Capital One Profit Beats Estimates as Card Spending Climbs 12%
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Capital One Financial Corp., the lender that gets more than half its revenue from credit cards, posted a second-quarter profit that beat analysts’ estimates as a boost in U.S. consumer confidence helped fuel spending.
Net income surged to $1.12 billion, or $1.87 a share, from $93 million, or 16 cents, a year earlier, the McLean, Virginia-based company said yesterday in a statement. Profit from continuing operations, which excludes some items, was $2.07 a share, beating the $1.73 average estimate of 28 analysts surveyed by Bloomberg.