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Capital One: Higher loans helped revenue and profit surge

Capital One's European arm is based in Nottingham.
Capital One's European arm is based in Nottingham.

Higher loans helped Capital One’s revenue jump by £100m as profit surged at its European arm in 2023, it has been revealed.

The Nottingham-headquartered company has posted a revenue of £659.9m for the year, up from £569.5m.

Newly-filed accounts with Companies House also show its pre-tax profit also rose from £83.1m to £118.4m.

Capital One said its revenue increased by 16 per cent because of higher average loans to customers during the year.

The last time Capital One’s European arm made a higher pre-tax profit was the £159.7m it posted in 2021.

Its revenue has not been higher since it reported a total of £580.4m in 2018.

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Capital One itself was founded in 1994 and is headquartered in the US.

Listed on the New York Stock Exchange, the group reported a revenue of $36.8bn (£28.9bn) for 2023.

At the time, founder, chairman and CEO Richard D. Fairbank said: “We delivered solid results with strong top line growth in 2023.

“Our modern technology capabilities are driving resilient growth, enabling efficiency improvement, and putting us in a strong position to deliver long-term shareholder value.”

In February this year, Capital One announced that it plans to buy rival card firm Discover Financial Services in a deal valued at $35.3bn (£27.7bn).

The transaction would create the sixth largest bank in the US, creating a new player in the payments market.

The transaction will close in late 2024 or early 2025, provided it gets the green light from both regulators and shareholders.