Capital One Profit Misses Estimates as Loan Write-Offs Climb

Capital One Financial Corp. posted a first-quarter profit that missed Wall Street estimates as soured credit-card loans increased.

Net income rose 33% to $1.28 billion, or $3.21 a share, the McLean, Virginia-based company said Thursday in a statement. That fell short of the $3.28 average estimate of analysts surveyed by Bloomberg.

The bank announced in February that it agreed to buy rival Discover Financial Services in a $35 billion deal that would create the largest US credit-card issuer by loan volume. The acquisition, which would also give Capital One a valuable payments network that could challenge the dominance of ...