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Capital One profit up 50 per cent
Capital One Financial said yesterday its second-quarter profit jumped 50 per cent as fewer customers defaulted on credit cards, a sign consumer loans might be a bright spot for other major banks. Capital One also raised $2bn through a stock offering yesterday, selling 40m shares at $50.87 each. The bank had said the issue would fund its previously announced acquisition of ING Groep’s US online bank.