By Saabira Chaudhuri
Capital One Financial Corp. (COF) said delinquencies at its U.S.
credit-card business rose during January, while auto-loan
delinquencies also edged up.
The lender, which transformed from a credit-card lender to a
bank just before the financial crisis hit, has mostly benefited
from improving credit quality and has been working to expand
through acquisitions.
However for January, Capital One's 30-day delinquency rate for
U.S. credit cards rose to 3.72% last month from 3.61% in December,
according to a filing with the Securities and Exchange
Commission.
At its international credit-card business the rate was 3.87%
compared with 3.58% during December.
Auto-loan delinquencies edged up to 7.06% from 7%.
Charge-offs--loans banks don't expect to be able to collect--at
the U.S. card business were 4.36% from 4.35% in December.
Internationally, the rate was 4.38% from negative 0.88%. Auto
financing charge-offs were 2.48%, down a hair from 2.49%.
In January, Capital One reported that its fourth-quarter
earnings surged amid strong revenue growth, though earnings and
revenue missed analysts' expectations owing to higher loan-loss
provisions and operating expenses.
Shares closed Thursday at $55.59 and were inactive premarket.
The stock has risen 13% in the past 12 months.
Write to Saabira Chaudhuri at saabira.chaudhuri@dowjones.com
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