By ALEX VEIGA, Associated Press
LOS ANGELES (AP) — Capital One Financial Corp. says its first-quarter net income tumbled 25 percent from the same period last year, when the lender booked a hefty gain from its acquisition of online bank ING Direct.
McLean, Va.-based Capital One said Thursday that net income after paying preferred dividends fell to $1.05 billion, or $1.79 per share. Analysts polled by FactSet expected earnings of $1.61 per share.
A year ago, the company earned $1.4 billion, or $2.72 per share. When excluding the impact of the ING Direct deal, profit amounted to $1.56 per share.
Revenue jumped 13 percent to $5.55 billion, but to below analysts' prediction of $5.57 billion.
Capital One shares ended regular trading up 3 cents at $52.79. The stock added 33 cents to $53.12 in after-market trading.
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