Capital One Financial Corp. reported its third straight quarterly profit on lower credit costs.

The $200.7 billion-asset McLean, Va., company earned $636.3 million in the first quarter, compared with $375.6 million in the fourth quarter and a $172.3 million loss a year earlier.

The provision for managed loan losses fell 20% from the fourth quarter and 30.7% from a year earlier, to $1.48 billion.

Capital One's commercial banking operations had a loss of $49.5 million, narrowing from a loss of $136 million in the fourth quarter. The consumer banking business earned $305.4 million, compared with a loss of $7.7 million a quarter earlier.

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