Capital One Beats 3Q Expectations
October 26 2021 - 4:55PM
Dow Jones News
By Robert Barba
Capital One Financial Corp. reported better-than-expected
results in the latest quarter as net interest income increased and
the company released some of the funds it had put away for
potential credit losses.
The financial services company reported total revenue for the
third quarter of $7.83 billion, compared with $7.38 billion a year
earlier. Analysts polled by FactSet expected revenue of $7.45
billion.
Net interest income was $6.16 billion, up roughly 11% from a
year earlier. Non-interest income was $1.67 billion, down roughly
8%. Analysts Pol
The quarter also benefited from a $342 million benefit related
to its credit reserves. A year earlier, the company provisioned
$331 million for credit losses.
At the end of the quarter, the company had an allowance for
credit losses of $11.57 billion, compared with $15.56 billion a
year earlier.
Total non-interest expense was $4.19 billion, up from $3.55
billion a year earlier, largely a result of rises in salary and
marketing spending.
Net income was $3.1 billion, compared with $2.4 billion a year
earlier. Earnings per share was $6.78, or $6.86 on an adjusted
basis.
Analysts were expecting adjusted earnings of $5.28 a share.
Write to Robert Barba at robert.barba@wsj.com
(END) Dow Jones Newswires
October 26, 2021 16:40 ET (20:40 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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