Capital One Financial, a credit card and banking company, said on Thursday that first quarter earnings fell, as it set aside three times as much money for credit losses as the same quarter last year.
The McLean, Virginia company said quarterly net income fell to $548.5 million, or $1.47 a share, from $675.0 million, or $1.62 a share a year earlier.
Capital One said the outlook for credit performance weakened due to the slowing U.S. economy, but that its business is generating strong capital. The company boosted its quarterly dividend more than twelve-fold, as part of a plan to pay out more of its earnings to investors.
Total revenue was $3.87 billion, up from $3.38 billion in the same quarter last year.