Capital One Financial Corp (COF.N) said on Wednesday its second-quarter profit jumped 50 percent as fewer customers defaulted on credit cards, a sign consumer loans might be a bright spot for other major banks. Capital One also raised $2 billion through a stock offering on Wednesday, selling 40 million shares at $50 each. The bank had said the issue would fund its previously announced acquisition of ING Groep NV's (ING.AS) U.S. online bank. 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 Financial Corporation is a diversified financial services holding company. Shares of COF fell by 2.62% or $-1.37/share to $50.87. In the past year, the shares have traded as low as $36.10 and as high as $56.26. On average, 4255700 shares of COF exchange hands on a given day and today's volume is recorded at 10159234.
JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company. Shares of JPM traded higher by 0.58% or $0.23/share to $39.62. In the past year, the shares have traded as low as $35.55 and as high as $48.36. On average, 31854300 shares of JPM exchange hands on a given day and today's volume is recorded at 34020568.
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