Capital One's profit vaults 47 percent in 3Q
LOS ANGELES (AP) -- Capital One Financial Corp. says its third-quarter net income vaulted 47 percent, as the lender's acquisition of online bank ING Direct and HSBC's U.S. credit card business helped boost revenue.
The McLean, Va.-based company said Thursday its 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.
The bank's provision for credit losses also increased, rising to $1.01 billion from $622 million.
The $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.