Capital One Financial Corporation (NYSE:COF) from reporting a profit boost in the third quarter. Net income for Capital One Financial Corporation rose to $813 million ($1.77 per share) vs. $803 million ($1.76 per share) in the same quarter a year earlier. This marks a rise of 1.2% from the year earlier quarter. COF beat the mean analyst estimate of $1.70 per share. It fell short of the average revenue estimate of $4.05 billion.
“Our strong third quarter results demonstrate that we remain well-positioned to win in the marketplace and deliver shareholder value, ” said Richard D. Fairbank, Capital One’s Chairman and Chief Executive Officer. “We expect that the acquisitions of ING Direct and the HSBC US Card Business will deliver attractive financial results in the near-term, and put us in an even stronger position to enhance and sustain the value we can deliver to our customers, our communities and our shareholders.”
Competitors to Watch: American Express Company (NYSE:AXP), Discover Financial Services (NYSE:DFS), Citigroup Inc. (NYSE:C), JPMorgan Chase & Co. (NYSE:JPM), Bank of America Corp. (NYSE:BAC), Northern Trust Corporation (NASDAQ:NTRS), Wells Fargo & Company (NYSE:WFC), SLM Corporation (NYSE:SLM), Wilshire Bancorp, Inc. (NASDAQ:WIBC), and HSBC Holdings plc (NYSE:HBC).
Huntington Bancshares Incorporated (NASDAQ:HBAN) reported its results for the third quarter. Net income for Huntington Bancshares Incorporated rose to $143.4 million (16 cents per share) vs. $100.9 million (10 cents per share) in the same quarter a year earlier. This marks a rise of 42.1% from the year earlier quarter. HBAN fell short of the mean analyst estimate of 17 cents per share.
“We are pleased with the quarter as it represented good progress against our strategic plan even with significant headwinds from the operating and interest rate environment,” said Stephen D. Steinour, chairman, president, and chief executive officer. “There were many positives that confirm we are making significant progress to improve profitability and add to long-term earnings growth. Revenue grew. Net interest income increased, reflecting strong loan and deposit growth. Noninterest income increased, reflecting growth in key activities such as electronic banking, and service charges on deposit accounts, as well as a gain from an automobile loan securitization. These successes are a direct result of the strategic investments we have made over the last two years. We are especially pleased with the momentum in both consumer household and commercial relationship growth resulting from our ‘Fair Play’ banking philosophy and Optimal Customer Relationship OCR sales approach.”
Competitors to Watch: Fifth Third Bancorp (NASDAQ:FITB), FirstMerit Corporation (NASDAQ:FMER), WesBanco, Inc. (NASDAQ:WSBC), Peoples Bancorp Inc. (NASDAQ:PEBO), First Financial Bancorp (NASDAQ:FFBC), Park National Corporation (AMEX:PRK), Wells Fargo & Company (NYSE:WFC), Bank of America (NYSE:BAC), Citigroup (NYSE:C), JP Morgan (NYSE:JPM), Camco Financial Corp. (NASDAQ:CAFI), Tower Financial Corp. (NASDAQ:TOFC), and PNC Financial Services (NYSE:PNC).