By Aisha Al-Muslim

Capital One Financial Corp. (COF) on Tuesday reported a profit for the third quarter of $1.5 billion, or $2.99 a share, up from $1.11 billion, or $2.14 a share, a year earlier. Adjusted earnings were $3.12 a share, beating the $2.88 a share analysts polled by Refinitiv were looking for.

Net revenue for the credit-card and banking company dropped 3% to $6.96 billion, still ahead of the consensus forecast of $6.89 billion.

Net interest income rose to $5.79 billion from $5.7 billion a year earlier. The company's net interest margin fell to 7.01% from 7.08%.

The company's net loans held for investment were $231.54 billion, compared with $245 billion in the same period a year ago. Capital One's provision for credit losses decreased by 1% to $1.3 billion.

Write to Aisha Al-Muslim at aisha.al-muslim@wsj.com

(END) Dow Jones Newswires

October 23, 2018 16:36 ET (20:36 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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