By Robert Barba
Capital One Financial Corp. reported better-than-expected results in the latest quarter, largely a result of growth in non-interest income.
The bank holding company reported first-quarter net income of $2.4 billion in the latest quarter, compared with $3.33 billion a year earlier. Both figures are before preferred stock dividends and dividends and undistributed earnings allocated to participating securities.
Earnings per share were $5.62. Analysts polled by FactSet expected $5.50 a share.
Net interest income was $6.4 billion, up 10% from a year earlier. Non-interest income was $1.78 billion, up 38%.
Total revenue of $8.17 billion was ahead of the $8.02 billion analysts expected. Net interest income missed expectations, while non-interest income beat.
The company booked $677 million in provision for credit losses, compared with $381 million in the prior quarter and a Credit benefit of $823 million a year earlier.
Write to Robert Barba at robert.barba@wsj.com
(END) Dow Jones Newswires
04-26-22 1639ET