By Brenda León

Capital One logged a 30% drop in second-quarter profit as the company set aside more money to cover for potential credit losses compared to a year ago.

The McLean, Vt.-based financial holding company posted a profit of $1.43 billion, or $3.52 a share, compared with $2.03 billion or $4.96 a share, in the same period a year earlier.

Analysts polled by FactSet expected earnings per share of $3.22.

Revenue rose 9% to $9.01 billion, short of analyst estimates for $9.1 billion. Non-interest income rose 11% while net interest income rose 9%.

The company reported $2.49 billion in provisions for credit losses, more than double the $1.09 billion in the same period a year earlier.

Write to Brenda León at brenda.leon@wsj.com

(END) Dow Jones Newswires

July 20, 2023 17:07 ET (21:07 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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