Capital One Financial profit soars on lower loan loss provision

July 18 Thu Jul 18, 2013 4:16pm EDT

July 18 (Reuters) - Capital One Financial Corp reported a huge jump in quarterly profit as the company set aside less money to cover defaults on its credit cards.

The lender had set aside $1.12 billion in the year-earlier quarter for non-impaired loans from its purchase of HSBC Plc's U.S. credit card portfolio.

Capital One's net income rose to $1.10 billion, or $1.87 per share, for the second quarter, from $92 million, or 16 cents per share, a year earlier.

Net revenue rose 12 percent to $5.64 billion.