New York • Capital One Financial Corp. said Thursday that second-quarter profit rose 8 percent as it set aside less money for bad loans and its domestic card business returned to growth.
McLean, Va.-based Capital One said net income after paying preferred dividends rose to $1.18 billion, or $2.04 per share, in the three months ended June 30. That compares with net income of $1.09 billion, or $1.85 per share, in the same period a year earlier.
The results exceeded the average forecast of analysts polled by FactSet, who had predicted earnings of $1.82 per share.
Earnings got a boost from lower provisions for credit losses, which fell 8 percent to $704 million, compared to the same period in 2013.