Capital One beats by $0.20, reports revs in-line
Reports Q2 (Jun) earnings of $2.04 per share, $0.20 better than the Capital IQ Consensus Estimate of $1.84; revenues fell 1.4% year/year to $5.47 bln vs the $5.43 bln consensus.
Total non-interest expense increased 2 percent to $3.0 billion.
Pre-provision earnings increased 2 percent to $2.5 billion.
Provision for credit losses decreased 4 percent to $704 million.
Common equity Tier 1 capital ratio under Basel III Standardized Approach of 12.7 percent at June 30, 2014.
Net interest margin of 6.55 percent, down 7 basis points. Period-end loans held for investment in the quarter increased $5.6 billion, or 3 percent, to $198.5 billion.
Domestic Card period-end loans increased $2.9 billion, or 4 percent, to $71.2 billion.
Commercial Banking period-end loans increased $2.1 billion, or 5 percent, to $48.3 billion.
* Consumer Banking:
Auto period-end loans increased $1.7 billion, or 5 percent, to $34.8 billion.
Home loans period-end loans decreased $1.4 billion, or 4 percent, to $32.6 billion, driven by run-off of acquired portfolios.