Capital One Financial reports April net charge-offs of $342.3M for U.S. card biz

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BOSTON, May 15, 2008 (Thomson Financial via COMTEX) -- COF | news | PowerRating | PR Charts -- Capital One Financial Corp. Thursday reported April net principal charge-offs of $342.3 million for its U.S. credit card business, while delinquencies of 30 days or more totaled $2.65 billion.

For the company's automotive finance business, Capital One reported April net principal charge-offs of $71.4 million and delinquencies of 30 plus days of $1.68 billion.

Internationally, the McLean, Va.-based credit services provider said April net principal charge-offs were $57.2 million and delinquencies totaled $562.5 million.

Credit Suisse, which rates the stock at outperform with a $63 price target, said: "Overall, it appears that April losses and delinquencies are trending flat with the previous month. Given management's commentary on the last quarterly earnings conference call, we would expect May and June to show continued deterioration in credit trends."

Capital One shares closed Wednesday at $51.25. Greg Saulnier gs/vj

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