Capital One reports quarterly loss as it repays bailout money
- July 24, 2009
Capital One Financial Corp. reported a $276 million loss for the second quarter, caused mostly by delinquent credit card debt and repayment of government bailout money.
The McLean-based credit card and banking company had a profit of $453 million during the same period last year.
Capital One announced last month that it would repay the $3.6 billion it received under the federal government’s Troubled Asset Relief Program. During the second quarter, $461.7 million was charged for repayment. Without the repayment, Capital One would have reported a net income of $224.2 million.