Net of adjusting items, Second Quarter 2024 Net
Income of $3.14 per share(1)
Capital One Financial Corporation (NYSE: COF) today announced
net income for the second quarter of 2024 of $597 million, or $1.38
per diluted common share, compared with net income of $1.3 billion,
or $3.13 per diluted common share in the first quarter of 2024, and
with net income of $1.4 billion, or $3.52 per diluted common share
in the second quarter of 2023. Adjusted net income(1) for the
second quarter of 2024 was $3.14 per diluted common share.
"We posted strong second quarter results while continuing to
lean into opportunities to grow and further strengthen our domestic
card and national consumer banking franchises," said Richard D.
Fairbank, Founder, Chairman, and Chief Executive Officer. "And
we’re “all in” and working hard to complete the Discover
acquisition, which will create a consumer banking and global
payments platform with the potential to enhance competition,
deliver compelling financial results, and create significant value
for merchants, small businesses, and consumers."
The quarter included the following adjusting items:
Pre-Tax
After-Tax Diluted EPS
(Dollars in millions, except per share data)
Impact
Impact
Allowance build for Walmart program
agreement loss sharing termination
$
826
$
1.63
Walmart program agreement termination
contra revenue impact
$
27
$
0.05
Discover integration expenses
$
31
$
0.06
FDIC special assessment
$
8
$
0.02
All comparisons below are for the second quarter of 2024
compared with the first quarter of 2024 unless otherwise noted.
Second Quarter 2024 Income Statement
Summary:
- Total net revenue increased 1 percent to $9.5 billion.
- Total non-interest expense decreased 4 percent to $4.9 billion:
- 5 percent increase in marketing.
- 6 percent decrease in operating expenses.
- Pre-provision earnings(2) increased 7 percent to $4.6
billion.
- Provision for credit losses increased $1.2 billion to $3.9
billion:
- Net charge-offs of $2.6 billion.
- $1.3 billion loan reserve build.
- Net interest margin of 6.70 percent, an increase of 1 basis
point.
- Efficiency ratio of 52.03 percent.
- Adjusted efficiency ratio(1) of 51.47 percent.
- Operating efficiency ratio of 40.84 percent.
- Adjusted operating efficiency ratio(1) of 40.31 percent.
Second Quarter 2024 Balance Sheet
Summary:
- Common equity Tier 1 capital ratio(3) under Basel III
Standardized Approach of 13.2 percent at June 30, 2024.
- Period-end loans held for investment in the quarter increased
$3.0 billion, or 1 percent, to $318.2 billion.
- Credit Card period-end loans increased $3.3 billion, or 2
percent, to $153.9 billion.
- Domestic Card period-end loans increased $3.2 billion, or 2
percent, to $147.1 billion.
- Consumer Banking period-end loans increased $564 million, or 1
percent, to $75.7 billion.
- Auto period-end loans increased $584 million, or 1 percent, to
$74.4 billion.
- Commercial Banking period-end loans decreased $833 million, or
1 percent, to $88.6 billion.
- Average loans held for investment in the quarter increased $274
million, or less than 1 percent, to $314.9 billion.
- Credit Card average loans increased $822 million, or 1 percent,
to $150.5 billion.
- Domestic Card average loans increased $857 million, or 1
percent, to $143.7 billion.
- Consumer Banking average loans increased $294 million, or less
than 1 percent, to $75.4 billion.
- Auto average loans increased $330 million, or less than 1%
percent, to $74.1 billion.
- Commercial Banking average loans decreased $842 million, or 1
percent, to $89.0 billion.
- Period-end total deposits increased $473 million, or less than
1 percent, to $351.4 billion, while average deposits increased $3.8
billion, or 1 percent, to $349.5 billion.
- Interest-bearing deposits rate paid increased 3 basis points to
3.56 percent.
Earnings Conference Call Webcast Information
The company will hold an earnings conference call on July 23,
2024 at 5:00 PM Eastern Time. The conference call will be
accessible through live webcast. Interested investors and other
individuals can access the webcast via the company’s home page
(www.capitalone.com). Under “About,” choose “Investors” to access
the Investor Center and view and/or download the earnings press
release, the financial supplement, including a reconciliation of
non-GAAP financial measures, and the earnings release presentation.
The replay of the webcast will be archived on the company’s website
through August 6, 2024 at 5:00 PM Eastern Time.
Forward-Looking Statements
Certain statements in this release may constitute
forward-looking statements, which involve a number of risks and
uncertainties. Forward-looking statements often use words such as
“will,” “anticipate,” “target,” “expect,” “think,” “estimate,”
“intend,” “plan,” “goal,” “believe,” “forecast,” “outlook” or other
words of similar meaning. Any forward-looking statements made by
Capital One or on its behalf speak only as of the date they are
made or as of the date indicated, and Capital One does not
undertake any obligation to update forward-looking statements as a
result of new information, future events or otherwise. Capital One
cautions readers that any forward-looking information is not a
guarantee of future performance and that actual results could
differ materially from those contained in the forward-looking
information due to a number of factors. For additional information
on factors that could materially influence forward-looking
statements included in this earnings press release, see the risk
factors set forth under “Part I—Item 1A. Risk Factors” in the
Annual Report on Form 10-K for the year ended December 31, 2023
filed with the Securities and Exchange Commission (the “SEC”) and
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K
filed with the SEC.
About Capital One
Capital One Financial Corporation (www.capitalone.com) is a
financial holding company which, along with its subsidiaries, had
$351.4 billion in deposits and $480.0 billion in total assets as of
June 30, 2024. Headquartered in McLean, Virginia, Capital One
offers a broad spectrum of financial products and services to
consumers, small businesses and commercial clients through a
variety of channels. Capital One, N.A. has branches and Cafés
located primarily in New York, Louisiana, Texas, Maryland, Virginia
and the District of Columbia. A Fortune 500 company, Capital One
trades on the New York Stock Exchange under the symbol “COF” and is
included in the S&P 100 index.
(1) This is a non-GAAP measure. We believe non-GAAP measures
help investors and users of our financial information understand
the effect of adjusting items on our selected reported results and
provide alternate measurements of our performance, both in the
current period and across periods. See our Financial Supplement,
filed as Exhibit 99.2 to our Current Report on Form 8-K on July 23,
2024 with the SEC, “Table 15: Calculation of Regulatory Capital
Measures and Reconciliation of Non-GAAP Measures” for a
reconciliation and additional information on non-GAAP measures.
(2) Pre-provision earnings is a non-GAAP metric calculated based
on total net revenue less non-interest expense for the period.
Management believes that this financial metric is useful in
assessing the ability of a lending institution to generate income
in excess of its provision for credit losses. See our Financial
Supplement, filed as Exhibit 99.2 to our Current Report on Form 8-K
on July 23, 2024 with the SEC, “Table 15: Calculation of Regulatory
Capital Measures and Reconciliation of Non-GAAP Measures” for a
reconciliation and additional information on non-GAAP measures.
(3) Regulatory capital metrics as of June 30, 2024 are
preliminary and therefore subject to change.
Capital One Financial
Corporation
Financial
Supplement(1)(2)
Second Quarter 2024
Table of Contents
Capital One Financial Corporation
Consolidated Results
Page
Table 1:
Financial Summary—Consolidated
1
Table 2:
Selected Metrics—Consolidated
3
Table 3:
Consolidated Statements of
Income
4
Table 4:
Consolidated Balance Sheets
6
Table 5:
Notes to Financial Summary, Selected
Metrics and Consolidated Financial Statements (Tables 1—4)
8
Table 6:
Average Balances, Net Interest Income
and Net Interest Margin
9
Table 7:
Loan Information and Performance
Statistics
10
Table 8:
Allowance for Credit Losses and Reserve
for Unfunded Lending Commitments Activity
12
Business Segment Results
Table 9:
Financial Summary—Business Segment
Results
13
Table 10:
Financial & Statistical
Summary—Credit Card Business
14
Table 11:
Financial & Statistical
Summary—Consumer Banking Business
16
Table 12:
Financial & Statistical
Summary—Commercial Banking Business
17
Table 13:
Financial & Statistical
Summary—Other and Total
18
Other
Table 14:
Notes to Net Interest Margin, Loan,
Allowance and Business Segment Disclosures (Tables 6—13)
19
Table 15:
Calculation of Regulatory Capital
Measures and Reconciliation of Non-GAAP Measures
20
____________ (1)
The information contained in this
Financial Supplement is preliminary and based on data available at
the time of the earnings presentation. Investors should refer to
our Quarterly Report on Form 10-Q for the period ended June 30,
2024 once it is filed with the Securities and Exchange
Commission.
(2)
This Financial Supplement includes
non-GAAP measures. We believe these non-GAAP measures are useful to
investors and users of our financial information as they provide an
alternate measurement of our performance and assist in assessing
our capital adequacy and the level of return generated. These
non-GAAP measures should not be viewed as a substitute for reported
results determined in accordance with generally accepted accounting
principles in the U.S. (“GAAP”), nor are they necessarily
comparable to non-GAAP measures that may be presented by other
companies. See “Table 15: Calculation of Regulatory Capital
Measures and Reconciliation of Non-GAAP Measures” for a
reconciliation of any non-GAAP financial measures.
CAPITAL ONE FINANCIAL CORPORATION
(COF)
Table 1: Financial
Summary—Consolidated
2024 Q2
Six Months Ended June
30,
(Dollars in millions, except per share
data and as noted)
2024
2024
2023
2023
2023
2024
2023
2024 vs.
Q2
Q1
Q4
Q3
Q2
Q1
Q2
2024
2023
2023
Income Statement
Net interest income
$
7,546
$
7,488
$
7,519
$
7,423
$
7,113
1
%
6
%
$
15,034
$
14,299
5
%
Non-interest income
1,960
1,914
1,987
1,943
1,899
2
3
3,874
3,616
7
Total net revenue(1)
9,506
9,402
9,506
9,366
9,012
1
5
18,908
17,915
6
Provision for credit losses
3,909
2,683
2,857
2,284
2,490
46
57
6,592
5,285
25
Non-interest expense:
Marketing
1,064
1,010
1,254
972
886
5
20
2,074
1,783
16
Operating expense
3,882
4,127
4,463
3,888
3,908
(6
)
(1
)
8,009
7,956
1
Total non-interest expense
4,946
5,137
5,717
4,860
4,794
(4
)
3
10,083
9,739
4
Income from continuing operations before
income taxes
651
1,582
932
2,222
1,728
(59
)
(62
)
2,233
2,891
(23
)
Income tax provision
54
302
226
432
297
(82
)
(82
)
356
500
(29
)
Net income
597
1,280
706
1,790
1,431
(53
)
(58
)
1,877
2,391
(21
)
Dividends and undistributed earnings
allocated to participating securities(2)
(9
)
(23
)
(10
)
(28
)
(23
)
(61
)
(61
)
(32
)
(39
)
(18
)
Preferred stock dividends
(57
)
(57
)
(57
)
(57
)
(57
)
—
—
(114
)
(114
)
—
Net income available to common
stockholders
$
531
$
1,200
$
639
$
1,705
$
1,351
(56
)
(61
)
$
1,731
$
2,238
(23
)
Common Share Statistics
Basic earnings per common
share:(2)
Net income per basic common share
$
1.39
$
3.14
$
1.67
$
4.46
$
3.53
(56
)%
(61
)%
$
4.52
$
5.85
(23
)%
Diluted earnings per common
share:(2)
Net income per diluted common share
$
1.38
$
3.13
$
1.67
$
4.45
$
3.52
(56
)%
(61
)%
$
4.51
$
5.83
(23
)%
Weighted-average common shares
outstanding (in millions):
Basic
383.1
382.2
381.9
382.5
382.8
—
—
382.7
382.7
—
Diluted
383.9
383.4
382.8
383.3
383.7
—
—
383.7
383.8
—
Common shares outstanding (period-end, in
millions)
381.9
382.1
380.4
381.0
381.4
—
—
381.9
381.4
—
Dividends declared and paid per common
share
$
0.60
$
0.60
$
0.60
$
0.60
$
0.60
—
—
$
1.20
$
1.20
—
Tangible book value per common share
(period-end)(3)
99.28
98.67
99.78
87.97
90.07
1
%
10
%
99.28
90.07
10
%
2024 Q2
Six Months Ended June
30,
(Dollars in millions)
2024
2024
2023
2023
2023
2024
2023
2024 vs.
Q2
Q1
Q4
Q3
Q2
Q1
Q2
2024
2023
2023
Balance Sheet (Period-End)
Loans held for investment
$
318,186
$
315,154
$
320,472
$
314,780
$
311,323
1
%
2
%
$
318,186
$
311,323
2
%
Interest-earning assets
452,547
453,557
449,701
445,428
441,250
—
3
452,547
441,250
3
Total assets
480,018
481,720
478,464
471,435
467,800
—
3
480,018
467,800
3
Interest-bearing deposits
324,437
323,352
320,389
317,217
314,393
—
3
324,437
314,393
3
Total deposits
351,442
350,969
348,413
346,011
343,705
—
2
351,442
343,705
2
Borrowings
47,956
50,361
49,856
49,247
50,258
(5
)
(5
)
47,956
50,258
(5
)
Common equity
53,135
52,955
53,244
48,823
49,713
—
7
53,135
49,713
7
Total stockholders’ equity
57,981
57,801
58,089
53,668
54,559
—
6
57,981
54,559
6
Balance Sheet (Average
Balances)
Loans held for investment
$
314,888
$
314,614
$
315,890
$
312,759
$
309,655
—
2
%
$
314,751
$
308,711
2
%
Interest-earning assets
450,908
447,803
446,929
443,532
439,139
1
%
3
449,356
437,180
3
Total assets
477,285
474,995
472,594
469,860
466,652
—
2
476,140
464,459
3
Interest-bearing deposits
322,581
318,450
316,808
316,032
313,207
1
3
320,515
311,010
3
Total deposits
349,488
345,657
345,328
345,013
343,678
1
2
347,572
341,910
2
Borrowings
48,842
50,474
51,070
49,736
48,468
(3
)
1
49,658
48,243
3
Common equity
53,262
53,152
50,786
50,166
50,511
—
5
53,207
50,221
6
Total stockholders’ equity
58,107
57,998
55,632
55,012
55,357
—
5
58,052
55,066
5
CAPITAL ONE FINANCIAL CORPORATION
(COF)
Table 2: Selected
Metrics—Consolidated
2024 Q2
Six Months Ended June
30,
(Dollars in millions, except as noted)
2024
2024
2023
2023
2023
2024
2023
2024 vs.
Q2
Q1
Q4
Q3
Q2
Q1
Q2
2024
2023
2023
Performance Metrics
Net interest income growth (period over
period)
1
%
—
1
%
4
%
(1
)%
**
**
5
%
11
%
**
Non-interest income growth (period over
period)
2
(4
)%
2
2
11
**
**
7
4
**
Total net revenue growth (period over
period)
1
(1
)
1
4
1
**
**
6
9
**
Total net revenue margin(4)
8.43
8.40
8.51
8.45
8.21
3
bps
22
bps
8.42
8.20
22
bps
Net interest margin(5)
6.70
6.69
6.73
6.69
6.48
1
22
6.69
6.54
15
Return on average assets
0.50
1.08
0.60
1.52
1.23
(58
)
(73
)
0.79
1.03
(24
)
Return on average tangible assets(6)
0.52
1.11
0.62
1.58
1.27
(59
)
(75
)
0.81
1.06
(25
)
Return on average common equity(7)
3.99
9.03
5.03
13.59
10.70
(504
)
(671
)
6.51
8.91
(240
)
Return on average tangible common
equity(8)
5.59
12.67
7.20
19.59
15.30
(708
)
(971
)
9.12
12.74
(362
)
Efficiency ratio(9)
52.03
54.64
60.14
51.89
53.20
(261
)
(117
)
53.33
54.36
(103
)
Operating efficiency ratio(10)
40.84
43.89
46.95
41.51
43.36
(305
)
(252
)
42.36
44.41
(205
)
Effective income tax rate for continuing
operations
8.3
19.1
24.2
19.4
17.2
(1,080
)
(890
)
15.9
17.3
(140
)
Employees (period-end, in thousands)
52.1
51.3
52.0
54.2
55.6
2
%
(6
)%
52.1
55.6
(6
)%
Credit Quality Metrics
Allowance for credit losses
$
16,649
$
15,380
$
15,296
$
14,955
$
14,646
8
%
14
%
$
16,649
$
14,646
14
%
Allowance coverage ratio
5.23
%
4.88
%
4.77
%
4.75
%
4.70
%
35
bps
53
bps
5.23
%
4.70
%
53
bps
Net charge-offs
$
2,644
$
2,616
$
2,533
$
1,999
$
2,185
1
%
21
%
$
5,260
$
3,882
35
%
Net charge-off rate(11)
3.36
%
3.33
%
3.21
%
2.56
%
2.82
%
3
bps
54
bps
3.34
%
2.52
%
82
bps
30+ day performing delinquency rate
3.36
3.40
3.71
3.42
3.08
(4
)
28
3.36
3.08
28
30+ day delinquency rate
3.63
3.67
3.99
3.71
3.36
(4
)
27
3.63
3.36
27
Capital Ratios(12)
Common equity Tier 1 capital
13.2
%
13.1
%
12.9
%
13.0
%
12.7
%
10
bps
50
bps
13.2
%
12.7
%
50
bps
Tier 1 capital
14.5
14.4
14.2
14.3
14.0
10
50
14.5
14.0
50
Total capital
16.3
16.3
16.0
16.2
16.0
—
30
16.3
16.0
30
Tier 1 leverage
11.3
11.3
11.2
11.2
11.0
—
30
11.3
11.0
30
Tangible common equity (“TCE”)(13)
8.2
8.1
8.2
7.3
7.6
10
60
8.2
7.6
60
CAPITAL ONE FINANCIAL CORPORATION
(COF)
Table 3: Consolidated Statements of
Income
2024 Q2
Six Months Ended June
30,
(Dollars in millions, except as noted)
2024
2024
2023
2023
2023
2024
2023
2024 vs.
Q2
Q1
Q4
Q3
Q2
Q1
Q2
2024
2023
2023
Interest income:
Loans, including loans held for sale
$
9,993
$
9,920
$
9,934
$
9,696
$
9,057
1
%
10
%
$
19,913
$
17,780
12
%
Investment securities
700
687
669
627
639
2
10
1,387
1,254
11
Other
587
570
542
550
470
3
25
1,157
886
31
Total interest income
11,280
11,177
11,145
10,873
10,166
1
11
22,457
19,920
13
Interest expense:
Deposits
2,874
2,812
2,745
2,611
2,277
2
26
5,686
4,133
38
Securitized debt obligations
258
261
263
249
236
(1
)
9
519
447
16
Senior and subordinated notes
591
606
608
579
528
(2
)
12
1,197
1,017
18
Other borrowings
11
10
10
11
12
10
(8
)
21
24
(13
)
Total interest expense
3,734
3,689
3,626
3,450
3,053
1
22
7,423
5,621
32
Net interest income
7,546
7,488
7,519
7,423
7,113
1
6
15,034
14,299
5
Provision for credit losses
3,909
2,683
2,857
2,284
2,490
46
57
6,592
5,285
25
Net interest income after provision for
credit losses
3,637
4,805
4,662
5,139
4,623
(24
)
(21
)
8,442
9,014
(6
)
Non-interest income:
Interchange fees, net
1,249
1,145
1,207
1,234
1,213
9
3
2,394
2,352
2
Service charges and other customer-related
fees
459
462
424
453
411
(1
)
12
921
790
17
Net securities gains (losses)
—
—
(34
)
—
—
—
—
—
—
—
Other
252
307
390
256
275
(18
)
(8
)
559
474
18
Total non-interest income
1,960
1,914
1,987
1,943
1,899
2
3
3,874
3,616
7
Non-interest expense:
Salaries and associate benefits
2,200
2,478
2,284
2,274
2,317
(11
)
(5
)
4,678
4,744
(1
)
Occupancy and equipment
551
554
628
518
506
(1
)
9
1,105
1,014
9
Marketing
1,064
1,010
1,254
972
886
5
20
2,074
1,783
16
Professional services
316
262
359
295
290
21
9
578
614
(6
)
Communications and data processing
355
351
345
344
344
1
3
706
694
2
Amortization of intangibles
19
19
22
24
22
—
(14
)
38
36
6
Other
441
463
825
433
429
(5
)
3
904
854
6
Total non-interest expense
4,946
5,137
5,717
4,860
4,794
(4
)
3
10,083
9,739
4
Income from continuing operations before
income taxes
651
1,582
932
2,222
1,728
(59
)
(62
)
2,233
2,891
(23
)
Income tax provision
54
302
226
432
297
(82
)
(82
)
356
500
(29
)
Net income
597
1,280
706
1,790
1,431
(53
)
(58
)
1,877
2,391
(21
)
Dividends and undistributed earnings
allocated to participating securities(2)
(9
)
(23
)
(10
)
(28
)
(23
)
(61
)
(61
)
(32
)
(39
)
(18
)
Preferred stock dividends
(57
)
(57
)
(57
)
(57
)
(57
)
—
—
(114
)
(114
)
—
Net income available to common
stockholders
$
531
$
1,200
$
639
$
1,705
$
1,351
(56
)
(61
)
$
1,731
$
2,238
(23
)
2024 Q2
Six Months Ended June
30,
2024
2024
2023
2023
2023
2024
2023
2024 vs.
Q2
Q1
Q4
Q3
Q2
Q1
Q2
2024
2023
2023
Basic earnings per common
share:(2)
Net income per basic common share
$
1.39
$
3.14
$
1.67
$
4.46
$
3.53
(56
)%
(61
)%
$
4.52
$
5.85
(23
)%
Diluted earnings per common
share:(2)
Net income per diluted common share
$
1.38
$
3.13
$
1.67
$
4.45
$
3.52
(56
)%
(61
)%
$
4.51
$
5.83
(23
)%
Weighted-average common shares
outstanding (in millions):
Basic common shares
383.1
382.2
381.9
382.5
382.8
—
—
382.7
382.7
—
Diluted common shares
383.9
383.4
382.8
383.3
383.7
—
—
383.7
383.8
—
CAPITAL ONE FINANCIAL CORPORATION
(COF)
Table 4: Consolidated Balance
Sheets
2024 Q2
2024
2024
2023
2023
2023
2024
2023
(Dollars in millions)
Q2
Q1
Q4
Q3
Q2
Q1
Q2
Assets:
Cash and cash equivalents:
Cash and due from banks
$
5,298
$
4,671
$
4,903
$
4,620
$
3,360
13
%
58
%
Interest-bearing deposits and other
short-term investments
40,116
46,357
38,394
40,249
38,236
(13
)
5
Total cash and cash equivalents
45,414
51,028
43,297
44,869
41,596
(11
)
9
Restricted cash for securitization
investors
2,415
474
458
435
452
**
**
Securities available for sale
79,250
78,398
79,117
74,837
78,412
1
1
Loans held for investment:
Unsecuritized loans held for
investment
289,124
285,577
289,229
284,953
280,933
1
3
Loans held in consolidated trusts
29,062
29,577
31,243
29,827
30,390
(2
)
(4
)
Total loans held for investment
318,186
315,154
320,472
314,780
311,323
1
2
Allowance for credit losses
(16,649
)
(15,380
)
(15,296
)
(14,955
)
(14,646
)
8
14
Net loans held for investment
301,537
299,774
305,176
299,825
296,677
1
2
Loans held for sale
808
1,631
854
742
1,211
(50
)
(33
)
Premises and equipment, net
4,396
4,366
4,375
4,378
4,359
1
1
Interest receivable
2,494
2,514
2,478
2,469
2,297
(1
)
9
Goodwill
15,062
15,062
15,065
15,048
15,060
—
—
Other assets
28,642
28,473
27,644
28,832
27,736
1
3
Total assets
$
480,018
$
481,720
$
478,464
$
471,435
$
467,800
—
3
2024 Q2
2024
2024
2023
2023
2023
2024
2023
(Dollars in millions)
Q2
Q1
Q4
Q3
Q2
Q1
Q2
Liabilities:
Interest payable
$
668
$
762
$
649
$
685
$
637
(12
)%
5
%
Deposits:
Non-interest-bearing deposits
27,005
27,617
28,024
28,794
29,312
(2
)
(8
)
Interest-bearing deposits
324,437
323,352
320,389
317,217
314,393
—
3
Total deposits
351,442
350,969
348,413
346,011
343,705
—
2
Securitized debt obligations
17,291
17,661
18,043
17,417
17,861
(2
)
(3
)
Other debt:
Federal funds purchased and securities
loaned or sold under agreements to repurchase
715
568
538
522
649
26
10
Senior and subordinated notes
29,925
32,108
31,248
31,283
31,627
(7
)
(5
)
Other borrowings
25
24
27
25
121
4
(79
)
Total other debt
30,665
32,700
31,813
31,830
32,397
(6
)
(5
)
Other liabilities
21,971
21,827
21,457
21,824
18,641
1
18
Total liabilities
422,037
423,919
420,375
417,767
413,241
—
2
Stockholders’ equity:
Preferred stock
0
0
0
0
0
—
—
Common stock
7
7
7
7
7
—
—
Additional paid-in capital, net
36,012
35,808
35,541
35,334
35,163
1
2
Retained earnings
62,211
61,905
60,945
60,529
59,028
—
5
Accumulated other comprehensive loss
(9,701
)
(9,534
)
(8,268
)
(12,224
)
(9,818
)
2
(1
)
Treasury stock, at cost
(30,548
)
(30,385
)
(30,136
)
(29,978
)
(29,821
)
1
2
Total stockholders’ equity
57,981
57,801
58,089
53,668
54,559
—
6
Total liabilities and stockholders’
equity
$
480,018
$
481,720
$
478,464
$
471,435
$
467,800
—
3
CAPITAL ONE FINANCIAL CORPORATION
(COF)
Table 5: Notes to Financial Summary,
Selected Metrics and Consolidated Financial Statements (Tables
1—4)
(1)
Total net revenue was reduced by $649
million in Q2 2024, $630 million in Q1 2024, $566 million in Q4
2023, $449 million in Q3 2023 and $443 million in Q2 2023 for
credit card finance charges and fees charged-off as
uncollectible.
(2)
Dividends and undistributed earnings
allocated to participating securities and earnings per share are
computed independently for each period. Accordingly, the sum of
each quarterly amount may not agree to the year-to-date total. We
also provide adjusted diluted earnings per share, which is a
non-GAAP measure. See “Table 15: Calculation of Regulatory Capital
Measures and Reconciliation of Non-GAAP Measures” for additional
information on our non-GAAP measures.
(3)
Tangible book value per common share is a
non-GAAP measure calculated based on TCE divided by common shares
outstanding. See “Table 15: Calculation of Regulatory Capital
Measures and Reconciliation of Non-GAAP Measures” for additional
information on non-GAAP measures.
(4)
Total net revenue margin is calculated
based on annualized total net revenue for the period divided by
average interest-earning assets for the period.
(5)
Net interest margin is calculated based on
annualized net interest income for the period divided by average
interest-earning assets for the period.
(6)
Return on average tangible assets is a
non-GAAP measure calculated based on annualized income (loss) from
continuing operations, net of tax, for the period divided by
average tangible assets for the period. See “Table 15: Calculation
of Regulatory Capital Measures and Reconciliation of Non-GAAP
Measures” for additional information on non-GAAP measures.
(7)
Return on average common equity is
calculated based on annualized net income (loss) available to
common stockholders less annualized income (loss) from discontinued
operations, net of tax, for the period, divided by average common
equity. Our calculation of return on average common equity may not
be comparable to similarly-titled measures reported by other
companies.
(8)
Return on average tangible common equity
is a non-GAAP measure calculated based on annualized net income
(loss) available to common stockholders less annualized income
(loss) from discontinued operations, net of tax, for the period,
divided by average TCE. See “Table 15: Calculation of Regulatory
Capital Measures and Reconciliation of Non-GAAP Measures” for
additional information on non-GAAP measures.
(9)
Efficiency ratio is calculated based on
total non-interest expense for the period divided by total net
revenue for the period. We also provide an adjusted efficiency
ratio, which is a non-GAAP measure. See “Table 15: Calculation of
Regulatory Capital Measures and Reconciliation of Non-GAAP
Measures” for additional information on our non-GAAP measures.
(10)
Operating efficiency ratio is calculated
based on operating expense for the period divided by total net
revenue for the period. We also provide an adjusted operating
efficiency ratio, which is a non-GAAP measure. See “Table 15:
Calculation of Regulatory Capital Measures and Reconciliation of
Non-GAAP Measures” for additional information on our non-GAAP
measures.
(11)
Net charge-off rate is calculated based on
annualized net charge-offs for the period divided by average loans
held for investment for the period.
(12)
Capital ratios as of the end of Q2 2024
are preliminary and therefore subject to change. See “Table 15:
Calculation of Regulatory Capital Measures and Reconciliation of
Non-GAAP Measures” for information on the calculation of each of
these ratios.
(13)
TCE ratio is a non-GAAP measure calculated
based on TCE divided by tangible assets. See “Table 15: Calculation
of Regulatory Capital Measures and Reconciliation of Non-GAAP
Measures” for additional information on non-GAAP measures.
**
Not meaningful.
CAPITAL ONE FINANCIAL CORPORATION
(COF)
Table 6: Average Balances, Net Interest
Income and Net Interest Margin
2024 Q2
2024 Q1
2023 Q2
(Dollars in millions, except as noted)
Average Balance
Interest Income/
Expense
Yield/Rate(1)
Average Balance
Interest Income/
Expense
Yield/Rate(1)
Average Balance
Interest Income/
Expense
Yield/Rate(1)
Interest-earning assets:
Loans, including loans held for sale
$
315,823
$
9,993
12.66
%
$
315,563
$
9,920
12.57
%
$
310,335
$
9,057
11.67
%
Investment securities
89,501
700
3.13
88,581
687
3.10
89,994
639
2.84
Cash equivalents and other
45,584
587
5.16
43,659
570
5.21
38,810
470
4.84
Total interest-earning assets
$
450,908
$
11,280
10.01
$
447,803
$
11,177
9.98
$
439,139
$
10,166
9.26
Interest-bearing liabilities:
Interest-bearing deposits
$
322,581
$
2,874
3.56
$
318,450
$
2,812
3.53
$
313,207
$
2,277
2.91
Securitized debt obligations
17,452
258
5.91
17,836
261
5.85
17,771
236
5.31
Senior and subordinated notes
30,978
591
7.64
32,211
606
7.52
30,161
528
7.00
Other borrowings and liabilities(2)
2,502
11
1.73
2,373
10
1.78
2,419
12
1.95
Total interest-bearing liabilities
$
373,513
$
3,734
4.00
$
370,870
$
3,689
3.98
$
363,558
$
3,053
3.36
Net interest income/spread
$
7,546
6.01
$
7,488
6.00
$
7,113
5.90
Impact of non-interest-bearing funding
0.69
0.69
0.58
Net interest margin
6.70
%
6.69
%
6.48
%
Six Months Ended June
30,
2024
2023
(Dollars in millions, except as noted)
Average Balance
Interest Income/
Expense
Yield/Rate(1)
Average Balance
Interest Income/
Expense
Yield/Rate(1)
Interest-earning assets:
Loans, including loans held for sale
$
315,693
$
19,913
12.62
%
$
309,231
$
17,780
11.50
%
Investment securities
89,041
1,387
3.12
89,977
1,254
2.79
Cash equivalents and other
44,622
1,157
5.19
37,972
886
4.67
Total interest-earning assets
$
449,356
$
22,457
10.00
$
437,180
$
19,920
9.11
Interest-bearing liabilities:
Interest-bearing deposits
$
320,515
$
5,686
3.55
$
311,010
$
4,133
2.66
Securitized debt obligations
17,644
519
5.88
17,512
447
5.10
Senior and subordinated notes
31,594
1,197
7.58
30,149
1,017
6.75
Other borrowings and liabilities(2)
2,438
21
1.75
2,377
24
2.01
Total interest-bearing liabilities
$
372,191
$
7,423
3.99
$
361,048
$
5,621
3.11
Net interest income/spread
$
15,034
6.01
$
14,299
6.00
Impact of non-interest-bearing funding
0.68
0.54
Net interest margin
6.69
%
6.54
%
CAPITAL ONE FINANCIAL CORPORATION
(COF)
Table 7: Loan Information and
Performance Statistics
2024 Q2
Six Months Ended June
30,
(Dollars in millions, except as noted)
2024 Q2
2024 Q1
2023 Q4
2023 Q3
2023 Q2
2024 Q1
2023 Q2
2024
2023
2024 vs. 2023
Loans Held for Investment
(Period-End)
Credit card:
Domestic credit card
$
147,065
$
143,861
$
147,666
$
140,320
$
135,975
2
%
8
%
$
147,065
$
135,975
8
%
International card businesses
6,830
6,733
6,881
6,463
6,516
1
5
6,830
6,516
5
Total credit card
153,895
150,594
154,547
146,783
142,491
2
8
153,895
142,491
8
Consumer banking:
Auto
74,385
73,801
74,075
75,456
75,841
1
(2
)
74,385
75,841
(2
)
Retail banking
1,278
1,298
1,362
1,388
1,439
(2
)
(11
)
1,278
1,439
(11
)
Total consumer banking
75,663
75,099
75,437
76,844
77,280
1
(2
)
75,663
77,280
(2
)
Commercial banking:
Commercial and multifamily real estate
32,832
34,272
34,446
35,622
36,041
(4
)
(9
)
32,832
36,041
(9
)
Commercial and industrial
55,796
55,189
56,042
55,531
55,511
1
1
55,796
55,511
1
Total commercial banking
88,628
89,461
90,488
91,153
91,552
(1
)
(3
)
88,628
91,552
(3
)
Total loans held for investment
$
318,186
$
315,154
$
320,472
$
314,780
$
311,323
1
2
$
318,186
$
311,323
2
Loans Held for Investment
(Average)
Credit card:
Domestic credit card
$
143,744
$
142,887
$
142,112
$
137,500
$
132,505
1
%
8
%
$
143,316
$
130,544
10
%
International card businesses
6,723
6,758
6,515
6,549
6,257
(1
)
7
6,740
6,183
9
Total credit card
150,467
149,645
148,627
144,049
138,762
1
8
150,056
136,727
10
Consumer banking:
Auto
74,098
73,768
74,861
75,740
76,233
—
(3
)
73,933
76,846
(4
)
Retail banking
1,288
1,324
1,377
1,414
1,465
(3
)
(12
)
1,306
1,497
(13
)
Total consumer banking
75,386
75,092
76,238
77,154
77,698
—
(3
)
75,239
78,343
(4
)
Commercial banking:
Commercial and multifamily real estate
33,801
34,310
35,414
35,964
37,068
(1
)
(9
)
34,055
37,220
(9
)
Commercial and industrial
55,234
55,567
55,611
55,592
56,127
(1
)
(2
)
55,401
56,421
(2
)
Total commercial banking
89,035
89,877
91,025
91,556
93,195
(1
)
(4
)
89,456
93,641
(4
)
Total average loans held for
investment
$
314,888
$
314,614
$
315,890
$
312,759
$
309,655
—
2
$
314,751
$
308,711
2
2024 Q2
Six Months Ended June
30,
2024
2024
2023
2023
2023
2024
2023
2024
2023
2024 vs. 2023
Q2
Q1
Q4
Q3
Q2
Q1
Q2
Net Charge-Off (Recovery) Rates
Credit card:
Domestic credit card(3)(4)
6.05
%
5.94
%
5.35
%
4.40
%
4.38
%
11
bps
167
bps
5.99
%
4.21
%
178
bps
International card businesses
5.03
5.16
4.94
4.87
4.98
(13
)
5
5.10
4.77
33
Total credit card
6.00
5.90
5.33
4.42
4.41
10
159
5.95
4.24
171
Consumer banking:
Auto
1.81
1.99
2.19
1.77
1.40
(18
)
41
1.90
1.46
44
Retail banking
5.38
4.04
5.68
3.80
3.25
134
213
4.70
3.10
160
Total consumer banking
1.87
2.03
2.25
1.81
1.43
(16
)
44
1.95
1.50
45
Commercial banking:
Commercial and multifamily real estate
0.11
0.20
0.96
0.27
3.91
(9
)
(380
)
0.16
2.04
(188
)
Commercial and industrial
0.17
0.08
0.26
0.24
0.11
9
6
0.13
0.07
6
Total commercial banking
0.15
0.13
0.53
0.25
1.62
2
(147
)
0.14
0.85
(71
)
Total net charge-offs
3.36
3.33
3.21
2.56
2.82
3
54
3.34
2.52
82
30+ Day Performing Delinquency
Rates
Credit card:
Domestic credit card
4.14
%
4.48
%
4.61
%
4.31
%
3.74
%
(34)
bps
40
bps
4.14
%
3.74
%
40
bps
International card businesses
4.63
4.83
4.67
4.43
4.24
(20
)
39
4.63
4.24
39
Total credit card
4.16
4.50
4.61
4.32
3.77
(34
)
39
4.16
3.77
39
Consumer banking:
Auto
5.67
5.28
6.34
5.64
5.38
39
29
5.67
5.38
29
Retail banking
1.57
0.95
1.19
1.07
1.19
62
38
1.57
1.19
38
Total consumer banking
5.60
5.21
6.25
5.55
5.30
39
30
5.60
5.30
30
Nonperforming Loans and Nonperforming
Assets Rates(5)(6)
Credit card:
International card businesses
0.15
%
0.13
%
0.13
%
0.14
%
0.16
%
2
bps
(1)
bps
0.15
%
0.16
%
(1)
bps
Total credit card
0.01
0.01
0.01
0.01
0.01
—
—
0.01
0.01
—
Consumer banking:
Auto
0.88
0.79
0.96
0.85
0.77
9
11
0.88
0.77
11
Retail banking
2.81
3.21
3.36
3.28
2.99
(40
)
(18
)
2.81
2.99
(18
)
Total consumer banking
0.92
0.83
1.00
0.89
0.82
9
10
0.92
0.82
10
Commercial banking:
Commercial and multifamily real estate
1.28
1.58
1.23
1.29
1.15
(30
)
13
1.28
1.15
13
Commercial and industrial
1.56
1.10
0.60
0.65
0.71
46
85
1.56
0.71
85
Total commercial banking
1.46
1.28
0.84
0.90
0.89
18
57
1.46
0.89
57
Total nonperforming loans
0.63
0.57
0.48
0.48
0.47
6
16
0.63
0.47
16
Total nonperforming assets
0.64
0.58
0.50
0.50
0.48
6
16
0.64
0.48
16
CAPITAL ONE FINANCIAL CORPORATION
(COF)
Table 8: Allowance for Credit Losses
and Reserve for Unfunded Lending Commitments Activity
Three Months Ended June 30,
2024
Credit Card
Consumer Banking
(Dollars in millions)
Domestic Card
International Card
Businesses
Total Credit Card
Auto
Retail Banking
Total Consumer Banking
Commercial Banking
Total
Allowance for credit losses:
Balance as of March 31, 2024
$
11,298
$
456
$
11,754
$
2,057
$
31
$
2,088
$
1,538
$
15,380
Charge-offs
(2,556
)
(130
)
(2,686
)
(615
)
(21
)
(636
)
(39
)
(3,361
)
Recoveries
383
45
428
280
3
283
6
717
Net charge-offs
(2,173
)
(85
)
(2,258
)
(335
)
(18
)
(353
)
(33
)
(2,644
)
Provision for credit losses
3,435
110
3,545
315
15
330
39
3,914
Allowance build (release) for credit
losses(7)
1,262
25
1,287
(20
)
(3
)
(23
)
6
1,270
Other changes(8)
—
(1
)
(1
)
—
—
—
—
(1
)
Balance as of June 30, 2024
12,560
480
13,040
2,037
28
2,065
1,544
16,649
Reserve for unfunded lending
commitments:
Balance as of March 31, 2024
—
—
—
—
—
—
134
134
Provision (benefit) for losses on unfunded
lending commitments
—
—
—
—
—
—
(5
)
(5
)
Balance as of June 30, 2024
—
—
—
—
—
—
129
129
Combined allowance and reserve as of
June 30, 2024
$
12,560
$
480
$
13,040
$
2,037
$
28
$
2,065
$
1,673
$
16,778
Six Months Ended June 30,
2024
Credit Card
Consumer Banking
(Dollars in millions)
Domestic Card
International Card
Businesses
Total Credit Card
Auto
Retail Banking
Total Consumer Banking
Commercial Banking
Total
Allowance for credit losses:
Balance as of December 31, 2023
$
11,261
$
448
$
11,709
$
2,002
$
40
$
2,042
$
1,545
$
15,296
Charge-offs
(5,008
)
(252
)
(5,260
)
(1,257
)
(39
)
(1,296
)
(78
)
(6,634
)
Recoveries
715
80
795
555
8
563
16
1,374
Net charge-offs
(4,293
)
(172
)
(4,465
)
(702
)
(31
)
(733
)
(62
)
(5,260
)
Provision for credit losses
5,592
212
5,804
737
19
756
61
6,621
Allowance build (release) for credit
losses(7)
1,299
40
1,339
35
(12
)
23
(1
)
1,361
Other changes(8)
—
(8
)
(8
)
—
—
—
—
(8
)
Balance as of June 30, 2024
12,560
480
13,040
2,037
28
2,065
1,544
16,649
Reserve for unfunded lending
commitments:
Balance as of December 31, 2023
—
—
—
—
—
—
158
158
Provision (benefit) for losses on unfunded
lending commitments
—
—
—
—
—
—
(29
)
(29
)
Balance as of June 30, 2024
—
—
—
—
—
—
129
129
Combined allowance and reserve as of
June 30, 2024
$
12,560
$
480
$
13,040
$
2,037
$
28
$
2,065
$
1,673
$
16,778
CAPITAL ONE FINANCIAL CORPORATION
(COF)
Table 9: Financial Summary—Business
Segment Results
Three Months Ended June 30,
2024
Six Months Ended June 30,
2024
(Dollars in millions)
Credit Card
Consumer Banking
Commercial Banking(9)
Other(9)
Total
Credit Card
Consumer Banking
Commercial Banking(9)
Other(9)
Total
Net interest income (loss)
$
5,294
$
2,025
$
609
$
(382
)
$
7,546
$
10,566
$
4,036
$
1,208
$
(776
)
$
15,034
Non-interest income
1,506
172
271
11
1,960
2,982
331
552
9
3,874
Total net revenue (loss)
6,800
2,197
880
(371
)
9,506
13,548
4,367
1,760
(767
)
18,908
Provision for credit losses
3,545
330
34
—
3,909
5,804
756
32
—
6,592
Non-interest expense
3,134
1,250
483
79
4,946
6,363
2,496
998
226
10,083
Income (loss) from continuing operations
before income taxes
121
617
363
(450
)
651
1,381
1,115
730
(993
)
2,233
Income tax provision (benefit)
30
146
85
(207
)
54
329
263
172
(408
)
356
Income (loss) from continuing operations,
net of tax
$
91
$
471
$
278
$
(243
)
$
597
$
1,052
$
852
$
558
$
(585
)
$
1,877
Three Months Ended March 31,
2024
(Dollars in millions)
Credit Card
Consumer Banking
Commercial Banking(9)
Other(9)
Total
Net interest income (loss)
$
5,272
$
2,011
$
599
$
(394
)
$
7,488
Non-interest income (loss)
1,476
159
281
(2
)
1,914
Total net revenue (loss)
6,748
2,170
880
(396
)
9,402
Provision (benefit) for credit losses
2,259
426
(2
)
—
2,683
Non-interest expense
3,229
1,246
515
147
5,137
Income (loss) from continuing operations
before income taxes
1,260
498
367
(543
)
1,582
Income tax provision (benefit)
299
117
87
(201
)
302
Income (loss) from continuing operations,
net of tax
$
961
$
381
$
280
$
(342
)
$
1,280
Three Months Ended June 30,
2023
Six Months Ended June 30,
2023
(Dollars in millions)
Credit Card
Consumer Banking
Commercial Banking(9)
Other(9)
Total
Credit Card
Consumer Banking
Commercial Banking(9)
Other(9)
Total
Net interest income (loss)
$
4,727
$
2,269
$
632
$
(515
)
$
7,113
$
9,384
$
4,629
$
1,280
$
(994
)
$
14,299
Non-interest income (loss)
1,499
149
257
(6
)
1,899
2,862
284
469
1
3,616
Total net revenue (loss)
6,226
2,418
889
(521
)
9,012
12,246
4,913
1,749
(993
)
17,915
Provision for credit losses
2,084
259
146
1
2,490
4,345
534
405
1
5,285
Non-interest expense
3,020
1,231
482
61
4,794
6,058
2,514
1,012
155
9,739
Income (loss) from continuing operations
before income taxes
1,122
928
261
(583
)
1,728
1,843
1,865
332
(1,149
)
2,891
Income tax provision (benefit)
265
219
61
(248
)
297
437
440
78
(455
)
500
Income (loss) from continuing operations,
net of tax
$
857
$
709
$
200
$
(335
)
$
1,431
$
1,406
$
1,425
$
254
$
(694
)
$
2,391
CAPITAL ONE FINANCIAL CORPORATION
(COF)
Table 10: Financial & Statistical
Summary—Credit Card Business
2024 Q2 vs.
Six Months Ended June
30,
(Dollars in millions, except as noted)
2024 Q2
2024 Q1
2023 Q4
2023 Q3
2023 Q2
2024 Q1
2023 Q2
2024
2023
2024 vs. 2023
Credit Card
Earnings:
Net interest income
$
5,294
$
5,272
$
5,231
$
5,114
$
4,727
—
12
%
$
10,566
$
9,384
13
%
Non-interest income
1,506
1,476
1,565
1,513
1,499
2
%
—
2,982
2,862
4
Total net revenue
6,800
6,748
6,796
6,627
6,226
1
9
13,548
12,246
11
Provision for credit losses
3,545
2,259
2,353
1,953
2,084
57
70
5,804
4,345
34
Non-interest expense
3,134
3,229
3,417
3,015
3,020
(3
)
4
6,363
6,058
5
Income from continuing operations before
income taxes
121
1,260
1,026
1,659
1,122
(90
)
(89
)
1,381
1,843
(25
)
Income tax provision
30
299
241
393
265
(90
)
(89
)
329
437
(25
)
Income from continuing operations, net of
tax
$
91
$
961
$
785
$
1,266
$
857
(91
)
(89
)
$
1,052
$
1,406
(25
)
Selected performance metrics:
Period-end loans held for investment
$
153,895
$
150,594
$
154,547
$
146,783
$
142,491
2
8
$
153,895
$
142,491
8
Average loans held for investment
150,467
149,645
148,627
144,049
138,762
1
8
150,056
136,727
10
Average yield on loans outstanding(1)
18.79
%
18.84
%
18.96
%
19.02
%
18.17
%
(5)
bps
62
bps
18.82
%
18.07
%
75
bps
Total net revenue margin(10)
18.03
17.99
18.24
18.40
17.95
4
8
18.01
17.91
10
Net charge-off rate
6.00
5.90
5.33
4.42
4.41
10
159
5.95
4.24
171
30+ day performing delinquency rate
4.16
4.50
4.61
4.32
3.77
(34
)
39
4.16
3.77
39
30+ day delinquency rate
4.17
4.50
4.62
4.32
3.77
(33
)
40
4.17
3.77
40
Nonperforming loan rate(5)
0.01
0.01
0.01
0.01
0.01
—
—
0.01
0.01
—
Purchase volume(11)
$
165,143
$
150,171
$
162,055
$
158,640
$
157,937
10
%
5
%
$
315,314
$
299,595
5
%
2024 Q2 vs.
Six Months Ended June
30,
(Dollars in millions, except as noted)
2024 Q2
2024 Q1
2023 Q4
2023 Q3
2023 Q2
2024 Q1
2023 Q2
2024
2023
2024 vs. 2023
Domestic Card
Earnings:
Net interest income
$
5,001
$
4,972
$
4,940
$
4,827
$
4,453
1
%
12
%
$
9,973
$
8,843
13
%
Non-interest income
1,440
1,411
1,498
1,445
1,431
2
1
2,851
2,729
4
Total net revenue(12)
6,441
6,383
6,438
6,272
5,884
1
9
12,824
11,572
11
Provision for credit losses
3,435
2,157
2,238
1,861
1,995
59
72
5,592
4,169
34
Non-interest expense
2,946
3,025
3,186
2,810
2,805
(3
)
5
5,971
5,652
6
Income from continuing operations before
income taxes
60
1,201
1,014
1,601
1,084
(95
)
(94
)
1,261
1,751
(28
)
Income tax provision
15
283
239
378
256
(95
)
(94
)
298
413
(28
)
Income from continuing operations, net of
tax
$
45
$
918
$
775
$
1,223
$
828
(95
)
(95
)
$
963
$
1,338
(28
)
Selected performance metrics:
Period-end loans held for investment
$
147,065
$
143,861
$
147,666
$
140,320
$
135,975
2
8
$
147,065
$
135,975
8
Average loans held for investment
143,744
142,887
142,112
137,500
132,505
1
8
143,316
130,544
10
Average yield on loans outstanding(1)
18.73
%
18.76
%
18.88
%
18.96
%
18.07
%
(3)
bps
66
bps
18.75
%
17.98
%
77
bps
Total net revenue margin(10)(12)
17.87
17.82
18.07
18.24
17.76
5
11
17.85
17.73
12
Net charge-off rate(3)(4)
6.05
5.94
5.35
4.40
4.38
11
167
5.99
4.21
178
30+ day performing delinquency rate
4.14
4.48
4.61
4.31
3.74
(34
)
40
4.14
3.74
40
Purchase volume(11)
$
161,370
$
146,696
$
158,290
$
154,880
$
154,184
10
%
5
%
$
308,066
$
292,494
5
%
Refreshed FICO scores:(13)
Greater than 660
69
%
68
%
68
%
69
%
69
%
1
—
69
%
69
%
—
660 or below
31
32
32
31
31
(1
)
—
31
31
—
Total
100
%
100
%
100
%
100
%
100
%
100
%
100
%
CAPITAL ONE FINANCIAL CORPORATION
(COF)
Table 11: Financial & Statistical
Summary—Consumer Banking Business
2024 Q2 vs.
Six Months Ended June
30,
(Dollars in millions, except as noted)
2024 Q2
2024 Q1
2023 Q4
2023 Q3
2023 Q2
2024 Q1
2023 Q2
2024
2023
2024 vs. 2023
Consumer Banking
Earnings:
Net interest income
$
2,025
$
2,011
$
1,951
$
2,133
$
2,269
1
%
(11
)%
$
4,036
$
4,629
(13
)%
Non-interest income
172
159
163
142
149
8
15
331
284
17
Total net revenue
2,197
2,170
2,114
2,275
2,418
1
(9
)
4,367
4,913
(11
)
Provision for credit losses
330
426
422
213
259
(23
)
27
756
534
42
Non-interest expense
1,250
1,246
1,402
1,262
1,231
—
2
2,496
2,514
(1
)
Income from continuing operations before
income taxes
617
498
290
800
928
24
(34
)
1,115
1,865
(40
)
Income tax provision
146
117
68
189
219
25
(33
)
263
440
(40
)
Income from continuing operations, net of
tax
$
471
$
381
$
222
$
611
$
709
24
(34
)
$
852
$
1,425
(40
)
Selected performance metrics:
Period-end loans held for investment
$
75,663
$
75,099
$
75,437
$
76,844
$
77,280
1
(2
)
$
75,663
$
77,280
(2
)
Average loans held for investment
75,386
75,092
76,238
77,154
77,698
—
(3
)
75,239
78,343
(4
)
Average yield on loans held for
investment(1)
8.54
%
8.33
%
8.17
%
7.97
%
7.65
%
21
bps
89
bps
8.44
%
7.52
%
92
bps
Auto loan originations
$
8,463
$
7,522
$
6,157
$
7,452
$
7,160
13
%
18
%
$
15,985
$
13,371
20
%
Period-end deposits
305,422
300,806
296,171
290,789
286,174
2
7
305,422
286,174
7
Average deposits
300,794
294,448
291,486
287,457
285,647
2
5
297,621
282,229
5
Average deposits interest rate
3.22
%
3.15
%
3.06
%
2.85
%
2.46
%
7
bps
76
bps
3.19
%
2.21
%
98
bps
Net charge-off rate
1.87
2.03
2.25
1.81
1.43
(16
)
44
1.95
1.50
45
30+ day performing delinquency rate
5.60
5.21
6.25
5.55
5.30
39
30
5.60
5.30
30
30+ day delinquency rate
6.35
5.86
7.08
6.27
5.95
49
40
6.35
5.95
40
Nonperforming loan rate(5)
0.92
0.83
1.00
0.89
0.82
9
10
0.92
0.82
10
Nonperforming asset rate(6)
0.99
0.91
1.09
0.96
0.88
8
11
0.99
0.88
11
Auto—At origination FICO
scores:(14)
Greater than 660
53
%
53
%
53
%
52
%
52
%
—
1
%
53
%
52
%
1
%
621 - 660
20
20
20
20
20
—
—
20
20
—
620 or below
27
27
27
28
28
—
(1
)
27
28
(1
)
Total
100
%
100
%
100
%
100
%
100
%
100
%
100
%
CAPITAL ONE FINANCIAL CORPORATION
(COF)
Table 12: Financial & Statistical
Summary—Commercial Banking Business
2024 Q2 vs.
Six Months Ended June
30,
(Dollars in millions, except as noted)
2024 Q2
2024 Q1
2023 Q4
2023 Q3
2023 Q2
2024 Q1
2023 Q2
2024
2023
2024 vs. 2023
Commercial Banking
Earnings:
Net interest income
$
609
$
599
$
617
$
621
$
632
2
%
(4
)%
$
1,208
$
1,280
(6
)%
Non-interest income
271
281
245
288
257
(4
)
5
552
469
18
Total net revenue(9)
880
880
862
909
889
—
(1
)
1,760
1,749
1
Provision (benefit) for credit losses
34
(2
)
84
116
146
**
(77
)
32
405
(92
)
Non-interest expense
483
515
487
512
482
(6
)
—
998
1,012
(1
)
Income from continuing operations before
income taxes
363
367
291
281
261
(1
)
39
730
332
120
Income tax provision
85
87
68
67
61
(2
)
39
172
78
121
Income from continuing operations, net of
tax
$
278
$
280
$
223
$
214
$
200
(1
)
39
$
558
$
254
120
Selected performance metrics:
Period-end loans held for investment
$
88,628
$
89,461
$
90,488
$
91,153
$
91,552
(1
)
(3
)
$
88,628
$
91,552
(3
)
Average loans held for investment
89,035
89,877
91,025
91,556
93,195
(1
)
(4
)
89,456
93,641
(4
)
Average yield on loans held for
investment(1)(9)
7.23
%
7.14
%
7.24
%
7.16
%
6.75
%
9
bps
48
bps
7.18
%
6.53
%
65
bps
Period-end deposits
$
29,210
$
31,082
$
32,712
$
36,035
$
36,793
(6
)%
(21
)%
$
29,210
$
36,793
(21
)%
Average deposits
30,810
31,844
34,525
37,279
37,960
(3
)
(19
)
31,327
38,945
(20
)
Average deposits interest rate
2.55
%
2.65
%
2.79
%
2.93
%
2.68
%
(10)
bps
(13)
bps
2.60
%
2.51
%
9
bps
Net charge-off rate
0.15
0.13
0.53
0.25
1.62
2
(147
)
0.14
0.85
(71
)
Nonperforming loan rate(5)
1.46
1.28
0.84
0.90
0.89
18
57
1.46
0.89
57
Nonperforming asset rate(6)
1.46
1.28
0.84
0.90
0.89
18
57
1.46
0.89
57
Risk category:(15)
Noncriticized
$
79,695
$
80,804
$
81,758
$
82,968
$
84,583
(1
)%
(6
)%
$
79,695
$
84,583
(6
)%
Criticized performing
7,639
7,509
7,969
7,363
6,158
2
24
7,639
6,158
24
Criticized nonperforming
1,294
1,148
761
822
811
13
60
1,294
811
60
Total commercial banking loans held for
investment
$
88,628
$
89,461
$
90,488
$
91,153
$
91,552
(1
)
(3
)
$
88,628
$
91,552
(3
)
Risk category as a percentage of
period-end loans held for investment:(15)
Noncriticized
89.92
%
90.33
%
90.35
%
91.02
%
92.38
%
(41)
bps
(246)
bps
89.92
%
92.38
%
(246)
bps
Criticized performing
8.62
8.39
8.81
8.08
6.73
23
189
8.62
6.73
189
Criticized nonperforming
1.46
1.28
0.84
0.90
0.89
18
57
1.46
0.89
57
Total commercial banking loans
100.00
%
100.00
%
100.00
%
100.00
%
100.00
%
100.00
%
100.00
%
CAPITAL ONE FINANCIAL CORPORATION
(COF)
Table 13: Financial & Statistical
Summary—Other and Total
2024 Q2 vs.
Six Months Ended June
30,
2024
2024
2023
2023
2023
2024
2023
2024 vs.
(Dollars in millions)
Q2
Q1
Q4
Q3
Q2
Q1
Q2
2024
2023
2023
Other
Earnings:
Net interest loss
$
(382
)
$
(394
)
$
(280
)
$
(445
)
$
(515
)
(3
)%
(26
)%
$
(776
)
$
(994
)
(22
)%
Non-interest income (loss)
11
(2
)
14
—
(6
)
**
**
9
1
**
Total net loss(9)
(371
)
(396
)
(266
)
(445
)
(521
)
(6
)
(29
)
(767
)
(993
)
(23
)
Provision (benefit) for credit losses
—
—
(2
)
2
1
—
**
—
1
**
Non-interest expense(16)(17)
79
147
411
71
61
(46
)
30
226
155
46
Loss from continuing operations before
income taxes
(450
)
(543
)
(675
)
(518
)
(583
)
(17
)
(23
)
(993
)
(1,149
)
(14
)
Income tax benefit
(207
)
(201
)
(151
)
(217
)
(248
)
3
(17
)
(408
)
(455
)
(10
)
Loss from continuing operations, net of
tax
$
(243
)
$
(342
)
$
(524
)
$
(301
)
$
(335
)
(29
)
(27
)
$
(585
)
$
(694
)
(16
)
Selected performance metrics:
Period-end deposits
$
16,810
$
19,081
$
19,530
$
19,187
$
20,738
(12
)
(19
)
$
16,810
$
20,738
(19
)
Average deposits
17,884
19,365
19,317
20,277
20,071
(8
)
(11
)
18,624
20,736
(10
)
Total
Earnings:
Net interest income
$
7,546
$
7,488
$
7,519
$
7,423
$
7,113
1
%
6
%
$
15,034
$
14,299
5
%
Non-interest income
1,960
1,914
1,987
1,943
1,899
2
3
3,874
3,616
7
Total net revenue
9,506
9,402
9,506
9,366
9,012
1
5
18,908
17,915
6
Provision for credit losses
3,909
2,683
2,857
2,284
2,490
46
57
6,592
5,285
25
Non-interest expense
4,946
5,137
5,717
4,860
4,794
(4
)
3
10,083
9,739
4
Income from continuing operations before
income taxes
651
1,582
932
2,222
1,728
(59
)
(62
)
2,233
2,891
(23
)
Income tax provision
54
302
226
432
297
(82
)
(82
)
356
500
(29
)
Income from continuing operations, net of
tax
$
597
$
1,280
$
706
$
1,790
$
1,431
(53
)
(58
)
$
1,877
$
2,391
(21
)
Selected performance metrics:
Period-end loans held for investment
$
318,186
$
315,154
$
320,472
$
314,780
$
311,323
1
2
$
318,186
$
311,323
2
Average loans held for investment
314,888
314,614
315,890
312,759
309,655
—
2
314,751
308,711
2
Period-end deposits
351,442
350,969
348,413
346,011
343,705
—
2
351,442
343,705
2
Average deposits
349,488
345,657
345,328
345,013
343,678
1
2
347,572
341,910
2
CAPITAL ONE FINANCIAL CORPORATION
(COF)
Table 14: Notes to Net Interest Margin,
Loan, Allowance and Business Segment Disclosures (Tables
6—13)
(1)
Average yield is calculated based on
annualized interest income for the period divided by average loans
during the period. Annualized interest income does not include any
allocations, such as funds transfer pricing. Average yield is
calculated using whole dollar values for average balances and
interest income/expense. Accordingly, total interest earning assets
less total interest bearing liabilities may not total net interest
income/spread.
(2)
Includes amounts related to entities that
provide capital to low-income and rural communities of $2.1
billion, $1.9 billion and $2.0 billion for the second quarter,
first quarter and first six months of 2024, respectively, and $1.9
billion and $1.8 billion for the second quarter and first six
months of 2023, respectively. Related interest expense was $8
million for the second and first quarters of 2024, and the second
quarter of 2023, and $16 million for both the first six months of
2024 and 2023.
(3)
The termination of our Walmart program
agreement, effective May 21, 2024, (“Walmart Program Termination”)
increased the Domestic Card net charge-off rate by 19 basis points
for Q2 2024. Excluding this impact, the Domestic Card net
charge-off rate would have been 5.86%.
(4)
In December 2023, we recognized $18
million of incremental net charge-offs on certain loans in hardship
programs from the one-time impact of operational delays, which
increased the Q4 2023 net charge-off rate by approximately 5 basis
points. Excluding this impact, the Q4 2023 net charge-off rate
would have been 5.30%.
(5)
Nonperforming loan rates are calculated
based on nonperforming loans for each category divided by
period-end total loans held for investment for each respective
category. For Commercial Banking, loans categorized as
nonperforming are considered criticized nonperforming.
(6)
Nonperforming assets consist of
nonperforming loans, repossessed assets and other foreclosed
assets. The total nonperforming asset rate is calculated based on
total nonperforming assets divided by the combined period-end total
loans held for investment, repossessed assets and other foreclosed
assets.
(7)
The Walmart Program Termination resulted in an allowance for credit
losses build in Domestic Card of $826 million in the second quarter
of 2024.
(8)
Primarily represents foreign currency
translation adjustments.
(9)
Some of our commercial investments
generate tax-exempt income, tax credits or other tax benefits.
Accordingly, we present our Commercial Banking revenue and yields
on a taxable-equivalent basis, calculated using the federal
statutory tax rate of 21% and state taxes where applicable, with
offsetting reductions to the Other category.
(10)
Total net revenue margin is calculated
based on annualized total net revenue for the period divided by
average interest-earning assets for the period.
(11)
Purchase volume consists of purchase
transactions, net of returns, for the period, and excludes cash
advance and balance transfer transactions.
(12)
The Walmart Program Termination decreased
Domestic Card net revenue by $27 million and reduced revenue margin
by 8 bps. This was more than offset by higher income from the
partial quarter effect of the end of the Walmart revenue sharing
provisions which increased revenue margin by 18 bps. The net impact
of these items on revenue margin was an increase of 10 bps.
(13)
Percentages represent period-end loans held for investment in each
credit score category. Domestic Card credit scores generally
represent FICO scores. These scores are obtained from one of the
major credit bureaus at origination and are refreshed monthly
thereafter. We approximate non-FICO credit scores to comparable
FICO scores for consistency purposes. Balances for which no credit
score is available or the credit score is invalid are included in
the 660 or below category.
(14)
Percentages represent period-end loans
held for investment in each credit score category. Auto credit
scores generally represent average FICO scores obtained from three
credit bureaus at the time of application and are not refreshed
thereafter. Balances for which no credit score is available or the
credit score is invalid are included in the 620 or below
category.
(15)
Criticized exposures correspond to the
“Special Mention,” “Substandard” and “Doubtful” asset categories
defined by bank regulatory authorities.
(16)
Includes the impact of $8 million, $42
million and $289 million FDIC special assessment in Q2 2024, Q1
2024 and Q4 2023, respectively.
(17)
Includes the impact of $31 million in
Discover integration expenses in Q2 2024, as well as any charges
incurred as a result of restructuring activities for the periods
presented.
**
Not meaningful.
CAPITAL ONE FINANCIAL CORPORATION
(COF)
Table 15: Calculation of Regulatory
Capital Measures and Reconciliation of Non-GAAP Measures(1)
Basel III Standardized
Approach
(Dollars in millions, except as noted)
June 30,
2024
March 31,
2024
December 31,
2023
September 30,
2023
June 30,
2023
Regulatory Capital Metrics
Common equity excluding AOCI
$
63,435
$
63,088
$
62,710
$
62,245
$
60,729
Adjustments:
AOCI, net of tax(2)
13
14
27
(9
)
31
Goodwill, net of related deferred tax
liabilities
(14,800
)
(14,804
)
(14,811
)
(14,797
)
(14,813
)
Other Intangible and deferred tax assets,
net of deferred tax liabilities
(271
)
(291
)
(311
)
(333
)
(358
)
Common equity Tier 1 capital
$
48,377
$
48,007
$
47,615
$
47,106
$
45,589
Tier 1 capital
$
53,222
$
52,852
$
52,460
$
51,952
$
50,434
Total capital(3)
59,876
59,484
59,124
58,844
57,607
Risk-weighted assets
367,068
366,161
369,206
362,962
359,613
Adjusted average assets(4)
470,915
468,030
467,553
464,286
459,732
Capital Ratios
Common equity Tier 1 capital(5)
13.2
%
13.1
%
12.9
%
13.0
%
12.7
%
Tier 1 capital(6)
14.5
14.4
14.2
14.3
14.0
Total capital(7)
16.3
16.2
16.0
16.2
16.0
Tier 1 leverage(4)
11.3
11.3
11.2
11.2
11.0
TCE(8)
8.2
8.1
8.2
7.3
7.6
Reconciliation of Non-GAAP Measures
The following non-GAAP measures consist of our adjusted results
that we believe help investors and users of our financial
information understand the effect of adjusting items on our
selected reported results, however, they may not be comparable to
similarly-titled measures reported by other companies. These
adjusted results provide alternate measurements of our operating
performance, both for the current period and trends across multiple
periods. The following tables present reconciliations of these
non-GAAP measures to the applicable amounts measured in accordance
with GAAP.
Six Months Ended June
30,
(Dollars in millions, except per share
data and as noted)
2024 Q2
2024 Q1
2023 Q4
2023 Q3
2023 Q2
2024
2023
Adjusted diluted earnings per share
(“EPS”):
Net income available to common
stockholders (GAAP)
$
531
$
1,200
$
639
$
1,705
$
1,351
$
1,731
$
2,238
Allowance build for Walmart program
agreement loss sharing termination
826
—
—
—
—
826
—
Walmart program agreement termination
contra revenue impact
27
—
—
—
—
27
—
Discover integration expenses
31
—
—
—
—
31
—
FDIC special assessment
8
42
289
—
—
50
—
Adjusted net income available to common
stockholders before income tax impacts (non-GAAP)
1,423
1,242
928
1,705
1,351
2,665
2,238
Income tax impacts
(218
)
(10
)
(70
)
—
—
(228
)
—
Adjusted net income available to common
stockholders (non-GAAP)
$
1,205
$
1,232
$
858
$
1,705
$
1,351
$
2,437
$
2,238
Diluted weighted-average common shares
outstanding (in millions) (GAAP)
383.9
383.4
382.8
383.3
383.7
383.7
383.8
Diluted EPS (GAAP)
$
1.38
$
3.13
$
1.67
$
4.45
$
3.52
$
4.51
$
5.83
Impact of adjustments noted above
1.76
0.08
0.57
—
—
1.84
—
Adjusted diluted EPS (non-GAAP)
$
3.14
$
3.21
$
2.24
$
4.45
$
3.52
$
6.35
$
5.83
Adjusted efficiency ratio:
Non-interest expense (GAAP)
$
4,946
$
5,137
$
5,717
$
4,860
$
4,794
$
10,083
$
9,739
Discover integration expenses
(31
)
—
—
—
—
(31
)
—
FDIC special assessment
(8
)
(42
)
(289
)
—
—
(50
)
—
Adjusted non-interest expense
(non-GAAP)
$
4,907
$
5,095
$
5,428
$
4,860
$
4,794
$
10,002
$
9,739
Total net revenue (GAAP)
$
9,506
$
9,402
$
9,506
$
9,366
$
9,012
$
18,908
$
17,915
Walmart program agreement termination
contra revenue impact
27
—
—
—
—
27
—
Adjusted net revenue (non-GAAP)
$
9,533
$
9,402
$
9,506
$
9,366
$
9,012
$
18,935
$
17,915
Efficiency ratio (GAAP)
52.03
%
54.64
%
60.14
%
51.89
%
53.20
%
53.33
%
54.36
%
Impact of adjustments noted above
(56) bps
(45) bps
(304) bps
—
—
(51) bps
—
Adjusted efficiency ratio
(non-GAAP)
51.47
%
54.19
%
57.10
%
51.89
%
53.20
%
52.82
%
54.36
%
Adjusted operating efficiency
ratio:
Operating expense (GAAP)
$
3,882
$
4,127
$
4,463
$
3,888
$
3,908
$
8,009
$
7,956
Discover integration expenses
(31
)
—
—
—
—
(31
)
—
FDIC special assessment
(8
)
(42
)
(289
)
—
—
(50
)
—
Adjusted operating expense (non-GAAP)
$
3,843
$
4,085
$
4,174
$
3,888
$
3,908
$
7,928
$
7,956
Total net revenue (GAAP)
9,506
$
9,402
$
9,506
$
9,366
$
9,012
$
18,908
$
17,915
Walmart program agreement termination
revenue impact
27
—
—
—
—
27
—
Adjusted net revenue (non-GAAP)
$
9,533
$
9,402
$
9,506
$
9,366
$
9,012
$
18,935
$
17,915
Operating efficiency ratio (GAAP)
40.84
%
43.89
%
46.95
%
41.51
%
43.36
%
42.36
%
44.41
%
Impact of adjustments noted above
(53) bps
(44) bps
(304) bps
— bps
— bps
(49) bps
— bps
Adjusted operating efficiency ratio
(non-GAAP)
40.31
%
43.45
%
43.91
%
41.51
%
43.36
%
41.87
%
44.41
%
Reconciliation of Non-GAAP Measures
The following summarizes our non-GAAP measures. While these
non-GAAP measures are widely used by investors, analysts and bank
regulatory agencies to assess the operating performance and capital
position of financial services companies, they may not be
comparable to similarly-titled measures reported by other
companies. The following table presents reconciliations of these
non-GAAP measures to the applicable amounts measured in accordance
with GAAP.
2024
2024
2023
2023
2023
(Dollars in millions)
Q2
Q1
Q4
Q3
Q2
Pre- Provision Earnings
Total net revenue
$
9,506
$
9,402
$
9,506
$
9,366
$
9,012
Non-interest expense
(4,946
)
(5,137
)
(5,717
)
(4,860
)
(4,794
)
Pre-provision earnings(9)
$
4,560
$
4,265
$
3,789
$
4,506
$
4,218
Tangible Common Equity
(Period-End)
Stockholders’ equity
$
57,981
$
57,801
$
58,089
$
53,668
$
54,559
Goodwill and other intangible
assets(10)
(15,226
)
(15,257
)
(15,289
)
(15,308
)
(15,356
)
Noncumulative perpetual preferred
stock
(4,845
)
(4,845
)
(4,845
)
(4,845
)
(4,845
)
Tangible common equity(11)
$
37,910
$
37,699
$
37,955
$
33,515
$
34,358
Tangible Common Equity
(Average)
Stockholders’ equity
$
58,107
$
57,998
$
55,632
$
55,012
$
55,357
Goodwill and other intangible
assets(10)
(15,249
)
(15,280
)
(15,304
)
(15,348
)
(15,187
)
Noncumulative perpetual preferred
stock
(4,845
)
(4,845
)
(4,845
)
(4,845
)
(4,845
)
Tangible common equity(11)
$
38,013
$
37,873
$
35,483
$
34,819
$
35,325
Return on Tangible Common Equity
(Average)
Net income available to common
stockholders
$
531
$
1,200
$
639
$
1,705
$
1,351
Tangible common equity (Average)
38,013
37,873
35,483
34,819
35,325
Return on tangible common
equity(11)(12)
5.59
%
12.67
%
7.20
%
19.59
%
15.30
%
Tangible Assets (Period-End)
Total assets
$
480,018
$
481,720
$
478,464
$
471,435
$
467,800
Goodwill and other intangible
assets(10)
(15,226
)
(15,257
)
(15,289
)
(15,308
)
(15,356
)
Tangible assets(11)
$
464,792
$
466,463
$
463,175
$
456,127
$
452,444
2024
2024
2023
2023
2023
(Dollars in millions)
Q2
Q1
Q4
Q3
Q2
Tangible Assets (Average)
Total assets
$
477,285
$
474,995
$
472,594
$
469,860
$
466,652
Goodwill and other intangible
assets(10)
(15,249
)
(15,280
)
(15,304
)
(15,348
)
(15,187
)
Tangible assets(11)
$
462,036
$
459,715
$
457,290
$
454,512
$
451,465
Return on Tangible Assets
(Average)
Net income
$
597
$
1,280
$
706
$
1,790
$
1,431
Tangible Assets (Average)
462,036
459,715
457,290
454,512
451,465
Return on tangible assets(11)(13)
0.52
%
1.11
%
0.62
%
1.58
%
1.27
%
TCE Ratio
Tangible common equity (Period-end)
$
37,910
$
37,699
$
37,955
$
33,515
$
34,358
Tangible Assets (Period-end)
464,792
466,463
463,175
456,127
452,444
TCE Ratio(11)
8.2
%
8.1
%
8.2
%
7.3
%
7.6
%
Tangible Book Value per Common
Share
Tangible common equity (Period-end)
$
37,910
$
37,699
$
37,955
$
33,515
$
34,358
Outstanding Common Shares
381.9
382.1
380.4
381.0
381.4
Tangible book value per common
share(11)
$
99.28
$
98.67
$
99.78
$
87.97
$
90.07
____________
(1)
Regulatory capital metrics and capital
ratios as of June 30, 2024 are preliminary and therefore subject to
change.
(2)
Excludes certain components of AOCI in
accordance with rules applicable to Category III institutions.
(3)
Total capital equals the sum of Tier 1
capital and Tier 2 capital.
(4)
Adjusted average assets for the purpose of
calculating our Tier 1 leverage ratio represents total average
assets adjusted for amounts that are deducted from Tier 1 capital,
predominately goodwill and intangible assets. Tier 1 leverage ratio
is a regulatory capital measure calculated based on Tier 1 capital
divided by adjusted average assets.
(5)
Common equity Tier 1 capital ratio is a
regulatory capital measure calculated based on common equity Tier 1
capital divided by risk-weighted assets.
(6)
Tier 1 capital ratio is a regulatory
capital measure calculated based on Tier 1 capital divided by
risk-weighted assets.
(7)
Total capital ratio is a regulatory
capital measure calculated based on total capital divided by
risk-weighted assets.
(8)
TCE ratio is a Non-GAAP measure calculated
based on TCE divided by tangible assets.
(9)
Management believes that this financial
metric is useful in assessing the ability of a lending institution
to generate income in excess of its provision for credit
losses.
(10)
Includes impact of related deferred
taxes.
(11)
Management believes that this financial
metric is useful in assessing capital adequacy and the level of
returns generated.
(12)
Return on average tangible common equity
is a non-GAAP measure calculated based on annualized net income
(loss) available to common stockholders less annualized income
(loss) from discontinued operations, net of tax, for the period,
divided by average TCE.
(13)
Return on average tangible assets is a
non-GAAP measure calculated based on annualized income (loss) from
continuing operations, net of tax, for the period divided by
average tangible assets for the period.
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