Capital One Financial Corp. (NYSE:COF) reported first-quarter results after Tuesday’s closing bell, missing analyst estimates on the top and bottom lines.
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Q1 Details
Capital One reported quarterly earnings of $4.42 per share, which missed the Street estimate of $4.55, according to Benzinga Pro data.
Quarterly revenue of $15.23 billion missed the consensus estimate of $15.36 billion by 0.83%.
Capital One reported the following first-quarter metrics, compared to the year-ago quarter:
- Total net revenue decreased 2% to $15.2 billion.
- Total non-interest expense decreased 9% to $8.5 billion:
- 23% decrease in marketing.
- 6% decrease in operating expenses.
- Pre-provision earnings increased 8% to $6.8 billion.
- Provision for credit losses decreased $74 million to $4.1 billion:
- Net charge-offs of $3.8 billion.
- $230 million loan reserve build.
- Net interest margin of 7.87%, a decrease of 39 basis points.
- Efficiency ratio of 55.57%.
- Adjusted efficiency ratio of 49.71%.
- Operating efficiency ratio of 45.74%.
- Adjusted operating efficiency ratio of 39.88%.
“Our results in the first quarter reflect solid top-line growth and strong credit performance,” said CEO Richard D. Fairbank.
“The Discover integration continues to go well and we continue to build momentum from this game-changing acquisition,” Fairbank added.
COF Stock Price: According to data from Benzinga Pro, Capital One stock was down 2.86% to $196.71 in Tuesday’s extended trading.
Photo: Piotr Swat / Shutterstock
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