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Click on individual bank names in the table below to access American Banker's coverage of each company's earnings report. Links to relevant coverage, filings, releases, and bank benchmark profile data can be found in the Related Links area of each article.
October 28
Capital One Financial Corp.'s third-quarter profit more than doubled as revenue jumped and loan-loss provisions declined sharply from a year ago.
Shares were up 4.7% to $38.96 in after-hours trading, as results easily topped analysts' expectations.
The card-issuer-turned-bank and its industry have seen financial results improve of late, with earnings returning this year as credit-loss provisions slow and delinquency rates ease.
Capital One posted a profit of $803 million, or $1.76 a share, up from $394 million, or 87 cents a share, a year earlier. Earnings from continuing operations climbed to $1.79 from 96 cents. Revenue jumped 13% to $4.02 billion.
Analysts surveyed by Thomson Reuters expected a profit of $1.17 on revenue of $3.8 billion.
On a managed basis, which includes securitized loans still managed by Capital One, loan-loss provisions were $867 million, down 61% from a year ago but 20% higher than the second quarter. The net charge-off rate fell to 4.82% from 6% and 5.36%, respectively, while delinquencies declined to 3.71% from 4.55% and 3.81%.
The charge-off rate for Capital One's U.S. card business was 8.23%, down from 9.64% a year ago and the second quarter's 9.49%. Delinquencies were 4.53%, below 5.38% and 4.79%, respectively. A number of banks have reported an improved performance at their credit-card businesses this year.
