Capital One Reports Mixed Q1 Results: EPS Beat, Revenue Misses

Capital One Financial Corp. COF released its first-quarter results after Tuesday's closing bell. Here's a look at the details from the report. 

The Details: Capital One reported quarterly earnings of $4.06 per share, which beat the analyst consensus estimate of $3.69. Quarterly revenue came in at $10 billion, which missed the analyst consensus estimate of $10.04 billion and is an increase over revenue of $9.4 billion from the same period last year.

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For the first quarter, Capital One reported:

• Provision for credit losses decreased by $273 million to $2.4 billion.
• Net charge-offs of $2.7 billion.
• $368 million loan reserve release.
• Net interest margin of 6.93%, a decrease of 10 basis points.
• Efficiency ratio of 59.02 percent.
• Adjusted efficiency ratio of 55.94%.
• Adjusted operating efficiency ratio of 43.92%.

“Last week, we received regulatory approval for our acquisition of Discover and we’re fully mobilized to complete the transaction on May 18,” said Richard D. Fairbank, CEO of Capital One.

“The combination of Capital One and Discover will create a leading consumer banking and payments platform with unique capabilities, modern technology, and powerful brands,” Fairbank added.

COF Price Action: According to data from Benzinga Pro, Capital One stock was down 0.12% after-hours at $170 on Tuesday.  

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