Capital One Profit Drops 29%, Misses Estimates; Stock Down 4%

(RTTNews) - Capital One Financial Corp (COF) on Thursday reported second-quarter net income of $830 million or $1.50 per share compared with $1.18 billion or $2.04 per share last year.

Analysts polled by Thomson Reuters expected the company to earn $1.97 per share for the quarter.

Total revenue for the quarter rose 4% to $5.67 billion from $5.47 billion a year ago, but missed analysts' expectations of $5.74 billion.

Net interest income for the quarter rose 5% from a year ago to $4.54 billion and net interest margin improved to 6.56% from 6.55%, the company said.

Non-interest income fell 2% from last year to $1.14 billion.

Provision for credit losses for the quarter jumped 60% from a year ago to $1.13 billion.