Capital One Financial Trading under the symbol NYSE: COF closed at $40.81 in afterhours trading down 4.38%. Capital One announced earnings of $375.6 million in the fourth quarter as income from fees and interest rose while loan-loss provisions fell.
The nation's largest credit card issuers reported Thursday that it earned $0.83 cents per share in the last three months of the year. That compares with a loss of $1.45 billion, or $3.74 cents per share, in the same period a year ago at the height of the credit crisis. During that period, Capital One was had no choice but to set aside billions to cover bad loans in its credit card and auto finance businesses.
Red Gillen, an analyst with Celent, a financial research and consulting firm out of Boston stated "This is a much better picture than a year ago". He further stated "The worst is behind them."
Capital One’s revenue rose 6.2% to $3.37 billion from $3.17 billion. Net interest income rose 8.4% while non-interest income rose 3.2 percent. The Government loan loss provisions sank to $843.7 million from $2.1 billion in the year ago quarter.
Capital One and other top name banks have struggled to stay above water with mega over head bills and have found it hard to pay back government loans. The loan loss provisions have served in the banks favor.
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