Capital One beat analyst estimates on profit and slightly on revenue in the third quarter, with revenue of $16.3 billion (up 6%) and adjusted net income of nearly $4.1 billion, or $6.69 per share, versus $5.50 expected. Card purchase volume rose 11% to nearly $255 billion, helped by moving debit card transactions onto its own network after acquiring Discover. Consumer banking revenue grew 17% to $3.3 billion, and loans held for investment rose 13% to just over $94 billion, though the article warns loan growth may slow after the Federal Reserve's rate hike at the end of September. Commercial banking revenue was flat at $901 million. Discover synergies reached an annualized $1.8 billion, with integration costs above $2.8 billion, which management expects to fall to zero by 2028.
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