Capital One Boosts Provision for Bad Loans, Misses Estimates

Capital One Financial Corp., the biggest US credit-card lender, reported a first-quarter profit that missed Wall Street estimates and set aside more cash to cover soured loans.

Provision for credit losses surged 72% from 12 months earlier to $4.07 billion, the McLean, Virginia-based bank said in a statement Tuesday, almost a year after completing its acquisition of rival Discover Financial Services. Adjusted earnings per share totaled $4.42, missing the $4.56 average estimate of analysts surveyed by Bloomberg.