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TheStreet Open House

Capital One Beats as Credit Costs Decline

The company's provision for credit losses declined to $762 million during the second quarter from $885 million in the first quarter, directly boosting pre-tax earnings.

Second-quarter noninterest income was $1.805 billion, increasing from $981 million the previous quarter, with interchange fees on debit card purchases increasing to $486 million from $445 million in the first quarter.

Noninterest expense rose to $3.059 billion in the second quarter from $3.028 billion the previous quarter.

Capital One CEO Richard Fairbank said in the company's earnings release that "We delivered solid performance across each of our businesses during the quarter, and we continue to generate significant capital," adding the company would "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."

Capital One reported a Basel I tier 1 common equity ratio of 12.1% as of June 30, and said its estimated Basel III Tier 1 common equity ratio was above its "assumed target" of 8.0%.

Capital One's shares were up 1.4% in after-market trading, to $67.05.

COF Chart COF data by YCharts

Interested in more on Capital One? See TheStreet Ratings' report card for this stock.

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-- Written by Philip van Doorn in Jupiter, Fla.

>Contact by Email.

-- Written by Philip van Doorn in Jupiter, Fla.

>Contact by Email.

Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for TheStreet.com Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.
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