Providian Financial Corp. said Thursday that it more than doubled its profit in the fourth quarter, helped by a slight rise in revenue and less funds set aside to cover bad debt.
In the latest quarter, Providian’s income rose to $138.1 million, or 42 cents per share, from $67.1 million, or 22 cents, a year ago.
The company released unaudited figures and said its external accountant has not yet completed a review of some accounting treatments which could reduce full-year earnings by as much as 20 cents per share, Providian said.
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