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Capital One: US Credit Card Delinquencies Decline In April

DOW JONES NEWSWIRES Capital One Financial Corp. (COF) said delinquencies at its U.S. credit-card business continued to fall in April from the month earlier, though charge-offs increased. While charge-offs--loans banks don't expect to be able to collect--and delinquencies have continued to recover at many financial institutions, the progress has been uneven. Capital One's 30-day delinquency rate for U.S. credit cards fell to 3.18% last month from 3.25% in March, according to a filing with the Securities and Exchange Commission. At its international credit-card business, the rate decreased to 5.01% from 5.14% a month earlier. Auto-loan delinquencies rose to 5.39% from 5.13%. Charge-offs at the U.S. card business rose to 4.07% in April from 3.85% a month earlier. Internationally, the rate rose to 6% from 5.5% a month earlier. Auto financing charge-offs were down at 0.8% from 0.81%. 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 Monday at $52.31 and were inactive premarket. The stock is up 24% since the start of the year. -By Melodie Warner, Dow Jones Newswires; 212-416-2283;

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