- Capital One reports $2.77 billion Q2 profit driven by strong credit card interest income and rising non-interest revenue streams.
Capital One reported impressive Q2 results, with adjusted net income soaring to $2.77 billion—or $5.48 per share—from $1.21 billion (or $3.14/share) a year ago.
The bank’s net interest income climbed 32.5% to $10 billion, thanks largely to its credit card portfolio, while non-interest income increased nearly 27% to $2.50 billion.
This surge follows the completion of Capital One’s acquisition of Discover Financial, making it the largest U.S. credit card issuer by outstanding balances.
Despite inflation and cautious consumer behavior, the company also increased its loan-loss reserves to $11.43 billion—up sharply from $3.91 billion a year ago—with net charge-offs rising 16% to $3.06 billion.
