Capital One Profit Rises 10%, Helped by Resilient Consumers (1)

Capital One Financial Corp., the lender set to acquire rival Discover Financial Services, posted higher first-quarter profit as consumers spent more on credit cards.

Net income rose 10% from a year earlier to $1.4 billion, or $3.45 a share, McLean, Virginia-based Capital One said Tuesday in a statement. Adjusted earnings per share, which exclude the cost of the Discover integration and other items, totaled $4.06, beating the $3.63 average estimate of analysts surveyed by Bloomberg.

Consumer spending in the US, which accounts for the vast majority of Capital One’s card loans, got a jolt late in the ...