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00:02Capital One shares rose in Wednesday's pre-market trading after the company reported third quarter
00:07adjusted earnings of 6.69 per share, beating estimates of $5.50, according to Benzinga Pro.
00:13Revenue reached $16.34 billion, exceeding expectations of $16.26 billion. Revenue
00:21increased 3% from the previous quarter, while non-interest expenses declined 2%.
00:27Net interest margin expanded to 8.41%, while domestic credit card purchase volume grew 11%
00:33year over year. During Capital One's third quarter earnings call, CEO Richard Fairbank said
00:39artificial intelligence will fundamentally transform how banks operate and serve customers.
00:44He compared the impact of generative and agentic AI to breakthroughs such as fire and electricity,
00:50saying banking will never be the same. Capital One has spent more than a decade rebuilding
00:56its technology infrastructure to capitalize on advances in artificial intelligence.
01:01Shares gained 3.39% in pre-market trading, according to Benzinga Pro data.
01:06For all things money, visit Benzinga.com.
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