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Capital One

(COF) - Get Capital One Financial Corporation Report

reported an 85 percent quarterly profit increase as losses on its credit card portfolio slackened.

The bank said that net income for the fourth quarter of 2010 was $697 million, or $1.52 per common share, versus net income of $376 million, or $0.83 per share during the same period last year.

Analysts had expected Capital One to report $1.35 to $1.40 per share, according to Thomson/Reuters.

Annual net income was $2.7 billion, or $6.01 per share, compared to net income of $320 million, or $0.74 per share for 2009. The 2009 annual net income included the $563.9 million repayment to the Troubled Asset Relief Program.

Capital One picked up $1 billion in loans during the quarter. Charge-offs as a percentage of loans improved to 4.45 percent in the fourth quarter of 2010 compared with 6.33 percent at the end of 2009.

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--Written by Maria Woehr in New York.

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