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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Capital One Financial Corporation | NYSE:COF | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
4.95 | 3.42% | 149.56 | 149.59 | 144.19 | 144.64 | 3,796,876 | 23:07:46 |
Capital One Financial Corp. (COF) said credit card charge-offs and delinquencies continued to decline for a sixth straight month in May, though they turned higher for auto-finance credit.
U.S. charge-offs--loans banks don't expect to be able to collect--fluctuated near the end of last year after mostly dropping in the early months of 2010. The U.S. credit-card industry is wrestling with a slow recovery as losses from souring loans remain high.
Net charge-offs in May edged down to 4.84% from 4.97% a month earlier at Capital One's U.S. card business and to 6.84% from 7.06% internationally, according to a filing with the Securities and Exchange Commission. However, auto-finance charge-offs edged up to 0.9% from 0.84%.
At the company's U.S. credit-card business, 30-day delinquencies fell to 3.32% from 3.41% a month earlier and to 5.43% from 5.51% internationally. The auto-loan 30-day delinquency rate increased to 6.35% from 5.84%.
The card-issuer-turned-bank has seen financial results improve of late and reported in April its first-quarter earnings rose 60% as the company set aside significantly less for loan losses, boosting the bottom line.
Shares closed Tuesday at $48.43 and were inactive premarket.
-By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com
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