Capital One Provisions Soar on Loss of Walmart Program

Capital One Financial Corp. set aside much more money to cover loan losses than expected in the second quarter, after ending a program to issue credit cards exclusively for Walmart Inc.

The end of a loss-sharing agreement tied to that program meant that Capital One’s provisions spiked 57% year-over-year, to $3.9 billion, according to a statement Tuesday. Analysts had expected provisions of $2.8 billion, according to estimates.