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Capital One posts third quarter net loss

NEW YORK
Thu Oct 18, 2007 6:15pm EDT

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The Capital One headquarters in McLean, Virginia, August 21, 2007. Capital One Financial Corp, a credit card issuer and banking company, posted a third quarter net loss, hurt by charges from shutting down its GreenPoint Mortgage business. REUTERS/Kevin Lamarque

NEW YORK (Reuters) - Capital One Financial Corp (COF.N), a credit card issuer and banking company, posted a third quarter net loss, hurt by charges from shuttering its GreenPoint Mortgage business.

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The McLean, Virginia-based company said its third quarter net loss was $81.6 million, or 21 cents a share, compared with a profit of $587.8 million, or $1.89 a share a year earlier.

Analysts on average expected a third quarter loss of 25 cents, according to Reuters Estimates.

Total revenue was $3.774 billion for the quarter, compared with $3.056 billion in the same quarter last year.

Capital One said in August it was shutting down its GreenPoint Mortgage wholesale home lending business amid the U.S. housing downturn.

Capital One said it recorded a loss of $898 million after tax for discontinued operations related to the GreenPoint shutdown.

(Reporting by Dan Wilchins)
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