Capital One Charge-Offs Jump on Auto, Credit Card Write-Downs

Capital One Financial Corp. reported net charge offs that were higher than analysts expected as borrowers fell behind on their credit-card and auto loans.

The credit card firm said net charge offs were $2.53 billion, a 77% jump on the prior year and higher than the $2.36 billion predicted by analysts. Auto and credit card charge-offs ticked up on the previous year, as did delinquencies in both products, the company said in a statement. The firm boosted its provision for credit losses by $573 million to $2.9 billion.