Capital One Financial Corp. reported an increase in its May net chargeoff rate, with the annualized chargeoff rate for the company's $67.9 billion credit card portfolio rising 20 basis points to 6.28%, up from 6.08% in April.
The 30-day delinquency rate on the card portfolio is 3.81%, down from 3.90% in April, according to a filing with the U.S. Securities and Exchange Commission. The delinquency rate has dropped incrementally since the start of the year. In January, the rate was 4.36%.
McLean, Va.-based Capital One also reported that its auto loan portfolio totaled $23.8 billion at the end of May. The annualized net charge off rate on the portfolio was 3.80% and the 30-day delinquency rate at the end of the month was 7.27%.
The bank also filed with the SEC a plan for shareholders to invest their cash dividends or make cash investments in additional Capital One shares. Shareholders may choose to have all or a portion of their cash dividends automatically reinvested in Capital One common stock, investing a minimum of $50 per month up to a maximum of $10,000 per month. Typically, participating shareholders pay no processing or service fees for the transactions.
