Capital One reports first-quarter loss

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Capital One Financial Services reported a $111.9 million loss for its first quarter, following a $1.4 billion loss during the fourth quarter of the 2008.

Last year, the banking and credit card company reported a $548.5 million profit.

“While our first quarter results reflected significant pressures from the worsening economy, our balance sheet remained a source of strength,” said Richard D. Fairbank, Capital One’s chairman and CEO. “We continued to build our allowance, increase coverage ratios, and manage our capital levels well in excess of regulatory requirements. While we remain cautious about near-term economic challenges, we are confident that our balance sheet provides the stability to weather the current economic crisis and the flexibility to generate value on the other side.”

The bank increased its deposits 11.5 percent to $121.1 billion because of the acquisition of Chevy Chase Bank.

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