Capital One profit increases 50% as defaults on consumer loans diminish

( – Capital One Financial Corp. said on Wednesday its second-quarter profit jumped 50 percent as fewer customers defaulted on credit cards, a sign consumer loans might be a bright spot for other major banks. Capital One also raised US$2 billion through a stock offering on Wednesday, selling 40 million shares at US$50 each. The bank had said the issue would fund its previously announced acquisition of ING Groep NV’s U.S. online bank.

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