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Capital One Profit Drops on Higher Provision for Credit Losses

People walk past a Capital One banking center in New York's financial district.

Capital One Financial Corp. COF 1.29 % said its profit fell a bigger-than-expected 12% in the first quarter, hurt by a higher provision for credit losses and an increase in expenses.

Shares declined 2.6% after hours.

As one of the country’s largest credit-card lenders, Capital One’s results are often considered a gauge of consumer...


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