UPDATE 1-Capital One credit card defaults fall in April

* U.S. credit card charge-offs decline to 9.68 pct in April

* U.S. credit card delinquencies fall to 5.07 pct in April

May 17 (BestGrowthStock) – Capital One Financial Corp’s (COF.N: )
U.S. credit-card defaults fell in April in a sign that consumer
stress was easing.

In a regulatory filing, Capital One said the annualized net
charge-off rate — debts the company believes it will never
collect — for U.S. credit cards fell to 9.68 percent in April
from 10.87 percent in March.

Accounts at least 30 days delinquent — an indicator of
future loan losses – declined to 5.07 percent from 5.30
percent.

For U.S. auto loans, Capital One’s charge-off rate was 1.75
percent in April, down from 2.10 percent in March, and the
delinquency rate fell to 7.13 percent from 7.58 percent.

In credit card international operations, including Canada
and Britain, the charge-off rate decreased to 8.60 percent from
9.40 percent, while the delinquency rate was lower at 6.28
percent from 6.39 percent in March.

Capital One routinely kicks off the monthly reporting of
credit card charge-offs. JPMorgan Chase & Co (JPM.N: ), Bank of
America Corp (BAC.N: ), Citigroup Inc (C.N: ), American Express Co
(AXP.N: ) and Discover Financial Services (DFS.N: ) are expected to
report the monthly performance of their credit card portfolios
later on Monday.

Capital One is the third-largest U.S. issuer of Visa (V.N: )
-branded credit card and the fifth-largest issuer of MasterCard
(MA.N: )-branded credit cards.

Capital One sharesclosed at $42.76 Friday on the New York
Stock Exchange.
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(Reporting by Brenton Cordeiro in Bangalore; Editing by
Aradhana Aravindan)

UPDATE 1-Capital One credit card defaults fall in April