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Capital One 4th-qtr profit doubles on acquisitions
January 17, 2013 / 9:16 PM / 5 years ago

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.

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