Capital One -4.6 on miss; credit metrics deteriorate

|About: Capital One Financial Co... (COF)|By:, SA News Editor

Q1 net income (excl. U.K. PPI Reserve) of $910M or $1.75 per share vs. $1B and $1.84 a year ago.

Net interest income of $5.474B up 8% Y/Y.

Noninterest income of $1.061B down 9% Y/Y

Noninterest expense of $3.424B up 7% Y/Y, with marketing expense of $396M down 7%, and operating expense of $2.976B up 10%.

Provision for credit losses of $1.992B up 14% from Q4 and 30% Y/Y. Allowance for loan and lease losses of $6.984B up 29% Y/Y; as a percent of loans held for investment of 2.9% up 52 basis points. Net charge-offs of $1.51B up 28%; net charge-off rate of 2.5% up 42 bps. 30-day delinquency rate of 2.92 up 28 bps.

ROA of 0.90% down 33 basis points Y/Y; ROTCE of 10.37% down 257 bps.

Conference call at 5 ET

Previously: Capital One Financial lower 4.2% on earnings miss (April 25)

COF -4.6% after hours