Employee compensation increased due to higher headcount • Marketing was up primarily due to investments in consumer banking products • Information processing increased driven by a one-time write-off of a legacy technology platform and continued investment in technology • Professional fees increased due to investment in compliance management initiatives • Other expense increased due to higher legal reserves and remediation costs 2Q23 Operating Expense Inc / (Dec) ($MM) 2Q23 2Q22 $ % Employee Compensation and Benefits $588 $515 73 14% Marketing and Business Development 268 254 14 6% Information Processing & Communications 150 121 29 24% Professional Fees 216 189 27 14% Premises and Equipment 20 24 (4) (17%) Other Expense 162 120 42 35% Total Operating Expense $1,404 $1,223 $181 15% Operating Efficiency(1)(2) 36.2 % 38.1 % (190) bps 7 Key Points Year-Over-Year Expense ($MM) $1,223 $73 $14 $29 $27 $38 $1,404 2Q22 Expense Employee Comp Marketing Info Processing Professional Fees All Other 2Q23 Expense

• Higher credit card net charge- off rate primarily driven by normalization of the portfolio • Student loan net charge-offs in line with upper range of historical performance reflecting macroeconomic pressures • Personal loan net charge-offs migrating toward historical performance reflecting normalization and credit strategy changes 2Q23 Key Credit Metrics 8 Key PointsChange 2Q22 1Q23 2Q23 QOQ YOY Credit Card Loans Ending Loan Balance ($MM) $79,237 $89,755 $93,955 4.7% 18.6% Net Principal Charge-off Rate 2.01% 3.10% 3.68% 58 bps 167 bps 30-Day Delinquency Rate 1.76% 2.76% 2.86% 10 bps 110 bps Private Student Loans Ending Loan Balance ($MM) $10,074 $10,480 $10,241 (2.3)% 1.7% Net Principal Charge-off Rate 1.08% 1.04% 1.25% 21 bps 17 bps 30-Day Delinquency Rate 1.66% 2.02% 2.13% 11 bps 47 bps Personal Loans Ending Loan Balance ($MM) $7,145 $8,374 $9,106 8.7% 27.4% Net Principal Charge-off Rate 1.21% 1.94% 2.28% 34 bps 107 bps 30-Day Delinquency Rate 0.63% 0.91% 1.00% 9 bps 37 bps Total Loans Ending Loan Balance ($MM) $99,301 $112,674 $117,906 4.6% 18.7% Net Principal Charge-off Rate 1.80% 2.72% 3.22% 50 bps 142 bps 30-Day Delinquency Rate 1.63% 2.48% 2.56% 8 bps 93 bps

9 ($MM) Credit Card Student Loans Personal Loans Other Total Loans Balance at March 31, 2023 $6,135 $872 $622 $62 $7,691 Reserve rate 6.84% 8.32% 7.43% N/A 6.83% Provision for credit losses 1,232 9 50 6 1,297 Net Charge-offs 842 32 50 — 924 Balance at June 30, 2023 $6,525 $849 $622 $68 $8,064 Reserve rate 6.94% 8.29% 6.83% N/A 6.84% Total Loan Reserve Rate 6.80% 6.73% 6.58% 6.83% 6.84% 2Q22 3Q22 4Q22 1Q23 2Q23 Allowance for Credit Losses

10 Capital Return(3)Capital Position Common Equity Tier 1 (CET1) Capital Ratio (%) Note(s) 1. Capital for years ended 2022 and prior have been restated for comparative purposes and considers the impacts of the immaterial corrections to the financial statements; years 2018-2021 reflect a best estimate 2. Based on the final rule published September 30, 2020. Capital ratios reflect delay in the recognition of the impact of CECL reserves on regulatory capital for two years in accordance with the final rule 3. Quarterly dividend per share figures for 2018 through 2022 represent year-end levels 10.9% 11.0% 12.9% 14.5% 13.1% 11.7% 2018 2019 2020 2021 2022 2Q23 • The Common Equity Tier 1 ratio of 11.7% declined 40bps sequentially reflecting share repurchase activity and loan growth • The Company has decided to pause share repurchases Key Points $2.1 $1.8 $0.3 $2.3 $2.4 $0.7 $0.40 $0.44 $0.44 $0.50 $0.60 $0.70 2018 2019 2020 2021 2022 2Q23 Capital Position & Capital Return Trends Share Repurchases ($Bn) Quarterly Dividend per Share (1) (2)

11 2023 Perspective Previous Current Loan Growth • Expect loan growth to be low to mid-teens • No change Net Interest Margin • Expect NIM to be modestly higher vs. full year 2022 • Expect NIM to be around 11% for full year 2023 Operating Expense • Expect total operating expense to be up less than 10% from prior year • Expect total operating expense to be up low double digits from prior year Net Charge-offs • Expect full year average net charge-off rate of 3.5-3.8% • Expect full year average net charge-off rate of 3.4-3.6% Capital Management • $2.7Bn share repurchase plan authorization expires June 30, 2024 • Pausing our share repurchase program

Appendix

2Q23 Asset Yield & Liabilities Rate 2Q23 1Q23 2Q22 Interest-Earning Assets ($Bn) Avg Bal Yield Avg Bal Yield Avg Bal Yield Total Loans $115.3 14.17 % $112.0 14.06 % $95.7 12.00 % Other Interest-Earning Assets 21.3 4.11 % 20.2 3.87 % 14.5 1.44 % Total Interest-Earning Assets $136.6 12.60 % $132.2 12.51 % $110.2 10.61 % 2Q23 1Q23 2Q22 Interest-Bearing Liabilities ($Bn) Avg Bal Rate Avg Bal Rate Avg Bal Rate Direct to Consumer Deposits (1) (2) $74.9 3.71 % $72.0 3.23 % $61.9 0.75 % Brokered Deposits and Other 20.5 4.15 % 19.3 3.87 % 10.0 2.28 % Interest Bearing-Deposits 95.4 3.80 % 91.2 3.36 % 71.9 0.97 % Borrowings 19.3 4.33 % 19.1 4.03 % 17.6 2.99 % Total Interest-Bearing Liabilities $114.7 3.89 % $110.3 3.48 % $89.5 1.36 % 13 Note(s) 1. Includes Affinity relationships 2. Excludes checking which is a non-interest bearing deposit product

Total Company Loans Credit Card Loans Private Student Loans Personal Loans 2.48 2.12 1.46 1.37 1.61 1.80 1.71 2.13 2.72 3.22 1.67 1.34 1.40 1.55 1.64 1.63 1.94 2.30 2.48 2.56 NCO rate (%) 30+ day DQ rate (%) 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 2.80 2.45 1.65 1.50 1.84 2.01 1.92 2.37 3.10 3.68 1.85 1.43 1.48 1.66 1.77 1.76 2.11 2.53 2.76 2.86 NCO rate (%) 30+ day DQ rate (%) 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 2.80 1.80 1.11 1.21 1.12 1.21 1.14 1.49 1.94 2.28 0.84 0.69 0.71 0.69 0.69 0.63 0.69 0.80 0.91 1.00 NCO rate (%) 30+ day DQ rate (%) 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 0.53 0.53 0.68 0.80 0.69 1.08 0.91 1.33 1.04 1.25 1.20 1.34 1.55 1.55 1.62 1.66 1.94 2.05 2.02 2.13 NCO rate (%) 30+ day DQ rate (%) 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 Credit Performance Trends 14

YOY YOY YOY YOY 2Q23 Payments Volume ($Bn) Discover Network • Discover Network volume was up 2% reflecting the increase in Discover card sales volume • PULSE volume was up 10% driven by an increase in debit transaction volume • Diners volume was up 18% from the prior year reflecting an increase in corporate spend and improvement in global T&E • Network Partners was down 10% YOY driven by lower transaction volume Key Points $55.8 $56.6 $58.1 $51.8 $57.1 2Q22 3Q22 4Q22 1Q23 2Q23 $63.0 $63.4 $66.8 $65.3 $69.0 2Q22 3Q22 4Q22 1Q23 2Q23 $8.4 $8.8 $9.2 $9.2 $9.9 2Q22 3Q22 4Q22 1Q23 2Q23 $11.5 $11.9 $10.4 $10.6 $10.4 2Q22 3Q22 4Q22 1Q23 2Q23 Diners (1) PULSE Network Partners 2% 10% 18% (10%) 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 Network Volume up 6% YOY 15