July 21 (Reuters) – Capital One Financial reported a rise in second-quarter profit on Tuesday, helped by higher interest income from its credit card business.
Consumer spending remained resilient during the quarter even as higher energy prices tied to the Iran war rekindled inflation and growth concerns.
Here are some more details:
• Net interest income — the difference between what a bank earns on loans and pays out on deposits — rose to $12.37 billion during the quarter, from about $10 billion a year earlier.
• Capital One’s quarterly non-interest income, which primarily consists of interchange income, net of reward expenses, service charges and other customer-related fees, rose nearly 39% to $3.48 billion.
• Adjusted net income available to common stockholders was $3.60 billion, or $5.81 per share, during the quarter, compared with $2.77 billion, or $5.48 per share, a year earlier.
• Shares of Capital One have fallen 14.9% so far this year.
(Reporting by Prakhar Srivastava in Bengaluru; Editing by Shilpi Majumdar)
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