Capital One Profit Falls, Revenue Increases
October 25 2016 - 5:40PM
Dow Jones News
By Josh Beckerman
Capital One Financial Corp. said its third-quarter profit fell
9.8%, although revenue increased as the lender posted loan growth
in most categories.
Shares fell 1.8% in after-hours trading to $74, even as results
topped Wall Street estimates.
Capital One, one of the country's largest credit-card lenders,
also offers traditional bank accounts, mortgages, auto loans and
commercial loans.
Provision for credit losses rose to $1.59 billion from $1.09
billion a year earlier. The increase follows reserve increases from
Capital One and several other lenders, a move that partly reflects
efforts to expand loan volume.
Last week, Capital One said its domestic delinquency rate at the
end of the quarter was 3.68%, the highest level in several
years.
Over all, Capital One reported a profit of $1 billion, or $1.90
a share, compared with $1.11 billion, or $1.98 a share, a year
earlier. Excluding items, earnings were $2.03 a share. Revenue rose
9.5% to $6.46 billion.
Analysts polled by Thomson Reuters expected earnings of $1.94 a
share on revenue of $6.42 billion.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
October 25, 2016 17:25 ET (21:25 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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