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News Summary: Capital One 2Q earns plunge 90 pct
Wednesday - 7/18/2012, 6:34pm EDT
(AP) - WHAT'S IN THEIR WALLET: Capital One's quarterly net income plunged 90 percent, weighed down by acquisition costs, payouts required under a federal settlement and a pile-up of reserves to cover bad loans.
BAD DAY: The results came the same day the government's new consumer watchdog agency and a banking regulator ordered Capital One Bank to pay $210 million in refunds and fines. The Consumer Financial Protection Bureau said Capital One used "deceptive" marketing to lure credit card customers into buying services.
THE FIGURES: Capital One Financial Corp.'S second-quarter net income dropped to $92 million, or 16 cents per share, from $911 million, or $1.97 per share.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)