Consumer lender Capital One Financial reported a second-quarter profit on Thursday that beat analysts’ estimates, helped by higher income from borrowers following a rise in benchmark lending rates.
The U.S. Federal Reserve has aggressively hiked interest rates over the past 12 months to tackle sticky inflation, a move which has boosted profitability for consumer facing banks, allowing them to earn more from loans.
Read More : Capital One Financial Surpasses Profit Estimates, Boosted by Increased Interest Income