Capital One profit rises 10 pct due to lower provision

April 16 Wed Apr 16, 2014 4:25pm EDT

April 16 (Reuters) - Capital One Financial Corp's quarterly profit rose about 10 percent as the credit card issuer set aside less money to cover soured loans.

The company's net income available to common stockholders rose to $1.14 billion, or $1.96 per share, for the first-quarter ended March 31, from $1.04 billion, or $1.77 per share, a year earlier.

Total net revenue fell about 3.3 percent to $5.37 billion.

The company's provision for bad loans fell about 17 percent to $735 million in the first quarter. (Reporting by Avik Das in Bangalore)