Industries Banking/Finance

Capital One to increase dividend to 30 cents a share

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McLean-based Capital One Financial Corp. plans to increase its quarterly dividend to 30 cents per share.

The company had reduced its dividend from 37.5 cents to 5 cents a share in 2009 in response to the national financial crisis.

The dividend increase announcement on Thursday came after the Federal Reserve completed its 2013 comprehensive capital analysis and review (CCAR) of Capital One and did not object to the banking company’s proposed capital distributions.

Those plans had been submitted to the Fed in January as part of the CCAR process.

Capital One expects to declare a 30 –cent dividend for the first quarter of 2013, subject to final approval of its board of directors at its scheduled meeting in May.

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