Providian Profit Up More Than Fivefold
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Providian Financial Corp., the San Francisco-based parent of Providian National Bank, said fourth-quarter profit surged more than fivefold to $67.1 million as revenue increased and non-interest expenses fell.
Net income rose to 23 cents a share from $12.1 million, or 4 cents, a year earlier, a spokeswoman said. Revenue rose 4.8% to $502.2 million from $479.3 million, and non-interest expenses fell 18% to $261.5 million.
The company had been expected to earn 17 cents a share, the average estimate of analysts polled by Thomson First Call.
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