First-quarter marketing efforts are paying off for companies that specialize in credit cards.

Capital One Financial Corp., the nation's 12th-largest issuer of credit cards, said that net income grew 16.5% to $29.6 million, or 45 cents per share, in the second quarter.

The Falls Church, Va.-based company said its managed credit card loan portfolio grew 41.5% - a record $1 billion - to $8.9 billion in receivables in the second quarter.

Chairman and chief executive Richard D. Fairbank said, "Aggressive marketing in the first quarter, coupled with successful management of existing accounts, yielded very positive results for the quarter."

But, he added, the Signet Banking Corp. spinoff expects the volume growth of managed loans to return to modest levels for the rest of the year.

In addition, Capital One added 302,000 new accounts to $5.8 million, up 40.3% from 1994.

Meanwhile, Advanta Corp., the nation's 15th-largest credit card issuer, said it completed its 24th consecutive record quarter.

The Horsham, Pa.-based issuer said net income in the second quarter rose 30% to a record $33.4 million, or 80 cents per share.

From June 1994, the financial services company said its portfolio of managed receivables increased 58%, to $9.4 billion at June 30.

Managed credit card receivables posted a 67% year-to-year increase to $7.5 billion, while the 30-day delinquency rate remained at 2%, unchanged from June 1994.

The chargeoff rate on managed credit cards dipped to 2.5%, from 2.7% in the year-ago quarter.

Advanta said it has added more than 450,000 new credit card accounts during the quarter, up from 344,000 in June 1994.

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Associates Corporation of North America, part of the financial services group of Ford Motor Co., said that net earnings for the quarter jumped 22%, to $172.7 million, from a year earlier.

Midyear net earnings stood at $338.7 million, the Dallas-based company said, a 20% increase.

The consumer operations reported consumer finance net receivables outstanding at $23 billion, up 20% from last year.

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