Capital One Financial Corp. : Capital One : US Credit-Card Delinquencies, Charge-Offs Rose In Jan
02/15/2012| 06:47am US/Eastern
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Capital One Financial Corp. (COF) said delinquencies and charge-offs at its U.S. credit-card business rose in January.
While charge-offs--loans banks don't expect to be able to collect--and delinquencies remain below 2010 levels, the progress has been uneven.
The company's U.S. credit-card business saw 30-day delinquencies rise to 3.78% from 3.66% in December, and edge up to 5.19% from 5.18% internationally. The auto-loan 30-day delinquency rate fell to 7.28% from 7.37%.
At Capital One's U.S. card business, net charge-offs rose to 4.08% from 3.98% in December. Internationally, the rate was down to 5.64% from 5.76%, according to a filing with the Securities and Exchange Commission. Auto-financing charge-offs fell to 2.17% from 2.25%.
Capital One, which transformed itself from a credit-card lender to a bank just before the financial crisis hit, has lately benefited from improving credit quality and has been working to expand through acquisitions.
--By Melodie Warner, Dow Jones Newswires; 212-416-2283; melodie.warner@dowjones.com
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