Cap One Card Charge-Offs Drop in August, Delinquencies Up

Major credit card issuer Capital One (NYSE: COF) saw charge-offs in its U.S. card unit drop slightly in August as auto loan charge-offs spiked, according to a Monday SEC filing.

Cap One reported an annualized charge-off rate of 5.96 percent in its U.S. Card unit, down from the 6.08 percent annual rate in July. The company reported net charge-offs of $341 million in its card unit for August.

But the 30 Days + Delinquency rate rose in the card unit rose in August to 4.07 percent, compared to 3.96 percent in July.

Cap One’s auto finance unit, meanwhile, reported a fairly sharp increase in its charge-off rate. The annualized charge-off rate in the auto finance unit was 5.35 percent in August, up from 4.67 percent in July. Delinquencies in the auto finance unit were also up, with the 30 Days + Delinquency rate standing at 8.84 percent in August compared to 8.33 percent in July.

Be the First To Comment

(Please read our comments policy first.)

From:
Show my identity with comment
Your Comment:

Leave this field empty