Capital One (COF) Q1 Earnings Miss, Provisions Decline Y/Y

Capital One’s (COF) first-quarter 2024 adjusted earnings of $3.21 per share lagged the Zacks Consensus Estimate of$3.25. In the prior-year quarter, earnings per share was $2.31. The reported quarter’s results exclude an FDIC special assessment charge of$42 million.Results were adversely impacted by higher expenses. Also, loan balances witnessed a sequential decline in the quarter. Nevertheless, an increase in net interest income (NII), along with higher non-interest income, supported the results to some e ...