Capital One Financial Corp. (COF) Tops Q1 EPS by 29c

Capital One Financial Corp. (NYSE: COF) reported Q1 EPS of $1.96, $0.29 better than the analyst estimate of $1.67. Revenue for the quarter came in at $5.37 billion versus the consensus estimate of $5.45 billion.

First Quarter 2014 Income Highlights:

• Total net revenue decreased 3 percent to $5.4 billion.
• Total non-interest expense decreased 9 percent to $2.9 billion.
• Pre-provision earnings increased 6 percent to $2.4 billion.
• Provision for credit losses decreased 23 percent to $735 million.

First Quarter 2014 Balance Sheet Highlights:

• Common equity Tier 1 capital ratio under Basel III Standardized Approach of 13.0 percent at March 31, 2014.
• Net interest margin of 6.62 percent, down 11 basis points.
• Domestic Card period-end loans decreased $5.0 billion, or 7 percent, to $68.3 billion.
• Commercial Banking period-end loans increased $1.2 billion, or 3 percent, to $46.2 billion.
• Consumer Banking:
  • Auto period-end loans increased $1.2 billion, or 4 percent, to $33.1 billion.
  • Home loans period-end loans decreased $1.2 billion, or 4 percent, to $34.0 billion, driven by expected run-off of acquired portfolios.
• Average loans held for investment in the quarter increased $909 million, or less than 1 percent, to $193.7 billion.
  • Domestic Card average loans decreased $558 million, or less than 1 percent, to $69.8 billion.
  • Commercial Banking average loans increased $2.1 billion, or 5 percent, to $45.4 billion.
  • Consumer Banking:
    • Auto average loans increased $963 million, or 3 percent, to $32.4 billion.
    • Home loans average loans decreased by $1.3 billion, or 4 percent, to $34.6 billion, driven by expected run-off of acquired portfolios.
• Period-end total deposits increased $3.8 billion, or 2 percent, to $208.3 billion, while average deposits increased $136 million, or less than 1 percent, to $205.8 billion.
• Deposit interest rates declined 3 basis points to 0.60 percent.

Detailed segment information will be available in the company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2014.

For earnings history and earnings-related data on Capital One Financial Corp. (COF) click here.

You May Also Be Interested In

• Growth isn't weak enough to truly undercut inflation pressures - BMO
• BCB Bancorp (BCBP) Misses Q1 EPS by 2c
• Super Micro Computer (SMCI) Falls 6%