- Capital One Financial (NYSE:COF) reports Q2 adjusted EPS of $3.22 compared with $2.62 EPS in Q1 and $1.94 in the year-ago period.
- Q2 includes a $400M net gain on the sale of substantial majority of its consumer home loan portfolio.
- "We saw credit improvement across our businesses, and growth math is now helping overall domestic credit card trends," says Chairman and CEO Richard Fairbank.
- COF +0.9% in after-hours trading.
- Q2 net interest income of $5.55B fell 3% from Q1's $5.72B and rose 1% from $5.47B a year ago.
- Credit card net interest income was $3.40B vs $3.56B in Q1 and $3.29B a year ago.
- Net interest margin was 6.66% vs 6.93% in Q1 and 6.88% a year earlier.
- Net charge-off rate of 2.42% fell 17 basis points from Q1 and 25 bps from a year ago.
- Total net revenue of $7.19B increased 4% from Q1 and 7% from Q2 2017.
- Return on average common equity increased to 16.06% from 11.47% in the prior quarter and 8.59% in the year-earlier quarter.
- Source: Press Release
- Previously: Capital One Financial beats by $0.59, beats on revenue (July 19)