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Capital One Financial posts higher 1st-qtr profit on ING Direct acquisition, higher revenue
LOS ANGELES (AP) ' Capital One Financial Corp. says its profit jumped 37 percent in the first quarter, buoyed by the company's acquisition of online bank ING Direct and higher revenue.
The company said Thursday that net income grew to $1.4 billion, or $2.72 a share, in the first three months of the year. That compares with net income of $1.02 billion, or $2.21 a share, in the same period last year.
Excluding the impact of the ING Direct purchase, Capital One earned $809 million, or $1.56 a share, in the latest quarter.
Total revenue climbed to $4.9 billion from $4.1 billion a year earlier.
Analysts polled by FactSet expected, on average, a profit of $1.38 a share on revenue of $4.32 billion.
Capital One Financial is based in McLean, Va.