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Capital One Financial's profit edges up

Lender Capital One Financial says its quarterly profit edged up even as income declined

Associated Press

FILE - In this Jan. 14, 2014, file photo, a Capital One sign is displayed in Philadelphia. Capital One Financial Corp. reports quarterly financial results after the market close on Wednesday, April 16, 2014. (AP Photo/Matt Rourke, File)

MCLEAN, Va. (AP) -- Capital One Financial Corp. says its first-quarter profit edged up, even as income it receives from lending slipped.

After the market closed Wednesday, McLean, Va.-based Capital One reported net income of $1.14 billion, or $1.96 per share, for the three months ending March 31. That compares with net income of $1.04 billion, or $1.77 per share, in the same period of 2013. Revenue dipped 3 percent to $5.37 billion from $5.55 billion.

On average, analysts expected earnings of $1.69 per share on $5.45 billion in revenue, according to the data provider FactSet.

The lender says loans fell in its U.S. credit card division and home loans dropped, too. Loans for cars and commercial real estate increased, nudging total loans up compared with the first quarter of 2013.