Capital One Financial Corp. reported declining revenue in the first quarter, with total revenue falling 2% to $15.23 billion compared to the same period last year.

The McLean, Virginia-based bank saw its provision for credit losses decline during the quarter, providing some offset to the revenue decrease. Credit loss provisions represent funds banks set aside to cover potential loan defaults.

The revenue decline comes as the banking sector continues to navigate a challenging interest rate environment and economic uncertainty. Banks have been adjusting their lending practices and credit reserves in response to changing market conditions.

Capital One, one of the largest credit card issuers in the United States, has been closely watched by investors for its performance amid concerns about consumer credit quality and spending patterns. The bank's results provide insight into broader consumer financial health and lending market trends.

The financial institution has not yet released complete details of its first-quarter performance, including net income figures and other key financial metrics that would provide a fuller picture of its quarterly results.