I got excited when American Express
No such luck, Fools. The excitement lasted about 20 minutes, until I saw Capital One's
Net income for the third quarter came in at $425.6 million, or $0.94 per share, compared with $374.1 million, or $1.00 per share, in the same period last year. That headline number pleased investors, who bid up shares almost 7% on Friday. Chalk that up to a market that expects nothing great, because digging a little deeper tells the story of a bank still very much under attack from mean ol' Mr. Recession:
Metric |
Q3 2009 |
Q2 2009 |
Q3 2008 |
---|---|---|---|
Credit Card 30-Day Delinquencies |
5.53% |
4.99% |
4.34% |
Credit Card Net Charge-Off Rate |
9.59% |
9.24% |
6.10% |
Total Purchase Volume |
$26.0 billion |
$25.7 billion |
$29.4 billion |
The increase in both early stage delinquencies and net charge-offs is in stark contrast to the sequential improvements put up by American Express last week. Bank of America
Granted, other banks like JPMorgan Chase
Where's that leave Capital One? Prone to being pointed and laughed at, I'd say.
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