By Makailah Gause
(Reuters) -Capital One Financial’s profit fell 61% in the second quarter, it reported on Tuesday, as it set aside more money to cover losses on loans.
The company was “continuing to lean into opportunities to grow and further strengthen our domestic card and national consumer banking franchises,” CEO Richard Fairbank said in a statement.
Capital One’s net income available to common stockholders fell to $531 million, or $1.38 per share versus $1.35 billion or $3.52 per share, a year earlier.
The lender is “all in” on its work to complete its purchase of Discover Financial, Fairbank said.
The $35 billion acquisition, once finalized, will grant the company with access to Discover’s credit card network, which is the fourth largest in the United States.
(Reporting by Makailah Gause; editing by Lananh Nguyen and Chris Reese)
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