Capital One Financial Corp. (COF), which is in a $9 billion deal to buy ING Direct from Dutch financial services firm ING Groep NV (ING), reported Wednesday a strong growth in second-quarter profit, with higher revenues and lower loan losses provisions. The company also announced an underwritten public offering of $2 billion of its stock aiming to fund a portion of the ING deal.
The McLean, Virginia-based financial holding company's second-quarter net income grew to $911 million or $1.97 per share from $608 million or $1.33 per share last year. Meanwhile, net income dropped from $1.02 billion or $2.21 per share generated in the immediately preceding first quarter.
Second-quarter income from continuing operations was $2.04 per share, higher than $1.78 per share a year ago.
On average, 23 analysts polled by Thomson Reuters expected earnings of $1.68 per share for the quarter. Such estimates typically exclude special items.
Total revenue for the quarter rose 2.3 percent to $3.99 billion from $3.90 billion in the comparable period, but missed Wall Street analysts' consensus estimate of $4.02 billion. Sequentially, revenues dropped 2 percent from $4.08 billion generated in the first quarter.
Net interest income was $3.14 billion in the quarter, and non-interest income was $857 million, both higher than the previous year.
In the period, provision for loan and lease losses more than halved to $343 million from last year's $723 million. Richard Fairbank, Capital One's Chairman and Chief Executive stated, "Our second quarter performance demonstrates that Capital One remains well positioned to continue to deliver attractive and sustainable results, including loan growth, deposit growth, strong returns and robust capital generation."
In was on June 16 that Capital One agreed to buy ING Direct in a cash and stock deal valued at $9 billion. Under the deal, Capital One will pay ING $6.2 billion in cash and issue about 55.9 million Capital One shares, valued at $2.8 billion. Following this, ING Groep will have a 9.9 percent stake in Capital One, and the right to a board seat.
Regarding the deal, Fairbank now said, "This is a game-changing transaction that generates attractive financial results immediately, as well as compelling value creation over time."
The company announced public offering of $2 billion of stock is subject to the forward sale agreements. Capital One also intends to grant the underwriters a 30-day option to buy an additional $300 million stock from Capital One to cover any over-allotments.
COF is currently trading at $52.51 in the pre-market activity, up $0.27 or 0.52 percent.
For comments and feedback contact: editorial@rttnews.com
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.