Oct 18 Capital One Financial Corp's
quarterly profit rose 44 percent as the lender reaped the
benefits of its acquisitions of ING Direct's deposits and HSBC
Plc's U.S. credit card business.
Net income for the third quarter rose to $1.17 billion, or
$2.01 per share, from $813 million, or $1.77 per share, a year
Revenue rose 40 percent to $5.78 billion.
Capital One bought online bank ING Direct for nearly $9
billion and then bulked up its credit card division with the
HSBC deal, which added another $30 billion in credit card loans
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.