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$COF said the Federal Reserve has approved its 2016 Comprehensive Capital Analysis & Review. $COF expects to maintain its quarterly dividend of $0.40 per share, subject to approval by its BoD. Additionally, $COF's BoD has authorized the repurchase of up to $2.5Bil of shares of its common stock beginning in 3Q16 through the end of 2Q17.
Financial services provider $COF slipped into a loss in 4Q17 owing to income tax related charges, despite a 7% revenue growth. The loss was $2.17 per share, compared to earnings of $1.45 per share a year earlier. On a non-GAAP basis, Capital One recorded earnings of $1.62 per share, up 3% from 4Q16. Net interest income rose 7% to $5.8Bil in 4Q17.
$HBHC's subsidiary Whitney Bank agreed to buy trust and asset management business of Capital One, a banking subsidiary of $COF. The transaction is expected to be immediately accretive to GAAP EPS and meets or exceeds $HBHC's minimum thresholds for Internal Rate of Return and Return on Invested Capital. This will close during 2Q18.
$COF announced an agreement with Clarity Money allowing Capital One customers to securely import their financial data to Clarity Money without sharing login credentials. Capital One's API provides transparency and helps consumers share their financial data with trusted third parties in a way that is within the consumer's control.
$SNV's subsidiary Synovus Bank completed the acquisition of certain assets and assumption of certain liabilities of World's Foremost Bank (WFB), a subsidiary of $CAB. Synovus sold WFB's credit card assets and related liabilities to Capital One Bank (USA), National Association, a bank subsidiary of $COF.
$COF declared a quarterly dividend of $0.40 per share, payable on Aug 17, 2017, to stockholders of record as on Aug 7, 2017. It also declared a quarterly dividend of $15 per share on its 6% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series B, payable on Sept 1, 2017, to stockholders as on Aug 17, 2017.
Banking company $COF reported higher revenue and income in 2Q17. Net income grew to $1Bil, or $1.94 per share, from $942MM, or $1.69 per share in 2Q16. Adjusted for special items, net income was $1.96 per share. Total net revenue increased 3% to $6.7Bil, as net interest income rose 7% to $5.47Bil.
$COF's period-end loans held for investment for 1Q17 decreased 2% to $240.6Bil, while average loans held for investment increased less than 1% to $241.5Bil. Period-end total deposits rose 2% to $241.2Bil, while average deposits increased 3% to $238.6Bil.
$COF reported a 20% drop in 1Q17 earnings due to higher provision for credit losses and lower non-interest income. Net income fell to $810MM or $1.54 per share from $1.01Bil or $1.84 per share last year. Revenue grew 5% to $6.54Bil. Excluding item, EPS for the latest quarter was $1.75.
$CAB entered into agreements with subsidiaries of $SNV and $COF in connection with the sale of the assets and liabilities of $CAB's wholly owned bank subsidiary, World's Foremost Bank. Synovus Bank, a bank subsidiary of $SNV, will buy certain assets and assume certain liabilities of the Bank, including deposits totaling about $1.2Bil.
$COF believes that it will deliver solid EPS growth in 2017 due to the strong growth over the last two years, assuming no substantial change in the broader credit and economic cycles. The company expects revenue to grow and drive growth in pre-provision earnings.