LOS ANGELES (AP) — Capital One Financial Corp. said Thursday that its first-quarter net income tumbled 25 percent from the same period last year, when the lender booked a hefty gain from its acquisition of online bank ING Direct.
Across its segments, Capital One posted annual increases in revenue in its domestic card, consumer banking and commercial lending businesses in the January-March period. That offset a decline in its international card segment.
All told, the company's net interest income, or money earned from loans, grew 34 percent to $4.57 billion in the quarter. Non-interest income, which includes service charges and other customer-related fees, fell 35 percent to $981 million.
"Each of our businesses delivered solid results in the quarter and our balance sheet is strong," said Richard D. Fairbank, Capital One's chairman and CEO.
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