Bloomberg News

Shares of Capital One (COF - Get Report)  were rising nearly 5% Friday after the bank reported first-quarter results ahead of Wall Street expectations. 

Capital One reported first-quarter adjusted net income of $2.90, easily topping analysts' expectations of $2.68 in the period. Adjusted revenue of $7.08 billion was also above Wall Street's $7.01 billion expectations. 

"In the first quarter, revenue, pre-provision earnings, and earnings per share all increased compared to the first quarter of 2018," said Richard D. Fairbank, founder, chairman and CEO. "As our digital transformation accelerates, we are well positioned to succeed in a rapidly changing marketplace and create long-term shareholder value."

Revenue increased 1% year over year while non-interest expenses decreased 11% to $3.7 billion in the period. 

The stock was up 4.9% to $92.38 on Friday.