Saturday, March 20, 2010

February Credit Quality $COF- [CREDIT SUISSE] CAPITAL ONE FINANCIAL

February Credit Quality
■ February credit quality trends were ahead of expectations (Exhibit 1). Chargeoffs and delinquencies improved in both Card and Auto Finance segments. Specifically, Domestic Card losses fell 22 bps m/m, or $24 million, to 10.2% of average loans. 30+ day delinquencies declined 30 bps to 5.5% following a modest uptick in January. International Card credit losses declined 14% to $53mn. The loss rate was 8.1%, 96 bps better than January. 30+ day delinquencies declined 3%. Auto Finance losses declined 43% m/m to $37mn; delinquency dollars decreased 18%. Loan balances within all three segments fell 3.0% from January, driven predominantly by runoff in the card portfolios.
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