Capital One Reports 50% Surge In Q2 Net Income

Capital One Financial Corp COF reported a 50% rise in its second-quarter net income and announced its plans to sell $2 billion of common shares. Capital One reported its quarterly earnings at $911 million, or $1.97 per share, up from $608 million, or $1.33 per share, in the year-ago period. Analysts were expecting a profit of $1.73 per share. Revenue from interest on loans climbed 1.3% to $3.14 billion. Its total revenue increased 2.2% to $3.99 billion. The provision for possible losses on bad loans and leases came in at $343 million, down from $723 million, in the year-ago period. Capital One shares gained 0.33% to close at $52.24 yesterday.