Capital One 4Q profit rises 2 percentJanuary 16, 2014 @ 2:55 pm
McLEAN, Va. (AP) - Capital One Financial Corp. says its fourth-quarter profit rose 2 percent, even as income earned from loans declined.
McLean, Va.-based Capital One said Thursday that net income after paying preferred dividends was $842 million, or $1.45 per share, for the three months ended Dec. 31. That compares with net income of $825 million, or $1.41 per share, a year earlier. Revenue slipped 1 percent, to $5.54 billion from $5.62 billion.
Analysts polled by FactSet, on average, expected earnings of $1.54 per share on $5.46 billion in revenue.
The lender says loans fell in its U.S. credit card and home loan divisions, while auto loans increased.
Capital One shares are off 2 percent to $74.90 in extended trading.
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