By Katherine Hamilton
Capital One recorded a higher first-quarter profit and is prepared to complete its acquisition of Discover on May 18.
The bank on Tuesday posted a profit of $1.40 billion, or $3.45 a share, compared with $1.28 billion, or $3.13 a share, a year earlier.
Stripping out certain one-time items, adjusted per-share earnings were $4.06 a share, ahead of the $3.64 forecast by analysts, according to FactSet.
Revenue fell 2% to $10.0 billion. Analysts surveyed by FactSet forecast revenue of $10.06 billion.
Provision for credit losses fell 12% from the year before to $2.37 billion.
The merger with Discover gained regulatory approval last week and Capital One said it would be completed next month.
Chief Executive Richard Fairbank said the merger with Discover would create a leading consumer banking and payments platform. He said he hopes Capital One's digital capabilities across a larger customer base will pave the way for growth.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
April 22, 2025 16:39 ET (20:39 GMT)
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