Capital One swings to profit
McLean-based Capital One Financial Corp. reported profits for its latest quarter and said the worst of its bad loans are behind it.
Capital One had fiscal first-quarter net income of $636.3 million, or $1.40 per share, compared with a net loss of $108.1 million, or 44 cents per share, in the same quarter a year earlier.
“We believe that charge-offs in our consumer lending businesses likely peaked in the first quarter,” said CEO Richard Fairbank. “While legislative and regulatory uncertainty remains, we believe that we are well-positioned to ramp up our businesses as we emerge from the recession.”
Capital One (NYSE: COF) had first-quarter revenue of $4.3 billion, down 1.8 percent from the previous year.