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Jan. 26, 2021, 4:32 p.m. EST

Capital One's Q4 profit up on lower provisions

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By Allison Prang

Capital One Financial Corp. logged a big increase in profit from a year ago as the company recorded a much smaller provision for credit losses in its fourth quarter.

Profit at Capital One more than doubled to $2.57 billion. The company's earnings were $5.35 a share for the quarter, up from $2.25 a share.

Adjusted earnings were $5.29 a share. The consensus estimate from analysts, according to FactSet, was $2.80 a share.

Noninterest expense slipped from a year ago, but what primarily drove the big bump in profit was the company reporting a much smaller provision for credit losses -- which was $264 million -- compared with a year earlier.

Revenue was $7.34 billion, down a little more than 1% from a year earlier. Analysts expected $6.98 billion. Noninterest income rose more than 7% while the company's net interest income fell over 3%.

Write to Allison Prang at allison.prang@wsj.com

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