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.