Capital One Financial Corporation COF reported its first quarter earnings results on April 16, 2014. Shares of the company ended down $0.64 per share or 0.86 percent.
The bank reported first quarter 2014 net income of $1.2 billion or $1.96 per share.
Below are some key highlights:
• Total net revenue decreased three percent to $5.4 billion.
• Total non-interest expense decreased nine percent to $2.9 billion.
• Pre-provision earnings increased six percent to $2.4 billion.
• Provision for credit losses decreased 23 percent to $735 million.
"Capital One posted solid results across our businesses in the first quarter," said Richard D. Fairbank, Chairman and CEO. "We received no objection to our CCAR capital plan and announced a $2.5 billion share repurchase program that we expect to complete by the end of the first quarter of 2015."
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