News Summary: Capital One posts lower 1Q profit

News Summary: Capital One 1Q profit drops absent prior-year gain from ING acquisition

Associated Press

THE BOTTOM LINE: Capital One Financial's first-quarter net income fell 25 percent versus the prior-year quarter, when the lender booked a hefty gain related to the addition of online bank ING Direct.

THE NUMBERS: Net income fell to $1.05 billion, or $1.79 per share, for the three months ended in March. That compares with net income of $1.4 billion, or $2.72 per share, a year earlier. Revenue grew 13 percent to $5.55 billion.

MIXED RESULTS: Analysts polled by FactSet expected earnings of $1.61 per share. But Capital One's revenue fell short of analysts' prediction of $5.57 billion.

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