Profits climbed 9.3 percent at Capital One Financial during the first quarter of the year even as revenue slipped 3 percent, the company reported Wednesday afternoon.
The McLean-based banking giant said it set aside less money to cover potential loan losses in the first quarter, which helped boost earnings to $1.15 billion, or $1.96 per share, up from $1.06 billion, or $1.77 per share, a year earlier.
Revenue totaled $5.37 billion during that period, down from $5.55 billion last year.
“Capital One posted solid results across our businesses in the first quarter,” Richard D. Fairbank, chairman and chief executive of Capital One, said in a statement.
Credit-loss provisions, money set aside to cover potentially troubled loans, totaled $735 million during the first quarter, down from $885 million in the first quarter of 2013.
After receiving a clean bill of health from the Federal Reserve, Capital One last month said it would return more than $3 billion to investors through a combination of stock buy backs and stock dividends.