Capital One Financial Corp.'s net income rose nearly 60% in the first quarter as the credit card lender's chargeoffs fell and it set aside less money for future loan losses.

The McLean, Va., company said Thursday that net income was $1.02 billion, or $2.21 per diluted share, beating Thomson Reuters estimates of $1.55 per share. A year earlier, the company reported a profit of $636 million, or $1.40 per diluted share.

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