Capital One posts earnings gains

US loan and credit card provider Capital One reported a bigger than expected quarterly profit yesterday as net interest income rose and it set aside less money for loan losses. Total revenues rose 3.4 per cent to $4.2bn (£2.7bn) while net income rose 1.2 per cent to $813m or $1.77 per share, above expectations for $1.68 per share. Commercial loans saw most growth, up eight per cent compared to the same quarter in 2010, while net interest income increased 5.5 per cent to $3.28bn. Its shares closed up 1.9 per cent.