Capital One Financial Corp (COF.N) said second-quarter profit jumped 50 percent as fewer customers defaulted on credit cards, a sign that consumer loans may be a bright spot for other major banks. Over the next 10 days, most of the top U.S. banks are due to report quarterly results, starting with JPMorgan Chase & Co (JPM.N) on Thursday. Capital One, a bank whose results are closely linked to credit cards, earned $911 million, or $1.97 per share, in the second quarter, up from $608 million, or $1.33 per share, a year earlier. Analysts on average had expected $1.71 a share, according to Thomson Reuters I/B/E/S. Capital One also said on Wednesday that it would raise $2 billion through a stock offering. The issue will fund its previously announced acquisition of ING Groep NV's (ING.AS) U.S. online bank.
Capital One Financial Corporation is a diversified financial services holding company. Shares of COF fell by 1.4% or $-0.73/share to $51.51. In the past year, the shares have traded as low as $36.10 and as high as $56.26. On average, 4143260 shares of COF exchange hands on a given day and today's volume is recorded at 3906014.
JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company. Shares of JPM traded higher by 2.31% or $0.91/share to $40.30. In the past year, the shares have traded as low as $35.55 and as high as $48.36. On average, 31746700 shares of JPM exchange hands on a given day and today's volume is recorded at 13266588.
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