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Capital One Financial Q1 earnings fall

Capital One Financial Corporation has reported that its earnings for the first quarter of 2008 were $548.5 million, or $1.47 per share diluted, a decline from earnings of $675 million, or $1.62 per share diluted, for the same quarter of 2007.

Earnings from continuing operations in the quarter declined to $632.6 million, or $1.70 per share diluted, from the 2007 first quarter earnings from continuing operations of $686.1 million, or $1.65 per share diluted. Earnings from continuing operations exclude the loss from discontinued operations related to the shutdown of GreenPoint Mortgage.

Total deposits of $87.7 billion at March 31, 2008 were up $4.9 billion, or 6%, from December 31, 2007 and $224.3 million, or essentially flat relative to March 31, 2007.

Richard Fairbank, chairman and CEO of Capital One, said: We’re well positioned to navigate near-term cyclical challenges with resilient businesses, experience in managing through prior cyclical downturns, and a strong balance sheet. We’re actively managing the company to protect our franchises and deliver shareholder returns.