Capital One Posts $3.54B Third-Quarter Profit
COF sits 16% above its 52-week low of $174.24.
Summary
Capital One reported $3.54B in third-quarter net income, a step up from the $3.02B profit it posted for Q2, on revenue of $16.34B. Earnings per share came in at $5.61, or $6.69 on an adjusted basis. The quarter's provision for credit losses fell $73M to $2.9B, including $3.1B net charge-offs and a $225M loan reserve release, while net interest margin rose 40 bps to 8.41%. That extends the earnings recovery underway since credit costs normalized and the Discover acquisition lifted revenue, and the Discover integration continues to go well. August monthly credit metrics showed domestic card net charge-offs at 4.16%, so credit trends remain the number to check in the full release. Watch the detailed results and any guidance for the fourth quarter.
Updated with an SEC 8-K filing · What changed
Updates
· SEC 8-K — Capital One's Q3 provision for credit losses fell $73M to $2.9B, including $3.1B net charge-offs and a $225M loan reserve release; net interest margin rose 40 bps to 8.41%.
At the time of this announcement, COF was trading at $201.56 on NYSE in the Finance sector, with a market capitalization of approximately $123.7B. The 52-week trading range was $174.24 to $259.64. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.