Capital One’s (COF) net income for the first quarter rose to $1.1 billion, or $1.79 a share, compared to $843 million, or $1.41 a share, in the fourth quarter of 2012, the company reported.

Despite this profit surge, the company's earnings were significantly lower than the $1.4 billion, or $2.72 per share, profit reported for the same period last year.

"Each of our businesses delivered solid results in the quarter and our balance sheet is strong," said Richard Fairbank, chairman and CEO. "We continue to generate significant capital and we're focused on returning capital to our shareholders."

Capital One’s revenue edged down 1% to $5.6 billion on lower average loan balances and purchase volume, which was partially offset by higher margins.