Capital One first quarter earnings surpassed expectations.
The bank holding company raked in adjusted earnings of $2.90 per share during the quarter, thereby substantially beating analysts' expectations of $2.68. Adjusted revenue of $7.08 billion also came in higher compared to the Street's $7.01 billion expectations.
Revenue, pre-provision earnings, and earnings per share all climbed from the year-ago quarter, as indicated by Capital One founder, chairman and CEO Richard D. Fairbank. While revenue rose +1% year-over-year, non-interest expenses got slashed by -11% in the company.