By Robert Barba
Capital One Financial Corp. reported better-than-expected results in the latest quarter as net interest income increased and the company released some of the funds it had put away for potential credit losses.
The financial services company /zigman2/quotes/204480509/composite COF -1.43% reported total revenue for the third quarter of $7.83 billion, compared with $7.38 billion a year earlier. Analysts polled by FactSet expected revenue of $7.45 billion.
Net interest income was $6.16 billion, up roughly 11% from a year earlier. Non-interest income was $1.67 billion, down roughly 8%. Analysts Pol
The quarter also benefited from a $342 million benefit related to its credit reserves. A year earlier, the company provisioned $331 million for credit losses.
At the end of the quarter, the company had an allowance for credit losses of $11.57 billion, compared with $15.56 billion a year earlier.
Total non-interest expense was $4.19 billion, up from $3.55 billion a year earlier, largely a result of rises in salary and marketing spending.
Net income was $3.1 billion, compared with $2.4 billion a year earlier. Earnings per share was $6.78, or $6.86 on an adjusted basis.
Analysts were expecting adjusted earnings of $5.28 a share.
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