Capital One Financial Corp., the lender that purchased ING Groep NV’s online U.S. bank this year, reported a 37 percent increase in first-quarter profit as credit-card rewards programs fueled customer spending.
Net income rose 37 percent to $1.4 billion, or $2.72 a share, from $1.02 billion, or $2.21, a year earlier and included an accounting gain of $594 million tied to the purchase of ING Direct USA, Capital One said in a statement. Adjusted profit of $1.56 a share beat the $1.39 average estimate of 24 analysts surveyed by Bloomberg.
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