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Capital One shares fall as 3Q profit disappoints

FILE - This Jan. 25, 2009 file photo shows a Capital One ATM, in New York. Capital One Financial Corp., reports quarterly earnings Thursday, Oct. 16, 2014, after the market close. (AP Photo/Mark Lennihan, File)
FILE - This Jan. 25, 2009 file photo shows a Capital One ATM, in New York. Capital One Financial Corp., reports quarterly earnings Thursday, Oct. 16, 2014, after the market close. (AP Photo/Mark Lennihan, File) FILE - This Jan. 25, 2009 file photo shows a Capital One ATM, in New York. Capital One Financial Corp., reports quarterly earnings Thursday, Oct. 16, 2014, after the market close. (AP Photo/Mark Lennihan, File)

By Associated Press 1 min read

MCLEAN, Va. (AP) – A bigger buffer against loan losses weighed on Capital One Financial Corp.’s third-quarter earnings.

The McLean, Virginia-based company said Thursday that it had profit of $1.08 billion, or $1.86 per share. But analysts expected $1.95 per share, according to FactSet. A year ago, profit came to $1.11 billion, or $1.84 per share.

Capital One set aside $993 million for future losses, up 17 percent from a year earlier.

Shares fell 2.5 percent to $76.60 in after-hours trading.

The credit card issuer and bank posted revenue of $5.64 billion in the period, which topped Street forecasts. Analysts expected $5.54 billion, according to Zacks Investment Research. A year ago, revenue came to $5.65 billion.