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Capital One Financial Corp. COF posted its second-quarter results after Tuesday’s closing bell, beating Wall Street estimates on the top and bottom lines.
Here’s a look at the details inside the print.
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Capital One Q2 Details
Capital One reported quarterly earnings of $5.81 per share, which beat the consensus estimate of $4.77 by 21.8%, according to Benzinga Pro data.
Quarterly revenue came in at $15.85 billion, which beat the Street estimate of $15.77 billion and was up 26.88% from $12.492 billion in the same period last year.
Capital One gave the following second quarter income statement summary:
- Total net revenue increased 4% to $15.9 billion
- Total non-interest expense increased 7% to $9.0 billion:
- 11% increase in marketing
- 6% increase in operating expenses
- Provision for credit losses decreased $1.1 billion to $3 billion:
- Net charge-offs of $3.6 billion
- $662 million loan reserve release
- Net interest margin of 8.01%, an increase of 14 basis points
- Efficiency ratio of 57.05%
- Adjusted efficiency ratio of 51.38%
- Operating efficiency ratio of 46.57%
- Adjusted operating efficiency ratio of 40.88%
“Our results in the second quarter continue to reflect solid top line growth and strong credit performance,” said Richard D. Fairbank, founder and CEO. “We’re now 14 months into our integration of Discover, and integration is going well.”
COF Stock Price Activity: According to data from Benzinga Pro, Capital One shares were up 0.37% to $206.98 in Tuesday’s extended trading.
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This article Capital One Financial's Q2 Strong Results Reflect 'Solid Top Line Growth' — Details on Double Beat originally appeared on Benzinga.com.
