Reserve build hits Capital One results

• Q2 adjusted net income of $979M or $1.76 per share vs. $863M and $1.50 one year ago.
• Provisions up 4% for the quarter to $1.6B. Net charge-offs of $1.2B, reserve build of $465M.
• Net interest margin of 6.73 down two basis points.
• Period-end loans held for investment up 3% to $234.6B. Domestic card loans up 5% to $88.6B. Consumer banking loans up 1% to $71.4B - auto loans up 4% to $44.5B, home loans down 4% to $23.4B. Commercial loans up 3% to $66.2B.
• Earnings call at 5 ET
• Previously: Capital One Financial misses by $0.10, misses on revenue (July 21)
• COF flat after hours