Capital One, the fifth largest bank by assets
in the US, has reported a half year net income of $1.93bn, a 55%
increase over the corresponding period a year ago.
The lender has finished a robust first half of
the year following its
acquisition of the US online banking arm of Dutch bank ING for
$9bn in June.
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Net interest income for the six month to the
end of June fell marginally (by less than 1%) to $6.3bn
year-on-year.
Provisions for loan and lease losses declined
by 60% to $877m, resulting in a net interest income after provision
for loan and lease losses of $5.4bn, 30% higher than a
year-ago.
The bank held total assets worth $199.75bn at
the end of June, just 1.3% higher than at the end of June 2010.
Customer deposits grew by 7.5% year-on-year to
$126.12bn.
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By GlobalData
Fairbank: ING Direct acquisition great
value
The average balance of savings accounts held
at the end of the three months to end-June was 40% higher than a
year-ago and amounted to $29.3bn.
Capital One’s CEO Richard D. Fairbank
highlighted the significance of the acquisition of ING Direct in
the bank’s half year results presentation, saying:
“This is a game-changing transaction that
generates attractive financial results immediately, as well as
compelling value creation over time. ING Direct has built a very
special franchise – bringing great value and exceptional service to
its customers – and we’re committed to continuing that.”
