Capital One profit rises 14 percent

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Banking and credit card company Capital One reported a 14 percent increase in net income for the third quarter.

The McLean company’s net income was $425.6 million during the third quarter, compared with $374.1 million during the same period last year.

The company’s net income rose primarily because of sales in the company’s investment portfolio and lower funding costs.

The company, however, said credit card delinquencies had risen to 5.38 percent, compared with 4.2 percent during the same quarter last year.

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