Capital One Financial profit vaults 47 percent

The Capital One headquarters in McLean, Va. Mark Wilson/Getty Images

NEW YORK Capital One Financial's (COF) net income vaulted 47 percent in the third quarter, as the lender's acquisitions of an online bank ING Direct and a credit card business helped boost its loan revenue.

The McLean, Virginia-based bank said Thursday that it recorded gains across all of its businesses in the July-to-September period, generating annual increases in loans held for investment, domestic card loans, average loan balances and total deposits.

A key contributor: The impact of online bank ING Direct and HSBC's credit card business.

Capital One's provision for credit losses increased to $1.01 billion from $622 million in the quarter.

The bank's net income jumped to $1.17 billion, or $2.01 per share, in the three months ended Sept. 30. That compares with net income of $813 million, or $1.77 per share, a year earlier.

Revenue rose to $5.78 billion from $4.15 billion.

Analysts polled by FactSet were expecting earnings of $1.68 on revenue of $5.55 billion.

Capital One has been looking to boost its profile as a national bank. Its $2.6 billion purchase of HSBC's U.S. card business closed in May, while the $8.96 billion purchase of ING Direct closed in February.

Shares ended regular trading down 73 cents, or 1.3 percent, at $57.30. The stock added $1.80 to $59.10 in aftermarket trading.

Comments

Market Data

Watch CBSN Live

Watch CBS News anytime, anywhere with the new 24/7 digital news network. Stream CBSN live or on demand for FREE on your TV, computer, tablet, or smartphone.

Market News

Stock Watchlist