- Capital One reported second-quarter net income of $3.02 billion, or $4.73 per share, rebounding from a $4.3 billion loss in the same period last year.
- Adjusted earnings per share of $5.81 significantly outperformed the average analyst estimate of $4.68.
- The return to profit follows a year-ago period impacted by significant costs related to the bank's acquisition of Discover Financial Services.
Quotes
“Capital One Financial Corp., the biggest US credit-card lender, swung to a profit in the second quarter as it set aside less money to cover bad loans than Wall Street had anticipated.”