SAN FRANCISCO (AP) _ Troubled credit card issuer Providian Financial Corp. on Monday disclosed its loan losses continued to rise in November, but at a slower pace than in recent months.

As of Nov. 30, Providian's loss rate stood at 12.8 percent of its managed portfolio, up from 12.06 percent in October, according to filings with the Securities and Exchange Commission. The October loss rate had shot up from 10.33 percent in the third quarter, a spike that rattled investors worried about how quickly the company's finances were deteriorating.

Monday's news seemed to raise hopes that Providian's new management team might be getting the San Francisco-based company's loan losses under control. Providian's slumping shares surged 70 cents, or 28 percent, to close at $3.22 Monday on the New York Stock Exchange.

Seeking to protect $15.9 billion in insured deposits, government regulators are restricting Providian's growth until the company shores up its balance sheet.


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