By Josh Beckerman
Capital One Financial Corp. reported first-quarter net income
Thursday that was nearly flat compared with the same period last
year.
Revenue rose 5% to $5.65 billion. The company said "we continued
to post strong results across our businesses."
As one of the country's largest credit-card lenders, Capital
One's results are often considered a gauge of consumer sentiment.
The company also offers traditional bank accounts, mortgages, auto
loans and commercial loans.
Capital One reported a profit of $1.153 billion, or $2 a share,
compared with $1.154 billion, or $1.96 a share, in the same period
a year earlier.
Analysts polled by Thomson Reuters expected per-share profit of
$1.88 on revenue of $5.7 billion.
Earnings from continuing operations rose to $1.97 a share from
$1.91.
Provision for credit losses rose to $935 million from $735
million a year earlier.
Last month, Capital One said it planned to increase its
quarterly dividend to 40 cents from 30 cents and announced a $3.125
billion stock-buyback plan. The Federal Reserve didn't object to
the company's proposed capital plan submitted in January.
The company's shares were up 14 cents to $82 in after-hours
trading.
Last week, American Express Co. said first-quarter net income
rose 6.5%, as card holders increased spending and borrowing. On
Tuesday, Discover Financial Services reported a 7.1% decline in
profit as expenses increased, but said it had solid loan
growth.
Write to Josh Beckerman at josh.beckerman@wsj.com
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