Capital One’s Q2 earnings are in and have beat Wall Street analysts’ expectations.
While analysts polled by Reuters expected Capital One’s earnings to trade at $1.90 per share, equaling $6.67 billion in revenue, its shares rose 4.8 percent after trading hours ended. Its reported profit for Q2 2017 is $1 billion, which comes to $1.94 per share at a 7 percent increase to $6.7 billion.
Within the second quarter, Capital One decreased its credit losses provisions 10 percent down to $1.8 billion.
Capital One’s Chairman and Chief Executive Officer, Richard D. Fairbank, commented on the bank’s Q2 shares in its news release and highlighted its plans for growth down the line.
“We delivered another quarter of resilient growth across our businesses,” said Fairbank. “We’re investing to grow and transform our company as banking goes digital, we’re driving improving efficiency and we are building an enduring customer franchise. We continue to be in a strong position to deliver attractive growth and returns, as well as significant capital distribution, subject to regulatory approval.”
In a payments industry where many consumers are using contactless payments on an increasing scale, Capital One’s Q2 2017 earnings soaring past Wall Street’s expectations is significant. It shows that the banking industry is strong and likely won’t go down without a fight.