Capital One Financial Corporation (COF) has reported a 20.04 percent fall in profit for the quarter ended Mar. 31, 2017. The company has earned $810 million, or $1.54 a share in the quarter, compared with $1,013 million, or $1.84 a share for the same period last year. Revenue during the quarter dropped 3.20 percent to $4,543 million from $4,693 million in the previous year period. Net interest income for the quarter rose 8.27 percent over the prior year period to $5,474 million. Non-interest income for the quarter fell 8.85 percent over the last year period to $1,061 million.
Capital One Financial Corporation has made negative provision of $1,992 million for loan losses during the quarter, compared with a negative provision of $1,527 million in the same period last year.
Net interest margin improved 13 basis points to 6.88 percent in the quarter from 6.75 percent in the last year period. Efficiency ratio for the quarter deteriorated to 52.55 percent from 51.82 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
Liabilities outpace assets growth
Total assets stood at $348,549 million as on Mar. 31, 2017, up 5.51 percent compared with $330,346 million on Mar. 31, 2016. On the other hand, total liabilities stood at $300,509 million as on Mar. 31, 2017, up 6.32 percent from $282,639 million on Mar. 31, 2016.
Loans outpace deposit growth
Net loans stood at $233,604 million as on Mar. 31, 2017, up 5.13 percent compared with $222,197 million on Mar. 31, 2016. Deposits stood at $241,182 million as on Mar. 31, 2017, up 8.75 percent compared with $221,779 million on Mar. 31, 2016. Investments stood at $67,430 million as on Mar. 31, 2017, up 3.46 percent or $2,258 million from year-ago. Shareholders equity stood at $48,040 million as on Mar. 31, 2017, up 0.70 percent or $333 million from year-ago.
Return on average assets moved down 33 basis points to 0.90 percent in the quarter from 1.23 percent in the last year period. At the same time, return on average equity decreased 179 basis points to 6.73 percent in the quarter from 8.52 percent in the last year period.
Tier-1 leverage ratio stood at 9.90 percent for the quarter, down from 10.20 percent for the previous year quarter.
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