Capital One Financial Corp (COF) reported that net charge-off
rate continued to decline throughout July while credit card
delinquencies edged up.
A filing with the SEC shows that net
charge-offs dropped to 3.77% in July from 4.41% a month earlier for
Capital One’s US card business and also showed an international
decline from 7.19% to 6.59%.
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Capital One’s US credit business also saw
30-day delinquencies edge up to 3.37% from 3.33% a month earlier
and to 5.34% from 5.3% internationally. The auto-loan 30-day
delinquency rate increased to 6.84% from 6.51%.
However, recently the company has benefited
from improved credit quality with Q2 financial results showing a
50% rise, beating analysts estimates, as it booked lower loan loss
provisions and continued to see a decline in net charge-offs.
Shares closed Friday at $43.78 and were
inactive in premarket trade. Through the latest close, the stock is
up 2.9% for the year.
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By GlobalData
