MCLEAN (dpa-AFX) - Capital One Financial Corp. (COF) reported that its second-quarter net income available to common stockholders was $92 million, or $0.16 per share, down from $911 million, or $1.97 per share, for the second quarter of 2011.
Analysts polled by Thomson Reuters expected the company to report earnings of $1.29 per share for the quarter. Analysts' estimates typically exclude special items.
Provision for credit losses for the quarter was $1.677 billion, compared to $343 million last year. The Provision for credit losses for the latest quarter included a $1.2 billion allowance build for the non-impaired loans brought on to the balance sheet as a result of the HSBC U.S. Card acquisition.
'While second quarter results reflect significant purchase accounting impacts and other items, the strong underlying performance of our businesses continues to demonstrate that we're well positioned to deliver sustained shareholder value,' said Richard Fairbank, Chairman and Chief Executive Officer.
Total net revenues for the quarter rose to $5.055 billion from $3.993 billion in the prior year quarter. Sixteen analysts had consensus revenue estimate of $5.16 billion for the quarter.
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