LOS ANGELES – Capital One Financial Corp. says its second-quarter profit vaulted versus the same period last year, when the lender set aside $1.7 billion to cover bad loans.
McLean, Va.-based Capital One said Thursday that net income after paying preferred dividends jumped to $1.1 billion, or $1.87 per share, in the three months ended June 30. That compares with net income of $92 million, or 16 cents per share, a year earlier.
Analysts polled by FactSet expected earnings of $1.73 per share.
Revenue grew nearly 12 percent to $5.64 billion from $5.1 billion. Analysts forecast $5.53 billion.
Capital One shares ended regular trading up 15 cents at $67.05. The stock added $1.11, or 1.7 percent, to $68.16 in aftermarket trading.