Capital One Financial Corp. (COF) said delinquencies and
charge-offs at its U.S. credit-card business fell in February.
While charge-offs--loans banks don't expect to be able to
collect--and delinquencies have continued to recover, the progress
has been uneven.
The company's U.S. credit-card business saw 30-day delinquencies
decline to 3.62% last month from 3.78% in January, according to a
filing with the Securities and Exchange Commission. However,
internationally the rate increased to 5.25% from 5.19%. Auto-loan
delinquencies dropped to 5.61% from 7.28%.
Charge-offs at its U.S. card business decreased to 3.84% in
February from 4.08% a month earlier. Internationally, the rate was
down at 5.43% from 5.64%. Auto-financing charge-offs were up at
1.29% from 2.17%.
Capital One, which transformed 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.
Shares closed Tuesday at $50.95 and were inactive in recent
premarket trading. The stock is up roughly 20% this year.
-By Tess Stynes, Dow Jones Newswires; 212-416-2481;
Tess.Stynes@dowjones.com