Capital One posts hefty increase in profit

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Capital One posts hefty increase in profit
from MarketWatch.com - MarketPulse
CHICAGO (MarketWatch) -- Buoyed by strength in its ING Direct and HSBC U.S. credit card units, Capital One Financial on Thursday reported a hefty increase in third quarter profit. The company earned $1.2 billion, or $2.01 a share, on the period, up from $813 million, or $1.77 a share, in the same quarter of 2011. Revenue came in at $5.78 billion, vs. $4.15 billion. The average estimate of analysts polled by FactSet had been for Capital One to earn $1.68 a share on revenue of $5.56 billion. The company "posted solid results across all of our businesses," said Richard Fairbank, chief executive, in the earnings report. "We are well positioned to sustain strong returns and capital generation, even in an environment with low industry growth and prolonged low interest rates."