24 March 2003 12:00am

Morgan Stanley said that profit from its Discover card and related cards services operations declined in the February 2003 quarter compared with the November 2002 quarter, a period in which balances and card volumes increased, but the number of active accounts declined.

The investment bank, which operates the Discover cards business, said that the net profit for card services fell to US$182 million in February 2003 from US$194 million in November 2002, and up from US$167 million in February 2002.

Discover probably lost further market share over the quarter, with growth...