News Summary: Capital One posts higher 3Q profit
THE BOTTOM LINE: Capital One Financial's third-quarter net income jumped 47 percent versus the prior-year quarter, as the addition of ING Direct and HSBC's U.S. card business helped drive revenue gains across the lender's businesses.
THE NUMBERS: Net income rose to $1.17 billion, or $2.01 per share, for the quarter ended Sept. 30. That compares with net income of $813 million, or $1.77 per share, a year earlier. Revenue vaulted 39 percent to $5.78 billion from $4.15 billion.
OUTLOOK: Management expects weak consumer demand for the foreseeable future, and noted competition has intensified in auto, commercial and industrial lending.
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