Capital One Financial Corp., which reported a profit for the first time in a year last month, said it expects U.S. credit card chargeoffs to rise this quarter.

Chargeoffs "will reach a peak in the next one to two quarters," the lender said Monday in a regulatory filing. The McLean, Va., company said continued declines in its managed loan portfolio would probably result in further increases in the chargeoff rate, the company said.

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