Capital One (NYSE:COF) reported its latest quarterly earnings figures after hours today, bringing in a profit surpassed Wall Street’s guidance by more than 50 cents per share, while revenue also topped expectations, playing a role in lifting COF stock more than 1% late Thursday.
The McLean, Va.-based holding business said that for the three-month period that completed its second quarter of 2019, its branded card loans were up about 4.7% when compared to the year-ago quarter. This metric does not include private label and co-brand cards.
Capital One also revealed that its revenue totaled about $7.1 billion, surging 1% when year-over-year–this figure is stronger than the $7 billion that analysts predicted. Earnings came in at $3.37 per share, adjusted to exclude certain items, ahead of the Wall Street guidance of $2.86 per share.
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It was also a positive period for the company’s provision for credit losses, which slid 21% to $1.3 billion. Capital One’s new account originations were “very strong” in branded cards, especially when taking into considerations the highest end of the marketplace.
CEO Richard Fairbank said account originations were positive due in part to the business gaining traction in the consumer base that spends more heavily. “Notably we have been able to grow our spender franchise without sacrificing revenue margin.”
COF stock is up about 1.4% after hours today as multiple metrics were stronger for the firm. Shares were up about 0.6% during regular trading.
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