Capital One 4th-qtr profit doubles on acquisitions
Jan 17 (Reuters) - Capital One Financial Corp's quarterly profit more than doubled, boosted by the credit card company's big-ticket acquisitions last year.
The McLean, Virginia-based company purchased online bank ING Direct for nearly $9 billion. It also bought HSBC Holdings Plc's U.S. credit card portfolio, which added $30 billion in credit card loans.
Net income for the fourth quarter rose to $843 million, or $1.41 per share, from $407 million, or 88 cents per share, a year earlier.
The lender has spent much of the past decade transforming itself from a specialty credit card issuer dependent on bond market funding into a bank that relies on deposits.
It is now one of the top 10 U.S. banks by deposits, and has over 1,000 bank branches.
- White House reverses, says Obama met uncle and lived with him during law school
- South Africans, some fearful, wake to life without Mandela |
- U.S. television, Twitter, alive with new version of 'Sound of Music'
- RPT-UPDATE 1-Ford leans on global Mustang to burnish overseas image
- Ford leans on global Mustang to burnish overseas image