Net of adjusting items, First Quarter 2024 Net
Income of $3.21 per
share(1)
MCLEAN,
Va., April 25, 2024 /PRNewswire/ -- Capital One
Financial Corporation (NYSE: COF) today announced net income for
the first quarter of 2024 of $1.3
billion, or $3.13 per diluted
common share, compared with net income of $706 million, or $1.67 per diluted common share in the fourth
quarter of 2023, and with net income of $960
million, or $2.31 per diluted
common share in the first quarter of 2023. Adjusted net
income(1) for the first quarter of 2024 was $3.21 per diluted common share.
"First quarter results continue to show top-line
growth, stabilizing consumer credit, and balance sheet strength,"
said Richard Fairbank, Founder,
Chairman, and Chief Executive Officer "And in the quarter, we
announced our definitive agreement to acquire Discover. The
acquisition of Discover is a singular opportunity that creates a
consumer banking and global payments platform with the
capabilities, technology, brands, and customer franchise to create
significant value for merchants, consumers, small businesses and
shareholders."
The quarter included the following adjusting
item:
|
(Dollars in millions, except per share
data)
|
Pre-Tax
Impact
|
After-Tax
Diluted EPS
Impact
|
|
|
|
FDIC special
assessment
|
$
42
|
$
0.08
|
|
All comparisons below are for the first quarter
of 2024 compared with the fourth quarter of 2023 unless otherwise
noted.
First Quarter 2024 Income Statement
Summary:
- Total net revenue decreased 1 percent to $9.4 billion.
- Total non-interest expense decreased 10 percent to $5.1 billion:
- 19 percent decrease in marketing.
- 8 percent decrease in operating expenses.
- Pre-provision earnings(2) increased 13 percent to
$4.3 billion.
- Provision for credit losses decreased $174 million to $2.7
billion:
- Net charge-offs of $2.6
billion.
- $91 million loan reserve
build.
- Net interest margin of 6.69 percent, a decrease of 4 basis
points.
- Efficiency ratio of 54.64 percent.
- Adjusted efficiency ratio(1) of 54.19 percent.
- Operating efficiency ratio of 43.89 percent.
- Adjusted operating efficiency ratio(1) of 43.45
percent.
First Quarter 2024 Balance Sheet
Summary:
- Common equity Tier 1 capital ratio(3) under Basel
III Standardized Approach of 13.1 percent at March 31, 2024.
- Period-end loans held for investment in the quarter decreased
$5.3 billion, or 2 percent, to
$315.2 billion.
- Credit Card period-end loans decreased $4.0 billion, or 3 percent, to $150.6 billion.
- Domestic Card period-end loans decreased $3.8 billion, or 3 percent, to $143.9 billion.
- Consumer Banking period-end loans decreased $338 million, or less than 1 percent, to
$75.1 billion.
- Auto period-end loans decreased $274
million, or less than 1 percent, to $73.8 billion.
- Commercial Banking period-end loans decreased $1.0 billion, or 1 percent, to $89.5 billion.
- Average loans held for investment in the quarter decreased
$1.3 billion, or less than 1 percent,
to $314.6 billion.
- Credit Card average loans increased $1.0
billion, or 1 percent, to $149.6
billion.
- Domestic Card average loans increased $775 million, or 1 percent, to $142.9 billion.
- Consumer Banking average loans decreased $1.1 billion, or 2 percent, to $75.1 billion.
- Auto average loans decreased $1.1
billion, or 1 percent, to $73.8
billion.
- Commercial Banking average loans decreased $1.1 billion, or 1 percent, to $89.9 billion.
- Period-end total deposits increased $2.6
billion, or 1 percent, to $351.0
billion, while average deposits increased $329 million, or less than 1 percent, to
$345.7 billion.
- Interest-bearing deposits rate paid increased 6 basis points to
3.53 percent.
|
|
|
(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 From 8-K on April 25, 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 From 8-K on April 25, 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 March 31, 2024 are preliminary and therefore subject
to change.
|
|
|
Earnings Conference Call Webcast Information
The company will hold an earnings conference call
on April 25, 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 May 9, 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 $351.0
billion in deposits and $481.7
billion in total assets as of March
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.
|
Exhibit
99.2
|
|
Capital One
Financial Corporation
Financial
Supplement(1)(2)
First
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 March 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
Q1
|
|
(Dollars in
millions, except per share data and as noted)
|
|
2024
Q1
|
|
2023
Q4
|
|
2023
Q3
|
|
2023
Q2
|
|
2023
Q1
|
|
2023
Q4
|
|
2023
Q1
|
|
Income
Statement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
7,488
|
|
$ 7,519
|
|
$ 7,423
|
|
$ 7,113
|
|
$ 7,186
|
|
—
|
|
4 %
|
|
Non-interest
income
|
|
1,914
|
|
1,987
|
|
1,943
|
|
1,899
|
|
1,717
|
|
(4) %
|
|
11
|
|
Total net
revenue(1)
|
|
9,402
|
|
9,506
|
|
9,366
|
|
9,012
|
|
8,903
|
|
(1)
|
|
6
|
|
Provision for credit
losses
|
|
2,683
|
|
2,857
|
|
2,284
|
|
2,490
|
|
2,795
|
|
(6)
|
|
(4)
|
|
Non-interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing
|
|
1,010
|
|
1,254
|
|
972
|
|
886
|
|
897
|
|
(19)
|
|
13
|
|
Operating
expense
|
|
4,127
|
|
4,463
|
|
3,888
|
|
3,908
|
|
4,048
|
|
(8)
|
|
2
|
|
Total non-interest
expense
|
|
5,137
|
|
5,717
|
|
4,860
|
|
4,794
|
|
4,945
|
|
(10)
|
|
4
|
|
Income from continuing
operations before income taxes
|
|
1,582
|
|
932
|
|
2,222
|
|
1,728
|
|
1,163
|
|
70
|
|
36
|
|
Income tax
provision
|
|
302
|
|
226
|
|
432
|
|
297
|
|
203
|
|
34
|
|
49
|
|
Net
income
|
|
1,280
|
|
706
|
|
1,790
|
|
1,431
|
|
960
|
|
81
|
|
33
|
|
Dividends and
undistributed earnings allocated to participating
securities(2)
|
|
(23)
|
|
(10)
|
|
(28)
|
|
(23)
|
|
(16)
|
|
130
|
|
44
|
|
Preferred stock
dividends
|
|
(57)
|
|
(57)
|
|
(57)
|
|
(57)
|
|
(57)
|
|
—
|
|
—
|
|
Net income available to
common stockholders
|
|
$
1,200
|
|
$
639
|
|
$ 1,705
|
|
$ 1,351
|
|
$
887
|
|
88
|
|
35
|
|
Common Share
Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
common share:(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per basic
common share
|
|
$
3.14
|
|
$ 1.67
|
|
$ 4.46
|
|
$ 3.53
|
|
$ 2.32
|
|
88 %
|
|
35 %
|
|
Diluted earnings per
common share:(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per diluted
common share
|
|
$
3.13
|
|
$ 1.67
|
|
$ 4.45
|
|
$ 3.52
|
|
$ 2.31
|
|
87 %
|
|
35 %
|
|
Weighted-average
common shares outstanding (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
382.2
|
|
381.9
|
|
382.5
|
|
382.8
|
|
382.6
|
|
—
|
|
—
|
|
Diluted
|
|
383.4
|
|
382.8
|
|
383.3
|
|
383.7
|
|
383.8
|
|
—
|
|
—
|
|
Common shares
outstanding (period-end, in millions)
|
|
382.1
|
|
380.4
|
|
381.0
|
|
381.4
|
|
382.0
|
|
—
|
|
—
|
|
Dividends declared and
paid per common share
|
|
$
0.60
|
|
$ 0.60
|
|
$ 0.60
|
|
$ 0.60
|
|
$ 0.60
|
|
—
|
|
—
|
|
Tangible book value per
common share (period-end)(3)
|
|
98.67
|
|
99.78
|
|
87.97
|
|
90.07
|
|
90.86
|
|
(1) %
|
|
9 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024
Q1
|
|
(Dollars in
millions)
|
|
2024
Q1
|
|
2023
Q4
|
|
2023
Q3
|
|
2023
Q2
|
|
2023
Q1
|
|
2023
Q4
|
|
2023
Q1
|
|
Balance Sheet
(Period-End)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for
investment
|
|
$
315,154
|
|
$
320,472
|
|
$
314,780
|
|
$
311,323
|
|
$
308,836
|
|
(2) %
|
|
2 %
|
|
Interest-earning
assets
|
|
453,557
|
|
449,701
|
|
445,428
|
|
441,250
|
|
445,166
|
|
1
|
|
2
|
|
Total assets
|
|
481,720
|
|
478,464
|
|
471,435
|
|
467,800
|
|
471,660
|
|
1
|
|
2
|
|
Interest-bearing
deposits
|
|
323,352
|
|
320,389
|
|
317,217
|
|
314,393
|
|
318,641
|
|
1
|
|
1
|
|
Total
deposits
|
|
350,969
|
|
348,413
|
|
346,011
|
|
343,705
|
|
349,827
|
|
1
|
|
—
|
|
Borrowings
|
|
50,361
|
|
49,856
|
|
49,247
|
|
50,258
|
|
48,777
|
|
1
|
|
3
|
|
Common
equity
|
|
52,955
|
|
53,244
|
|
48,823
|
|
49,713
|
|
49,807
|
|
(1)
|
|
6
|
|
Total stockholders'
equity
|
|
57,801
|
|
58,089
|
|
53,668
|
|
54,559
|
|
54,653
|
|
—
|
|
6
|
|
Balance Sheet
(Average Balances)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for
investment
|
|
$
314,614
|
|
$
315,890
|
|
$
312,759
|
|
$
309,655
|
|
$
307,756
|
|
—
|
|
2 %
|
|
Interest-earning
assets
|
|
447,803
|
|
446,929
|
|
443,532
|
|
439,139
|
|
435,199
|
|
—
|
|
3
|
|
Total assets
|
|
474,995
|
|
472,594
|
|
469,860
|
|
466,652
|
|
462,324
|
|
1 %
|
|
3
|
|
Interest-bearing
deposits
|
|
318,450
|
|
316,808
|
|
316,032
|
|
313,207
|
|
308,788
|
|
1
|
|
3
|
|
Total
deposits
|
|
345,657
|
|
345,328
|
|
345,013
|
|
343,678
|
|
340,123
|
|
—
|
|
2
|
|
Borrowings
|
|
50,474
|
|
51,070
|
|
49,736
|
|
48,468
|
|
48,016
|
|
(1)
|
|
5
|
|
Common
equity
|
|
53,152
|
|
50,786
|
|
50,166
|
|
50,511
|
|
49,927
|
|
5
|
|
6
|
|
Total stockholders'
equity
|
|
57,998
|
|
55,632
|
|
55,012
|
|
55,357
|
|
54,773
|
|
4
|
|
6
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
Table 2: Selected
Metrics—Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024
Q1
|
|
(Dollars in
millions, except as noted)
|
|
2024
Q1
|
|
2023
Q4
|
|
2023
Q3
|
|
2023
Q2
|
|
2023
Q1
|
|
2023
Q4
|
|
2023
Q1
|
|
Performance
Metrics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
growth (period over period)
|
|
—
|
|
1 %
|
|
4 %
|
|
(1) %
|
|
—
|
|
**
|
|
**
|
|
Non-interest income
growth (period over period)
|
|
(4) %
|
|
2
|
|
2
|
|
11
|
|
(7) %
|
|
**
|
|
**
|
|
Total net revenue
growth (period over period)
|
|
(1)
|
|
1
|
|
4
|
|
1
|
|
(2)
|
|
**
|
|
**
|
|
Total net revenue
margin(4)
|
|
8.40
|
|
8.51
|
|
8.45
|
|
8.21
|
|
8.18
|
|
(11) bps
|
|
22 bps
|
|
Net interest
margin(5)
|
|
6.69
|
|
6.73
|
|
6.69
|
|
6.48
|
|
6.60
|
|
(4)
|
|
9
|
|
Return on average
assets
|
|
1.08
|
|
0.60
|
|
1.52
|
|
1.23
|
|
0.83
|
|
48
|
|
25
|
|
Return on average
tangible assets(6)
|
|
1.11
|
|
0.62
|
|
1.58
|
|
1.27
|
|
0.86
|
|
49
|
|
25
|
|
Return on average
common equity(7)
|
|
9.03
|
|
5.03
|
|
13.59
|
|
10.70
|
|
7.11
|
|
400
|
|
192
|
|
Return on average
tangible common equity(8)
|
|
12.67
|
|
7.20
|
|
19.59
|
|
15.30
|
|
10.15
|
|
547
|
|
252
|
|
Efficiency
ratio(9)
|
|
54.64
|
|
60.14
|
|
51.89
|
|
53.20
|
|
55.54
|
|
(550)
|
|
(90)
|
|
Operating efficiency
ratio(10)
|
|
43.89
|
|
46.95
|
|
41.51
|
|
43.36
|
|
45.47
|
|
(306)
|
|
(158)
|
|
Effective income tax
rate for continuing operations
|
|
19.1
|
|
24.2
|
|
19.4
|
|
17.2
|
|
17.5
|
|
(510)
|
|
160
|
|
Employees (period-end,
in thousands)
|
|
51.3
|
|
52.0
|
|
54.2
|
|
55.6
|
|
56.1
|
|
(1) %
|
|
(9) %
|
|
Credit Quality
Metrics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit
losses
|
|
$
15,380
|
|
$
15,296
|
|
$
14,955
|
|
$
14,646
|
|
$
14,318
|
|
1 %
|
|
7 %
|
|
Allowance coverage
ratio
|
|
4.88 %
|
|
4.77 %
|
|
4.75 %
|
|
4.70 %
|
|
4.64 %
|
|
11 bps
|
|
24 bps
|
|
Net
charge-offs
|
|
$
2,616
|
|
$
2,533
|
|
$
1,999
|
|
$
2,185
|
|
$
1,697
|
|
3 %
|
|
54 %
|
|
Net charge-off
rate(11)
|
|
3.33 %
|
|
3.21 %
|
|
2.56 %
|
|
2.82 %
|
|
2.21 %
|
|
12 bps
|
|
112 bps
|
|
30+ day performing
delinquency rate
|
|
3.40
|
|
3.71
|
|
3.42
|
|
3.08
|
|
2.88
|
|
(31)
|
|
52
|
|
30+ day delinquency
rate
|
|
3.67
|
|
3.99
|
|
3.71
|
|
3.36
|
|
3.09
|
|
(32)
|
|
58
|
|
Capital
Ratios(12)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common equity Tier 1
capital
|
|
13.1 %
|
|
12.9 %
|
|
13.0 %
|
|
12.7 %
|
|
12.5 %
|
|
20 bps
|
|
60 bps
|
|
Tier 1
capital
|
|
14.4
|
|
14.2
|
|
14.3
|
|
14.0
|
|
13.9
|
|
20
|
|
50
|
|
Total
capital
|
|
16.3
|
|
16.0
|
|
16.2
|
|
16.0
|
|
15.9
|
|
30
|
|
40
|
|
Tier 1
leverage
|
|
11.3
|
|
11.2
|
|
11.2
|
|
11.0
|
|
10.9
|
|
10
|
|
40
|
|
Tangible common equity
("TCE")(13)
|
|
8.1
|
|
8.2
|
|
7.3
|
|
7.6
|
|
7.6
|
|
(10)
|
|
50
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
Table 3:
Consolidated Statements of Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024
Q1
|
|
(Dollars in
millions, except as noted)
|
|
2024
Q1
|
|
2023
Q4
|
|
2023
Q3
|
|
2023
Q2
|
|
2023
Q1
|
|
2023
Q4
|
|
2023
Q1
|
|
Interest
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including loans
held for sale
|
|
$
9,920
|
|
$ 9,934
|
|
$ 9,696
|
|
$ 9,057
|
|
$ 8,723
|
|
—
|
|
14 %
|
|
Investment
securities
|
|
687
|
|
669
|
|
627
|
|
639
|
|
615
|
|
3 %
|
|
12
|
|
Other
|
|
570
|
|
542
|
|
550
|
|
470
|
|
416
|
|
5
|
|
37
|
|
Total interest
income
|
|
11,177
|
|
11,145
|
|
10,873
|
|
10,166
|
|
9,754
|
|
—
|
|
15
|
|
Interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
2,812
|
|
2,745
|
|
2,611
|
|
2,277
|
|
1,856
|
|
2
|
|
52
|
|
Securitized debt
obligations
|
|
261
|
|
263
|
|
249
|
|
236
|
|
211
|
|
(1)
|
|
24
|
|
Senior and
subordinated notes
|
|
606
|
|
608
|
|
579
|
|
528
|
|
489
|
|
—
|
|
24
|
|
Other
borrowings
|
|
10
|
|
10
|
|
11
|
|
12
|
|
12
|
|
—
|
|
(17)
|
|
Total interest
expense
|
|
3,689
|
|
3,626
|
|
3,450
|
|
3,053
|
|
2,568
|
|
2
|
|
44
|
|
Net interest
income
|
|
7,488
|
|
7,519
|
|
7,423
|
|
7,113
|
|
7,186
|
|
—
|
|
4
|
|
Provision for credit
losses
|
|
2,683
|
|
2,857
|
|
2,284
|
|
2,490
|
|
2,795
|
|
(6)
|
|
(4)
|
|
Net interest income
after provision for credit losses
|
|
4,805
|
|
4,662
|
|
5,139
|
|
4,623
|
|
4,391
|
|
3
|
|
9
|
|
Non-interest
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interchange fees,
net
|
|
1,145
|
|
1,207
|
|
1,234
|
|
1,213
|
|
1,139
|
|
(5)
|
|
1
|
|
Service charges and
other customer-related fees
|
|
462
|
|
424
|
|
453
|
|
411
|
|
379
|
|
9
|
|
22
|
|
Net securities gains
(losses)
|
|
—
|
|
(34)
|
|
—
|
|
—
|
|
—
|
|
**
|
|
—
|
|
Other
|
|
307
|
|
390
|
|
256
|
|
275
|
|
199
|
|
(21)
|
|
54
|
|
Total non-interest
income
|
|
1,914
|
|
1,987
|
|
1,943
|
|
1,899
|
|
1,717
|
|
(4)
|
|
11
|
|
Non-interest
expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and associate
benefits
|
|
2,478
|
|
2,284
|
|
2,274
|
|
2,317
|
|
2,427
|
|
8
|
|
2
|
|
Occupancy and
equipment
|
|
554
|
|
628
|
|
518
|
|
506
|
|
508
|
|
(12)
|
|
9
|
|
Marketing
|
|
1,010
|
|
1,254
|
|
972
|
|
886
|
|
897
|
|
(19)
|
|
13
|
|
Professional
services
|
|
262
|
|
359
|
|
295
|
|
290
|
|
324
|
|
(27)
|
|
(19)
|
|
Communications and
data processing
|
|
351
|
|
345
|
|
344
|
|
344
|
|
350
|
|
2
|
|
—
|
|
Amortization of
intangibles
|
|
19
|
|
22
|
|
24
|
|
22
|
|
14
|
|
(14)
|
|
36
|
|
Other
|
|
463
|
|
825
|
|
433
|
|
429
|
|
425
|
|
(44)
|
|
9
|
|
Total non-interest
expense
|
|
5,137
|
|
5,717
|
|
4,860
|
|
4,794
|
|
4,945
|
|
(10)
|
|
4
|
|
Income from continuing
operations before income taxes
|
|
1,582
|
|
932
|
|
2,222
|
|
1,728
|
|
1,163
|
|
70
|
|
36
|
|
Income tax
provision
|
|
302
|
|
226
|
|
432
|
|
297
|
|
203
|
|
34
|
|
49
|
|
Net
income
|
|
1,280
|
|
706
|
|
1,790
|
|
1,431
|
|
960
|
|
81
|
|
33
|
|
Dividends and
undistributed earnings allocated to participating
securities(2)
|
|
(23)
|
|
(10)
|
|
(28)
|
|
(23)
|
|
(16)
|
|
130
|
|
44
|
|
Preferred stock
dividends
|
|
(57)
|
|
(57)
|
|
(57)
|
|
(57)
|
|
(57)
|
|
—
|
|
—
|
|
Net income available
to common stockholders
|
|
$
1,200
|
|
$
639
|
|
$ 1,705
|
|
$ 1,351
|
|
$
887
|
|
88
|
|
35
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024
Q1
|
|
|
2024
Q1
|
|
2023
Q4
|
|
2023
Q3
|
|
2023
Q2
|
|
2023
Q1
|
|
2023
Q4
|
|
2023
Q1
|
|
Basic earnings per
common share:(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per basic
common share
|
|
$
3.14
|
|
$
1.67
|
|
$
4.46
|
|
$
3.53
|
|
$
2.32
|
|
88 %
|
|
35 %
|
|
Diluted earnings per
common share:(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per diluted
common share
|
|
$
3.13
|
|
$
1.67
|
|
$
4.45
|
|
$
3.52
|
|
$
2.31
|
|
87 %
|
|
35 %
|
|
Weighted-average
common shares outstanding (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic common
shares
|
|
382.2
|
|
381.9
|
|
382.5
|
|
382.8
|
|
382.6
|
|
—
|
|
—
|
|
Diluted common
shares
|
|
383.4
|
|
382.8
|
|
383.3
|
|
383.7
|
|
383.8
|
|
—
|
|
—
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
Table 4:
Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024
Q1
|
|
(Dollars in
millions)
|
|
2024
Q1
|
|
2023
Q4
|
|
2023
Q3
|
|
2023
Q2
|
|
2023
Q1
|
|
2023
Q4
|
|
2023
Q1
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
$ 4,671
|
|
$ 4,903
|
|
$ 4,620
|
|
$ 3,360
|
|
$ 3,347
|
|
(5) %
|
|
40 %
|
|
Interest-bearing
deposits and other short-term investments
|
|
46,357
|
|
38,394
|
|
40,249
|
|
38,236
|
|
43,166
|
|
21
|
|
7
|
|
Total cash and cash
equivalents
|
|
51,028
|
|
43,297
|
|
44,869
|
|
41,596
|
|
46,513
|
|
18
|
|
10
|
|
Restricted cash for
securitization investors
|
|
474
|
|
458
|
|
435
|
|
452
|
|
460
|
|
3
|
|
3
|
|
Securities available
for sale
|
|
78,398
|
|
79,117
|
|
74,837
|
|
78,412
|
|
81,925
|
|
(1)
|
|
(4)
|
|
Loans held for
investment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unsecuritized loans
held for investment
|
|
285,577
|
|
289,229
|
|
284,953
|
|
280,933
|
|
280,093
|
|
(1)
|
|
2
|
|
Loans held in
consolidated trusts
|
|
29,577
|
|
31,243
|
|
29,827
|
|
30,390
|
|
28,743
|
|
(5)
|
|
3
|
|
Total loans held for
investment
|
|
315,154
|
|
320,472
|
|
314,780
|
|
311,323
|
|
308,836
|
|
(2)
|
|
2
|
|
Allowance for credit
losses
|
|
(15,380)
|
|
(15,296)
|
|
(14,955)
|
|
(14,646)
|
|
(14,318)
|
|
1
|
|
7
|
|
Net loans held for
investment
|
|
299,774
|
|
305,176
|
|
299,825
|
|
296,677
|
|
294,518
|
|
(2)
|
|
2
|
|
Loans held for
sale
|
|
1,631
|
|
854
|
|
742
|
|
1,211
|
|
363
|
|
91
|
|
**
|
|
Premises and equipment,
net
|
|
4,366
|
|
4,375
|
|
4,378
|
|
4,359
|
|
4,365
|
|
—
|
|
—
|
|
Interest
receivable
|
|
2,514
|
|
2,478
|
|
2,469
|
|
2,297
|
|
2,250
|
|
1
|
|
12
|
|
Goodwill
|
|
15,062
|
|
15,065
|
|
15,048
|
|
15,060
|
|
14,779
|
|
—
|
|
2
|
|
Other assets
|
|
28,473
|
|
27,644
|
|
28,832
|
|
27,736
|
|
26,487
|
|
3
|
|
7
|
|
Total
assets
|
|
$
481,720
|
|
$ 478,464
|
|
$ 471,435
|
|
$ 467,800
|
|
$ 471,660
|
|
1
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024
Q1
|
|
(Dollars in
millions)
|
|
2024
Q1
|
|
2023
Q4
|
|
2023
Q3
|
|
2023
Q2
|
|
2023
Q1
|
|
2023
Q4
|
|
2023
Q1
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
payable
|
|
$
762
|
|
$
649
|
|
$
685
|
|
$
637
|
|
$
621
|
|
17 %
|
|
23 %
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing
deposits
|
|
27,617
|
|
28,024
|
|
28,794
|
|
29,312
|
|
31,186
|
|
(1)
|
|
(11)
|
|
Interest-bearing
deposits
|
|
323,352
|
|
320,389
|
|
317,217
|
|
314,393
|
|
318,641
|
|
1
|
|
1
|
|
Total
deposits
|
|
350,969
|
|
348,413
|
|
346,011
|
|
343,705
|
|
349,827
|
|
1
|
|
—
|
|
Securitized debt
obligations
|
|
17,661
|
|
18,043
|
|
17,417
|
|
17,861
|
|
17,813
|
|
(2)
|
|
(1)
|
|
Other debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds
purchased and securities loaned or sold under agreements to
repurchase
|
|
568
|
|
538
|
|
522
|
|
649
|
|
542
|
|
6
|
|
5
|
|
Senior and
subordinated notes
|
|
32,108
|
|
31,248
|
|
31,283
|
|
31,627
|
|
30,398
|
|
3
|
|
6
|
|
Other
borrowings
|
|
24
|
|
27
|
|
25
|
|
121
|
|
24
|
|
(11)
|
|
—
|
|
Total other
debt
|
|
32,700
|
|
31,813
|
|
31,830
|
|
32,397
|
|
30,964
|
|
3
|
|
6
|
|
Other
liabilities
|
|
21,827
|
|
21,457
|
|
21,824
|
|
18,641
|
|
17,782
|
|
2
|
|
23
|
|
Total
liabilities
|
|
423,919
|
|
420,375
|
|
417,767
|
|
413,241
|
|
417,007
|
|
1
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
stock
|
|
0
|
|
0
|
|
0
|
|
0
|
|
0
|
|
—
|
|
—
|
|
Common stock
|
|
7
|
|
7
|
|
7
|
|
7
|
|
7
|
|
—
|
|
—
|
|
Additional paid-in
capital, net
|
|
35,808
|
|
35,541
|
|
35,334
|
|
35,163
|
|
34,952
|
|
1
|
|
2
|
|
Retained
earnings
|
|
61,905
|
|
60,945
|
|
60,529
|
|
59,028
|
|
57,898
|
|
2
|
|
7
|
|
Accumulated other
comprehensive loss
|
|
(9,534)
|
|
(8,268)
|
|
(12,224)
|
|
(9,818)
|
|
(8,540)
|
|
15
|
|
12
|
|
Treasury stock, at
cost
|
|
(30,385)
|
|
(30,136)
|
|
(29,978)
|
|
(29,821)
|
|
(29,664)
|
|
1
|
|
2
|
|
Total stockholders'
equity
|
|
57,801
|
|
58,089
|
|
53,668
|
|
54,559
|
|
54,653
|
|
—
|
|
6
|
|
Total liabilities
and stockholders' equity
|
|
$
481,720
|
|
$ 478,464
|
|
$ 471,435
|
|
$ 467,800
|
|
$ 471,660
|
|
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 $630 million in Q1 2024, $566 million in Q4 2023, $449
million in Q3 2023, $443 million in Q2 2023 and $405 million in Q1
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 Q1 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
Q1
|
|
2023
Q4
|
|
2023
Q1
|
|
(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
|
|
$
315,563
|
|
$
9,920
|
|
12.57 %
|
|
$
316,670
|
|
$ 9,934
|
|
12.55 %
|
|
$
308,115
|
|
$ 8,723
|
|
11.32 %
|
|
Investment
securities
|
|
88,581
|
|
687
|
|
3.10
|
|
88,650
|
|
669
|
|
3.02
|
|
89,960
|
|
615
|
|
2.73
|
|
Cash equivalents and
other
|
|
43,659
|
|
570
|
|
5.21
|
|
41,609
|
|
542
|
|
5.21
|
|
37,124
|
|
416
|
|
4.49
|
|
Total interest-earning
assets
|
|
$
447,803
|
|
$ 11,177
|
|
9.98
|
|
$
446,929
|
|
$ 11,145
|
|
9.97
|
|
$
435,199
|
|
$ 9,754
|
|
8.96
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
deposits
|
|
$
318,450
|
|
$
2,812
|
|
3.53
|
|
$
316,808
|
|
$ 2,745
|
|
3.47
|
|
$
308,788
|
|
$ 1,856
|
|
2.40
|
|
Securitized debt
obligations
|
|
17,836
|
|
261
|
|
5.85
|
|
18,022
|
|
263
|
|
5.84
|
|
17,251
|
|
211
|
|
4.90
|
|
Senior and
subordinated notes
|
|
32,211
|
|
606
|
|
7.52
|
|
32,586
|
|
608
|
|
7.46
|
|
30,136
|
|
489
|
|
6.49
|
|
Other borrowings and
liabilities(2)
|
|
2,373
|
|
10
|
|
1.78
|
|
2,349
|
|
10
|
|
1.74
|
|
2,335
|
|
12
|
|
2.08
|
|
Total interest-bearing
liabilities
|
|
$
370,870
|
|
$
3,689
|
|
3.98
|
|
$
369,765
|
|
$ 3,626
|
|
3.92
|
|
$
358,510
|
|
$ 2,568
|
|
2.87
|
|
Net interest
income/spread
|
|
|
|
$
7,488
|
|
6.00
|
|
|
|
$ 7,519
|
|
6.05
|
|
|
|
$ 7,186
|
|
6.10
|
|
Impact of
non-interest-bearing funding
|
|
|
|
|
|
0.69
|
|
|
|
|
|
0.68
|
|
|
|
|
|
0.50
|
|
Net interest
margin
|
|
|
|
|
|
6.69 %
|
|
|
|
|
|
6.73 %
|
|
|
|
|
|
6.60 %
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
Table 7: Loan
Information and Performance Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024
Q1
|
|
(Dollars in
millions, except as noted)
|
|
2024
Q1
|
|
2023
Q4
|
|
2023
Q3
|
|
2023
Q2
|
|
2023
Q1
|
|
2023
Q4
|
|
2023
Q1
|
|
Loans Held for
Investment (Period-End)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit
card:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
credit card
|
|
$
143,861
|
|
$
147,666
|
|
$
140,320
|
|
$
135,975
|
|
$
130,980
|
|
(3) %
|
|
10 %
|
|
International card businesses
|
|
6,733
|
|
6,881
|
|
6,463
|
|
6,516
|
|
6,162
|
|
(2)
|
|
9
|
|
Total credit
card
|
|
150,594
|
|
154,547
|
|
146,783
|
|
142,491
|
|
137,142
|
|
(3)
|
|
10
|
|
Consumer
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto
|
|
73,801
|
|
74,075
|
|
75,456
|
|
75,841
|
|
76,652
|
|
—
|
|
(4)
|
|
Retail
banking
|
|
1,298
|
|
1,362
|
|
1,388
|
|
1,439
|
|
1,499
|
|
(5)
|
|
(13)
|
|
Total consumer
banking
|
|
75,099
|
|
75,437
|
|
76,844
|
|
77,280
|
|
78,151
|
|
—
|
|
(4)
|
|
Commercial
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and multifamily real estate
|
|
34,272
|
|
34,446
|
|
35,622
|
|
36,041
|
|
37,132
|
|
(1)
|
|
(8)
|
|
Commercial and industrial
|
|
55,189
|
|
56,042
|
|
55,531
|
|
55,511
|
|
56,411
|
|
(2)
|
|
(2)
|
|
Total commercial
banking
|
|
89,461
|
|
90,488
|
|
91,153
|
|
91,552
|
|
93,543
|
|
(1)
|
|
(4)
|
|
Total loans held for
investment
|
|
$
315,154
|
|
$
320,472
|
|
$
314,780
|
|
$
311,323
|
|
$
308,836
|
|
(2)
|
|
2
|
|
Loans Held for
Investment (Average)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit
card:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
credit card
|
|
$
142,887
|
|
$
142,112
|
|
$
137,500
|
|
$
132,505
|
|
$
128,562
|
|
1 %
|
|
11 %
|
|
International card businesses
|
|
6,758
|
|
6,515
|
|
6,549
|
|
6,257
|
|
6,108
|
|
4
|
|
11
|
|
Total credit
card
|
|
149,645
|
|
148,627
|
|
144,049
|
|
138,762
|
|
134,670
|
|
1
|
|
11
|
|
Consumer
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto
|
|
73,768
|
|
74,861
|
|
75,740
|
|
76,233
|
|
77,465
|
|
(1)
|
|
(5)
|
|
Retail
banking
|
|
1,324
|
|
1,377
|
|
1,414
|
|
1,465
|
|
1,529
|
|
(4)
|
|
(13)
|
|
Total consumer
banking
|
|
75,092
|
|
76,238
|
|
77,154
|
|
77,698
|
|
78,994
|
|
(2)
|
|
(5)
|
|
Commercial
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and multifamily real estate
|
|
34,310
|
|
35,414
|
|
35,964
|
|
37,068
|
|
37,373
|
|
(3)
|
|
(8)
|
|
Commercial and industrial
|
|
55,567
|
|
55,611
|
|
55,592
|
|
56,127
|
|
56,719
|
|
—
|
|
(2)
|
|
Total commercial
banking
|
|
89,877
|
|
91,025
|
|
91,556
|
|
93,195
|
|
94,092
|
|
(1)
|
|
(4)
|
|
Total average loans
held for investment
|
|
$
314,614
|
|
$
315,890
|
|
$
312,759
|
|
$
309,655
|
|
$
307,756
|
|
—
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024
Q1
|
|
|
2024
Q1
|
|
2023
Q4
|
|
2023
Q3
|
|
2023
Q2
|
|
2023
Q1
|
|
2023
Q4
|
|
2023
Q1
|
|
Net Charge-Off
(Recovery) Rates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit
card:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
credit card(3)
|
|
5.94 %
|
|
5.35 %
|
|
4.40 %
|
|
4.38 %
|
|
4.04 %
|
|
59 bps
|
|
190 bps
|
|
International card businesses
|
|
5.16
|
|
4.94
|
|
4.87
|
|
4.98
|
|
4.54
|
|
22
|
|
62
|
|
Total credit
card
|
|
5.90
|
|
5.33
|
|
4.42
|
|
4.41
|
|
4.06
|
|
57
|
|
184
|
|
Consumer
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto
|
|
1.99
|
|
2.19
|
|
1.77
|
|
1.40
|
|
1.53
|
|
(20)
|
|
46
|
|
Retail
banking
|
|
4.04
|
|
5.68
|
|
3.80
|
|
3.25
|
|
2.97
|
|
(164)
|
|
107
|
|
Total consumer
banking
|
|
2.03
|
|
2.25
|
|
1.81
|
|
1.43
|
|
1.56
|
|
(22)
|
|
47
|
|
Commercial
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and multifamily real estate
|
|
0.20
|
|
0.96
|
|
0.27
|
|
3.91
|
|
0.19
|
|
(76)
|
|
1
|
|
Commercial and industrial
|
|
0.08
|
|
0.26
|
|
0.24
|
|
0.11
|
|
0.03
|
|
(18)
|
|
5
|
|
Total commercial
banking
|
|
0.13
|
|
0.53
|
|
0.25
|
|
1.62
|
|
0.09
|
|
(40)
|
|
4
|
|
Total net
charge-offs
|
|
3.33
|
|
3.21
|
|
2.56
|
|
2.82
|
|
2.21
|
|
12
|
|
112
|
|
30+ Day Performing
Delinquency Rates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit
card:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
credit card
|
|
4.48 %
|
|
4.61 %
|
|
4.31 %
|
|
3.74 %
|
|
3.66 %
|
|
(13) bps
|
|
82 bps
|
|
International card businesses
|
|
4.83
|
|
4.67
|
|
4.43
|
|
4.24
|
|
4.20
|
|
16
|
|
63
|
|
Total credit
card
|
|
4.50
|
|
4.61
|
|
4.32
|
|
3.77
|
|
3.68
|
|
(11)
|
|
82
|
|
Consumer
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto
|
|
5.28
|
|
6.34
|
|
5.64
|
|
5.38
|
|
5.00
|
|
(106)
|
|
28
|
|
Retail
banking
|
|
0.95
|
|
1.19
|
|
1.07
|
|
1.19
|
|
0.56
|
|
(24)
|
|
39
|
|
Total consumer
banking
|
|
5.21
|
|
6.25
|
|
5.55
|
|
5.30
|
|
4.92
|
|
(104)
|
|
29
|
|
Nonperforming Loans
and Nonperforming Assets Rates(4)(5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit
card:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International card businesses
|
|
0.13 %
|
|
0.13 %
|
|
0.14 %
|
|
0.16 %
|
|
0.12 %
|
|
—
|
|
1 bps
|
|
Total credit
card
|
|
0.01
|
|
0.01
|
|
0.01
|
|
0.01
|
|
0.01
|
|
—
|
|
—
|
|
Consumer
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Auto
|
|
0.79
|
|
0.96
|
|
0.85
|
|
0.77
|
|
0.67
|
|
(17) bps
|
|
12
|
|
Retail
banking
|
|
3.21
|
|
3.36
|
|
3.28
|
|
2.99
|
|
2.94
|
|
(15)
|
|
27
|
|
Total consumer
banking
|
|
0.83
|
|
1.00
|
|
0.89
|
|
0.82
|
|
0.72
|
|
(17)
|
|
11
|
|
Commercial
banking:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and multifamily real estate
|
|
1.58
|
|
1.23
|
|
1.29
|
|
1.15
|
|
0.90
|
|
35
|
|
68
|
|
Commercial and industrial
|
|
1.10
|
|
0.60
|
|
0.65
|
|
0.71
|
|
0.72
|
|
50
|
|
38
|
|
Total commercial
banking
|
|
1.28
|
|
0.84
|
|
0.90
|
|
0.89
|
|
0.79
|
|
44
|
|
49
|
|
Total nonperforming
loans
|
|
0.57
|
|
0.48
|
|
0.48
|
|
0.47
|
|
0.42
|
|
9
|
|
15
|
|
Total nonperforming
assets
|
|
0.58
|
|
0.50
|
|
0.50
|
|
0.48
|
|
0.44
|
|
8
|
|
14
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
Table 8: Allowance
for Credit Losses and Reserve for Unfunded Lending Commitments
Activity
|
|
|
|
Three Months Ended
March 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
|
|
(2,452)
|
|
(122)
|
|
(2,574)
|
|
(642)
|
|
(18)
|
|
(660)
|
|
(39)
|
|
(3,273)
|
|
Recoveries
|
|
332
|
|
35
|
|
367
|
|
275
|
|
5
|
|
280
|
|
10
|
|
657
|
|
Net
charge-offs
|
|
(2,120)
|
|
(87)
|
|
(2,207)
|
|
(367)
|
|
(13)
|
|
(380)
|
|
(29)
|
|
(2,616)
|
|
Provision for credit
losses
|
|
2,157
|
|
102
|
|
2,259
|
|
422
|
|
4
|
|
426
|
|
22
|
|
2,707
|
|
Allowance build
(release) for credit losses
|
|
37
|
|
15
|
|
52
|
|
55
|
|
(9)
|
|
46
|
|
(7)
|
|
91
|
|
Other
changes(6)
|
|
—
|
|
(7)
|
|
(7)
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(7)
|
|
Balance as of March 31,
2024
|
|
11,298
|
|
456
|
|
11,754
|
|
2,057
|
|
31
|
|
2,088
|
|
1,538
|
|
15,380
|
|
Reserve for unfunded
lending commitments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December
31, 2023
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
158
|
|
158
|
|
Provision (benefit) for
losses on unfunded lending commitments
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(24)
|
|
(24)
|
|
Balance as of March 31,
2024
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
134
|
|
134
|
|
Combined allowance
and reserve as of March 31, 2024
|
|
$
11,298
|
|
$
456
|
|
$
11,754
|
|
$
2,057
|
|
$
31
|
|
$
2,088
|
|
$
1,672
|
|
$
15,514
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
Table 9: Financial
Summary—Business Segment Results
|
|
|
|
Three Months Ended
March 31, 2024
|
|
(Dollars in
millions)
|
|
Credit
Card
|
|
Consumer
Banking
|
|
Commercial
Banking(7)
|
|
Other(7)
|
|
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
December 31, 2023
|
|
(Dollars in
millions)
|
|
Credit
Card
|
|
Consumer
Banking
|
|
Commercial
Banking(7)
|
|
Other(7)
|
|
Total
|
|
Net interest income
(loss)
|
|
$
5,231
|
|
$
1,951
|
|
$
617
|
|
$ (280)
|
|
$ 7,519
|
|
Non-interest
income
|
|
1,565
|
|
163
|
|
245
|
|
14
|
|
1,987
|
|
Total net revenue
(loss)
|
|
6,796
|
|
2,114
|
|
862
|
|
(266)
|
|
9,506
|
|
Provision (benefit) for
credit losses
|
|
2,353
|
|
422
|
|
84
|
|
(2)
|
|
2,857
|
|
Non-interest
expense
|
|
3,417
|
|
1,402
|
|
487
|
|
411
|
|
5,717
|
|
Income (loss) from
continuing operations before income taxes
|
|
1,026
|
|
290
|
|
291
|
|
(675)
|
|
932
|
|
Income tax provision
(benefit)
|
|
241
|
|
68
|
|
68
|
|
(151)
|
|
226
|
|
Income (loss) from
continuing operations, net of tax
|
|
$
785
|
|
$
222
|
|
$
223
|
|
$ (524)
|
|
$
706
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2023
|
|
(Dollars in
millions)
|
|
Credit
Card
|
|
Consumer
Banking
|
|
Commercial
Banking(7)
|
|
Other(7)
|
|
Total
|
|
Net interest income
(loss)
|
|
$
4,657
|
|
$
2,360
|
|
$
648
|
|
$ (479)
|
|
$ 7,186
|
|
Non-interest
income
|
|
1,363
|
|
135
|
|
212
|
|
7
|
|
1,717
|
|
Total net revenue
(loss)
|
|
6,020
|
|
2,495
|
|
860
|
|
(472)
|
|
8,903
|
|
Provision (benefit) for
credit losses
|
|
2,261
|
|
275
|
|
259
|
|
—
|
|
2,795
|
|
Non-interest
expense
|
|
3,038
|
|
1,283
|
|
530
|
|
94
|
|
4,945
|
|
Income (loss) from
continuing operations before income taxes
|
|
721
|
|
937
|
|
71
|
|
(566)
|
|
1,163
|
|
Income tax provision
(benefit)
|
|
172
|
|
221
|
|
17
|
|
(207)
|
|
203
|
|
Income (loss) from
continuing operations, net of tax
|
|
$
549
|
|
$
716
|
|
$
54
|
|
$ (359)
|
|
$
960
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
Table 10: Financial
& Statistical Summary—Credit Card Business
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 Q1
vs
|
|
(Dollars in
millions, except as noted)
|
|
2024
Q1
|
|
2023
Q4
|
|
2023
Q3
|
|
2023
Q2
|
|
2023
Q1
|
|
2023
Q4
|
|
2023
Q1
|
|
Credit
Card
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
5,272
|
|
$
5,231
|
|
$
5,114
|
|
$
4,727
|
|
$
4,657
|
|
1 %
|
|
13 %
|
|
Non-interest
income
|
|
1,476
|
|
1,565
|
|
1,513
|
|
1,499
|
|
1,363
|
|
(6)
|
|
8
|
|
Total net
revenue
|
|
6,748
|
|
6,796
|
|
6,627
|
|
6,226
|
|
6,020
|
|
(1)
|
|
12
|
|
Provision for credit
losses
|
|
2,259
|
|
2,353
|
|
1,953
|
|
2,084
|
|
2,261
|
|
(4)
|
|
—
|
|
Non-interest
expense
|
|
3,229
|
|
3,417
|
|
3,015
|
|
3,020
|
|
3,038
|
|
(6)
|
|
6
|
|
Income from continuing
operations before income taxes
|
|
1,260
|
|
1,026
|
|
1,659
|
|
1,122
|
|
721
|
|
23
|
|
75
|
|
Income tax
provision
|
|
299
|
|
241
|
|
393
|
|
265
|
|
172
|
|
24
|
|
74
|
|
Income from continuing
operations, net of tax
|
|
$ 961
|
|
$ 785
|
|
$
1,266
|
|
$ 857
|
|
$ 549
|
|
22
|
|
75
|
|
Selected performance
metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end loans held
for investment
|
|
$
150,594
|
|
$ 154,547
|
|
$ 146,783
|
|
$ 142,491
|
|
$ 137,142
|
|
(3)
|
|
10
|
|
Average loans held for
investment
|
|
149,645
|
|
148,627
|
|
144,049
|
|
138,762
|
|
134,670
|
|
1
|
|
11
|
|
Average yield on loans
outstanding(1)
|
|
18.84 %
|
|
18.96 %
|
|
19.02 %
|
|
18.17 %
|
|
17.98 %
|
|
(12) bps
|
|
86 bps
|
|
Total net revenue
margin(8)
|
|
17.99
|
|
18.24
|
|
18.40
|
|
17.95
|
|
17.88
|
|
(25)
|
|
11
|
|
Net charge-off
rate
|
|
5.90
|
|
5.33
|
|
4.42
|
|
4.41
|
|
4.06
|
|
57
|
|
184
|
|
30+ day performing
delinquency rate
|
|
4.50
|
|
4.61
|
|
4.32
|
|
3.77
|
|
3.68
|
|
(11)
|
|
82
|
|
30+ day delinquency
rate
|
|
4.50
|
|
4.62
|
|
4.32
|
|
3.77
|
|
3.69
|
|
(12)
|
|
81
|
|
Nonperforming loan
rate(4)
|
|
0.01
|
|
0.01
|
|
0.01
|
|
0.01
|
|
0.01
|
|
—
|
|
—
|
|
Purchase
volume(9)
|
|
$
150,171
|
|
$ 162,055
|
|
$ 158,640
|
|
$ 157,937
|
|
$ 141,658
|
|
(7) %
|
|
6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 Q1
vs
|
|
(Dollars in
millions, except as noted)
|
|
2024
Q1
|
|
2023
Q4
|
|
2023
Q3
|
|
2023
Q2
|
|
2023
Q1
|
|
2023
Q4
|
|
2023
Q1
|
|
Domestic
Card
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
4,972
|
|
$
4,940
|
|
$
4,827
|
|
$
4,453
|
|
$
4,390
|
|
1 %
|
|
13 %
|
|
Non-interest
income
|
|
1,411
|
|
1,498
|
|
1,445
|
|
1,431
|
|
1,298
|
|
(6)
|
|
9
|
|
Total net
revenue
|
|
6,383
|
|
6,438
|
|
6,272
|
|
5,884
|
|
5,688
|
|
(1)
|
|
12
|
|
Provision for credit
losses
|
|
2,157
|
|
2,238
|
|
1,861
|
|
1,995
|
|
2,174
|
|
(4)
|
|
(1)
|
|
Non-interest
expense
|
|
3,025
|
|
3,186
|
|
2,810
|
|
2,805
|
|
2,847
|
|
(5)
|
|
6
|
|
Income from continuing
operations before income taxes
|
|
1,201
|
|
1,014
|
|
1,601
|
|
1,084
|
|
667
|
|
18
|
|
80
|
|
Income tax
provision
|
|
283
|
|
239
|
|
378
|
|
256
|
|
157
|
|
18
|
|
80
|
|
Income from continuing
operations, net of tax
|
|
$ 918
|
|
$ 775
|
|
$
1,223
|
|
$ 828
|
|
$ 510
|
|
18
|
|
80
|
|
Selected performance
metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end loans held
for investment
|
|
$
143,861
|
|
$ 147,666
|
|
$ 140,320
|
|
$ 135,975
|
|
$ 130,980
|
|
(3)
|
|
10
|
|
Average loans held for
investment
|
|
142,887
|
|
142,112
|
|
137,500
|
|
132,505
|
|
128,562
|
|
1
|
|
11
|
|
Average yield on loans
outstanding(1)
|
|
18.76 %
|
|
18.88 %
|
|
18.96 %
|
|
18.07 %
|
|
17.88 %
|
|
(12) bps
|
|
88 bps
|
|
Total net revenue
margin(8)
|
|
17.82
|
|
18.07
|
|
18.24
|
|
17.76
|
|
17.70
|
|
(25)
|
|
12
|
|
Net charge-off
rate(3)
|
|
5.94
|
|
5.35
|
|
4.40
|
|
4.38
|
|
4.04
|
|
59
|
|
190
|
|
30+ day performing
delinquency rate
|
|
4.48
|
|
4.61
|
|
4.31
|
|
3.74
|
|
3.66
|
|
(13)
|
|
82
|
|
Purchase
volume(9)
|
|
$
146,696
|
|
$ 158,290
|
|
$ 154,880
|
|
$ 154,184
|
|
$ 138,310
|
|
(7) %
|
|
6 %
|
|
Refreshed FICO
scores:(10)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Greater than
660
|
|
68 %
|
|
68 %
|
|
69 %
|
|
69 %
|
|
68 %
|
|
—
|
|
—
|
|
660 or
below
|
|
32
|
|
32
|
|
31
|
|
31
|
|
32
|
|
—
|
|
—
|
|
Total
|
|
100 %
|
|
100 %
|
|
100 %
|
|
100 %
|
|
100 %
|
|
|
|
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
Table 11: Financial
& Statistical Summary—Consumer Banking Business
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 Q1
vs
|
|
(Dollars in
millions, except as noted)
|
|
2024
Q1
|
|
2023
Q4
|
|
2023
Q3
|
|
2023
Q2
|
|
2023
Q1
|
|
2023
Q4
|
|
2023
Q1
|
|
Consumer
Banking
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
2,011
|
|
$
1,951
|
|
$
2,133
|
|
$
2,269
|
|
$
2,360
|
|
3 %
|
|
(15) %
|
|
Non-interest
income
|
|
159
|
|
163
|
|
142
|
|
149
|
|
135
|
|
(2)
|
|
18
|
|
Total net
revenue
|
|
2,170
|
|
2,114
|
|
2,275
|
|
2,418
|
|
2,495
|
|
3
|
|
(13)
|
|
Provision for credit
losses
|
|
426
|
|
422
|
|
213
|
|
259
|
|
275
|
|
1
|
|
55
|
|
Non-interest
expense
|
|
1,246
|
|
1,402
|
|
1,262
|
|
1,231
|
|
1,283
|
|
(11)
|
|
(3)
|
|
Income from continuing
operations before income taxes
|
|
498
|
|
290
|
|
800
|
|
928
|
|
937
|
|
72
|
|
(47)
|
|
Income tax
provision
|
|
117
|
|
68
|
|
189
|
|
219
|
|
221
|
|
72
|
|
(47)
|
|
Income from continuing
operations, net of tax
|
|
$ 381
|
|
$ 222
|
|
$ 611
|
|
$ 709
|
|
$ 716
|
|
72
|
|
(47)
|
|
Selected performance
metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end loans held
for investment
|
|
$
75,099
|
|
$
75,437
|
|
$
76,844
|
|
$
77,280
|
|
$
78,151
|
|
—
|
|
(4)
|
|
Average loans held for
investment
|
|
75,092
|
|
76,238
|
|
77,154
|
|
77,698
|
|
78,994
|
|
(2)
|
|
(5)
|
|
Average yield on loans
held for investment(1)
|
|
8.33 %
|
|
8.17 %
|
|
7.97 %
|
|
7.65 %
|
|
7.40 %
|
|
16 bps
|
|
93 bps
|
|
Auto loan
originations
|
|
$
7,522
|
|
$ 6,157
|
|
$ 7,452
|
|
$ 7,160
|
|
$ 6,211
|
|
22 %
|
|
21 %
|
|
Period-end
deposits
|
|
300,806
|
|
296,171
|
|
290,789
|
|
286,174
|
|
291,163
|
|
2
|
|
3
|
|
Average
deposits
|
|
294,448
|
|
291,486
|
|
287,457
|
|
285,647
|
|
278,772
|
|
1
|
|
6
|
|
Average deposits
interest rate
|
|
3.15 %
|
|
3.06 %
|
|
2.85 %
|
|
2.46 %
|
|
1.96 %
|
|
9 bps
|
|
119 bps
|
|
Net charge-off
rate
|
|
2.03
|
|
2.25
|
|
1.81
|
|
1.43
|
|
1.56
|
|
(22)
|
|
47
|
|
30+ day performing
delinquency rate
|
|
5.21
|
|
6.25
|
|
5.55
|
|
5.30
|
|
4.92
|
|
(104)
|
|
29
|
|
30+ day delinquency
rate
|
|
5.86
|
|
7.08
|
|
6.27
|
|
5.95
|
|
5.46
|
|
(122)
|
|
40
|
|
Nonperforming loan
rate(4)
|
|
0.83
|
|
1.00
|
|
0.89
|
|
0.82
|
|
0.72
|
|
(17)
|
|
11
|
|
Nonperforming asset
rate(5)
|
|
0.91
|
|
1.09
|
|
0.96
|
|
0.88
|
|
0.78
|
|
(18)
|
|
13
|
|
Auto—At origination
FICO scores:(11)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Greater than
660
|
|
53 %
|
|
53 %
|
|
52 %
|
|
52 %
|
|
52 %
|
|
—
|
|
1 %
|
|
621 - 660
|
|
20
|
|
20
|
|
20
|
|
20
|
|
20
|
|
—
|
|
—
|
|
620 or
below
|
|
27
|
|
27
|
|
28
|
|
28
|
|
28
|
|
—
|
|
(1)
|
|
Total
|
|
100 %
|
|
100 %
|
|
100 %
|
|
100 %
|
|
100 %
|
|
|
|
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
Table 12: Financial
& Statistical Summary—Commercial Banking
Business
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 Q1
vs
|
|
(Dollars in
millions, except as noted)
|
|
2024
Q1
|
|
2023
Q4
|
|
2023
Q3
|
|
2023
Q2
|
|
2023
Q1
|
|
2023
Q4
|
|
2023
Q1
|
|
Commercial
Banking
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$ 599
|
|
$ 617
|
|
$ 621
|
|
$ 632
|
|
$ 648
|
|
(3) %
|
|
(8) %
|
|
Non-interest
income
|
|
281
|
|
245
|
|
288
|
|
257
|
|
212
|
|
15
|
|
33
|
|
Total net
revenue(7)
|
|
880
|
|
862
|
|
909
|
|
889
|
|
860
|
|
2
|
|
2
|
|
Provision (benefit)
for credit losses
|
|
(2)
|
|
84
|
|
116
|
|
146
|
|
259
|
|
**
|
|
**
|
|
Non-interest
expense
|
|
515
|
|
487
|
|
512
|
|
482
|
|
530
|
|
6
|
|
(3)
|
|
Income from continuing
operations before income taxes
|
|
367
|
|
291
|
|
281
|
|
261
|
|
71
|
|
26
|
|
**
|
|
Income tax
provision
|
|
87
|
|
68
|
|
67
|
|
61
|
|
17
|
|
28
|
|
**
|
|
Income from continuing
operations, net of tax
|
|
$ 280
|
|
$ 223
|
|
$ 214
|
|
$ 200
|
|
$
54
|
|
26
|
|
**
|
|
Selected performance
metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end loans held
for investment
|
|
$
89,461
|
|
$
90,488
|
|
$
91,153
|
|
$
91,552
|
|
$
93,543
|
|
(1)
|
|
(4)
|
|
Average loans held for
investment
|
|
89,877
|
|
91,025
|
|
91,556
|
|
93,195
|
|
94,092
|
|
(1)
|
|
(4)
|
|
Average yield on loans
held for investment(1)(7)
|
|
7.14 %
|
|
7.24 %
|
|
7.16 %
|
|
6.75 %
|
|
6.31 %
|
|
(10) bps
|
|
83 bps
|
|
Period-end
deposits
|
|
$
31,082
|
|
$
32,712
|
|
$
36,035
|
|
$
36,793
|
|
$
38,380
|
|
(5) %
|
|
(19) %
|
|
Average
deposits
|
|
31,844
|
|
34,525
|
|
37,279
|
|
37,960
|
|
39,941
|
|
(8)
|
|
(20)
|
|
Average deposits
interest rate
|
|
2.65 %
|
|
2.79 %
|
|
2.93 %
|
|
2.68 %
|
|
2.34 %
|
|
(14) bps
|
|
31 bps
|
|
Net charge-off
rate
|
|
0.13
|
|
0.53
|
|
0.25
|
|
1.62
|
|
0.09
|
|
(40)
|
|
4
|
|
Nonperforming loan
rate(4)
|
|
1.28
|
|
0.84
|
|
0.90
|
|
0.89
|
|
0.79
|
|
44
|
|
49
|
|
Nonperforming asset
rate(5)
|
|
1.28
|
|
0.84
|
|
0.90
|
|
0.89
|
|
0.79
|
|
44
|
|
49
|
|
Risk
category:(12)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncriticized
|
|
$
80,804
|
|
$
81,758
|
|
$
82,968
|
|
$
84,583
|
|
$
85,964
|
|
(1) %
|
|
(6) %
|
|
Criticized
performing
|
|
7,509
|
|
7,969
|
|
7,363
|
|
6,158
|
|
6,839
|
|
(6)
|
|
10
|
|
Criticized
nonperforming
|
|
1,148
|
|
761
|
|
822
|
|
811
|
|
740
|
|
51
|
|
55
|
|
Total commercial
banking loans held for investment
|
|
$
89,461
|
|
$
90,488
|
|
$
91,153
|
|
$
91,552
|
|
$
93,543
|
|
(1)
|
|
(4)
|
|
Risk category as a
percentage of period-end loans held for investment:(12)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncriticized
|
|
90.33 %
|
|
90.35 %
|
|
91.02 %
|
|
92.38 %
|
|
91.90 %
|
|
(2) bps
|
|
(157) bps
|
|
Criticized
performing
|
|
8.39
|
|
8.81
|
|
8.08
|
|
6.73
|
|
7.31
|
|
(42)
|
|
108
|
|
Criticized
nonperforming
|
|
1.28
|
|
0.84
|
|
0.90
|
|
0.89
|
|
0.79
|
|
44
|
|
49
|
|
Total commercial
banking loans
|
|
100.00 %
|
|
100.00 %
|
|
100.00 %
|
|
100.00 %
|
|
100.00 %
|
|
|
|
|
|
CAPITAL ONE
FINANCIAL CORPORATION (COF)
Table 13: Financial
& Statistical Summary—Other and Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 Q1
vs
|
|
(Dollars in
millions)
|
|
2024
Q1
|
|
2023
Q4
|
|
2023
Q3
|
|
2023
Q2
|
|
2023
Q1
|
|
2023
Q4
|
|
2023
Q1
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
loss
|
|
$
(394)
|
|
$ (280)
|
|
$ (445)
|
|
$ (515)
|
|
$ (479)
|
|
41 %
|
|
(18) %
|
|
Non-interest income
(loss)
|
|
(2)
|
|
14
|
|
—
|
|
(6)
|
|
7
|
|
**
|
|
**
|
|
Total net
loss(7)
|
|
(396)
|
|
(266)
|
|
(445)
|
|
(521)
|
|
(472)
|
|
49
|
|
(16)
|
|
Provision (benefit)
for credit losses
|
|
—
|
|
(2)
|
|
2
|
|
1
|
|
—
|
|
**
|
|
—
|
|
Non-interest
expense(13)
|
|
147
|
|
411
|
|
71
|
|
61
|
|
94
|
|
(64)
|
|
56
|
|
Loss from continuing
operations before income taxes
|
|
(543)
|
|
(675)
|
|
(518)
|
|
(583)
|
|
(566)
|
|
(20)
|
|
(4)
|
|
Income tax
benefit
|
|
(201)
|
|
(151)
|
|
(217)
|
|
(248)
|
|
(207)
|
|
33
|
|
(3)
|
|
Loss from continuing
operations, net of tax
|
|
$
(342)
|
|
$ (524)
|
|
$ (301)
|
|
$ (335)
|
|
$ (359)
|
|
(35)
|
|
(5)
|
|
Selected performance
metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end
deposits
|
|
$
19,081
|
|
$ 19,530
|
|
$ 19,187
|
|
$ 20,738
|
|
$ 20,284
|
|
(2)
|
|
(6)
|
|
Average
deposits
|
|
19,365
|
|
19,317
|
|
20,277
|
|
20,071
|
|
21,410
|
|
—
|
|
(10)
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
|
$
7,488
|
|
$ 7,519
|
|
$ 7,423
|
|
$ 7,113
|
|
$ 7,186
|
|
—
|
|
4 %
|
|
Non-interest
income
|
|
1,914
|
|
1,987
|
|
1,943
|
|
1,899
|
|
1,717
|
|
(4) %
|
|
11
|
|
Total net
revenue
|
|
9,402
|
|
9,506
|
|
9,366
|
|
9,012
|
|
8,903
|
|
(1)
|
|
6
|
|
Provision for credit
losses
|
|
2,683
|
|
2,857
|
|
2,284
|
|
2,490
|
|
2,795
|
|
(6)
|
|
(4)
|
|
Non-interest
expense
|
|
5,137
|
|
5,717
|
|
4,860
|
|
4,794
|
|
4,945
|
|
(10)
|
|
4
|
|
Income from continuing
operations before income taxes
|
|
1,582
|
|
932
|
|
2,222
|
|
1,728
|
|
1,163
|
|
70
|
|
36
|
|
Income tax
provision
|
|
302
|
|
226
|
|
432
|
|
297
|
|
203
|
|
34
|
|
49
|
|
Income from continuing
operations, net of tax
|
|
$
1,280
|
|
$
706
|
|
$ 1,790
|
|
$ 1,431
|
|
$
960
|
|
81
|
|
33
|
|
Selected performance
metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end loans held
for investment
|
|
$
315,154
|
|
$
320,472
|
|
$
314,780
|
|
$
311,323
|
|
$
308,836
|
|
(2)
|
|
2
|
|
Average loans held for
investment
|
|
314,614
|
|
315,890
|
|
312,759
|
|
309,655
|
|
307,756
|
|
—
|
|
2
|
|
Period-end
deposits
|
|
350,969
|
|
348,413
|
|
346,011
|
|
343,705
|
|
349,827
|
|
1
|
|
—
|
|
Average
deposits
|
|
345,657
|
|
345,328
|
|
345,013
|
|
343,678
|
|
340,123
|
|
—
|
|
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 $1.9 billion and $1.7 billion for the first quarters
of 2024 and 2023, respectively, and related interest expense of $8
million for both the first quarters of 2024 and 2023.
|
|
(3)
|
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%.
|
|
(4)
|
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.
|
|
(5)
|
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.
|
|
(6)
|
Primarily represents foreign currency
translation adjustments.
|
|
(7)
|
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.
|
|
(8)
|
Total net revenue
margin is calculated based on annualized total net revenue for the
period divided by average interest-earning assets for the
period.
|
|
(9)
|
Purchase volume
consists of purchase transactions, net of returns, for the period,
and excludes cash advance and balance transfer
transactions.
|
|
(10)
|
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.
|
|
(11)
|
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.
|
|
(12)
|
Criticized exposures
correspond to the "Special Mention," "Substandard" and "Doubtful"
asset categories defined by bank regulatory authorities.
|
|
(13)
|
Includes the impact of
the $42 million and $289 million FDIC special assessment in Q1 2024
and Q4 2023, respectively, and 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)
|
|
March
31,
2024
|
|
December
31,
2023
|
|
September
30,
2023
|
|
June
30,
2023
|
|
March
31,
2023
|
|
Regulatory Capital
Metrics
|
|
|
|
|
|
|
|
|
|
|
|
Common equity excluding
AOCI
|
|
$
63,088
|
|
$
62,710
|
|
$
62,245
|
|
$
60,729
|
|
$
59,546
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
AOCI, net of
tax(2)
|
|
14
|
|
27
|
|
(9)
|
|
31
|
|
(3)
|
|
Goodwill, net of
related deferred tax liabilities
|
|
(14,804)
|
|
(14,811)
|
|
(14,797)
|
|
(14,813)
|
|
(14,538)
|
|
Other Intangible and
deferred tax assets, net of deferred tax liabilities
|
|
(291)
|
|
(311)
|
|
(333)
|
|
(358)
|
|
(371)
|
|
Common equity Tier 1
capital
|
|
$
48,007
|
|
$
47,615
|
|
$
47,106
|
|
$
45,589
|
|
$
44,634
|
|
Tier 1
capital
|
|
$
52,852
|
|
$
52,460
|
|
$
51,952
|
|
$
50,434
|
|
$
49,479
|
|
Total
capital(3)
|
|
59,483
|
|
59,124
|
|
58,844
|
|
57,607
|
|
56,611
|
|
Risk-weighted
assets
|
|
366,046
|
|
369,206
|
|
362,962
|
|
359,613
|
|
356,079
|
|
Adjusted average
assets(4)
|
|
468,030
|
|
467,553
|
|
464,286
|
|
459,732
|
|
455,477
|
|
Capital
Ratios
|
|
|
|
|
|
|
|
|
|
|
|
Common equity Tier 1
capital(5)
|
|
13.1 %
|
|
12.9 %
|
|
13.0 %
|
|
12.7 %
|
|
12.5 %
|
|
Tier 1
capital(6)
|
|
14.4
|
|
14.2
|
|
14.3
|
|
14.0
|
|
13.9
|
|
Total
capital(7)
|
|
16.3
|
|
16.0
|
|
16.2
|
|
16.0
|
|
15.9
|
|
Tier 1
leverage(4)
|
|
11.3
|
|
11.2
|
|
11.2
|
|
11.0
|
|
10.9
|
|
TCE(8)
|
|
8.1
|
|
8.2
|
|
7.3
|
|
7.6
|
|
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.
|
(Dollars in
millions, except per share data and as noted)
|
|
2024
Q1
|
|
2023
Q4
|
|
2023
Q3
|
|
2023
Q2
|
|
2023
Q1
|
|
Adjusted diluted
earnings per share ("EPS"):
|
|
|
|
|
|
|
|
|
|
|
|
Net income available to
common stockholders (GAAP)
|
|
$
1,200
|
|
$
639
|
|
$
1,705
|
|
$
1,351
|
|
$
887
|
|
FDIC special
assessment
|
|
42
|
|
289
|
|
—
|
|
—
|
|
—
|
|
Adjusted net income
available to common stockholders before income tax impacts
(non-GAAP)
|
|
1,242
|
|
928
|
|
1,705
|
|
1,351
|
|
887
|
|
Income tax
impacts
|
|
(10)
|
|
(70)
|
|
—
|
|
—
|
|
—
|
|
Adjusted net income
available to common stockholders (non-GAAP)
|
|
$
1,232
|
|
$
858
|
|
$
1,705
|
|
$
1,351
|
|
$
887
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
weighted-average common shares outstanding (in millions)
(GAAP)
|
|
383.4
|
|
382.8
|
|
383.3
|
|
383.7
|
|
383.8
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS
(GAAP)
|
|
$
3.13
|
|
$
1.67
|
|
$ 4.45
|
|
$
3.52
|
|
$
2.31
|
|
Impact of adjustments
noted above
|
|
0.08
|
|
0.57
|
|
—
|
|
—
|
|
—
|
|
Adjusted diluted EPS
(non-GAAP)
|
|
$
3.21
|
|
$
2.24
|
|
$ 4.45
|
|
$
3.52
|
|
$
2.31
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted efficiency
ratio:
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expense
(GAAP)
|
|
$
5,137
|
|
$
5,717
|
|
$
4,860
|
|
$
4,794
|
|
$
4,945
|
|
FDIC special
assessment
|
|
(42)
|
|
(289)
|
|
—
|
|
—
|
|
—
|
|
Adjusted non-interest
expense (non-GAAP)
|
|
$
5,095
|
|
$
5,428
|
|
$
4,860
|
|
$
4,794
|
|
$
4,945
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net revenue
(GAAP)
|
|
$
9,402
|
|
$
9,506
|
|
$
9,366
|
|
$
9,012
|
|
$
8,903
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency ratio
(GAAP)
|
|
54.64 %
|
|
60.14 %
|
|
51.89 %
|
|
53.20 %
|
|
55.54 %
|
|
Impact of adjustments
noted above
|
|
(45) bps
|
|
(304)
bps
|
|
—
|
|
—
|
|
—
|
|
Adjusted efficiency
ratio (non-GAAP)
|
|
54.19 %
|
|
57.10 %
|
|
51.89 %
|
|
53.20 %
|
|
55.54 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted operating
efficiency ratio:
|
|
|
|
|
|
|
|
|
|
|
|
Operating expense
(GAAP)
|
|
$
4,127
|
|
$
4,463
|
|
$
3,888
|
|
$
3,908
|
|
$
4,048
|
|
FDIC special
assessment
|
|
(42)
|
|
(289)
|
|
—
|
|
—
|
|
—
|
|
Adjusted operating
expense (non-GAAP)
|
|
$
4,085
|
|
$
4,174
|
|
$
3,888
|
|
$
3,908
|
|
$
4,048
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net revenue
(GAAP)
|
|
$
9,402
|
|
$
9,506
|
|
$
9,366
|
|
$
9,012
|
|
$
8,903
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating efficiency
ratio (GAAP)
|
|
43.89 %
|
|
46.95 %
|
|
41.51 %
|
|
43.36 %
|
|
45.47 %
|
|
Impact of adjustments
noted above
|
|
(44) bps
|
|
(304)
bps
|
|
—
|
|
—
|
|
—
|
|
Adjusted operating
efficiency ratio (non-GAAP)
|
|
43.45 %
|
|
43.91 %
|
|
41.51 %
|
|
43.36 %
|
|
45.47 %
|
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.
|
(Dollars in
millions)
|
|
2024
Q1
|
|
2023
Q4
|
|
2023
Q3
|
|
2023
Q2
|
|
2023
Q1
|
|
Pre- Provision
Earnings
|
|
|
|
|
|
|
|
|
|
|
|
Total net
revenue
|
|
$
9,402
|
|
$
9,506
|
|
$
9,366
|
|
$
9,012
|
|
$
8,903
|
|
Non-interest
expense
|
|
(5,137)
|
|
(5,717)
|
|
(4,860)
|
|
(4,794)
|
|
(4,945)
|
|
Pre-provision
earnings(9)
|
|
$
4,265
|
|
$
3,789
|
|
$
4,506
|
|
$
4,218
|
|
$
3,958
|
|
Tangible Common
Equity (Period-End)
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity
|
|
$
57,801
|
|
$
58,089
|
|
$
53,668
|
|
$
54,559
|
|
$
54,653
|
|
Goodwill and other
intangible assets(10)
|
|
(15,257)
|
|
(15,289)
|
|
(15,308)
|
|
(15,356)
|
|
(15,098)
|
|
Noncumulative
perpetual preferred stock
|
|
(4,845)
|
|
(4,845)
|
|
(4,845)
|
|
(4,845)
|
|
(4,845)
|
|
Tangible common
equity(11)
|
|
$
37,699
|
|
$
37,955
|
|
$
33,515
|
|
$
34,358
|
|
$
34,710
|
|
Tangible Common
Equity (Average)
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity
|
|
$
57,998
|
|
$
55,632
|
|
$
55,012
|
|
$
55,357
|
|
$
54,773
|
|
Goodwill and other
intangible assets(10)
|
|
(15,280)
|
|
(15,304)
|
|
(15,348)
|
|
(15,187)
|
|
(14,984)
|
|
Noncumulative
perpetual preferred stock
|
|
(4,845)
|
|
(4,845)
|
|
(4,845)
|
|
(4,845)
|
|
(4,845)
|
|
Tangible common
equity(11)
|
|
$
37,873
|
|
$
35,483
|
|
$
34,819
|
|
$
35,325
|
|
$
34,944
|
|
Return on Tangible
Common Equity (Average)
|
|
|
|
|
|
|
|
|
|
|
|
Net income available
to common stockholders
|
|
$
1,200
|
|
$
639
|
|
$
1,705
|
|
$
1,351
|
|
$
887
|
|
Tangible common equity
(Average)
|
|
37,873
|
|
35,483
|
|
34,819
|
|
35,325
|
|
34,944
|
|
Return on tangible
common equity(11)(12)
|
|
12.67 %
|
|
7.20 %
|
|
19.59 %
|
|
15.30 %
|
|
10.15 %
|
|
Tangible Assets
(Period-End)
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$ 481,720
|
|
$ 478,464
|
|
$ 471,435
|
|
$ 467,800
|
|
$ 471,660
|
|
Goodwill and other
intangible assets(10)
|
|
(15,257)
|
|
(15,289)
|
|
(15,308)
|
|
(15,356)
|
|
(15,098)
|
|
Tangible
assets(11)
|
|
$ 466,463
|
|
$ 463,175
|
|
$ 456,127
|
|
$ 452,444
|
|
$ 456,562
|
|
|
(Dollars in
millions)
|
|
2024
Q1
|
|
2023
Q4
|
|
2023
Q3
|
|
2023
Q2
|
|
2023
Q1
|
|
Tangible Assets
(Average)
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$ 474,995
|
|
$ 472,594
|
|
$ 469,860
|
|
$ 466,652
|
|
$ 462,324
|
|
Goodwill and other
intangible assets(10)
|
|
(15,280)
|
|
(15,304)
|
|
(15,348)
|
|
(15,187)
|
|
(14,984)
|
|
Tangible
assets(11)
|
|
$ 459,715
|
|
$ 457,290
|
|
$ 454,512
|
|
$ 451,465
|
|
$ 447,340
|
|
Return on Tangible
Assets (Average)
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
1,280
|
|
$
706
|
|
$
1,790
|
|
$
1,431
|
|
$
960
|
|
Tangible Assets
(Average)
|
|
459,715
|
|
457,290
|
|
454,512
|
|
451,465
|
|
447,340
|
|
Return on tangible
assets(11)(13)
|
|
1.11 %
|
|
0.62 %
|
|
1.58 %
|
|
1.27 %
|
|
0.86 %
|
|
TCE
Ratio
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity
(Period-end)
|
|
$
37,699
|
|
$
37,955
|
|
$
33,515
|
|
$
34,358
|
|
$
34,710
|
|
Tangible Assets
(Period-end)
|
|
466,463
|
|
463,175
|
|
456,127
|
|
452,444
|
|
456,562
|
|
TCE
Ratio(11)
|
|
8.1 %
|
|
8.2 %
|
|
7.3 %
|
|
7.6 %
|
|
7.6 %
|
|
Tangible Book Value
per Common Share
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity
(Period-end)
|
|
$
37,699
|
|
$
37,955
|
|
$
33,515
|
|
$
34,358
|
|
$
34,710
|
|
Outstanding Common
Shares
|
|
382.1
|
|
380.4
|
|
381.0
|
|
381.4
|
|
382.0
|
|
Tangible book value per
common share(11)
|
|
$
98.67
|
|
$
99.78
|
|
$
87.97
|
|
$
90.07
|
|
$
90.86
|
__________
|
(1)
|
Regulatory capital
metrics and capital ratios as of March 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 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.
|
View original
content:https://www.prnewswire.com/news-releases/capital-one-reports-first-quarter-2024-net-income-of-1-3-billion-or-3-13-per-share-302127955.html
SOURCE Capital One Financial Corporation