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Capital One posts fourth-quarter loss after impairment


    NEW YORK (Reuters) - Capital One Financial Corp , a credit-card issuer and bank, posted a fourth-quarter loss on Thursday, hurt by goodwill impairment, and set aside more money to cover more bad loans.

    The McLean, Virginia-based company swung to a fourth-quarter net loss of $1.4 billion, or $3.74 per diluted share, compared with net income of $226.6 million, or 60 cents per diluted share, a year earlier.

    The company, one of the largest issuers of MasterCard and Visa credit cards, recognized $810.9 million in noncash impairment of goodwill related to its revised outlook from its auto finance business.

    Total revenue fell 19 percent to $3.17 billion in the fourth quarter, while deposits rose to $108.6 billion at the end of the period.

    Capital One's shares closed down 4.4 percent to $21.94.

    The company's stock has sunk around 32 percent this year, while the KBW Bank Index has fallen 38 percent.

    (Editing by Jeffrey Benkoe)