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00:02Capital One reported second quarter earnings of $5.81 per share,
00:06beating the consensus estimate of $4.77, according to Benzinga.
00:11Revenue rose 26.9% year-over-year to $15.85 billion,
00:18topping expectations of $15.77 billion.
00:22Total net revenue increased 4% to $15.9 billion,
00:25while non-interest expense rose 7% to $9 billion.
00:30The provision for credit losses fell by $1.1 billion to $3 billion,
00:35including $3.6 billion in net charge-offs and a $662 million loan reserve release.
00:42Net interest margin increased 14 basis points to 8.01%.
00:47CEO Richard Fairbank said the company delivered solid revenue growth
00:51and strong credit performance,
00:53while its Discover integration continued to progress.
00:56Shares were up by 0.13% at $206.49 in Tuesday's pre-market trading,
01:03according to data from Benzinga Pro.
01:05For all things money, visit Benzinga.com.
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