© Reuters. Capital One Financial surges 4% on Q3 beat
Capital One Financial (NYSE:) shares gained more than 4% after-hours following the company’s reported , with EPS of $4.45 coming in better than the consensus estimate of $3.24, driven by interest income boost. Revenue grew 4% quarter-over-quarter to $9.37 billion, beating the consensus estimate of $9.21B.
Net interest income was $7.42B, representing a 4% quarter-over-quarter increase. Net interest margin increased 21 basis points to 6.69%, driven by higher yields and growth in the Credit Card loan portfolio and higher day count, partially offset by higher rates paid on interest-bearing deposits.
“In the third quarter we continued to deliver solid results fueled by strong top-line growth in our domestic card business,” said CEO Richard D. Fairbank. “Our modern technology capabilities are generating opportunities and driving performance improvements across our businesses.”
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