(Source: Associated Press/AP Online)
NEW YORK - Capital One Financial Corp. on Thursday posted its first quarterly profit in a year, boosted by sales in its investment portfolio and lower funding costs.
The McLean, Va., company, one of the largest U.S. credit card issuers, had net income of $425.6 million, or $0.94 per share, compared with net income of $374.1 million, or $1 per share, in the year-ago quarter. Analysts surveyed by Thomson Reuters were expecting a profit of $0.14 per share.
Net interest income rose to $2.1 billion from $1.8 billion a year earlier.
However, the company said credit card delinquencies of 30 days or more rose to 4.11 percent from 3.85 percent in the year-ago quarter. Delinquencies are tied to the U.S. unemployment rate, which is rising, hurting consumers' abilities to keep up with payments.
A service of YellowBrix, Inc.
