MCLEAN, Va. – Capital One Financial Corp. says its first-quarter profit edged up, even as income it receives from lending slipped.
After the market closed Wednesday, McLean, Va.-based Capital One reported net income of $1.14 billion, or $1.96 per share, for the three months ending March 31. That compares with net income of $1.04 billion, or $1.77 per share, in the same period of 2013. Revenue dipped 3 per cent to $5.37 billion from $5.55 billion.
On average, analysts expected earnings of $1.69 per share on $5.45 billion in revenue, according to the data provider FactSet.
The lender says loans fell in its U.S. credit card division and home loans dropped, too. Loans for cars and commercial real estate increased, nudging total loans up compared with the first quarter of 2013.