Capital One Financial Corp. lost $1.4 billion, or $3.74 a share, in the fourth quarter and finished in the red for the full year.
The $165.9 billion-asset McLean, Va., company said it lost $46 million, or 21 cents a share, last year.
The fourth-quarter results included an $810.9 million noncash charge for goodwill impairment related to efforts to scale back its auto finance business.
Analysts on average had expected the company to earn 33 cents a share in the fourth quarter, according to Thomson Reuters.
The provision for loan losses nearly doubled from the third quarter and rose 62.2% from a year earlier, to $2.1 billion, Capital One said after the market closed Thursday.
Its banking unit lost $6.5 million, compared with gains of $88.2 million in the third quarter and $103.6 million a year earlier. The provision for loan losses in that unit rose 164.1% from the third quarter and 402% from a year earlier, to $214.2 million.
