In Brief: Capital One Reports Profits Up 40% in '98

Capital One Financial Corp. reported earnings growth of 40% in 1998, crediting a $446 million marketing effort that resulted in 1.8 million new credit card accounts.

The eighth-largest Visa and MasterCard issuer reported $275.2 million in earnings, up from $189.4 million in 1997.

In the fourth quarter Capital One earned $72.7 million, or $1.04 per share, up from $58.2 million, or $.86 per share, in 1997. Receivables grew by $3.2 billion, to $17.4 billion at yearend. And the lender's delinquency rate dropped to 4.70% at yearend, from 4.90% on Sept. 30, and 6.20% at yearend 1997.

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