Capital One triples loss allowances for oil and gas loans
With the US energy market in turmoil, Capital One built up loss reserves for its oil and gas loans to $549 million at end-March, up from $187 million just three months prior.
The bank’s total exposure to commercial oil and gas clients totalled $6.2 billion in Q1, of which 54% were funded loans and the remainder unfunded commitments. Exploration and production companies made up 72% of its total portfolio. Loss reserves for both funded and unfunded loans represented 9.7% of its total exposures
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