Capital One’s first-quarter profits boosted by ING Direct purchase


AP

LOS ANGELES — Capital One Financial Corp. said Thursday that its profit jumped 37 percent in the first quarter, buoyed by the company’s acquisition of online bank ING Direct and higher revenue. A healthier job market and warmer weather encouraged more Americans to shop in the first quarter, although the rate of increase last month was below February’s.

For the first three months of the year, Capital One reported that its net income grew to US$1.4 billion, or US$2.72 a share. That compares with net income of US$1.02 billion, or US$2.21 a share, in the same period last year. Excluding the impact of the ING Direct purchase, Capital One earned US$809 million, or US$1.56 a share, in the latest quarter. Total revenue climbed to US$4.9 billion from US$4.1 billion a year earlier.