Capital One Posts Mixed March Credit Data

Capital One gave a mixed read on credit trends for March Thursday as its net charge-offs saw an increase but its percentage of delinquencies of at least 30 days fell for the month.
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McLEAN, VA. (

TheStreet

) --

Capital One Financial's

(COF) - Get Report

credit card charge-offs rose in March after experiencing a decline in the prior month although delinquencies continued to fall in the latest 30-day period.

The credit card company said in a

Securities and Exchange Commission

filing that net charge-offs for its domestic credit card portfolio rose to 10.87%, or $511 million, from 10.19% in

February

. However, the percentage of delinquencies at least 30 days late fell to 5.30% for March from 5.51% in the prior month. Capital One's average loans held for investment fell 3% in March to $56.39 billion.

Capital One's international credit card metrics, even with the portfolio just one seventh of the company's main credit card portfolio, had similar trends last month. Charge-offs rose to 9.40% from 8.07%, while delinquencies dropped during the month.

Metrics for auto loans also improved last month. Capital One's auto loan net charge-off rate dropped to 2.10% from 2.50% in February. Loans more than 30 days late also fell significantly to 7.58% from 7.99%, the filing said.

While credit card delinquencies and defaults are still at record highs, suggesting that the consumer is still under duress, they also seem to have hit a peak, according to latest industry metrics.

JPMorgan Chase

(JPM) - Get Report

reported

strong first-quarter results

on Wednesday and said net charge-offs represented 10.54% of its Chase-legacy credit card portfolio. That performance represents a 60 basis point negative impact vs. the fourth quarter, reflecting a payment holiday the company implemented last summer. JPMorgan says it expects charge-offs to range around 9.5% on the Chase card portfolio in the second quarter, with declines from there in the second half of the year.

Monthly credit card delinquency data from

American Express

(AXP) - Get Report

should also be filed later today.

Capital One shares have surged 20.2% year-to-date and the stock set a new 52-week-high of $46.06 on Wednesday. It's now up $33.55, or 268%, from its low of $12.51 in April 2009.

The company is scheduled to report its first-quarter results on April 22. The average analysts' is for a quarterly profit of 56 cents a share in March period on revenue of $4.14 billion, according to

Thomson Reuters

. Capital One has beat earnings estimates on the last three of four quarters.

--Written by Laurie Kulikowski in New York.