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Capital One Financial Corp. yesterday reported that its U.S. credit card segment's net charge-off rate increased to 9.73% of managed receivables in June from 9.41% the previous month.
McLean, Va.-based Cap One's 30-day delinquency rate fell for the fourth consecutive month, to 4.77% from 4.9% in May, according to a company filing. The rates were in line with a forecast Keefe, Bruyette & Woods published yesterday in advance of the issuers' filings.
The New York-based equity analysis firm expects credit quality among major card lenders to continue to deteriorate this month, "given the state of the economy and rising unemployment," but delinquency rates in June likely will be flat to slightly higher than in previous months.
