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The bank nearly tripled its reserves for unpaid loans, to $1.68 billion. Of that amount, $1.2 billion is to protect against losses from HSBC's U.S. credit card business. The $2.6 billion purchase of HSBC's U.S. card business closed in May, and the $8.96 billion purchase of ING Direct closed in February. Accounting rules require Capital One to set aside reserves to cover uncollected balances, which consumed a large portion of its quarterly earnings. Net interest income rose 17 percent to $4 billion, helped by picking up assets from HSBC. Non-interest income sank 31 percent to $1 billion.
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