Net of adjusting items, Fourth Quarter 2024 Net
Income of $3.09 per share(1)
Capital One Financial Corporation (NYSE: COF) today announced
net income for the fourth quarter of 2024 of $1.1 billion, or $2.67
per diluted common share, compared with net income of $1.8 billion,
or $4.41 per diluted common share in the third quarter of 2024, and
with net income of $706 million, or $1.67 per diluted common share
in the fourth quarter of 2023. Adjusted net income(1) for the
fourth quarter of 2024 was $3.09 per diluted common share.
“Our fourth quarter results included steady top-line growth in
our domestic card business, strong originations and a return to
loan growth in our auto business, and stable credit results across
our businesses,” said Richard D. Fairbank, Founder, Chairman, and
Chief Executive Officer. “The shareholder votes on the Discover
acquisition are scheduled for February 18th, and we continue to
work closely with our regulators as our applications work their way
through the regulatory approval process. We remain well positioned
to complete the acquisition in early 2025, subject to regulatory
and shareholder approvals.”
The quarter included the following adjusting items:
(Dollars in millions, except per share data)
Pre-Tax Impact
After-Tax Diluted
EPS Impact
Discover integration expenses
$
140
$
0.27
Legal reserve activity
$
75
$
0.15
The quarter included the following notable item:
(Dollars in millions, except per share data)
Pre-Tax Impact
After-Tax Diluted
EPS Impact
Accelerated philanthropy contributions
$
100
$
0.20
All comparisons below are for the fourth quarter of 2024
compared with the third quarter of 2024 unless otherwise noted.
Fourth Quarter 2024 Income Statement
Summary:
- Total net revenue increased 2 percent to $10.2 billion.
- Total non-interest expense increased 15 percent to $6.1
billion:
- 24 percent increase in marketing.
- 12 percent increase in operating expenses.
- Pre-provision earnings(2) decreased 13 percent to $4.1
billion.
- Provision for credit losses increased $160 million to $2.6
billion:
- Net charge-offs of $2.9 billion.
- $245 million loan reserve release.
- Net interest margin of 7.03 percent, a decrease of 8 basis
points.
- Efficiency ratio of 59.75 percent.
- Adjusted efficiency ratio(1) of 57.64 percent.
- Operating efficiency ratio of 46.26 percent.
- Adjusted operating efficiency ratio(1) of 44.15 percent.
Fourth Quarter 2024 Balance Sheet
Summary:
- Common equity Tier 1 capital ratio(3) under Basel III
Standardized Approach of 13.5 percent at December 31, 2024.
- Period-end loans held for investment in the quarter increased
$7.5 billion, or 2 percent, to $327.8 billion.
- Credit Card period-end loans increased $5.9 billion, or 4
percent, to $162.5 billion.
- Domestic Card period-end loans increased $6.2 billion, or 4
percent, to $155.6 billion.
- Consumer Banking period-end loans increased $1.3 billion, or 2
percent, to $78.1 billion.
- Auto period-end loans increased $1.3 billion, or 2 percent, to
$76.8 billion.
- Commercial Banking period-end loans increased $341 million, or
less than 1 percent, to $87.2 billion.
- Average loans held for investment in the quarter increased $3.6
billion, or 1 percent, to $321.9 billion.
- Credit Card average loans increased $3.4 billion, or 2 percent,
to $157.3 billion.
- Domestic Card average loans increased $3.3 billion, or 2
percent, to $150.3 billion.
- Consumer Banking average loans increased $1.0 billion, or 1
percent, to $77.2 billion.
- Auto average loans increased $1.0 billion, or 1 percent, to
$76.0 billion.
- Commercial Banking average loans decreased $777 million, or 1
percent, to $87.3 billion.
- Period-end total deposits increased $9.1 billion, or 3 percent,
to $362.7 billion, while average deposits increased $7.2 billion,
or 2 percent, to $358.3 billion.
- Interest-bearing deposits rate paid decreased 18 basis points
to 3.45 percent.
2024 Full Year Income Statement
Summary:
- Total net revenue increased 6 percent to $39.1 billion.
- Total non-interest expense increased 6 percent to $21.5
billion:
- 14 percent increase in Marketing expense.
- 4 percent increase in operating expenses.
- Pre-provision earnings(2) increased 7 percent to $17.6
billion.
- Provision for credit losses increased $1.3 billion to $11.7
billion.
- Net interest margin of 6.88 percent, an increase of 25 basis
points.
- Efficiency ratio of 54.93 percent.
- Adjusted efficiency ratio(1) of 54.00 percent.
- Operating efficiency ratio of 43.27 percent.
- Adjusted operating efficiency ratio(1) of 42.35 percent.
Earnings Conference Call Webcast Information
The company will hold an earnings conference call on January 21,
2025 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 February 4, 2025 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”).
About Capital One
Capital One Financial Corporation (www.capitalone.com) is a
financial holding company which, along with its subsidiaries, had
$362.7 billion in deposits and $490.1 billion in total assets as of
December 31, 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 January
21, 2025 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 January 21, 2025 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 December 31, 2024 are
preliminary and therefore subject to change.
Capital One Financial
Corporation
Financial
Supplement(1)(2)
Fourth 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 Annual Report on Form 10-K for the period ended December 31,
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 Q4
Year Ended December
31,
(Dollars in millions, except per share
data and as noted)
2024
2024
2024
2024
2023
2024
2023
2024 vs.
Q4
Q3
Q2
Q1
Q4
Q3
Q4
2024
2023
2023
Income Statement
Net interest income
$
8,098
$
8,076
$
7,546
$
7,488
$
7,519
—
8
%
$
31,208
$
29,241
7
%
Non-interest income
2,092
1,938
1,960
1,914
1,987
8
%
5
7,904
7,546
5
Total net revenue(1)
10,190
10,014
9,506
9,402
9,506
2
7
39,112
36,787
6
Provision for credit losses
2,642
2,482
3,909
2,683
2,857
6
(8
)
11,716
10,426
12
Non-interest expense:
Marketing
1,375
1,113
1,064
1,010
1,254
24
10
4,562
4,009
14
Operating expense
4,714
4,201
3,882
4,127
4,463
12
6
16,924
16,307
4
Total non-interest expense
6,089
5,314
4,946
5,137
5,717
15
7
21,486
20,316
6
Income from continuing operations before
income taxes
1,459
2,218
651
1,582
932
(34
)
57
5,910
6,045
(2
)
Income tax provision
366
441
54
302
226
(17
)
62
1,163
1,158
—
Income from continuing operations, net of
tax
1,093
1,777
597
1,280
706
(38
)
55
4,747
4,887
(3
)
Income from discontinued operations, net
of tax
3
—
—
—
—
**
**
3
—
**
Net income
1,096
1,777
597
1,280
706
(38
)
55
4,750
4,887
(3
)
Dividends and undistributed earnings
allocated to participating securities(2)
(17
)
(28
)
(9
)
(23
)
(10
)
(39
)
70
(77
)
(77
)
—
Preferred stock dividends
(57
)
(57
)
(57
)
(57
)
(57
)
—
—
(228
)
(228
)
—
Net income available to common
stockholders
$
1,022
$
1,692
$
531
$
1,200
$
639
(40
)
60
$
4,445
$
4,582
(3
)
Common Share Statistics
Basic earnings per common
share:(2)
Net income from continuing operations
$
2.66
$
4.42
$
1.39
$
3.14
$
1.67
(40
)%
59
%
$
11.60
$
11.98
(3
)%
Income from discontinued operations
0.01
—
—
—
—
**
**
0.01
—
**
Net income per basic common share
$
2.67
$
4.42
$
1.39
$
3.14
$
1.67
(40
)
60
$
11.61
$
11.98
(3
)
Diluted earnings per common
share:(2)
Net income from continuing operations
$
2.66
$
4.41
$
1.38
$
3.13
$
1.67
(40
)%
59
%
$
11.58
$
11.95
(3
)%
Income from discontinued operations
0.01
—
—
—
—
**
**
0.01
—
**
Net income per diluted common share
$
2.67
$
4.41
$
1.38
$
3.13
$
1.67
(39
)
60
$
11.59
$
11.95
(3
)
Weighted-average common shares
outstanding (in millions):
Basic
382.4
383.0
383.1
382.2
381.9
—
—
382.7
382.4
—
Diluted
383.4
383.7
383.9
383.4
382.8
—
—
383.6
383.4
—
Common shares outstanding (period-end, in
millions)
381.2
381.5
381.9
382.1
380.4
—
—
381.2
380.4
—
Dividends declared and paid per common
share
$
0.60
$
0.60
$
0.60
$
0.60
$
0.60
—
—
$
2.40
$
2.40
—
Tangible book value per common share
(period-end)(3)
106.97
112.36
99.28
98.67
99.78
(5
)%
7
%
106.97
99.78
7
%
2024 Q4
Year Ended December
31,
(Dollars in millions)
2024
2024
2024
2024
2023
2024
2023
2024 vs.
Q4
Q3
Q2
Q1
Q4
Q3
Q4
2024
2023
2023
Balance Sheet (Period-End)
Loans held for investment
$
327,775
$
320,243
$
318,186
$
315,154
$
320,472
2
%
2
%
$
327,775
$
320,472
2
%
Interest-earning assets
463,058
458,189
452,547
453,557
449,701
1
3
463,058
449,701
3
Total assets
490,144
486,433
480,018
481,720
478,464
1
2
490,144
478,464
2
Interest-bearing deposits
336,585
327,253
324,437
323,352
320,389
3
5
336,585
320,389
5
Total deposits
362,707
353,631
351,442
350,969
348,413
3
4
362,707
348,413
4
Borrowings
45,551
49,336
47,956
50,361
49,856
(8
)
(9
)
45,551
49,856
(9
)
Common equity
55,938
58,080
53,135
52,955
53,244
(4
)
5
55,938
53,244
5
Total stockholders’ equity
60,784
62,925
57,981
57,801
58,089
(3
)
5
60,784
58,089
5
Balance Sheet (Average
Balances)
Loans held for investment
$
321,871
$
318,255
$
314,888
$
314,614
$
315,890
1
%
2
%
$
317,421
$
311,541
2
%
Interest-earning assets
460,640
454,484
450,908
447,803
446,929
1
3
453,481
441,238
3
Total assets
488,300
481,219
477,285
474,995
472,594
1
3
480,451
467,807
3
Interest-bearing deposits
331,564
324,509
322,581
318,450
316,808
2
5
324,297
313,737
3
Total deposits
358,323
351,125
349,488
345,657
345,328
2
4
351,168
343,554
2
Borrowings
46,293
48,274
48,842
50,474
51,070
(4
)
(9
)
48,465
49,332
(2
)
Common equity
56,918
56,443
53,262
53,152
50,786
1
12
54,953
50,349
9
Total stockholders’ equity
61,764
61,289
58,107
57,998
55,632
1
11
59,799
55,195
8
CAPITAL ONE FINANCIAL CORPORATION
(COF)
Table 2: Selected
Metrics—Consolidated
2024 Q4
Year Ended December
31,
(Dollars in millions, except as noted)
2024
2024
2024
2024
2023
2024
2023
2024 vs.
Q4
Q3
Q2
Q1
Q4
Q3
Q4
2024
2023
2023
Performance Metrics
Net interest income growth (period over
period)
—
7
%
1
%
—
1
%
**
**
7
%
8
%
**
Non-interest income growth (period over
period)
8
%
(1
)
2
(4
)%
2
**
**
5
6
**
Total net revenue growth (period over
period)
2
5
1
(1
)
1
**
**
6
7
**
Total net revenue margin(4)
8.85
8.81
8.43
8.40
8.51
4
bps
34
bps
8.62
8.34
28
bps
Net interest margin(5)
7.03
7.11
6.70
6.69
6.73
(8
)
30
6.88
6.63
25
Return on average assets
0.90
1.48
0.50
1.08
0.60
(58
)
30
0.99
1.04
(5
)
Return on average tangible assets(6)
0.92
1.53
0.52
1.11
0.62
(61
)
30
1.02
1.08
(6
)
Return on average common equity(7)
7.16
11.99
3.99
9.03
5.03
(483
)
213
8.08
9.10
(102
)
Return on average tangible common
equity(8)
9.77
16.42
5.59
12.67
7.20
(665
)
257
11.18
13.04
(186
)
Efficiency ratio(9)
59.75
53.07
52.03
54.64
60.14
668
(39
)
54.93
55.23
(30
)
Operating efficiency ratio(10)
46.26
41.95
40.84
43.89
46.95
431
(69
)
43.27
44.33
(106
)
Effective income tax rate for continuing
operations
25.1
19.9
8.3
19.1
24.2
520
90
19.7
19.2
50
Employees (period-end, in thousands)
52.6
52.5
52.1
51.3
52.0
—
1
%
52.6
52.0
1
%
Credit Quality Metrics
Allowance for credit losses
$
16,258
$
16,534
$
16,649
$
15,380
$
15,296
(2
)%
6
%
$
16,258
$
15,296
6
%
Allowance coverage ratio
4.96
%
5.16
%
5.23
%
4.88
%
4.77
%
(20
) bps
19
bps
4.96
%
4.77
%
19
bps
Net charge-offs
$
2,884
$
2,604
$
2,644
$
2,616
$
2,533
11
%
14
%
$
10,748
$
8,414
28
%
Net charge-off rate(11)
3.59
%
3.27
%
3.36
%
3.33
%
3.21
%
32
bps
38
bps
3.39
%
2.70
%
69
bps
30+ day performing delinquency rate
3.69
3.58
3.36
3.40
3.71
11
(2
)
3.69
3.71
(2
)
30+ day delinquency rate
3.98
3.89
3.63
3.67
3.99
9
(1
)
3.98
3.99
(1
)
Capital Ratios(12)
Common equity Tier 1 capital
13.5
%
13.6
%
13.2
%
13.1
%
12.9
%
(10
) bps
60
bps
13.5
%
12.9
%
60
bps
Tier 1 capital
14.8
14.9
14.5
14.4
14.2
(10
)
60
14.8
14.2
60
Total capital
16.4
16.6
16.3
16.2
16.0
(20
)
40
16.4
16.0
40
Tier 1 leverage
11.6
11.6
11.3
11.3
11.2
—
40
11.6
11.2
40
Tangible common equity (“TCE”)(13)
8.6
9.1
8.2
8.1
8.2
(51
)
39
8.6
8.2
39
CAPITAL ONE FINANCIAL CORPORATION
(COF)
Table 3: Consolidated Statements of
Income
2024 Q4
Year Ended December
31,
(Dollars in millions, except as noted)
2024
2024
2024
2024
2023
2024
2023
2024 vs.
Q4
Q3
Q2
Q1
Q4
Q3
Q4
2024
2023
2023
Interest income:
Loans, including loans held for sale
$
10,434
$
10,547
$
9,993
$
9,920
$
9,934
(1
)%
5
%
$
40,894
$
37,410
9
%
Investment securities
753
733
700
687
669
3
13
2,873
2,550
13
Other
530
580
587
570
542
(9
)
(2
)
2,267
1,978
15
Total interest income
11,717
11,860
11,280
11,177
11,145
(1
)
5
46,034
41,938
10
Interest expense:
Deposits
2,862
2,945
2,874
2,812
2,745
(3
)
4
11,493
9,489
21
Securitized debt obligations
205
234
258
261
263
(12
)
(22
)
958
959
—
Senior and subordinated notes
540
596
591
606
608
(9
)
(11
)
2,333
2,204
6
Other borrowings
12
9
11
10
10
33
20
42
45
(7
)
Total interest expense
3,619
3,784
3,734
3,689
3,626
(4
)
—
14,826
12,697
17
Net interest income
8,098
8,076
7,546
7,488
7,519
—
8
31,208
29,241
7
Provision for credit losses
2,642
2,482
3,909
2,683
2,857
6
(8
)
11,716
10,426
12
Net interest income after provision for
credit losses
5,456
5,594
3,637
4,805
4,662
(2
)
17
19,492
18,815
4
Non-interest income:
Interchange fees, net
1,260
1,228
1,249
1,145
1,207
3
4
4,882
4,793
2
Service charges and other customer-related
fees
554
501
459
462
424
11
31
1,976
1,667
19
Net securities gains (losses)
—
(35
)
—
—
(34
)
**
**
(35
)
(34
)
3
Other
278
244
252
307
390
14
(29
)
1,081
1,120
(3
)
Total non-interest income
2,092
1,938
1,960
1,914
1,987
8
5
7,904
7,546
5
Non-interest expense:
Salaries and associate benefits
2,329
2,391
2,200
2,478
2,284
(3
)
2
9,398
9,302
1
Occupancy and equipment
674
587
551
554
628
15
7
2,366
2,160
10
Marketing
1,375
1,113
1,064
1,010
1,254
24
10
4,562
4,009
14
Professional services
630
402
316
262
359
57
75
1,610
1,268
27
Communications and data processing
398
358
355
351
345
11
15
1,462
1,383
6
Amortization of intangibles
19
20
19
19
22
(5
)
(14
)
77
82
(6
)
Other
664
443
441
463
825
50
(20
)
2,011
2,112
(5
)
Total non-interest expense
6,089
5,314
4,946
5,137
5,717
15
7
21,486
20,316
6
Income from continuing operations before
income taxes
1,459
2,218
651
1,582
932
(34
)
57
5,910
6,045
(2
)
Income tax provision
366
441
54
302
226
(17
)
62
1,163
1,158
—
Income from continuing operations, net of
tax
1,093
1,777
597
1,280
706
(38
)
55
4,747
4,887
(3
)
Income from discontinued operations, net
of tax
3
—
—
—
—
**
**
3
—
**
Net income
1,096
1,777
597
1,280
706
(38
)
55
4,750
4,887
(3
)
Dividends and undistributed earnings
allocated to participating securities(2)
(17
)
(28
)
(9
)
(23
)
(10
)
(39
)
70
(77
)
(77
)
—
Preferred stock dividends
(57
)
(57
)
(57
)
(57
)
(57
)
—
—
(228
)
(228
)
—
Net income available to common
stockholders
$
1,022
$
1,692
$
531
$
1,200
$
639
(40
)
60
$
4,445
$
4,582
(3
)
2024 Q4
Year Ended December
31,
2024
2024
2024
2024
2023
2024
2023
2024 vs.
Q4
Q3
Q2
Q1
Q4
Q3
Q4
2024
2023
2023
Basic earnings per common
share:(2)
Net income from continuing operations
$
2.66
$
4.42
$
1.39
$
3.14
$
1.67
(40
)%
59
%
$
11.60
$
11.98
(3
)%
Income from discontinued operations
0.01
—
—
—
—
**
**
0.01
—
**
Net income per basic common share
$
2.67
$
4.42
$
1.39
$
3.14
$
1.67
(40
)
60
$
11.61
$
11.98
(3
)
Diluted earnings per common
share:(2)
Net income from continuing operations
$
2.66
$
4.41
$
1.38
$
3.13
$
1.67
(40
)%
59
%
$
11.58
11.95
(3
)%
Income from discontinued operations
0.01
—
—
—
—
**
**
0.01
—
**
Net income per diluted common share
$
2.67
$
4.41
$
1.38
$
3.13
$
1.67
(39
)
60
$
11.59
$
11.95
(3
)
Weighted-average common shares
outstanding (in millions):
Basic common shares
382.4
383.0
383.1
382.2
381.9
—
—
382.7
382.4
—
Diluted common shares
383.4
383.7
383.9
383.4
382.8
—
—
383.6
383.4
—
CAPITAL ONE FINANCIAL CORPORATION
(COF)
Table 4: Consolidated Balance
Sheets
2024 Q4
2024
2024
2024
2024
2023
2024
2023
(Dollars in millions)
Q4
Q3
Q2
Q1
Q4
Q3
Q4
Assets:
Cash and cash equivalents:
Cash and due from banks
$
3,028
$
3,976
$
5,298
$
4,671
$
4,903
(24
)%
(38
)%
Interest-bearing deposits and other
short-term investments
40,202
45,322
40,116
46,357
38,394
(11
)
5
Total cash and cash equivalents
43,230
49,298
45,414
51,028
43,297
(12
)
—
Restricted cash for securitization
investors
441
421
2,415
474
458
5
(4
)
Securities available for sale
83,013
83,500
79,250
78,398
79,117
(1
)
5
Loans held for investment:
Unsecuritized loans held for
investment
298,241
292,061
289,124
285,577
289,229
2
3
Loans held in consolidated trusts
29,534
28,182
29,062
29,577
31,243
5
(5
)
Total loans held for investment
327,775
320,243
318,186
315,154
320,472
2
2
Allowance for credit losses
(16,258
)
(16,534
)
(16,649
)
(15,380
)
(15,296
)
(2
)
6
Net loans held for investment
311,517
303,709
301,537
299,774
305,176
3
2
Loans held for sale
202
96
808
1,631
854
110
(76
)
Premises and equipment, net
4,511
4,440
4,396
4,366
4,375
2
3
Interest receivable
2,532
2,577
2,494
2,514
2,478
(2
)
2
Goodwill
15,059
15,083
15,062
15,062
15,065
—
—
Other assets
29,639
27,309
28,642
28,473
27,644
9
7
Total assets
$
490,144
$
486,433
$
480,018
$
481,720
$
478,464
1
2
2024 Q4
2024
2024
2024
2024
2023
2024
2023
(Dollars in millions)
Q4
Q3
Q2
Q1
Q4
Q3
Q4
Liabilities:
Interest payable
$
666
$
705
$
668
$
762
$
649
(6
)%
3
%
Deposits:
Non-interest-bearing deposits
26,122
26,378
27,005
27,617
28,024
(1
)
(7
)
Interest-bearing deposits
336,585
327,253
324,437
323,352
320,389
3
5
Total deposits
362,707
353,631
351,442
350,969
348,413
3
4
Securitized debt obligations
14,264
15,881
17,291
17,661
18,043
(10
)
(21
)
Other debt:
Federal funds purchased and securities
loaned or sold under agreements to repurchase
562
520
715
568
538
8
4
Senior and subordinated notes
30,696
32,911
29,925
32,108
31,248
(7
)
(2
)
Other borrowings
29
24
25
24
27
21
7
Total other debt
31,287
33,455
30,665
32,700
31,813
(6
)
(2
)
Other liabilities
20,436
19,836
21,971
21,827
21,457
3
(5
)
Total liabilities
429,360
423,508
422,037
423,919
420,375
1
2
Stockholders’ equity:
Preferred stock
0
0
0
0
0
—
—
Common stock
7
7
7
7
7
—
—
Additional paid-in capital, net
36,428
36,216
36,012
35,808
35,541
1
2
Retained earnings
64,505
63,698
62,211
61,905
60,945
1
6
Accumulated other comprehensive loss
(9,286
)
(6,287
)
(9,701
)
(9,534
)
(8,268
)
48
12
Treasury stock, at cost
(30,870
)
(30,709
)
(30,548
)
(30,385
)
(30,136
)
1
2
Total stockholders’ equity
60,784
62,925
57,981
57,801
58,089
(3
)
5
Total liabilities and stockholders’
equity
$
490,144
$
486,433
$
480,018
$
481,720
$
478,464
1
2
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
$706 million in Q4 2024, $624 million in Q3 2024, $649 million in
Q2 2024, $630 million in Q1 2024 and $566 million in Q4 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 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 annualized on net
income (loss) available to common stockholders less 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
Q4 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 Q4
2024 Q3
2023 Q4
(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
$
322,231
$
10,434
12.95
%
$
318,715
$
10,547
13.24
%
$
316,670
$
9,934
12.55
%
Investment securities
92,248
753
3.26
90,644
733
3.24
88,650
669
3.02
Cash equivalents and other
46,161
530
4.59
45,125
580
5.14
41,609
542
5.21
Total interest-earning assets
$
460,640
$
11,717
10.17
$
454,484
$
11,860
10.44
$
446,929
$
11,145
9.97
Interest-bearing liabilities:
Interest-bearing deposits
$
331,564
$
2,862
3.45
$
324,509
$
2,945
3.63
$
316,808
$
2,745
3.47
Securitized debt obligations
14,931
205
5.47
15,833
234
5.93
18,022
263
5.84
Senior and subordinated notes
30,888
540
7.00
32,041
596
7.43
32,586
608
7.46
Other borrowings and liabilities(2)
2,434
12
1.85
2,389
9
1.50
2,349
10
1.74
Total interest-bearing liabilities
$
379,817
$
3,619
3.81
$
374,772
$
3,784
4.04
$
369,765
$
3,626
3.92
Net interest income/spread
$
8,098
6.36
$
8,076
6.40
$
7,519
6.05
Impact of non-interest-bearing funding
0.67
0.71
0.68
Net interest margin(3)
7.03
%
7.11
%
6.73
%
Year Ended December
31,
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
$
318,096
$
40,894
12.86
%
$
312,173
$
37,410
11.98
%
Investment securities
90,250
2,873
3.18
89,105
2,550
2.86
Cash equivalents and other
45,135
2,267
5.02
39,960
1,978
4.95
Total interest-earning assets
$
453,481
$
46,034
10.15
$
441,238
$
41,938
9.50
Interest-bearing liabilities:
Interest-bearing deposits
$
324,297
$
11,493
3.54
$
313,737
$
9,489
3.02
Securitized debt obligations
16,507
958
5.80
17,675
959
5.42
Senior and subordinated notes
31,529
2,333
7.40
31,109
2,204
7.08
Other borrowings and liabilities(2)
2,424
42
1.71
2,394
45
1.89
Total interest-bearing liabilities
$
374,757
$
14,826
3.96
$
364,915
$
12,697
3.48
Net interest income/spread
$
31,208
6.20
$
29,241
6.03
Impact of non-interest-bearing funding
0.68
0.60
Net interest margin
6.88
%
6.63
%
CAPITAL ONE FINANCIAL CORPORATION
(COF)
Table 7: Loan Information and
Performance Statistics
2024 Q4
Year Ended December
31,
2024
2024
2024
2024
2023
2024
2023
2024
2023
2024 vs. 2023
(Dollars in millions, except as noted)
Q4
Q3
Q2
Q1
Q4
Q3
Q4
Loans Held for Investment
(Period-End)
Credit card:
Domestic credit card
$
155,618
$
149,400
$
147,065
$
143,861
$
147,666
4
%
5
%
$
155,618
$
147,666
5
%
International card businesses
6,890
7,251
6,830
6,733
6,881
(5
)
—
6,890
6,881
—
Total credit card
162,508
156,651
153,895
150,594
154,547
4
5
162,508
154,547
5
Consumer banking:
Auto
76,829
75,505
74,385
73,801
74,075
2
4
76,829
74,075
4
Retail banking
1,263
1,253
1,278
1,298
1,362
1
(7
)
1,263
1,362
(7
)
Total consumer banking
78,092
76,758
75,663
75,099
75,437
2
4
78,092
75,437
4
Commercial banking:
Commercial and multifamily real estate
31,903
32,199
32,832
34,272
34,446
(1
)
(7
)
31,903
34,446
(7
)
Commercial and industrial
55,272
54,635
55,796
55,189
56,042
1
(1
)
55,272
56,042
(1
)
Total commercial banking
87,175
86,834
88,628
89,461
90,488
—
(4
)
87,175
90,488
(4
)
Total loans held for investment
$
327,775
$
320,243
$
318,186
$
315,154
$
320,472
2
2
$
327,775
$
320,472
2
Loans Held for Investment
(Average)
Credit card:
Domestic credit card
$
150,290
$
147,021
$
143,744
$
142,887
$
142,112
2
%
6
%
$
146,000
$
135,213
8
%
International card businesses
7,036
6,951
6,723
6,758
6,515
1
8
6,868
6,359
8
Total credit card
157,326
153,972
150,467
149,645
148,627
2
6
152,868
141,572
8
Consumer banking:
Auto
75,968
74,920
74,098
73,768
74,861
1
1
74,692
76,067
(2
)
Retail banking
1,253
1,262
1,288
1,324
1,377
(1
)
(9
)
1,281
1,446
(11
)
Total consumer banking
77,221
76,182
75,386
75,092
76,238
1
1
75,973
77,513
(2
)
Commercial banking:
Commercial and multifamily real estate
32,058
32,416
33,801
34,310
35,414
(1
)
(9
)
33,141
36,448
(9
)
Commercial and industrial
55,266
55,685
55,234
55,567
55,611
(1
)
(1
)
55,439
56,008
(1
)
Total commercial banking
87,324
88,101
89,035
89,877
91,025
(1
)
(4
)
88,580
92,456
(4
)
Total average loans held for
investment
$
321,871
$
318,255
$
314,888
$
314,614
$
315,890
1
2
$
317,421
$
311,541
2
2024 Q4
Year Ended December
31,
2024
2024
2024
2024
2023
2024
2023
2024
2023
2024 vs. 2023
Q4
Q3
Q2
Q1
Q4
Q3
Q4
Net Charge-Off (Recovery) Rates
Credit card:
Domestic credit card(4)(5)
6.06
%
5.61
%
6.05
%
5.94
%
5.35
%
45
bps
71
bps
5.91
%
4.56
%
135
bps
International card businesses
5.17
5.23
5.03
5.16
4.94
(6
)
23
5.15
4.84
31
Total credit card
6.02
5.60
6.00
5.90
5.33
42
69
5.88
4.57
131
Consumer banking:
Auto
2.32
2.05
1.81
1.99
2.19
27
13
2.05
1.72
33
Retail banking
5.63
5.43
5.38
4.04
5.68
20
(5
)
5.11
3.89
122
Total consumer banking
2.38
2.11
1.87
2.03
2.25
27
13
2.10
1.76
34
Commercial banking:
Commercial and multifamily real estate
0.50
0.26
0.11
0.20
0.96
24
(46
)
0.26
1.34
(108
)
Commercial and industrial
0.13
0.20
0.17
0.08
0.26
(7
)
(13
)
0.15
0.16
(1
)
Total commercial banking
0.26
0.22
0.15
0.13
0.53
4
(27
)
0.19
0.62
(43
)
Total net charge-offs
3.59
3.27
3.36
3.33
3.21
32
38
3.39
2.70
69
30+ Day Performing Delinquency
Rates
Credit card:
Domestic credit card
4.53
%
4.53
%
4.14
%
4.48
%
4.61
%
—
(8
) bps
4.53
%
4.61
%
(8
) bps
International card businesses
4.52
4.53
4.63
4.83
4.67
(1
) bps
(15
)
4.52
4.67
(15
)
Total credit card
4.53
4.53
4.16
4.50
4.61
—
(8
)
4.53
4.61
(8
)
Consumer banking:
Auto
5.95
5.61
5.67
5.28
6.34
34
(39
)
5.95
6.34
(39
)
Retail banking
1.12
0.95
1.57
0.95
1.19
17
(7
)
1.12
1.19
(7
)
Total consumer banking
5.87
5.53
5.60
5.21
6.25
34
(38
)
5.87
6.25
(38
)
Nonperforming Loans and
Nonperforming Assets Rates(6)(7)
Credit card:
International card businesses
0.15
%
0.15
%
0.15
%
0.13
%
0.13
%
—
2
bps
0.15
%
0.13
%
2
bps
Total credit card
0.01
0.01
0.01
0.01
0.01
—
—
0.01
0.01
—
Consumer banking:
Auto
0.98
0.91
0.88
0.79
0.96
7
bps
2
0.98
0.96
2
Retail banking
1.94
2.19
2.81
3.21
3.36
(25
)
(142
)
1.94
3.36
(142
)
Total consumer banking
0.99
0.93
0.92
0.83
1.00
6
(1
)
0.99
1.00
(1
)
Commercial banking:
Commercial and multifamily real estate
1.60
1.96
1.28
1.58
1.23
(36
)
37
1.60
1.23
37
Commercial and industrial
1.27
1.32
1.56
1.10
0.60
(5
)
67
1.27
0.60
67
Total commercial banking
1.39
1.55
1.46
1.28
0.84
(16
)
55
1.39
0.84
55
Total nonperforming loans
0.61
0.65
0.63
0.57
0.48
(4
)
13
0.61
0.48
13
Total nonperforming assets
0.63
0.67
0.64
0.58
0.50
(4
)
13
0.63
0.50
13
CAPITAL ONE FINANCIAL CORPORATION
(COF)
Table 8: Allowance for Credit Losses
and Reserve for Unfunded Lending Commitments Activity
Three Months Ended December
31, 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 September 30, 2024
$
12,494
$
495
$
12,989
$
1,988
$
27
$
2,015
$
1,530
$
16,534
Charge-offs
(2,737
)
(128
)
(2,865
)
(733
)
(22
)
(755
)
(68
)
(3,688
)
Recoveries
459
38
497
291
5
296
11
804
Net charge-offs
(2,278
)
(90
)
(2,368
)
(442
)
(17
)
(459
)
(57
)
(2,884
)
Provision (benefit) for credit losses
2,278
106
2,384
313
15
328
(73
)
2,639
Allowance build (release) for credit
losses
—
16
16
(129
)
(2
)
(131
)
(130
)
(245
)
Other changes(8)
—
(31
)
(31
)
—
—
—
—
(31
)
Balance as of December 31, 2024
12,494
480
12,974
1,859
25
1,884
1,400
16,258
Reserve for unfunded lending
commitments:
Balance as of September 30, 2024
—
—
—
—
—
—
142
142
Provision (benefit) for losses on unfunded
lending commitments
—
—
—
—
—
—
1
1
Balance as of December 31, 2024
—
—
—
—
—
—
143
143
Combined allowance and reserve as of
December 31, 2024
$
12,494
$
480
$
12,974
$
1,859
$
25
$
1,884
$
1,543
$
16,401
Year Ended December 31,
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
(10,246
)
(511
)
(10,757
)
(2,674
)
(84
)
(2,758
)
(234
)
(13,749
)
Recoveries
1,612
158
1,770
1,146
19
1,165
66
3,001
Net charge-offs
(8,634
)
(353
)
(8,987
)
(1,528
)
(65
)
(1,593
)
(168
)
(10,748
)
Provision for credit losses
9,867
405
10,272
1,385
50
1,435
23
11,730
Allowance build (release) for credit
losses(9)
1,233
52
1,285
(143
)
(15
)
(158
)
(145
)
982
Other changes(8)
—
(20
)
(20
)
—
—
—
—
(20
)
Balance as of December 31, 2024
12,494
480
12,974
1,859
25
1,884
1,400
16,258
Reserve for unfunded lending
commitments:
Balance as of December 31, 2023
—
—
—
—
—
—
158
158
Provision (benefit) for losses on unfunded
lending commitments
—
—
—
—
—
—
(15
)
(15
)
Balance as of December 31, 2024
—
—
—
—
—
—
143
143
Combined allowance and reserve as of
December 31, 2024
$
12,494
$
480
$
12,974
$
1,859
$
25
$
1,884
$
1,543
$
16,401
CAPITAL ONE FINANCIAL CORPORATION
(COF)
Table 9: Financial Summary—Business
Segment Results
Three Months Ended December
31, 2024
Year Ended December 31,
2024
(Dollars in millions)
Credit Card
Consumer Banking
Commercial Banking(10)
Other(10)
Total
Credit Card
Consumer Banking
Commercial Banking(10)
Other(10)
Total
Net interest income (loss)
$
5,779
$
1,959
$
587
$
(227
)
$
8,098
$
22,088
$
8,023
$
2,391
$
(1,294
)
$
31,208
Non-interest income (loss)
1,585
182
366
(41
)
2,092
6,076
695
1,210
(77
)
7,904
Total net revenue (loss)
7,364
2,141
953
(268
)
10,190
28,164
8,718
3,601
(1,371
)
39,112
Provision (benefit) for credit losses
2,384
328
(72
)
2
2,642
10,272
1,435
8
1
11,716
Non-interest expense
3,846
1,545
518
180
6,089
13,576
5,372
2,011
527
21,486
Income (loss) from continuing operations
before income taxes
1,134
268
507
(450
)
1,459
4,316
1,911
1,582
(1,899
)
5,910
Income tax provision (benefit)
268
63
119
(84
)
366
1,024
451
373
(685
)
1,163
Income (loss) from continuing operations,
net of tax
$
866
$
205
$
388
$
(366
)
$
1,093
$
3,292
$
1,460
$
1,209
$
(1,214
)
$
4,747
Three Months Ended September
30, 2024
(Dollars in millions)
Credit Card
Consumer Banking
Commercial Banking(10)
Other(10)
Total
Net interest income (loss)
$
5,743
$
2,028
$
596
$
(291
)
$
8,076
Non-interest income (loss)
1,509
182
292
(45
)
1,938
Total net revenue (loss)
7,252
2,210
888
(336
)
10,014
Provision (benefit) for credit losses
2,084
351
48
(1
)
2,482
Non-interest expense
3,367
1,331
495
121
5,314
Income (loss) from continuing operations
before income taxes
1,801
528
345
(456
)
2,218
Income tax provision (benefit)
427
125
82
(193
)
441
Income (loss) from continuing operations,
net of tax
$
1,374
$
403
$
263
$
(263
)
$
1,777
Three Months Ended December
31, 2023
Year Ended December 31,
2023
(Dollars in millions)
Credit Card
Consumer Banking
Commercial Banking(10)
Other(10)
Total
Credit Card
Consumer Banking
Commercial Banking(10)
Other(10)
Total
Net interest income (loss)
$
5,231
$
1,951
$
617
$
(280
)
$
7,519
$
19,729
$
8,713
$
2,518
$
(1,719
)
$
29,241
Non-interest income
1,565
163
245
14
1,987
5,940
589
1,002
15
7,546
Total net revenue (loss)
6,796
2,114
862
(266
)
9,506
25,669
9,302
3,520
(1,704
)
36,787
Provision (benefit) for credit losses
2,353
422
84
(2
)
2,857
8,651
1,169
605
1
10,426
Non-interest expense
3,417
1,402
487
411
5,717
12,490
5,178
2,011
637
20,316
Income (loss) from continuing operations
before income taxes
1,026
290
291
(675
)
932
4,528
2,955
904
(2,342
)
6,045
Income tax provision (benefit)
241
68
68
(151
)
226
1,071
697
213
(823
)
1,158
Income (loss) from continuing operations,
net of tax
$
785
$
222
$
223
$
(524
)
$
706
$
3,457
$
2,258
$
691
$
(1,519
)
$
4,887
CAPITAL ONE FINANCIAL CORPORATION
(COF)
Table 10: Financial & Statistical
Summary—Credit Card Business
2024 Q4 vs.
Year Ended December
31,
2024
2024
2024
2024
2023
2024
2023
2024 vs.
(Dollars in millions, except as noted)
Q4
Q3
Q2
Q1
Q4
Q3
Q4
2024
2023
2023
Credit Card
Earnings:
Net interest income
$
5,779
$
5,743
$
5,294
$
5,272
$
5,231
1
%
10
%
$
22,088
$
19,729
12
%
Non-interest income
1,585
1,509
1,506
1,476
1,565
5
1
6,076
5,940
2
Total net revenue
7,364
7,252
6,800
6,748
6,796
2
8
28,164
25,669
10
Provision for credit losses
2,384
2,084
3,545
2,259
2,353
14
1
10,272
8,651
19
Non-interest expense
3,846
3,367
3,134
3,229
3,417
14
13
13,576
12,490
9
Income from continuing operations before
income taxes
1,134
1,801
121
1,260
1,026
(37
)
11
4,316
4,528
(5
)
Income tax provision
268
427
30
299
241
(37
)
11
1,024
1,071
(4
)
Income from continuing operations, net of
tax
$
866
$
1,374
$
91
$
961
$
785
(37
)
10
$
3,292
$
3,457
(5
)
Selected performance metrics:
Period-end loans held for investment
$
162,508
$
156,651
$
153,895
$
150,594
$
154,547
4
5
$
162,508
$
154,547
5
Average loans held for investment
157,326
153,972
150,467
149,645
148,627
2
6
152,868
141,572
8
Average yield on loans outstanding(1)
19.05
%
19.66
%
18.79
%
18.84
%
18.96
%
(61
) bps
9
bps
19.09
%
18.54
%
55
bps
Total net revenue margin(11)
18.72
18.82
18.03
17.99
18.24
(10
)
48
18.39
18.12
27
Net charge-off rate
6.02
5.60
6.00
5.90
5.33
42
69
5.88
4.57
131
30+ day performing delinquency rate
4.53
4.53
4.16
4.50
4.61
—
(8
)
4.53
4.61
(8
)
30+ day delinquency rate
4.54
4.54
4.17
4.50
4.62
—
(8
)
4.54
4.62
(8
)
Nonperforming loan rate(6)
0.01
0.01
0.01
0.01
0.01
—
—
0.01
0.01
—
Purchase volume(12)
$
172,919
$
166,203
$
165,143
$
150,171
$
162,055
4
%
7
%
$
654,436
$
620,290
6
%
2024 Q4 vs.
Year Ended December
31,
2024
2024
2024
2024
2023
2024
2023
2024 vs.
(Dollars in millions, except as noted)
Q4
Q3
Q2
Q1
Q4
Q3
Q4
2024
2023
2023
Domestic Card
Earnings:
Net interest income
$
5,474
$
5,434
$
5,001
$
4,972
$
4,940
1
%
11
%
$
20,881
$
18,610
12
%
Non-interest income
1,522
1,438
1,440
1,411
1,498
6
2
5,811
5,672
2
Total net revenue(13)
6,996
6,872
6,441
6,383
6,438
2
9
26,692
24,282
10
Provision for credit losses
2,278
1,997
3,435
2,157
2,238
14
2
9,867
8,268
19
Non-interest expense
3,607
3,149
2,946
3,025
3,186
15
13
12,727
11,648
9
Income from continuing operations before
income taxes
1,111
1,726
60
1,201
1,014
(36
)
10
4,098
4,366
(6
)
Income tax provision
262
407
15
283
239
(36
)
10
967
1,030
(6
)
Income from continuing operations, net of
tax
$
849
$
1,319
$
45
$
918
$
775
(36
)
10
$
3,131
$
3,336
(6
)
Selected performance metrics:
Period-end loans held for investment
$
155,618
$
149,400
$
147,065
$
143,861
$
147,666
4
5
$
155,618
$
147,666
5
Average loans held for investment
150,290
147,021
143,744
142,887
142,112
2
6
146,000
135,213
8
Average yield on loans outstanding(1)
19.00
%
19.62
%
18.73
%
18.76
%
18.88
%
(62
) bps
12
bps
19.03
%
18.46
%
57
bps
Total net revenue margin(11)(13)
18.62
18.67
17.87
17.82
18.07
(5
)
55
18.25
17.94
31
Net charge-off rate(4)(5)
6.06
5.61
6.05
5.94
5.35
45
71
5.91
4.56
135
30+ day performing delinquency rate
4.53
4.53
4.14
4.48
4.61
—
(8
)
4.53
4.61
(8
)
Purchase volume(12)
$
168,994
$
162,281
$
161,370
$
146,696
$
158,290
4
%
7
%
$
639,341
$
605,664
6
%
Refreshed FICO scores:(14)
Greater than 660
69
%
69
%
69
%
68
%
68
%
—
1
69
%
68
%
1
660 or below
31
31
31
32
32
—
(1
)
31
32
(1
)
Total
100
%
100
%
100
%
100
%
100
%
100
%
100
%
CAPITAL ONE FINANCIAL CORPORATION
(COF)
Table 11: Financial & Statistical
Summary—Consumer Banking Business
2024 Q4 vs.
Year Ended December
31,
2024
2024
2024
2024
2023
2024
2023
2024 vs.
(Dollars in millions, except as noted)
Q4
Q3
Q2
Q1
Q4
Q3
Q4
2024
2023
2023
Consumer Banking
Earnings:
Net interest income
$
1,959
$
2,028
$
2,025
$
2,011
$
1,951
(3
)%
—
$
8,023
$
8,713
(8
)%
Non-interest income
182
182
172
159
163
—
12
%
695
589
18
Total net revenue
2,141
2,210
2,197
2,170
2,114
(3
)
1
8,718
9,302
(6
)
Provision for credit losses
328
351
330
426
422
(7
)
(22
)
1,435
1,169
23
Non-interest expense
1,545
1,331
1,250
1,246
1,402
16
10
5,372
5,178
4
Income from continuing operations before
income taxes
268
528
617
498
290
(49
)
(8
)
1,911
2,955
(35
)
Income tax provision
63
125
146
117
68
(50
)
(7
)
451
697
(35
)
Income from continuing operations, net of
tax
$
205
$
403
$
471
$
381
$
222
(49
)
(8
)
$
1,460
$
2,258
(35
)
Selected performance metrics:
Period-end loans held for investment
$
78,092
$
76,758
$
75,663
$
75,099
$
75,437
2
4
$
78,092
$
75,437
4
Average loans held for investment
77,221
76,182
75,386
75,092
76,238
1
1
75,973
77,513
(2
)
Average yield on loans held for
investment(1)
9.04
%
8.88
%
8.54
%
8.33
%
8.17
%
16
bps
87
bps
8.70
%
7.79
%
91
bps
Auto loan originations
$
9,399
$
9,158
$
8,463
$
7,522
$
6,157
3
%
53
%
$
34,542
$
26,980
28
%
Period-end deposits
318,329
309,569
305,422
300,806
296,171
3
7
318,329
296,171
7
Average deposits
313,992
306,121
300,794
294,448
291,486
3
8
303,873
285,880
6
Average deposits interest rate
3.21
%
3.33
%
3.22
%
3.15
%
3.06
%
(12
) bps
15
bps
3.23
%
2.59
%
64
bps
Net charge-off rate
2.38
2.11
1.87
2.03
2.25
27
13
2.10
1.76
34
30+ day performing delinquency rate
5.87
5.53
5.60
5.21
6.25
34
(38
)
5.87
6.25
(38
)
30+ day delinquency rate
6.73
6.31
6.35
5.86
7.08
42
(35
)
6.73
7.08
(35
)
Nonperforming loan rate(6)
0.99
0.93
0.92
0.83
1.00
6
(1
)
0.99
1.00
(1
)
Nonperforming asset rate(7)
1.08
1.01
0.99
0.91
1.09
7
(1
)
1.08
1.09
(1
)
Auto—At origination FICO
scores:(15)
Greater than 660
54
%
53
%
53
%
53
%
53
%
1
%
1
%
54
%
53
%
1
%
621 - 660
19
20
20
20
20
(1
)
(1
)
19
20
(1
)
620 or below
27
27
27
27
27
—
—
27
27
—
Total
100
%
100
%
100
%
100
%
100
%
100
%
100
%
CAPITAL ONE FINANCIAL CORPORATION
(COF)
Table 12: Financial & Statistical
Summary—Commercial Banking Business
2024 Q4 vs.
Year Ended December
31,
2024
2024
2024
2024
2023
2024
2023
2024 vs.
(Dollars in millions, except as noted)
Q4
Q3
Q2
Q1
Q4
Q3
Q4
2024
2023
2023
Commercial Banking
Earnings:
Net interest income
$
587
$
596
$
609
$
599
$
617
(2
)%
(5
)%
$
2,391
$
2,518
(5
)%
Non-interest income
366
292
271
281
245
25
49
1,210
1,002
21
Total net revenue(10)
953
888
880
880
862
7
11
3,601
3,520
2
Provision (benefit) for credit losses
(72
)
48
34
(2
)
84
**
**
8
605
(99
)
Non-interest expense
518
495
483
515
487
5
6
2,011
2,011
—
Income from continuing operations before
income taxes
507
345
363
367
291
47
74
1,582
904
75
Income tax provision
119
82
85
87
68
45
75
373
213
75
Income from continuing operations, net of
tax
$
388
$
263
$
278
$
280
$
223
48
74
$
1,209
$
691
75
Selected performance metrics:
Period-end loans held for investment
$
87,175
$
86,834
$
88,628
$
89,461
$
90,488
—
(4
)
$
87,175
$
90,488
(4
)
Average loans held for investment
87,324
88,101
89,035
89,877
91,025
(1
)
(4
)
88,580
92,456
(4
)
Average yield on loans held for
investment(1)(10)
6.72
%
7.25
%
7.23
%
7.14
%
7.24
%
(53
) bps
(52
) bps
7.09
%
6.86
%
23
bps
Period-end deposits
$
31,691
$
30,598
$
29,210
$
31,082
$
32,712
4
%
(3
)%
$
31,691
$
32,712
(3
)%
Average deposits
31,545
30,365
30,810
31,844
34,525
4
(9
)
31,140
37,411
(17
)
Average deposits interest rate
2.28
%
2.55
%
2.55
%
2.65
%
2.79
%
(27
) bps
(51
) bps
2.51
%
2.68
%
(17
) bps
Net charge-off rate
0.26
0.22
0.15
0.13
0.53
4
(27
)
0.19
0.62
(43
)
Nonperforming loan rate(6)
1.39
1.55
1.46
1.28
0.84
(16
)
55
1.39
0.84
55
Nonperforming asset rate(7)
1.39
1.55
1.46
1.28
0.84
(16
)
55
1.39
0.84
55
Risk category:(16)
Noncriticized
$
80,431
$
78,835
$
79,695
$
80,804
$
81,758
2
%
(2
)%
$
80,431
$
81,758
(2
)%
Criticized performing
5,534
6,651
7,639
7,509
7,969
(17
)
(31
)
5,534
7,969
(31
)
Criticized nonperforming
1,210
1,348
1,294
1,148
761
(10
)
59
1,210
761
59
Total commercial banking loans held for
investment
$
87,175
$
86,834
$
88,628
$
89,461
$
90,488
—
(4
)
$
87,175
$
90,488
(4
)
Risk category as a percentage of
period-end loans held for investment:(16)
Noncriticized
92.26
%
90.79
%
89.92
%
90.33
%
90.35
%
147
bps
191
bps
92.26
%
90.35
%
191
bps
Criticized performing
6.35
7.66
8.62
8.39
8.81
(131
)
(246
)
6.35
8.81
(246
)
Criticized nonperforming
1.39
1.55
1.46
1.28
0.84
(16
)
55
1.39
0.84
55
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 Q4 vs.
Year Ended December
31,
2024
2024
2024
2024
2023
2024
2023
2024 vs.
(Dollars in millions)
Q4
Q3
Q2
Q1
Q4
Q3
Q4
2024
2023
2023
Other
Earnings:
Net interest loss
$
(227
)
$
(291
)
$
(382
)
$
(394
)
$
(280
)
(22
)%
(19
)%
$
(1,294
)
$
(1,719
)
(25
)%
Non-interest income (loss)
(41
)
(45
)
11
(2
)
14
(9
)
**
(77
)
15
**
Total net loss(10)
(268
)
(336
)
(371
)
(396
)
(266
)
(20
)
1
(1,371
)
(1,704
)
(20
)
Provision (benefit) for credit losses
2
(1
)
—
—
(2
)
**
**
1
1
—
Non-interest expense(17)(18)
180
121
79
147
411
49
(56
)
527
637
(17
)
Loss from continuing operations before
income taxes
(450
)
(456
)
(450
)
(543
)
(675
)
(1
)
(33
)
(1,899
)
(2,342
)
(19
)
Income tax benefit
(84
)
(193
)
(207
)
(201
)
(151
)
(56
)
(44
)
(685
)
(823
)
(17
)
Loss from continuing operations, net of
tax
$
(366
)
$
(263
)
$
(243
)
$
(342
)
$
(524
)
39
(30
)
$
(1,214
)
$
(1,519
)
(20
)
Selected performance metrics:
Period-end deposits
$
12,687
$
13,464
$
16,810
$
19,081
$
19,530
(6
)
(35
)
$
12,687
$
19,530
(35
)
Average deposits
12,786
14,639
17,884
19,365
19,317
(13
)
(34
)
16,155
20,263
(20
)
Total
Earnings:
Net interest income
$
8,098
$
8,076
$
7,546
$
7,488
$
7,519
—
8
%
$
31,208
$
29,241
7
%
Non-interest income
2,092
1,938
1,960
1,914
1,987
8
%
5
7,904
7,546
5
Total net revenue
10,190
10,014
9,506
9,402
9,506
2
7
39,112
36,787
6
Provision for credit losses
2,642
2,482
3,909
2,683
2,857
6
(8
)
11,716
10,426
12
Non-interest expense
6,089
5,314
4,946
5,137
5,717
15
7
21,486
20,316
6
Income from continuing operations before
income taxes
1,459
2,218
651
1,582
932
(34
)
57
5,910
6,045
(2
)
Income tax provision
366
441
54
302
226
(17
)
62
1,163
1,158
—
Income from continuing operations, net of
tax
$
1,093
$
1,777
$
597
$
1,280
$
706
(38
)
55
$
4,747
$
4,887
(3
)
Selected performance metrics:
Period-end loans held for investment
$
327,775
$
320,243
$
318,186
$
315,154
$
320,472
2
2
$
327,775
$
320,472
2
Average loans held for investment
321,871
318,255
314,888
314,614
315,890
1
2
317,421
311,541
2
Period-end deposits
362,707
353,631
351,442
350,969
348,413
3
4
362,707
348,413
4
Average deposits
358,323
351,125
349,488
345,657
345,328
2
4
351,168
343,554
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 $2.0 billion
in Q4 2024, $2.0 billion in Q3 2024 and $1.9 billion in Q4 2023 and
$2.0 billion and $1.8 billion in the twelve months ended 2024 and
2023, respectively. Related interest expense was $8 million in Q4
2024, $7 million in Q3 2024 and $7 million in Q4 2023,
respectively, and $31 million and $32 million for the twelve months
ended 2024 and 2023, respectively.
(3)
The termination of our Walmart
program agreement, effective May 21, 2024 (“Walmart Program
Termination”) increased net interest margin by 21 basis points in
Q4 2024 and 22 basis points in Q3 2024, respectively. Excluding
this impact, the net interest margin would have been 6.82% in Q4
2024 and 6.89% in Q3 2024.
(4)
The Walmart Program Termination
increased the Domestic Card net charge-off rate by 40 basis points,
38 basis points and 19 basis points for Q4 2024, Q3 2024 and Q2
2024, respectively. Excluding this impact, the Domestic Card net
charge-off rate would have been 5.66%, 5.23% and 5.86% for Q4 2024,
Q3 2024 and Q2 2024, respectively.
(5)
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%.
(6)
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.
(7)
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.
(8)
Primarily represents foreign
currency translation adjustments.
(9)
The Walmart Program Termination
resulted in an allowance for credit losses build in Domestic Card
of $826 million in Q2 2024.
(10)
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.
(11)
Total net revenue margin is
calculated based on annualized total net revenue for the period
divided by average interest-earning assets for the period.
(12)
Purchase volume consists of
purchase transactions, net of returns, for the period, and excludes
cash advance and balance transfer transactions.
(13)
The Walmart Program Termination
increased Domestic Card net revenue margin by 55 basis points in Q4
2024, 51 basis points in Q3 2024 and 10 basis points in Q2 2024.
Excluding this impact, the Domestic Card net revenue margin would
have been 18.07% in Q4 2024, 18.16% in Q3 2024 and 17.77% in Q2
2024.
(14)
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.
(15)
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.
(16)
Criticized exposures correspond
to the “Special Mention,” “Substandard” and “Doubtful” asset
categories defined by bank regulatory authorities.
(17)
Includes the impact of ($9
million), $8 million, $42 million and $289 million FDIC special
assessment in Q3 2024, Q2 2024, Q1 2024 and Q4 2023,
respectively.
(18)
Includes the impact of $140
million, $63 million and $31 million in Discover integration
expenses in Q4 2024, Q3 2024 and Q2 2024, respectively, 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)
December 31,
2024
September 30,
2024
June 30, 2024
March 31, 2024
December 31,
2023
Regulatory Capital Metrics
Common equity excluding AOCI
$
65,823
$
64,966
$
63,435
$
63,088
$
62,710
Adjustments:
AOCI, net of tax(2)
1
58
13
14
27
Goodwill, net of related deferred tax
liabilities
(14,786
)
(14,816
)
(14,800
)
(14,804
)
(14,811
)
Other Intangible and deferred tax assets,
net of deferred tax liabilities
(231
)
(252
)
(271
)
(291
)
(311
)
Common equity Tier 1 capital
$
50,807
$
49,956
$
48,377
$
48,007
$
47,615
Tier 1 capital
$
55,652
$
54,801
$
53,222
$
52,852
$
52,460
Total capital(3)
61,805
61,151
59,875
59,484
59,124
Risk-weighted assets
377,147
368,199
366,959
366,161
369,206
Adjusted average assets(4)
480,794
473,146
470,915
468,030
467,553
Capital Ratios
Common equity Tier 1 capital(5)
13.5
%
13.6
%
13.2
%
13.1
%
12.9
%
Tier 1 capital(6)
14.8
14.9
14.5
14.4
14.2
Total capital(7)
16.4
16.6
16.3
16.2
16.0
Tier 1 leverage(4)
11.6
11.6
11.3
11.3
11.2
TCE(8)
8.6
9.1
8.2
8.1
8.2
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.
2024
2024
2024
2024
2023
Year Ended December
31,
(Dollars in millions, except per share
data and as noted)
Q4
Q3
Q2
Q1
Q4
2024
2023
Adjusted diluted earnings per share
(“EPS”):
Net income available to common
stockholders (GAAP)
$
1,022
$
1,692
$
531
$
1,200
$
639
$
4,445
$
4,582
Allowance build for Walmart program
agreement loss sharing termination
—
—
826
—
—
826
—
Walmart program agreement termination
contra revenue impact
—
—
27
—
—
27
—
Discover integration expenses
140
63
31
—
—
234
—
Legal reserve activity
75
—
—
—
—
75
—
FDIC special assessment
—
(9
)
8
42
289
41
289
Adjusted net income available to common
stockholders before income tax impacts (non-GAAP)
1,237
1,746
1,423
1,242
928
5,648
4,871
Income tax impacts
(52
)
(13
)
(218
)
(10
)
(70
)
(293
)
(70
)
Adjusted net income available to common
stockholders (non-GAAP)
$
1,185
$
1,733
$
1,205
$
1,232
$
858
$
5,355
$
4,801
Diluted weighted-average common shares
outstanding (in millions) (GAAP)
383.4
383.7
383.9
383.4
382.8
383.6
383.4
Diluted EPS (GAAP)
$
2.67
$
4.41
$
1.38
$
3.13
$
1.67
$
11.59
$
11.95
Impact of adjustments noted above
0.42
0.10
1.76
0.08
0.57
2.37
0.57
Adjusted diluted EPS (non-GAAP)
$
3.09
$
4.51
$
3.14
$
3.21
$
2.24
$
13.96
$
12.52
Adjusted efficiency ratio:
Non-interest expense (GAAP)
$
6,089
$
5,314
$
4,946
$
5,137
$
5,717
$
21,486
$
20,316
Discover integration expenses
(140
)
(63
)
(31
)
—
—
(234
)
—
Legal reserve activity
(75
)
—
—
—
—
(75
)
—
FDIC special assessment
—
9
(8
)
(42
)
(289
)
(41
)
(289
)
Adjusted non-interest expense
(non-GAAP)
$
5,874
$
5,260
$
4,907
$
5,095
$
5,428
$
21,136
$
20,027
Total net revenue (GAAP)
$
10,190
$
10,014
$
9,506
$
9,402
$
9,506
$
39,112
$
36,787
Walmart program agreement termination
contra revenue impact
—
—
27
—
—
27
—
Adjusted net revenue (non-GAAP)
$
10,190
$
10,014
$
9,533
$
9,402
$
9,506
$
39,139
$
36,787
Efficiency ratio (GAAP)
59.75
%
53.07
%
52.03
%
54.64
%
60.14
%
54.93
%
55.23
%
Impact of adjustments noted above
(211) bps
(54) bps
(56) bps
(45) bps
(304) bps
(93) bps
(79) bps
Adjusted efficiency ratio
(non-GAAP)
57.64
%
52.53
%
51.47
%
54.19
%
57.10
%
54.00
%
54.44
%
Adjusted operating efficiency
ratio:
Operating expense (GAAP)
$
4,714
$
4,201
$
3,882
$
4,127
$
4,463
$
16,924
$
16,307
Discover integration expenses
(140
)
(63
)
(31
)
—
—
(234
)
—
Legal reserve activity
(75
)
—
—
—
—
(75
)
—
FDIC special assessment
—
9
(8
)
(42
)
(289
)
(41
)
(289
)
Adjusted operating expense (non-GAAP)
$
4,499
$
4,147
$
3,843
$
4,085
$
4,174
$
16,574
$
16,018
Total net revenue (GAAP)
$
10,190
$
10,014
$
9,506
$
9,402
$
9,506
$
39,112
$
36,787
Walmart program agreement termination
contra revenue impact
—
—
27
—
—
27
—
Adjusted net revenue (non-GAAP)
$
10,190
$
10,014
$
9,533
$
9,402
$
9,506
$
39,139
$
36,787
Operating efficiency ratio (GAAP)
46.26
%
41.95
%
40.84
%
43.89
%
46.95
%
43.27
%
44.33
%
Impact of adjustments noted above
(211) bps
(54) bps
(53) bps
(44) bps
(304) bps
(92) bps
(79) bps
Adjusted operating efficiency ratio
(non-GAAP)
44.15
%
41.41
%
40.31
%
43.45
%
43.91
%
42.35
%
43.54
%
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
2024
2024
2023
(Dollars in millions)
Q4
Q3
Q2
Q1
Q4
Pre- Provision Earnings
Total net revenue
$
10,190
$
10,014
$
9,506
$
9,402
$
9,506
Non-interest expense
(6,089
)
(5,314
)
(4,946
)
(5,137
)
(5,717
)
Pre-provision earnings(9)
$
4,101
$
4,700
$
4,560
$
4,265
$
3,789
Tangible Common Equity
(Period-End)
Stockholders’ equity
$
60,784
$
62,925
$
57,981
$
57,801
$
58,089
Goodwill and other intangible
assets(10)
(15,157
)
(15,214
)
(15,226
)
(15,257
)
(15,289
)
Noncumulative perpetual preferred
stock
(4,845
)
(4,845
)
(4,845
)
(4,845
)
(4,845
)
Tangible common equity(11)
$
40,782
$
42,866
$
37,910
$
37,699
$
37,955
Tangible Common Equity
(Average)
Stockholders’ equity
$
61,764
$
61,289
$
58,107
$
57,998
$
55,632
Goodwill and other intangible
assets(10)
(15,195
)
(15,225
)
(15,249
)
(15,280
)
(15,304
)
Noncumulative perpetual preferred
stock
(4,845
)
(4,845
)
(4,845
)
(4,845
)
(4,845
)
Tangible common equity(11)
$
41,724
$
41,219
$
38,013
$
37,873
$
35,483
Return on Tangible Common Equity
(Average)
Net income available to common
stockholders
$
1,022
$
1,692
$
531
$
1,200
$
639
Tangible common equity (Average)
41,724
41,219
38,013
37,873
35,483
Return on tangible common
equity(11)(12)
9.77
%
16.42
%
5.59
%
12.67
%
7.20
%
Tangible Assets (Period-End)
Total assets
$
490,144
$
486,433
$
480,018
$
481,720
$
478,464
Goodwill and other intangible
assets(10)
(15,157
)
(15,214
)
(15,226
)
(15,257
)
(15,289
)
Tangible assets(11)
$
474,987
$
471,219
$
464,792
$
466,463
$
463,175
2024
2024
2024
2024
2023
(Dollars in millions)
Q4
Q3
Q2
Q1
Q4
Tangible Assets (Average)
Total assets
$
488,300
$
481,219
$
477,285
$
474,995
$
472,594
Goodwill and other intangible
assets(10)
(15,195
)
(15,225
)
(15,249
)
(15,280
)
(15,304
)
Tangible assets(11)
$
473,105
$
465,994
$
462,036
$
459,715
$
457,290
Return on Tangible Assets
(Average)
Net income
$
1,096
$
1,777
$
597
$
1,280
$
706
Tangible Assets (Average)
473,105
465,994
462,036
459,715
457,290
Return on tangible assets(11)(13)
0.92
%
1.53
%
0.52
%
1.11
%
0.62
%
TCE Ratio
Tangible common equity (Period-end)
$
40,782
$
42,866
$
37,910
$
37,699
$
37,955
Tangible Assets (Period-end)
474,987
471,219
464,792
466,463
463,175
TCE Ratio(11)
8.6
%
9.1
%
8.2
%
8.1
%
8.2
%
Tangible Book Value per Common
Share
Tangible common equity (Period-end)
$
40,782
$
42,866
$
37,910
$
37,699
$
37,955
Outstanding Common Shares
381.2
381.5
381.9
382.1
380.4
Tangible book value per common
share(11)
$
106.97
$
112.36
$
99.28
$
98.67
$
99.78
__________
(1)
Regulatory capital metrics and
capital ratios as of December 31, 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 annualized on net
income (loss) available to common stockholders less 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250115832166/en/
Investor Relations Jeff Norris
jeff.norris@capitalone.com
Danielle Dietz danielle.dietz@capitalone.com
Media Relations Sie Soheili
sie.soheili@capitalone.com
Capital One Financial (NYSE:COF)
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