Capital One Financial (NYSE:COF) rose Friday after the company posted better-than-expected earnings for the latest quarter. Capital One reported adjusted earnings of $3.52 per share, beating estimates of $3.23 per share. However, its revenue missed expectations. Total deposits also decreased 2% at the end of the second quarter.
The company also reported a common equity Tier 1 capital ratio under Basel III Standardized Approach of 12.7%. Period-end loans held for investment in the quarter increased $2.5 billion, or 1% to $311.3 billion. Credit Card period-end loans increased $5.3 billion , or 4% to $142.5 billion .
Domestic Card period-end loans increased $5.0 billion, or 4% to $136.0 billion. Consumer Banking period-end loans decreased $871 million, or 1%, to $77.3 billion. Auto period-end loans decreased $811 million, or 1%, to $75.8 billion .
Said CEO Richard Fairbank, "We continue to lean into attractive opportunities to grow and build our franchise in our domestic card and national retail bank businesses, and our opportunities are enhanced by our technology transformation. Our investments to build and leverage a modern technology infrastructure are expanding our opportunities and driving value creation over the long-term."
COF shares jumped 99 cents to $15.98.
