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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Capital One Financial Corporation | NYSE:COF | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 2.99 | 1.70% | 178.65 | 180.863 | 174.27 | 175.08 | 5,152,674 | 01:00:00 |
From Oct 2024 to Dec 2024
Net of adjusting items, Third Quarter 2024 Net Income of $4.51 per share(1)
Capital One Financial Corporation (NYSE: COF) today announced net income for the third quarter of 2024 of $1.8 billion, or $4.41 per diluted common share, compared with net income of $597 million, or $1.38 per diluted common share in the second quarter of 2024, and with net income of $1.8 billion, or $4.45 per diluted common share in the third quarter of 2023. Adjusted net income(1) for the third quarter of 2024 was $4.51 per diluted common share.
"Strong third quarter results included top-line growth in our domestic card and auto businesses and stable consumer credit results," said Richard D. Fairbank, Founder, Chairman, and Chief Executive Officer. “On the Discover acquisition, we continue to work through the regulatory approval process, and we’re fully mobilized to plan and deliver a successful integration.”
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
$
63
$
0.12
FDIC special assessment
$
(9
)
$
(0.02
)
All comparisons below are for the third quarter of 2024 compared with the second quarter of 2024 unless otherwise noted.
Third Quarter 2024 Income Statement Summary:
Third Quarter 2024 Balance Sheet Summary:
Earnings Conference Call Webcast Information
The company will hold an earnings conference call on October 24, 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 November 7, 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 $353.6 billion in deposits and $486.4 billion in total assets as of September 30, 2024. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches and Cafés located primarily in New York, Louisiana, Texas, Maryland, Virginia and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol “COF” and is included in the S&P 100 index.
(1)
This is a non-GAAP measure. We believe non-GAAP measures help investors and users of our financial information understand the effect of adjusting items on our selected reported results and provide alternate measurements of our performance, both in the current period and across periods. See our Financial Supplement, filed as Exhibit 99.2 to our Current Report on Form 8-K on October 24, 2024 with the SEC, “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for a reconciliation and additional information on non-GAAP measures.
(2)
Pre-provision earnings is a non-GAAP metric calculated based on total net revenue less non-interest expense for the period. Management believes that this financial metric is useful in assessing the ability of a lending institution to generate income in excess of its provision for credit losses. See our Financial Supplement, filed as Exhibit 99.2 to our Current Report on Form 8-K on October 24, 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 September 30, 2024 are preliminary and therefore subject to change.
Exhibit 99.2
Capital One Financial Corporation
Financial Supplement(1)(2)
Third 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 September 30, 2024 once it is filed with the Securities and Exchange Commission.
(2)
This Financial Supplement includes non-GAAP measures. We believe these non-GAAP measures are useful to investors and users of our financial information as they provide an alternate measurement of our performance and assist in assessing our capital adequacy and the level of return generated. These non-GAAP measures should not be viewed as a substitute for reported results determined in accordance with generally accepted accounting principles in the U.S. (“GAAP”), nor are they necessarily comparable to non-GAAP measures that may be presented by other companies. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for a reconciliation of any non-GAAP financial measures.
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 1: Financial Summary—Consolidated
2024 Q3
Nine Months Ended September 30,
(Dollars in millions, except per share data and as noted)
2024
2024
2024
2023
2023
2024
2023
2024 vs.
Q3
Q2
Q1
Q4
Q3
Q2
Q3
2024
2023
2023
Income Statement
Net interest income
$
8,076
$
7,546
$
7,488
$
7,519
$
7,423
7
%
9
%
$
23,110
$
21,722
6
%
Non-interest income
1,938
1,960
1,914
1,987
1,943
(1
)
—
5,812
5,559
5
Total net revenue(1)
10,014
9,506
9,402
9,506
9,366
5
7
28,922
27,281
6
Provision for credit losses
2,482
3,909
2,683
2,857
2,284
(37
)
9
9,074
7,569
20
Non-interest expense:
Marketing
1,113
1,064
1,010
1,254
972
5
15
3,187
2,755
16
Operating expense
4,201
3,882
4,127
4,463
3,888
8
8
12,210
11,844
3
Total non-interest expense
5,314
4,946
5,137
5,717
4,860
7
9
15,397
14,599
5
Income from continuing operations before income taxes
2,218
651
1,582
932
2,222
**
—
4,451
5,113
(13
)
Income tax provision
441
54
302
226
432
**
2
797
932
(14
)
Net income
1,777
597
1,280
706
1,790
198
(1
)
3,654
4,181
(13
)
Dividends and undistributed earnings allocated to participating securities(2)
(28
)
(9
)
(23
)
(10
)
(28
)
**
—
(60
)
(67
)
(10
)
Preferred stock dividends
(57
)
(57
)
(57
)
(57
)
(57
)
—
—
(171
)
(171
)
—
Net income available to common stockholders
$
1,692
$
531
$
1,200
$
639
$
1,705
**
(1
)
$
3,423
$
3,943
(13
)
Common Share Statistics
Basic earnings per common share:(2)
Net income per basic common share
$
4.42
$
1.39
$
3.14
$
1.67
$
4.46
**
(1
)%
$
8.94
$
10.31
(13
)%
Diluted earnings per common share:(2)
Net income per diluted common share
$
4.41
$
1.38
$
3.13
$
1.67
$
4.45
**
(1
)%
$
8.92
$
10.28
(13
)%
Weighted-average common shares outstanding (in millions):
Basic
383.0
383.1
382.2
381.9
382.5
—
—
382.8
382.7
—
Diluted
383.7
383.9
383.4
382.8
383.3
—
—
383.7
383.6
—
Common shares outstanding (period-end, in millions)
381.5
381.9
382.1
380.4
381.0
—
—
381.5
381.0
—
Dividends declared and paid per common share
$
0.60
$
0.60
$
0.60
$
0.60
$
0.60
—
—
$
1.80
$
1.80
—
Tangible book value per common share (period-end)(3)
112.36
99.28
98.67
99.78
87.97
13
%
28
%
112.36
87.97
28
%
2024 Q3
Nine Months Ended September 30,
(Dollars in millions)
2024
2024
2024
2023
2023
2024
2023
2024 vs.
Q3
Q2
Q1
Q4
Q3
Q2
Q3
2024
2023
2023
Balance Sheet (Period-End)
Loans held for investment
$
320,243
$
318,186
$
315,154
$
320,472
$
314,780
1
%
2
%
$
320,243
$
314,780
2
%
Interest-earning assets
458,189
452,547
453,557
449,701
445,428
1
3
458,189
445,428
3
Total assets
486,433
480,018
481,720
478,464
471,435
1
3
486,433
471,435
3
Interest-bearing deposits
327,253
324,437
323,352
320,389
317,217
1
3
327,253
317,217
3
Total deposits
353,631
351,442
350,969
348,413
346,011
1
2
353,631
346,011
2
Borrowings
49,336
47,956
50,361
49,856
49,247
3
—
49,336
49,247
—
Common equity
58,080
53,135
52,955
53,244
48,823
9
19
58,080
48,823
19
Total stockholders’ equity
62,925
57,981
57,801
58,089
53,668
9
17
62,925
53,668
17
Balance Sheet (Average Balances)
Loans held for investment
$
318,255
$
314,888
$
314,614
$
315,890
$
312,759
1
%
2
%
$
315,927
$
310,075
2
%
Interest-earning assets
454,484
450,908
447,803
446,929
443,532
1
2
451,078
439,321
3
Total assets
481,219
477,285
474,995
472,594
469,860
1
2
477,816
466,279
2
Interest-bearing deposits
324,509
322,581
318,450
316,808
316,032
1
3
321,856
312,702
3
Total deposits
351,125
349,488
345,657
345,328
345,013
—
2
348,765
342,956
2
Borrowings
48,274
48,842
50,474
51,070
49,736
(1
)
(3
)
49,194
48,746
1
Common equity
56,443
53,262
53,152
50,786
50,166
6
13
54,293
50,202
8
Total stockholders’ equity
61,289
58,107
57,998
55,632
55,012
5
11
59,139
55,048
7
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 2: Selected Metrics—Consolidated
2024 Q3
Nine Months Ended September 30,
(Dollars in millions, except as noted)
2024
2024
2024
2023
2023
2024
2023
2024 vs.
Q3
Q2
Q1
Q4
Q3
Q2
Q3
2024
2023
2023
Performance Metrics
Net interest income growth (period over period)
7
%
1
%
—
1
%
4
%
**
**
6
%
9
%
**
Non-interest income growth (period over period)
(1
)
2
(4
)%
2
2
**
**
5
5
**
Total net revenue growth (period over period)
5
1
(1
)
1
4
**
**
6
8
**
Total net revenue margin(4)
8.81
8.43
8.40
8.51
8.45
38 bps
36 bps
8.55
8.28
27 bps
Net interest margin(5)
7.11
6.70
6.69
6.73
6.69
41
42
6.83
6.59
24
Return on average assets
1.48
0.50
1.08
0.60
1.52
98
(4
)
1.02
1.20
(18
)
Return on average tangible assets(6)
1.53
0.52
1.11
0.62
1.58
101
(5
)
1.05
1.24
(19
)
Return on average common equity(7)
11.99
3.99
9.03
5.03
13.59
800
(160
)
8.41
10.47
(206
)
Return on average tangible common equity(8)
16.42
5.59
12.67
7.20
19.59
1,083
(317
)
11.69
15.01
(332
)
Efficiency ratio(9)
53.07
52.03
54.64
60.14
51.89
104
118
53.24
53.51
(27
)
Operating efficiency ratio(10)
41.95
40.84
43.89
46.95
41.51
111
44
42.22
43.41
(119
)
Effective income tax rate for continuing operations
19.9
8.3
19.1
24.2
19.4
1,160
50
17.9
18.2
(30
)
Employees (period-end, in thousands)
52.5
52.1
51.3
52.0
54.2
1
%
(3
)%
52.5
54.2
(3
)%
Credit Quality Metrics
Allowance for credit losses
$
16,534
$
16,649
$
15,380
$
15,296
$
14,955
(1
)%
11
%
$
16,534
$
14,955
11
%
Allowance coverage ratio
5.16
%
5.23
%
4.88
%
4.77
%
4.75
%
(7) bps
41 bps
5.16
%
4.75
%
41 bps
Net charge-offs
$
2,604
$
2,644
$
2,616
$
2,533
$
1,999
(2
)%
30
%
$
7,864
$
5,881
34
%
Net charge-off rate(11)
3.27
%
3.36
%
3.33
%
3.21
%
2.56
%
(9) bps
71 bps
3.32
%
2.53
%
79 bps
30+ day performing delinquency rate
3.58
3.36
3.40
3.71
3.42
22
16
3.58
3.42
16
30+ day delinquency rate
3.89
3.63
3.67
3.99
3.71
26
18
3.89
3.71
18
Capital Ratios(12)
Common equity Tier 1 capital
13.6
%
13.2
%
13.1
%
12.9
%
13.0
%
40 bps
60 bps
13.6
%
13.0
%
60 bps
Tier 1 capital
14.9
14.5
14.4
14.2
14.3
40
60
14.9
14.3
60
Total capital
16.6
16.3
16.3
16.0
16.2
30
40
16.6
16.2
40
Tier 1 leverage
11.6
11.3
11.3
11.2
11.2
30
40
11.6
11.2
40
Tangible common equity (“TCE”)(13)
9.1
8.2
8.1
8.2
7.3
90
180
9.1
7.3
180
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 3: Consolidated Statements of Income
2024 Q3
Nine Months Ended September 30,
(Dollars in millions, except as noted)
2024
2024
2024
2023
2023
2024
2023
2024 vs.
Q3
Q2
Q1
Q4
Q3
Q2
Q3
2024
2023
2023
Interest income:
Loans, including loans held for sale
$
10,547
$
9,993
$
9,920
$
9,934
$
9,696
6
%
9
%
$
30,460
$
27,476
11
%
Investment securities
733
700
687
669
627
5
17
2,120
1,881
13
Other
580
587
570
542
550
(1
)
5
1,737
1,436
21
Total interest income
11,860
11,280
11,177
11,145
10,873
5
9
34,317
30,793
11
Interest expense:
Deposits
2,945
2,874
2,812
2,745
2,611
2
13
8,631
6,744
28
Securitized debt obligations
234
258
261
263
249
(9
)
(6
)
753
696
8
Senior and subordinated notes
596
591
606
608
579
1
3
1,793
1,596
12
Other borrowings
9
11
10
10
11
(18
)
(18
)
30
35
(14
)
Total interest expense
3,784
3,734
3,689
3,626
3,450
1
10
11,207
9,071
24
Net interest income
8,076
7,546
7,488
7,519
7,423
7
9
23,110
21,722
6
Provision for credit losses
2,482
3,909
2,683
2,857
2,284
(37
)
9
9,074
7,569
20
Net interest income after provision for credit losses
5,594
3,637
4,805
4,662
5,139
54
9
14,036
14,153
(1
)
Non-interest income:
Interchange fees, net
1,228
1,249
1,145
1,207
1,234
(2
)
—
3,622
3,586
1
Service charges and other customer-related fees
501
459
462
424
453
9
11
1,422
1,243
14
Net securities gains (losses)
(35
)
—
—
(34
)
—
**
**
(35
)
—
**
Other
244
252
307
390
256
(3
)
(5
)
803
730
10
Total non-interest income
1,938
1,960
1,914
1,987
1,943
(1
)
—
5,812
5,559
5
Non-interest expense:
Salaries and associate benefits
2,391
2,200
2,478
2,284
2,274
9
5
7,069
7,018
1
Occupancy and equipment
587
551
554
628
518
7
13
1,692
1,532
10
Marketing
1,113
1,064
1,010
1,254
972
5
15
3,187
2,755
16
Professional services
402
316
262
359
295
27
36
980
909
8
Communications and data processing
358
355
351
345
344
1
4
1,064
1,038
3
Amortization of intangibles
20
19
19
22
24
5
(17
)
58
60
(3
)
Other
443
441
463
825
433
—
2
1,347
1,287
5
Total non-interest expense
5,314
4,946
5,137
5,717
4,860
7
9
15,397
14,599
5
Income from continuing operations before income taxes
2,218
651
1,582
932
2,222
**
—
4,451
5,113
(13
)
Income tax provision
441
54
302
226
432
**
2
797
932
(14
)
Net income
1,777
597
1,280
706
1,790
198
(1
)
3,654
4,181
(13
)
Dividends and undistributed earnings allocated to participating securities(2)
(28
)
(9
)
(23
)
(10
)
(28
)
**
—
(60
)
(67
)
(10
)
Preferred stock dividends
(57
)
(57
)
(57
)
(57
)
(57
)
—
—
(171
)
(171
)
—
Net income available to common stockholders
$
1,692
$
531
$
1,200
$
639
$
1,705
**
(1
)
$
3,423
$
3,943
(13
)
2024 Q3
Nine Months Ended September 30,
2024
2024
2024
2023
2023
2024
2023
2024 vs.
Q3
Q2
Q1
Q4
Q3
Q2
Q3
2024
2023
2023
Basic earnings per common share:(2)
Net income per basic common share
$
4.42
$
1.39
$
3.14
$
1.67
$
4.46
**
(1
)%
$
8.94
$
10.31
(13
)%
Diluted earnings per common share:(2)
Net income per diluted common share
$
4.41
$
1.38
$
3.13
$
1.67
$
4.45
**
(1
)%
$
8.92
$
10.28
(13
)%
Weighted-average common shares outstanding (in millions):
Basic common shares
383.0
383.1
382.2
381.9
382.5
—
—
382.8
382.7
—
Diluted common shares
383.7
383.9
383.4
382.8
383.3
—
—
383.7
383.6
—
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 4: Consolidated Balance Sheets
2024 Q3
2024
2024
2024
2023
2023
2024
2023
(Dollars in millions)
Q3
Q2
Q1
Q4
Q3
Q2
Q3
Assets:
Cash and cash equivalents:
Cash and due from banks
$
3,976
$
5,298
$
4,671
$
4,903
$
4,620
(25
)%
(14
)%
Interest-bearing deposits and other short-term investments
45,322
40,116
46,357
38,394
40,249
13
13
Total cash and cash equivalents
49,298
45,414
51,028
43,297
44,869
9
10
Restricted cash for securitization investors
421
2,415
474
458
435
(83
)
(3
)
Securities available for sale
83,500
79,250
78,398
79,117
74,837
5
12
Loans held for investment:
Unsecuritized loans held for investment
292,061
289,124
285,577
289,229
284,953
1
2
Loans held in consolidated trusts
28,182
29,062
29,577
31,243
29,827
(3
)
(6
)
Total loans held for investment
320,243
318,186
315,154
320,472
314,780
1
2
Allowance for credit losses
(16,534
)
(16,649
)
(15,380
)
(15,296
)
(14,955
)
(1
)
11
Net loans held for investment
303,709
301,537
299,774
305,176
299,825
1
1
Loans held for sale
96
808
1,631
854
742
(88
)
(87
)
Premises and equipment, net
4,440
4,396
4,366
4,375
4,378
1
1
Interest receivable
2,577
2,494
2,514
2,478
2,469
3
4
Goodwill
15,083
15,062
15,062
15,065
15,048
—
—
Other assets
27,309
28,642
28,473
27,644
28,832
(5
)
(5
)
Total assets
$
486,433
$
480,018
$
481,720
$
478,464
$
471,435
1
3
2024 Q3
2024
2024
2024
2023
2023
2024
2023
(Dollars in millions)
Q3
Q2
Q1
Q4
Q3
Q2
Q3
Liabilities:
Interest payable
$
705
$
668
$
762
$
649
$
685
6
%
3
%
Deposits:
Non-interest-bearing deposits
26,378
27,005
27,617
28,024
28,794
(2
)
(8
)
Interest-bearing deposits
327,253
324,437
323,352
320,389
317,217
1
3
Total deposits
353,631
351,442
350,969
348,413
346,011
1
2
Securitized debt obligations
15,881
17,291
17,661
18,043
17,417
(8
)
(9
)
Other debt:
Federal funds purchased and securities loaned or sold under agreements to repurchase
520
715
568
538
522
(27
)
—
Senior and subordinated notes
32,911
29,925
32,108
31,248
31,283
10
5
Other borrowings
24
25
24
27
25
(4
)
(4
)
Total other debt
33,455
30,665
32,700
31,813
31,830
9
5
Other liabilities
19,836
21,971
21,827
21,457
21,824
(10
)
(9
)
Total liabilities
423,508
422,037
423,919
420,375
417,767
—
1
Stockholders’ equity:
Preferred stock
0
0
0
0
0
—
—
Common stock
7
7
7
7
7
—
—
Additional paid-in capital, net
36,216
36,012
35,808
35,541
35,334
1
2
Retained earnings
63,698
62,211
61,905
60,945
60,529
2
5
Accumulated other comprehensive loss
(6,287
)
(9,701
)
(9,534
)
(8,268
)
(12,224
)
(35
)
(49
)
Treasury stock, at cost
(30,709
)
(30,548
)
(30,385
)
(30,136
)
(29,978
)
1
2
Total stockholders’ equity
62,925
57,981
57,801
58,089
53,668
9
17
Total liabilities and stockholders’ equity
$
486,433
$
480,018
$
481,720
$
478,464
$
471,435
1
3
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 5: Notes to Financial Summary, Selected Metrics and Consolidated Financial Statements (Tables 1—4)
(1)
Total net revenue was reduced by $624 million in Q3 2024, $649 million in Q2 2024, $630 million in Q1 2024, $566 million in Q4 2023 and $449 million in Q3 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 Q3 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 Q3
2024 Q2
2023 Q3
(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
$
318,715
$
10,547
13.24
%
$
315,823
$
9,993
12.66
%
$
313,461
$
9,696
12.37
%
Investment securities
90,644
733
3.24
89,501
700
3.13
87,845
627
2.86
Cash equivalents and other
45,125
580
5.14
45,584
587
5.16
42,226
550
5.21
Total interest-earning assets
$
454,484
$
11,860
10.44
$
450,908
$
11,280
10.01
$
443,532
$
10,873
9.81
Interest-bearing liabilities:
Interest-bearing deposits
$
324,509
$
2,945
3.63
$
322,581
$
2,874
3.56
$
316,032
$
2,611
3.30
Securitized debt obligations
15,833
234
5.93
17,452
258
5.91
17,649
249
5.63
Senior and subordinated notes
32,041
596
7.43
30,978
591
7.64
31,522
579
7.36
Other borrowings and liabilities(2)
2,389
9
1.50
2,502
11
1.73
2,473
11
1.79
Total interest-bearing liabilities
$
374,772
$
3,784
4.04
$
373,513
$
3,734
4.00
$
367,676
$
3,450
3.75
Net interest income/spread
$
8,076
6.40
$
7,546
6.01
$
7,423
6.05
Impact of non-interest-bearing funding
0.71
0.69
0.64
Net interest margin(3)
7.11
%
6.70
%
6.69
%
Nine Months Ended September 30,
2024
2023
(Dollars in millions, except as noted)
Average
Balance
Interest
Income/
Expense
Yield/Rate(1)
Average
Balance
Interest
Income/
Expense
Yield/Rate(1)
Interest-earning assets:
Loans, including loans held for sale
$
316,707
$
30,460
12.82
%
$
310,657
$
27,476
11.79
%
Investment securities
89,580
2,120
3.16
89,259
1,881
2.81
Cash equivalents and other
44,791
1,737
5.17
39,405
1,436
4.86
Total interest-earning assets
$
451,078
$
34,317
10.14
$
439,321
$
30,793
9.35
Interest-bearing liabilities:
Interest-bearing deposits
$
321,856
$
8,631
3.58
$
312,702
$
6,744
2.88
Securitized debt obligations
17,036
753
5.90
17,558
696
5.28
Senior and subordinated notes
31,744
1,793
7.53
30,611
1,596
6.95
Other borrowings and liabilities(2)
2,422
30
1.67
2,410
35
1.94
Total interest-bearing liabilities
$
373,058
$
11,207
4.01
$
363,281
$
9,071
3.33
Net interest income/spread
$
23,110
6.14
$
21,722
6.02
Impact of non-interest-bearing funding
0.69
0.57
Net interest margin
6.83
%
6.59
%
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 7: Loan Information and Performance Statistics
2024 Q3
Nine Months Ended September 30,
(Dollars in millions, except as noted)
2024
Q3
2024
Q2
2024
Q1
2023
Q4
2023
Q3
2024
Q2
2023
Q3
2024
2023
2024 vs.
2023
Loans Held for Investment (Period-End)
Credit card:
Domestic credit card
$
149,400
$
147,065
$
143,861
$
147,666
$
140,320
2
%
6
%
$
149,400
$
140,320
6
%
International card businesses
7,251
6,830
6,733
6,881
6,463
6
12
7,251
6,463
12
Total credit card
156,651
153,895
150,594
154,547
146,783
2
7
156,651
146,783
7
Consumer banking:
Auto
75,505
74,385
73,801
74,075
75,456
2
—
75,505
75,456
—
Retail banking
1,253
1,278
1,298
1,362
1,388
(2
)
(10
)
1,253
1,388
(10
)
Total consumer banking
76,758
75,663
75,099
75,437
76,844
1
—
76,758
76,844
—
Commercial banking:
Commercial and multifamily real estate
32,199
32,832
34,272
34,446
35,622
(2
)
(10
)
32,199
35,622
(10
)
Commercial and industrial
54,635
55,796
55,189
56,042
55,531
(2
)
(2
)
54,635
55,531
(2
)
Total commercial banking
86,834
88,628
89,461
90,488
91,153
(2
)
(5
)
86,834
91,153
(5
)
Total loans held for investment
$
320,243
$
318,186
$
315,154
$
320,472
$
314,780
1
2
$
320,243
$
314,780
2
Loans Held for Investment (Average)
Credit card:
Domestic credit card
$
147,021
$
143,744
$
142,887
$
142,112
$
137,500
2
%
7
%
$
144,560
$
132,889
9
%
International card businesses
6,951
6,723
6,758
6,515
6,549
3
6
6,811
6,306
8
Total credit card
153,972
150,467
149,645
148,627
144,049
2
7
151,371
139,195
9
Consumer banking:
Auto
74,920
74,098
73,768
74,861
75,740
1
(1
)
74,264
76,473
(3
)
Retail banking
1,262
1,288
1,324
1,377
1,414
(2
)
(11
)
1,291
1,469
(12
)
Total consumer banking
76,182
75,386
75,092
76,238
77,154
1
(1
)
75,555
77,942
(3
)
Commercial banking:
Commercial and multifamily real estate
32,416
33,801
34,310
35,414
35,964
(4
)
(10
)
33,505
36,796
(9
)
Commercial and industrial
55,685
55,234
55,567
55,611
55,592
1
—
55,496
56,142
(1
)
Total commercial banking
88,101
89,035
89,877
91,025
91,556
(1
)
(4
)
89,001
92,938
(4
)
Total average loans held for investment
$
318,255
$
314,888
$
314,614
$
315,890
$
312,759
1
2
$
315,927
$
310,075
2
2024 Q3
Nine Months Ended September 30,
2024
Q3
2024
Q2
2024
Q1
2023
Q4
2023
Q3
2024
Q2
2023
Q3
2024
2023
2024 vs.
2023
Net Charge-Off (Recovery) Rates
Credit card:
Domestic credit card(4)(5)
5.61
%
6.05
%
5.94
%
5.35
%
4.40
%
(44) bps
121 bps
5.86
%
4.28
%
158 bps
International card businesses
5.23
5.03
5.16
4.94
4.87
20
36
5.14
4.80
34
Total credit card
5.60
6.00
5.90
5.33
4.42
(40
)
118
5.83
4.30
153
Consumer banking:
Auto
2.05
1.81
1.99
2.19
1.77
24
28
1.95
1.57
38
Retail banking
5.43
5.38
4.04
5.68
3.80
5
163
4.94
3.33
161
Total consumer banking
2.11
1.87
2.03
2.25
1.81
24
30
2.00
1.60
40
Commercial banking:
Commercial and multifamily real estate
0.26
0.11
0.20
0.96
0.27
15
(1
)
0.19
1.46
(127
)
Commercial and industrial
0.20
0.17
0.08
0.26
0.24
3
(4
)
0.15
0.13
2
Total commercial banking
0.22
0.15
0.13
0.53
0.25
7
(3
)
0.17
0.66
(49
)
Total net charge-offs
3.27
3.36
3.33
3.21
2.56
(9
)
71
3.32
2.53
79
30+ Day Performing Delinquency Rates
Credit card:
Domestic credit card
4.53
%
4.14
%
4.48
%
4.61
%
4.31
%
39 bps
22 bps
4.53
%
4.31
%
22 bps
International card businesses
4.53
4.63
4.83
4.67
4.43
(10
)
10
4.53
4.43
10
Total credit card
4.53
4.16
4.50
4.61
4.32
37
21
4.53
4.32
21
Consumer banking:
Auto
5.61
5.67
5.28
6.34
5.64
(6
)
(3
)
5.61
5.64
(3
)
Retail banking
0.95
1.57
0.95
1.19
1.07
(62
)
(12
)
0.95
1.07
(12
)
Total consumer banking
5.53
5.60
5.21
6.25
5.55
(7
)
(2
)
5.53
5.55
(2
)
Nonperforming Loans and Nonperforming Assets Rates(6)(7)
Credit card:
International card businesses
0.15
%
0.15
%
0.13
%
0.13
%
0.14
%
—
1 bps
0.15
%
0.14
%
1 bps
Total credit card
0.01
0.01
0.01
0.01
0.01
—
—
0.01
0.01
—
Consumer banking:
Auto
0.91
0.88
0.79
0.96
0.85
3 bps
6
0.91
0.85
6
Retail banking
2.19
2.81
3.21
3.36
3.28
(62
)
(109
)
2.19
3.28
(109
)
Total consumer banking
0.93
0.92
0.83
1.00
0.89
1
4
0.93
0.89
4
Commercial banking:
Commercial and multifamily real estate
1.96
1.28
1.58
1.23
1.29
68
67
1.96
1.29
67
Commercial and industrial
1.32
1.56
1.10
0.60
0.65
(24
)
67
1.32
0.65
67
Total commercial banking
1.55
1.46
1.28
0.84
0.90
9
65
1.55
0.90
65
Total nonperforming loans
0.65
0.63
0.57
0.48
0.48
2
17
0.65
0.48
17
Total nonperforming assets
0.67
0.64
0.58
0.50
0.50
3
17
0.67
0.50
17
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 8: Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity
Three Months Ended September 30, 2024
Credit Card
Consumer Banking
(Dollars in millions)
Domestic
Card
International
Card
Businesses
Total Credit
Card
Auto
Retail
Banking
Total
Consumer
Banking
Commercial
Banking
Total
Allowance for credit losses:
Balance as of June 30, 2024
$
12,560
$
480
$
13,040
$
2,037
$
28
$
2,065
$
1,544
$
16,649
Charge-offs
(2,501
)
(131
)
(2,632
)
(684
)
(23
)
(707
)
(88
)
(3,427
)
Recoveries
438
40
478
300
6
306
39
823
Net charge-offs
(2,063
)
(91
)
(2,154
)
(384
)
(17
)
(401
)
(49
)
(2,604
)
Provision for credit losses
1,997
87
2,084
335
16
351
35
2,470
Allowance release for credit losses
(66
)
(4
)
(70
)
(49
)
(1
)
(50
)
(14
)
(134
)
Other changes(8)
—
19
19
—
—
—
—
19
Balance as of September 30, 2024
12,494
495
12,989
1,988
27
2,015
1,530
16,534
Reserve for unfunded lending commitments:
Balance as of June 30, 2024
—
—
—
—
—
—
129
129
Provision (benefit) for losses on unfunded lending commitments
—
—
—
—
—
—
13
13
Balance as of September 30, 2024
—
—
—
—
—
—
142
142
Combined allowance and reserve as of September 30, 2024
$
12,494
$
495
$
12,989
$
1,988
$
27
$
2,015
$
1,672
$
16,676
Nine Months Ended September 30, 2024
Credit Card
Consumer Banking
(Dollars in millions)
Domestic
Card
International
Card
Businesses
Total Credit
Card
Auto
Retail
Banking
Total
Consumer
Banking
Commercial
Banking
Total
Allowance for credit losses:
Balance as of December 31, 2023
$
11,261
$
448
$
11,709
$
2,002
$
40
$
2,042
$
1,545
$
15,296
Charge-offs
(7,509
)
(383
)
(7,892
)
(1,941
)
(62
)
(2,003
)
(166
)
(10,061
)
Recoveries
1,153
120
1,273
855
14
869
55
2,197
Net charge-offs
(6,356
)
(263
)
(6,619
)
(1,086
)
(48
)
(1,134
)
(111
)
(7,864
)
Provision for credit losses
7,589
299
7,888
1,072
35
1,107
96
9,091
Allowance build (release) for credit losses(9)
1,233
36
1,269
(14
)
(13
)
(27
)
(15
)
1,227
Other changes(8)
—
11
11
—
—
—
—
11
Balance as of September 30, 2024
12,494
495
12,989
1,988
27
2,015
1,530
16,534
Reserve for unfunded lending commitments:
Balance as of December 31, 2023
—
—
—
—
—
—
158
158
Provision (benefit) for losses on unfunded lending commitments
—
—
—
—
—
—
(16
)
(16
)
Balance as of September 30, 2024
—
—
—
—
—
—
142
142
Combined allowance and reserve as of September 30, 2024
$
12,494
$
495
$
12,989
$
1,988
$
27
$
2,015
$
1,672
$
16,676
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 9: Financial Summary—Business Segment Results
Three Months Ended September 30, 2024
Nine Months Ended September 30, 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)
$
5,743
$
2,028
$
596
$
(291
)
$
8,076
$
16,309
$
6,064
$
1,804
$
(1,067
)
$
23,110
Non-interest income (loss)
1,509
182
292
(45
)
1,938
4,491
513
844
(36
)
5,812
Total net revenue (loss)
7,252
2,210
888
(336
)
10,014
20,800
6,577
2,648
(1,103
)
28,922
Provision (benefit) for credit losses
2,084
351
48
(1
)
2,482
7,888
1,107
80
(1
)
9,074
Non-interest expense
3,367
1,331
495
121
5,314
9,730
3,827
1,493
347
15,397
Income (loss) from continuing operations before income taxes
1,801
528
345
(456
)
2,218
3,182
1,643
1,075
(1,449
)
4,451
Income tax provision (benefit)
427
125
82
(193
)
441
756
388
254
(601
)
797
Income (loss) from continuing operations, net of tax
$
1,374
$
403
$
263
$
(263
)
$
1,777
$
2,426
$
1,255
$
821
$
(848
)
$
3,654
Three Months Ended June 30, 2024
(Dollars in millions)
Credit
Card
Consumer
Banking
Commercial
Banking(10)
Other(10)
Total
Net interest income (loss)
$
5,294
$
2,025
$
609
$
(382
)
$
7,546
Non-interest income
1,506
172
271
11
1,960
Total net revenue (loss)
6,800
2,197
880
(371
)
9,506
Provision for credit losses
3,545
330
34
—
3,909
Non-interest expense
3,134
1,250
483
79
4,946
Income (loss) from continuing operations before income taxes
121
617
363
(450
)
651
Income tax provision (benefit)
30
146
85
(207
)
54
Income (loss) from continuing operations, net of tax
$
91
$
471
$
278
$
(243
)
$
597
Three Months Ended September 30, 2023
Nine Months Ended September 30, 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)
$
5,114
$
2,133
$
621
$
(445
)
$
7,423
$
14,498
$
6,762
$
1,901
$
(1,439
)
$
21,722
Non-interest income (loss)
1,513
142
288
—
1,943
4,375
426
757
1
5,559
Total net revenue (loss)
6,627
2,275
909
(445
)
9,366
18,873
7,188
2,658
(1,438
)
27,281
Provision for credit losses
1,953
213
116
2
2,284
6,298
747
521
3
7,569
Non-interest expense
3,015
1,262
512
71
4,860
9,073
3,776
1,524
226
14,599
Income (loss) from continuing operations before income taxes
1,659
800
281
(518
)
2,222
3,502
2,665
613
(1,667
)
5,113
Income tax provision (benefit)
393
189
67
(217
)
432
830
629
145
(672
)
932
Income (loss) from continuing operations, net of tax
$
1,266
$
611
$
214
$
(301
)
$
1,790
$
2,672
$
2,036
$
468
$
(995
)
$
4,181
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 10: Financial & Statistical Summary—Credit Card Business
2024 Q3 vs.
Nine Months Ended September 30,
(Dollars in millions, except as noted)
2024
Q3
2024
Q2
2024
Q1
2023
Q4
2023
Q3
2024
Q2
2023
Q3
2024
2023
2024 vs
2023
Credit Card
Earnings:
Net interest income
$
5,743
$
5,294
$
5,272
$
5,231
$
5,114
8
%
12
%
$
16,309
$
14,498
12
%
Non-interest income
1,509
1,506
1,476
1,565
1,513
—
—
4,491
4,375
3
Total net revenue
7,252
6,800
6,748
6,796
6,627
7
9
20,800
18,873
10
Provision for credit losses
2,084
3,545
2,259
2,353
1,953
(41
)
7
7,888
6,298
25
Non-interest expense
3,367
3,134
3,229
3,417
3,015
7
12
9,730
9,073
7
Income from continuing operations before income taxes
1,801
121
1,260
1,026
1,659
**
9
3,182
3,502
(9
)
Income tax provision
427
30
299
241
393
**
9
756
830
(9
)
Income from continuing operations, net of tax
$
1,374
$
91
$
961
$
785
$
1,266
**
9
$
2,426
$
2,672
(9
)
Selected performance metrics:
Period-end loans held for investment
$
156,651
$
153,895
$
150,594
$
154,547
$
146,783
2
7
$
156,651
$
146,783
7
Average loans held for investment
153,972
150,467
149,645
148,627
144,049
2
7
151,371
139,195
9
Average yield on loans outstanding(1)
19.66
%
18.79
%
18.84
%
18.96
%
19.02
%
87 bps
64 bps
19.10
%
18.40
%
70 bps
Total net revenue margin(11)
18.82
18.03
17.99
18.24
18.40
79
42
18.28
18.08
20
Net charge-off rate
5.60
6.00
5.90
5.33
4.42
(40
)
118
5.83
4.30
153
30+ day performing delinquency rate
4.53
4.16
4.50
4.61
4.32
37
21
4.53
4.32
21
30+ day delinquency rate
4.54
4.17
4.50
4.62
4.32
37
22
4.54
4.32
22
Nonperforming loan rate(6)
0.01
0.01
0.01
0.01
0.01
—
—
0.01
0.01
—
Purchase volume(12)
$
166,203
$
165,143
$
150,171
$
162,055
$
158,640
1
%
5
%
$
481,517
$
458,235
5
%
2024 Q3 vs.
Nine Months Ended September 30,
(Dollars in millions, except as noted)
2024
Q3
2024
Q2
2024
Q1
2023
Q4
2023
Q3
2024
Q2
2023
Q3
2024
2023
2024 vs.
2023
Domestic Card
Earnings:
Net interest income
$
5,434
$
5,001
$
4,972
$
4,940
$
4,827
9
%
13
%
$
15,407
$
13,670
13
%
Non-interest income
1,438
1,440
1,411
1,498
1,445
—
—
4,289
4,174
3
Total net revenue(13)
6,872
6,441
6,383
6,438
6,272
7
10
19,696
17,844
10
Provision for credit losses
1,997
3,435
2,157
2,238
1,861
(42
)
7
7,589
6,030
26
Non-interest expense
3,149
2,946
3,025
3,186
2,810
7
12
9,120
8,462
8
Income from continuing operations before income taxes
1,726
60
1,201
1,014
1,601
**
8
2,987
3,352
(11
)
Income tax provision
407
15
283
239
378
**
8
705
791
(11
)
Income from continuing operations, net of tax
$
1,319
$
45
$
918
$
775
$
1,223
**
8
$
2,282
$
2,561
(11
)
Selected performance metrics:
Period-end loans held for investment
$
149,400
$
147,065
$
143,861
$
147,666
$
140,320
2
6
$
149,400
$
140,320
6
Average loans held for investment
147,021
143,744
142,887
142,112
137,500
2
7
144,560
132,889
9
Average yield on loans outstanding(1)
19.62
%
18.73
%
18.76
%
18.88
%
18.96
%
89 bps
66 bps
19.04
%
18.31
%
73 bps
Total net revenue margin(11)(13)
18.67
17.87
17.82
18.07
18.24
80
43
18.12
17.90
22
Net charge-off rate(4)(5)
5.61
6.05
5.94
5.35
4.40
(44
)
121
5.86
4.28
158
30+ day performing delinquency rate
4.53
4.14
4.48
4.61
4.31
39
22
4.53
4.31
22
Purchase volume(12)
$
162,281
$
161,370
$
146,696
$
158,290
$
154,880
1
%
5
%
$
470,347
$
447,374
5
%
Refreshed FICO scores:(14)
Greater than 660
69
%
69
%
68
%
68
%
69
%
—
—
69
%
69
%
—
660 or below
31
31
32
32
31
—
—
31
31
—
Total
100
%
100
%
100
%
100
%
100
%
100
%
100
%
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 11: Financial & Statistical Summary—Consumer Banking Business
2024 Q3 vs.
Nine Months Ended September 30,
(Dollars in millions, except as noted)
2024
Q3
2024
Q2
2024
Q1
2023
Q4
2023
Q3
2024
Q2
2023
Q3
2024
2023
2024 vs.
2023
Consumer Banking
Earnings:
Net interest income
$
2,028
$
2,025
$
2,011
$
1,951
$
2,133
—
(5
)%
$
6,064
$
6,762
(10
)%
Non-interest income
182
172
159
163
142
6
%
28
513
426
20
Total net revenue
2,210
2,197
2,170
2,114
2,275
1
(3
)
6,577
7,188
(9
)
Provision for credit losses
351
330
426
422
213
6
65
1,107
747
48
Non-interest expense
1,331
1,250
1,246
1,402
1,262
6
5
3,827
3,776
1
Income from continuing operations before income taxes
528
617
498
290
800
(14
)
(34
)
1,643
2,665
(38
)
Income tax provision
125
146
117
68
189
(14
)
(34
)
388
629
(38
)
Income from continuing operations, net of tax
$
403
$
471
$
381
$
222
$
611
(14
)
(34
)
$
1,255
$
2,036
(38
)
Selected performance metrics:
Period-end loans held for investment
$
76,758
$
75,663
$
75,099
$
75,437
$
76,844
1
—
$
76,758
$
76,844
—
Average loans held for investment
76,182
75,386
75,092
76,238
77,154
1
(1
)
75,555
77,942
(3
)
Average yield on loans held for investment(1)
8.88
%
8.54
%
8.33
%
8.17
%
7.97
%
34 bps
91 bps
8.59
%
7.67
%
92 bps
Auto loan originations
$
9,158
$
8,463
$
7,522
$
6,157
$
7,452
8
%
23
%
$
25,143
$
20,823
21
%
Period-end deposits
309,569
305,422
300,806
296,171
290,789
1
6
309,569
290,789
6
Average deposits
306,121
300,794
294,448
291,486
287,457
2
6
300,475
283,991
6
Average deposits interest rate
3.33
%
3.22
%
3.15
%
3.06
%
2.85
%
11 bps
48 bps
3.23
%
2.43
%
80 bps
Net charge-off rate
2.11
1.87
2.03
2.25
1.81
24
30
2.00
1.60
40
30+ day performing delinquency rate
5.53
5.60
5.21
6.25
5.55
(7
)
(2
)
5.53
5.55
(2
)
30+ day delinquency rate
6.31
6.35
5.86
7.08
6.27
(4
)
4
6.31
6.27
4
Nonperforming loan rate(6)
0.93
0.92
0.83
1.00
0.89
1
4
0.93
0.89
4
Nonperforming asset rate(7)
1.01
0.99
0.91
1.09
0.96
2
5
1.01
0.96
5
Auto—At origination FICO scores:(15)
Greater than 660
53
%
53
%
53
%
53
%
52
%
—
1
%
53
%
52
%
1
%
621 - 660
20
20
20
20
20
—
—
20
20
—
620 or below
27
27
27
27
28
—
(1
)
27
28
(1
)
Total
100
%
100
%
100
%
100
%
100
%
100
%
100
%
CAPITAL ONE FINANCIAL CORPORATION (COF)
Table 12: Financial & Statistical Summary—Commercial Banking Business
2024 Q3 vs.
Nine Months Ended September 30,
(Dollars in millions, except as noted)
2024
Q3
2024
Q2
2024
Q1
2023
Q4
2023
Q3
2024
Q2
2023
Q3
2024
2023
2024 vs.
2023
Commercial Banking
Earnings:
Net interest income
$
596
$
609
$
599
$
617
$
621
(2
)%
(4
)%
$
1,804
$
1,901
(5
)%
Non-interest income
292
271
281
245
288
8
1
844
757
11
Total net revenue(10)
888
880
880
862
909
1
(2
)
2,648
2,658
—
Provision (benefit) for credit losses
48
34
(2
)
84
116
41
(59
)
80
521
(85
)
Non-interest expense
495
483
515
487
512
2
(3
)
1,493
1,524
(2
)
Income from continuing operations before income taxes
345
363
367
291
281
(5
)
23
1,075
613
75
Income tax provision
82
85
87
68
67
(4
)
22
254
145
75
Income from continuing operations, net of tax
$
263
$
278
$
280
$
223
$
214
(5
)
23
$
821
$
468
75
Selected performance metrics:
Period-end loans held for investment
$
86,834
$
88,628
$
89,461
$
90,488
$
91,153
(2
)
(5
)
$
86,834
$
91,153
(5
)
Average loans held for investment
88,101
89,035
89,877
91,025
91,556
(1
)
(4
)
89,001
92,938
(4
)
Average yield on loans held for investment(1)(10)
7.25
%
7.23
%
7.14
%
7.24
%
7.16
%
2 bps
9 bps
7.21
%
6.73
%
48 bps
Period-end deposits
$
30,598
$
29,210
$
31,082
$
32,712
$
36,035
5
%
(15
)%
$
30,598
$
36,035
(15
)%
Average deposits
30,365
30,810
31,844
34,525
37,279
(1
)
(19
)
31,004
38,383
(19
)
Average deposits interest rate
2.55
%
2.55
%
2.65
%
2.79
%
2.93
%
—
(38) bps
2.58
%
2.65
%
(7) bps
Net charge-off rate
0.22
0.15
0.13
0.53
0.25
7 bps
(3
)
0.17
0.66
(49
)
Nonperforming loan rate(6)
1.55
1.46
1.28
0.84
0.90
9
65
1.55
0.90
65
Nonperforming asset rate(7)
1.55
1.46
1.28
0.84
0.90
9
65
1.55
0.90
65
Risk category:(16)
Noncriticized
$
78,835
$
79,695
$
80,804
$
81,758
$
82,968
(1
)%
(5
)%
$
78,835
$
82,968
(5
)%
Criticized performing
6,651
7,639
7,509
7,969
7,363
(13
)
(10
)
6,651
7,363
(10
)
Criticized nonperforming
1,348
1,294
1,148
761
822
4
64
1,348
822
64
Total commercial banking loans held for investment
$
86,834
$
88,628
$
89,461
$
90,488
$
91,153
(2
)
(5
)
$
86,834
$
91,153
(5
)
Risk category as a percentage of period-end loans held for investment:(16)
Noncriticized
90.79
%
89.92
%
90.33
%
90.35
%
91.02
%
87 bps
(23) bps
90.79
%
91.02
%
(23) bps
Criticized performing
7.66
8.62
8.39
8.81
8.08
(96
)
(42
)
7.66
8.08
(42
)
Criticized nonperforming
1.55
1.46
1.28
0.84
0.90
9
65
1.55
0.90
65
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 Q3 vs.
Nine Months Ended September 30,
(Dollars in millions)
2024
Q3
2024
Q2
2024
Q1
2023
Q4
2023
Q3
2024
Q2
2023
Q3
2024
2023
2024 vs.
2023
Other
Earnings:
Net interest loss
$
(291
)
$
(382
)
$
(394
)
$
(280
)
$
(445
)
(24
)%
(35)%
$
(1,067
)
$
(1,439
)
(26
)%
Non-interest income (loss)
(45
)
11
(2
)
14
—
**
**
(36
)
1
**
Total net loss(10)
(336
)
(371
)
(396
)
(266
)
(445
)
(9
)
(24)
(1,103
)
(1,438
)
(23
)
Provision (benefit) for credit losses
(1
)
—
—
(2
)
2
**
**
(1
)
3
**
Non-interest expense(17)(18)
121
79
147
411
71
53
70
347
226
54
Loss from continuing operations before income taxes
(456
)
(450
)
(543
)
(675
)
(518
)
1
(12)
(1,449
)
(1,667
)
(13
)
Income tax benefit
(193
)
(207
)
(201
)
(151
)
(217
)
(7
)
(11)
(601
)
(672
)
(11
)
Loss from continuing operations, net of tax
$
(263
)
$
(243
)
$
(342
)
$
(524
)
$
(301
)
8
(13)
$
(848
)
$
(995
)
(15
)
Selected performance metrics:
Period-end deposits
$
13,464
$
16,810
$
19,081
$
19,530
$
19,187
(20
)
(30)
$
13,464
$
19,187
(30
)
Average deposits
14,639
17,884
19,365
19,317
20,277
(18
)
(28)
17,286
20,582
(16
)
Total
Earnings:
Net interest income
$
8,076
$
7,546
$
7,488
$
7,519
$
7,423
7
%
9%
$
23,110
$
21,722
6
%
Non-interest income
1,938
1,960
1,914
1,987
1,943
(1
)
—
5,812
5,559
5
Total net revenue
10,014
9,506
9,402
9,506
9,366
5
7
28,922
27,281
6
Provision for credit losses
2,482
3,909
2,683
2,857
2,284
(37
)
9
9,074
7,569
20
Non-interest expense
5,314
4,946
5,137
5,717
4,860
7
9
15,397
14,599
5
Income from continuing operations before income taxes
2,218
651
1,582
932
2,222
**
—
4,451
5,113
(13
)
Income tax provision
441
54
302
226
432
**
2
797
932
(14
)
Income from continuing operations, net of tax
$
1,777
$
597
$
1,280
$
706
$
1,790
198
(1)
$
3,654
$
4,181
(13
)
Selected performance metrics:
Period-end loans held for investment
$
320,243
$
318,186
$
315,154
$
320,472
$
314,780
1
2
$
320,243
$
314,780
2
Average loans held for investment
318,255
314,888
314,614
315,890
312,759
1
2
315,927
310,075
2
Period-end deposits
353,631
351,442
350,969
348,413
346,011
1
2
353,631
346,011
2
Average deposits
351,125
349,488
345,657
345,328
345,013
—
2
348,765
342,956
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, $2.1 billion and $2.0 billion for the third quarter, second quarter and first nine months of 2024, respectively, and $1.9 billion and $1.8 billion for the third quarter and first nine months of 2023, respectively. Related interest expense was $7 million, $8 million and $23 million for the third quarter, second quarter and first nine months of 2024, respectively, and $8 million and $24 million for the third quarter and first nine months of 2023, respectively.
(3)
The termination of our Walmart program agreement, effective May 21, 2024, (“Walmart Program Termination”) increased net interest margin by 22 basis points and 10 basis points in the third quarter and second quarter of 2024, respectively. Excluding this impact, the net interest margin would have been 6.89% and 6.60% in the third quarter and second quarter of 2024, respectively.
(4)
The Walmart Program Termination increased the Domestic Card net charge-off rate by 38 basis points and 19 basis points for Q3 2024 and Q2 2024, respectively. Excluding this impact, the Domestic Card net charge-off rate would have been 5.23% and 5.86% for 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 the second quarter of 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 51 basis points and 10 basis points in the third quarter and second quarter of 2024, respectively. Excluding this impact, the Domestic Card net revenue margin would have been 18.16% and 17.77% in the third quarter and second quarter of 2024, respectively.
(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 $63 million and $31 million in Discover integration expenses in 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)
September 30,
2024
June 30,
2024
March 31,
2024
December 31,
2023
September 30,
2023
Regulatory Capital Metrics
Common equity excluding AOCI
$
64,966
$
63,435
$
63,088
$
62,710
$
62,245
Adjustments:
AOCI, net of tax(2)
58
13
14
27
(9
)
Goodwill, net of related deferred tax liabilities
(14,816
)
(14,800
)
(14,804
)
(14,811
)
(14,797
)
Other Intangible and deferred tax assets, net of deferred tax liabilities
(252
)
(271
)
(291
)
(311
)
(333
)
Common equity Tier 1 capital
$
49,956
$
48,377
$
48,007
$
47,615
$
47,106
Tier 1 capital
$
54,801
$
53,222
$
52,852
$
52,460
$
51,952
Total capital(3)
61,150
59,875
59,484
59,124
58,844
Risk-weighted assets
368,096
366,959
366,161
369,206
362,962
Adjusted average assets(4)
473,146
470,915
468,030
467,553
464,286
Capital Ratios
Common equity Tier 1 capital(5)
13.6
%
13.2
%
13.1
%
12.9
%
13.0
%
Tier 1 capital(6)
14.9
14.5
14.4
14.2
14.3
Total capital(7)
16.6
16.3
16.2
16.0
16.2
Tier 1 leverage(4)
11.6
11.3
11.3
11.2
11.2
TCE(8)
9.1
8.2
8.1
8.2
7.3
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
2023
2023
Nine Months Ended September 30,
(Dollars in millions, except per share data and as noted)
Q3
Q2
Q1
Q4
Q3
2024
2023
Adjusted diluted earnings per share (“EPS”):
Net income available to common stockholders (GAAP)
$
1,692
$
531
$
1,200
$
639
$
1,705
$
3,423
$
3,943
Allowance build for Walmart program agreement loss sharing termination
—
826
—
—
—
826
—
Walmart program agreement termination contra revenue impact
—
27
—
—
—
27
—
Discover integration expenses
63
31
—
—
—
94
—
FDIC special assessment
(9
)
8
42
289
—
41
—
Adjusted net income available to common stockholders before income tax impacts (non-GAAP)
1,746
1,423
1,242
928
1,705
4,411
3,943
Income tax impacts
(13
)
(218
)
(10
)
(70
)
—
(241
)
—
Adjusted net income available to common stockholders (non-GAAP)
$
1,733
$
1,205
$
1,232
$
858
$
1,705
$
4,170
$
3,943
Diluted weighted-average common shares outstanding (in millions) (GAAP)
383.7
383.9
383.4
382.8
383.3
383.7
383.6
Diluted EPS (GAAP)
$
4.41
$
1.38
$
3.13
$
1.67
$
4.45
$
8.92
$
10.28
Impact of adjustments noted above
0.10
1.76
0.08
0.57
—
1.94
—
Adjusted diluted EPS (non-GAAP)
$
4.51
$
3.14
$
3.21
$
2.24
$
4.45
$
10.86
$
10.28
Adjusted efficiency ratio:
Non-interest expense (GAAP)
$
5,314
$
4,946
$
5,137
$
5,717
$
4,860
$
15,397
$
14,599
Discover integration expenses
(63
)
(31
)
—
—
—
(94
)
—
FDIC special assessment
9
(8
)
(42
)
(289
)
—
(41
)
—
Adjusted non-interest expense (non-GAAP)
$
5,260
$
4,907
$
5,095
$
5,428
$
4,860
$
15,262
$
14,599
Total net revenue (GAAP)
$
10,014
$
9,506
$
9,402
$
9,506
$
9,366
$
28,922
$
27,281
Walmart program agreement termination contra revenue impact
—
27
—
—
—
27
—
Adjusted net revenue (non-GAAP)
$
10,014
$
9,533
$
9,402
$
9,506
$
9,366
$
28,949
$
27,281
Efficiency ratio (GAAP)
53.07
%
52.03
%
54.64
%
60.14
%
51.89
%
53.24
%
53.51
%
Impact of adjustments noted above
(54) bps
(56) bps
(45) bps
(304) bps
— bps
(52) bps
— bps
Adjusted efficiency ratio (non-GAAP)
52.53
%
51.47
%
54.19
%
57.10
%
51.89
%
52.72
%
53.51
%
Adjusted operating efficiency ratio:
Operating expense (GAAP)
$
4,201
$
3,882
$
4,127
$
4,463
$
3,888
$
12,210
$
11,844
Discover integration expenses
(63
)
(31
)
—
—
—
(94
)
—
FDIC special assessment
9
(8
)
(42
)
(289
)
—
(41
)
—
Adjusted operating expense (non-GAAP)
$
4,147
$
3,843
$
4,085
$
4,174
$
3,888
$
12,075
$
11,844
Total net revenue (GAAP)
10,014
$
9,506
$
9,402
$
9,506
$
9,366
$
28,922
$
27,281
Walmart program agreement termination contra revenue impact
—
27
—
—
—
27
—
Adjusted net revenue (non-GAAP)
$
10,014
$
9,533
$
9,402
$
9,506
$
9,366
$
28,949
$
27,281
Operating efficiency ratio (GAAP)
41.95
%
40.84
%
43.89
%
46.95
%
41.51
%
42.22
%
43.41
%
Impact of adjustments noted above
(54) bps
(53) bps
(44) bps
(304) bps
— bps
(51) bps
— bps
Adjusted operating efficiency ratio (non-GAAP)
41.41
%
40.31
%
43.45
%
43.91
%
41.51
%
41.71
%
43.41
%
Reconciliation of Non-GAAP Measures
The following summarizes our non-GAAP measures. While these non-GAAP measures are widely used by investors, analysts and bank regulatory agencies to assess the operating performance and capital position of financial services companies, they may not be comparable to similarly-titled measures reported by other companies. The following table presents reconciliations of these non-GAAP measures to the applicable amounts measured in accordance with GAAP.
2024
2024
2024
2023
2023
(Dollars in millions)
Q3
Q2
Q1
Q4
Q3
Pre- Provision Earnings
Total net revenue
$
10,014
$
9,506
$
9,402
$
9,506
$
9,366
Non-interest expense
(5,314
)
(4,946
)
(5,137
)
(5,717
)
(4,860
)
Pre-provision earnings(9)
$
4,700
$
4,560
$
4,265
$
3,789
$
4,506
Tangible Common Equity (Period-End)
Stockholders’ equity
$
62,925
$
57,981
$
57,801
$
58,089
$
53,668
Goodwill and other intangible assets(10)
(15,214
)
(15,226
)
(15,257
)
(15,289
)
(15,308
)
Noncumulative perpetual preferred stock
(4,845
)
(4,845
)
(4,845
)
(4,845
)
(4,845
)
Tangible common equity(11)
$
42,866
$
37,910
$
37,699
$
37,955
$
33,515
Tangible Common Equity (Average)
Stockholders’ equity
$
61,289
$
58,107
$
57,998
$
55,632
$
55,012
Goodwill and other intangible assets(10)
(15,225
)
(15,249
)
(15,280
)
(15,304
)
(15,348
)
Noncumulative perpetual preferred stock
(4,845
)
(4,845
)
(4,845
)
(4,845
)
(4,845
)
Tangible common equity(11)
$
41,219
$
38,013
$
37,873
$
35,483
$
34,819
Return on Tangible Common Equity (Average)
Net income available to common stockholders
$
1,692
$
531
$
1,200
$
639
$
1,705
Tangible common equity (Average)
41,219
38,013
37,873
35,483
34,819
Return on tangible common equity(11)(12)
16.42
%
5.59
%
12.67
%
7.20
%
19.59
%
Tangible Assets (Period-End)
Total assets
$
486,433
$
480,018
$
481,720
$
478,464
$
471,435
Goodwill and other intangible assets(10)
(15,214
)
(15,226
)
(15,257
)
(15,289
)
(15,308
)
Tangible assets(11)
$
471,219
$
464,792
$
466,463
$
463,175
$
456,127
2024
2024
2024
2023
2023
(Dollars in millions)
Q3
Q2
Q1
Q4
Q3
Tangible Assets (Average)
Total assets
$
481,219
$
477,285
$
474,995
$
472,594
$
469,860
Goodwill and other intangible assets(10)
(15,225
)
(15,249
)
(15,280
)
(15,304
)
(15,348
)
Tangible assets(11)
$
465,994
$
462,036
$
459,715
$
457,290
$
454,512
Return on Tangible Assets (Average)
Net income
$
1,777
$
597
$
1,280
$
706
$
1,790
Tangible Assets (Average)
465,994
462,036
459,715
457,290
454,512
Return on tangible assets(11)(13)
1.53
%
0.52
%
1.11
%
0.62
%
1.58
%
TCE Ratio
Tangible common equity (Period-end)
$
42,866
$
37,910
$
37,699
$
37,955
$
33,515
Tangible Assets (Period-end)
471,219
464,792
466,463
463,175
456,127
TCE Ratio(11)
9.1
%
8.2
%
8.1
%
8.2
%
7.3
%
Tangible Book Value per Common Share
Tangible common equity (Period-end)
$
42,866
$
37,910
$
37,699
$
37,955
$
33,515
Outstanding Common Shares
381.5
381.9
382.1
380.4
381.0
Tangible book value per common share(11)
$
112.36
$
99.28
$
98.67
$
99.78
$
87.97
__________
(1)
Regulatory capital metrics and capital ratios as of September 30, 2024 are preliminary and therefore subject to change.
(2)
Excludes certain components of AOCI in accordance with rules applicable to Category III institutions.
(3)
Total capital equals the sum of Tier 1 capital and Tier 2 capital.
(4)
Adjusted average assets for the purpose of calculating our Tier 1 leverage ratio represents total average assets adjusted for amounts that are deducted from Tier 1 capital, predominately goodwill and intangible assets. Tier 1 leverage ratio is a regulatory capital measure calculated based on Tier 1 capital divided by adjusted average assets.
(5)
Common equity Tier 1 capital ratio is a regulatory capital measure calculated based on common equity Tier 1 capital divided by risk-weighted assets.
(6)
Tier 1 capital ratio is a regulatory capital measure calculated based on Tier 1 capital divided by risk-weighted assets.
(7)
Total capital ratio is a regulatory capital measure calculated based on total capital divided by risk-weighted assets.
(8)
TCE ratio is a Non-GAAP measure calculated based on TCE divided by tangible assets.
(9)
Management believes that this financial metric is useful in assessing the ability of a lending institution to generate income in excess of its provision for credit losses.
(10)
Includes impact of related deferred taxes.
(11)
Management believes that this financial metric is useful in assessing capital adequacy and the level of returns generated.
(12)
Return on average tangible common equity is a non-GAAP measure calculated based on annualized net income (loss) available to common stockholders less annualized income (loss) from discontinued operations, net of tax, for the period, divided by average TCE.
(13)
Return on average tangible assets is a non-GAAP measure calculated based on annualized income (loss) from continuing operations, net of tax, for the period divided by average tangible assets for the period.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241021654741/en/
Investor Relations Jeff Norris jeff.norris@capitalone.com
Danielle Dietz danielle.dietz@capitalone.com
Media Relations Sie Soheili sie.soheili@capitalone.com
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