Capital One announced net income for Q2/13 of $1.1 billion, up from $92 million a year earlier. The bank said total net revenue in the quarter was $5.64 billion, up from $5.06 or 11.5% from a year earlier.
The bank noted that its Q2/13 provision for loan loss charge was $762 million, down from $1,677 million or $915 million less than a year earlier.
Average Q2/13 loan balances were $196.9 billion with interest income of $4.6 billion (average yield @ 9.34%) versus average Q2/12 loan balances of $193.6 billion with related interest income of $4.3 billion (average yield @ 8.80%.
“We delivered solid performance across each of our businesses during the quarter, and we continue to generate significant capital,” said Richard D. Fairbank, chairman and CEO. “We will continue to tightly manage costs and credit quality, drive resilient growth in businesses we are emphasizing, and focus on returning capital to our investors to deliver sustained shareholder value.”
To read the Capital One news release click here.
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