Capital One sees second-quarter profits soar

Second-quarter net income soared for McLean-based Capital One Financial Corp. 

The company reported net income of $1.1 billion, or $1.87 per diluted common share, compared with $93 million, or 16 cents per diluted common share, for the same quarter last year.
During the first quarter of 2013, the company had net income of $1.1 billion, or $1.79 per diluted common share.

All comparisons below are for the second quarter of 2013 compared with the first quarter of 2013 unless otherwise noted. 

THE NUMBERS
• Total net revenue increased 2 percent to $5.6 billion.
• Total non-interest expense increased 1 percent to $3.1 billion. 
• Pre-provision earnings increased 2 percent to $2.6 billion. 
• Provision for credit losses decreased 14 percent to $762 million. 
• $183 million charge for mortgage representation and warranty expenses, primarily in discontinued operations

THE COMPANY’S TAKE

“We delivered solid performance across each of our businesses during the quarter, and we continue to generate significant capital,” Richard D. Fairbank, the company’s chairman and CEO, said in a statement. “We will continue to tightly manage costs and credit quality, drive resilient growth in businesses we are emphasizing, and focus on returning capital to our investors to deliver sustained shareholder value.”