"Capital One's Profits Decline Due to Increased Credit Loss Provisions and FDIC Charge"

Capital One Financial's fourth-quarter profit dropped by 43% due to increased provisions for credit losses and a charge related to replenishing the FDIC deposit insurance fund. The company's net interest income climbed 4% to $7.52 billion, but its net income fell to $706 million. The results reflect the impact of high borrowing costs and the threat facing consumers due to elevated interest rates, with the Federal Reserve potentially needing to keep rates higher for longer.