By Melodie Warner
Capital One Financial Corp. (COF) said delinquencies at its U.S.
credit-card business fell for the fourth-straight month in May from
the month earlier, while charge-offs also eased.
Delinquencies and charge-offs, or loans banks don't expect to be
able to collect, have continued to recover at many financial
institutions, but the progress has been uneven.
Capital One's 30-day delinquency rate for U.S. credit cards fell
to 3.14% last month from 3.18% in April, according to a filing with
the Securities and Exchange Commission.
At its international credit-card business, the rate decreased to
4.83% from 5.01% a month earlier. Auto-loan delinquencies rose to
5.76% from 5.39%.
Charge-offs at the U.S. card business declined to 3.85% in May
from 4.07% a month earlier. Internationally, the rate fell to 5.3%
from 6% a month earlier. Auto financing charge-offs were up at
0.97% from 0.8%.
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.
Write to Melodie Warner at melodie.warner@dowjones.com