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Capital One Reports Fourth Quarter 2024 Net Income of $1.1 Billion, or $2.67 Per Share

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Capital One (NYSE: COF) reported Q4 2024 net income of $1.1 billion, or $2.67 per diluted share, down from $1.8 billion ($4.41/share) in Q3 2024 but up from $706 million ($1.67/share) in Q4 2023. Adjusted net income was $3.09 per share.

Total net revenue increased 2% to $10.2 billion, while non-interest expenses rose 15% to $6.1 billion. The quarter included $140 million in Discover integration expenses and $75 million in legal reserve activity. Credit metrics showed net charge-offs of $2.9 billion, offset by a $245 million loan reserve release.

Period-end loans increased 2% to $327.8 billion, with Credit Card loans up 4% to $162.5 billion. Total deposits grew 3% to $362.7 billion. The company maintains a strong capital position with a CET1 ratio of 13.5%. The Discover acquisition shareholder votes are scheduled for February 18th, with completion expected in early 2025, subject to approvals.

Capital One (NYSE: COF) ha riportato un utile netto per il quarto trimestre del 2024 di 1,1 miliardi di dollari, ovvero 2,67 dollari per azione diluita, in calo rispetto a 1,8 miliardi di dollari (4,41 dollari/azione) nel terzo trimestre del 2024, ma in aumento rispetto ai 706 milioni di dollari (1,67 dollari/azione) nel quarto trimestre del 2023. L'utile netto rettificato è stato di 3,09 dollari per azione.

Il fatturato totale netto è aumentato del 2% a 10,2 miliardi di dollari, mentre le spese non legate agli interessi sono aumentate del 15% a 6,1 miliardi di dollari. Il trimestre ha incluso 140 milioni di dollari in spese per l'integrazione di Discover e 75 milioni di dollari in attività di riserva legale. Le metriche di credito hanno mostrato cancellazioni nette di 2,9 miliardi di dollari, compensate da un rilascio di riserve su prestiti di 245 milioni di dollari.

I prestiti a fine periodo sono aumentati del 2% a 327,8 miliardi di dollari, con i prestiti con carta di credito in aumento del 4% a 162,5 miliardi di dollari. I depositi totali sono cresciuti del 3% a 362,7 miliardi di dollari. L'azienda mantiene una solida posizione patrimoniale con un rapporto CET1 del 13,5%. Le votazioni degli azionisti per l'acquisizione di Discover sono programmate per il 18 febbraio, con completamento previsto all'inizio del 2025, soggetto ad approvazioni.

Capital One (NYSE: COF) reportó una ganancia neta de 1.1 mil millones de dólares para el cuarto trimestre de 2024, es decir, 2.67 dólares por acción diluida, una caída desde 1.8 mil millones de dólares (4.41 dólares/acción) en el tercer trimestre de 2024, pero un aumento desde 706 millones de dólares (1.67 dólares/acción) en el cuarto trimestre de 2023. La ganancia neta ajustada fue de 3.09 dólares por acción.

Los ingresos netos totales aumentaron un 2% a 10.2 mil millones de dólares, mientras que los gastos no relacionados con intereses aumentaron un 15% a 6.1 mil millones de dólares. El trimestre incluyó 140 millones de dólares en gastos por integración de Discover y 75 millones de dólares en actividades de reserva legal. Las métricas de crédito mostraron cancelaciones netas de 2.9 mil millones de dólares, compensadas por un liberación de reservas de préstamos de 245 millones de dólares.

Los préstamos al final del período aumentaron un 2% a 327.8 mil millones de dólares, con préstamos de tarjeta de crédito en aumento del 4% a 162.5 mil millones de dólares. Los depósitos totales crecieron un 3% a 362.7 mil millones de dólares. La empresa mantiene una sólida posición de capital con un ratio CET1 del 13.5%. Las votaciones de los accionistas para la adquisición de Discover están programadas para el 18 de febrero, con la finalización prevista a principios de 2025, sujeto a aprobaciones.

캐피털 원 (NYSE: COF)은 2024년 4분기에 11억 달러의 순이익을 보고했으며, 이는 주당 희석주가 2.67달러로, 2024년 3분기 18억 달러 (주당 4.41달러)에서 하락했지만 2023년 4분기 7억 6백만 달러 (주당 1.67달러)에서 증가한 수치입니다. 조정된 순이익은 주당 3.09달러였습니다.

총 순수익은 2% 증가하여 102억 달러에 달했으며, 비이자 비용은 15% 증가하여 61억 달러에 도달했습니다. 이번 분기에는 Discover 통합 비용으로 1억 4천만 달러, 법적 준비금 활동으로 7천5백만 달러가 포함되었습니다. 신용 지표는 29억 달러의 순부실이 발생했으며, 2억 4천5백만 달러의 대출 준비금 해제가 상쇄되었습니다.

기간 종료 시 대출은 2% 증가하여 3,278억 달러에 도달하였으며, 신용 카드 대출은 4% 증가하여 1,625억 달러에 이릅니다. 총 예금은 3% 증가하여 3,627억 달러에 달했습니다. 회사는 13.5%의 CET1 비율로 강력한 자본 위치를 유지하고 있습니다. Discover 인수에 대한 주주 투표는 2월 18일로 예정되어 있으며, 2025년 초 완료될 예정이며, 승인에 따라 달라질 수 있습니다.

Capital One (NYSE: COF) a annoncé un bénéfice net de 1,1 milliard de dollars pour le quatrième trimestre de 2024, soit 2,67 dollars par action diluée, en baisse par rapport à 1,8 milliard de dollars (4,41 dollars/action) au troisième trimestre de 2024, mais en hausse par rapport à 706 millions de dollars (1,67 dollar/action) au quatrième trimestre de 2023. Le bénéfice net ajusté était de 3,09 dollars par action.

Le chiffre d'affaires net total a augmenté de 2% pour atteindre 10,2 milliards de dollars, tandis que les dépenses non liées aux intérêts ont augmenté de 15% pour atteindre 6,1 milliards de dollars. Le trimestre a inclus 140 millions de dollars de dépenses liées à l'intégration de Discover et 75 millions de dollars d'activité de réserve légale. Les indicateurs de crédit ont montré des pertes nettes de 2,9 milliards de dollars, compensées par une libération de réserves de prêts de 245 millions de dollars.

Les prêts à la fin de la période ont augmenté de 2% pour atteindre 327,8 milliards de dollars, avec des prêts par carte de crédit en hausse de 4% à 162,5 milliards de dollars. Les dépôts totaux ont augmenté de 3% pour atteindre 362,7 milliards de dollars. L'entreprise conserve une solide position en capital avec un ratio CET1 de 13,5%. Les votes des actionnaires concernant l'acquisition de Discover sont prévus pour le 18 février, avec un achèvement attendu au début de 2025, sous réserve d'approbations.

Capital One (NYSE: COF) meldete für das 4. Quartal 2024 einen Nettogewinn von 1,1 Milliarden Dollar, was 2,67 Dollar pro verwässerter Aktie entspricht. Im Vergleich zu 1,8 Milliarden Dollar (4,41 Dollar/Aktie) im 3. Quartal 2024 ist dies ein Rückgang, jedoch ein Anstieg gegenüber 706 Millionen Dollar (1,67 Dollar/Aktie) im 4. Quartal 2023. Der bereinigte Nettogewinn betrug 3,09 Dollar pro Aktie.

Der gesamte Nettoumsatz stieg um 2% auf 10,2 Milliarden Dollar, während die nichtzinsbezogenen Aufwendungen um 15% auf 6,1 Milliarden Dollar anstiegen. Im Quartal wurden 140 Millionen Dollar für Integrationskosten von Discover und 75 Millionen Dollar für rechtliche Rückstellungen verbucht. Die Kreditkennzahlen zeigten Nettoausfälle von 2,9 Milliarden Dollar, die durch eine Freigabe von 245 Millionen Dollar aus der Kreditzusatzreserve ausgeglichen wurden.

Die Darlehen zum Periodenende stiegen um 2% auf 327,8 Milliarden Dollar, wobei die Kreditkartendarlehen um 4% auf 162,5 Milliarden Dollar anstiegen. Die Gesamtmittel stiegen um 3% auf 362,7 Milliarden Dollar. Das Unternehmen hält eine starke Kapitalposition mit einem CET1-Verhältnis von 13,5%. Die Aktionärswahlen zur Übernahme von Discover sind für den 18. Februar geplant, mit einem Abschluss, der für Anfang 2025 erwartet wird, vorbehaltlich der Genehmigungen.

Positive
  • Net income increased year-over-year from $706M to $1.1B
  • Total net revenue grew 2% to $10.2B
  • Credit Card loans increased 4% to $162.5B
  • Total deposits grew 3% to $362.7B
  • Strong capital position with 13.5% CET1 ratio
  • $245M loan reserve release
Negative
  • Net income decreased 39% quarter-over-quarter from $1.8B to $1.1B
  • Non-interest expenses increased 15% to $6.1B
  • Net charge-offs of $2.9B
  • Net interest margin declined 8 basis points to 7.03%
  • Marketing expenses increased 24%

Insights

Capital One's Q4 2024 performance presents a complex picture that requires careful analysis. The headline net income of $1.1 billion ($2.67 per share) represents a 39% sequential decline from Q3, though it's up 56% year-over-year. The adjusted EPS of $3.09 excludes $140 million in Discover integration expenses and $75 million in legal reserves.

Credit quality metrics demand attention: Net charge-offs of $2.9 billion remain elevated, though the $245 million reserve release suggests management's confidence in the portfolio's trajectory. The 7.03% net interest margin declined 8 basis points, reflecting ongoing deposit cost pressures despite a 18 basis point reduction in deposit rates to 3.45%.

The loan portfolio shows strategic growth, with Domestic Card loans up 4% to $155.6 billion and Auto loans growing 2% to $76.8 billion. The 13.5% CET1 ratio remains robust, providing a strong capital buffer for the pending Discover acquisition.

The 15% increase in non-interest expense, driven by higher marketing (+24%) and operating costs (+12%), suggests aggressive customer acquisition efforts. This investment in growth, combined with stable credit metrics and strong capital levels, positions Capital One well for the anticipated Discover merger, though integration costs will need monitoring.

Net of adjusting items, Fourth Quarter 2024 Net Income of $3.09 per share(1)

MCLEAN, Va.--(BUSINESS WIRE)-- Capital One Financial Corporation (NYSE: COF) today announced net income for the fourth quarter of 2024 of $1.1 billion, or $2.67 per diluted common share, compared with net income of $1.8 billion, or $4.41 per diluted common share in the third quarter of 2024, and with net income of $706 million, or $1.67 per diluted common share in the fourth quarter of 2023. Adjusted net income(1) for the fourth quarter of 2024 was $3.09 per diluted common share.

“Our fourth quarter results included steady top-line growth in our domestic card business, strong originations and a return to loan growth in our auto business, and stable credit results across our businesses,” said Richard D. Fairbank, Founder, Chairman, and Chief Executive Officer. “The shareholder votes on the Discover acquisition are scheduled for February 18th, and we continue to work closely with our regulators as our applications work their way through the regulatory approval process. We remain well positioned to complete the acquisition in early 2025, subject to regulatory and shareholder approvals.”

The quarter included the following adjusting items:

(Dollars in millions, except per share data)

Pre-Tax
Impact

After-Tax
Diluted EPS
Impact

Discover integration expenses

$

140

$

0.27

Legal reserve activity

$

75

$

0.15

The quarter included the following notable item:

(Dollars in millions, except per share data)

Pre-Tax
Impact

After-Tax
Diluted EPS
Impact

Accelerated philanthropy contributions

$

100

$

0.20

All comparisons below are for the fourth quarter of 2024 compared with the third quarter of 2024 unless otherwise noted.

Fourth Quarter 2024 Income Statement Summary:

  • Total net revenue increased 2 percent to $10.2 billion.
  • Total non-interest expense increased 15 percent to $6.1 billion:
    • 24 percent increase in marketing.
    • 12 percent increase in operating expenses.
  • Pre-provision earnings(2) decreased 13 percent to $4.1 billion.
  • Provision for credit losses increased $160 million to $2.6 billion:
    • Net charge-offs of $2.9 billion.
    • $245 million loan reserve release.
  • Net interest margin of 7.03 percent, a decrease of 8 basis points.
  • Efficiency ratio of 59.75 percent.
    • Adjusted efficiency ratio(1) of 57.64 percent.
  • Operating efficiency ratio of 46.26 percent.
    • Adjusted operating efficiency ratio(1) of 44.15 percent.

Fourth Quarter 2024 Balance Sheet Summary:

  • Common equity Tier 1 capital ratio(3) under Basel III Standardized Approach of 13.5 percent at December 31, 2024.
  • Period-end loans held for investment in the quarter increased $7.5 billion, or 2 percent, to $327.8 billion.
    • Credit Card period-end loans increased $5.9 billion, or 4 percent, to $162.5 billion.
      • Domestic Card period-end loans increased $6.2 billion, or 4 percent, to $155.6 billion.
    • Consumer Banking period-end loans increased $1.3 billion, or 2 percent, to $78.1 billion.
      • Auto period-end loans increased $1.3 billion, or 2 percent, to $76.8 billion.
    • Commercial Banking period-end loans increased $341 million, or less than 1 percent, to $87.2 billion.
  • Average loans held for investment in the quarter increased $3.6 billion, or 1 percent, to $321.9 billion.
    • Credit Card average loans increased $3.4 billion, or 2 percent, to $157.3 billion.
      • Domestic Card average loans increased $3.3 billion, or 2 percent, to $150.3 billion.
    • Consumer Banking average loans increased $1.0 billion, or 1 percent, to $77.2 billion.
      • Auto average loans increased $1.0 billion, or 1 percent, to $76.0 billion.
    • Commercial Banking average loans decreased $777 million, or 1 percent, to $87.3 billion.
  • Period-end total deposits increased $9.1 billion, or 3 percent, to $362.7 billion, while average deposits increased $7.2 billion, or 2 percent, to $358.3 billion.
  • Interest-bearing deposits rate paid decreased 18 basis points to 3.45 percent.

2024 Full Year Income Statement Summary:

  • Total net revenue increased 6 percent to $39.1 billion.
  • Total non-interest expense increased 6 percent to $21.5 billion:
    • 14 percent increase in Marketing expense.
    • 4 percent increase in operating expenses.
  • Pre-provision earnings(2) increased 7 percent to $17.6 billion.
  • Provision for credit losses increased $1.3 billion to $11.7 billion.
  • Net interest margin of 6.88 percent, an increase of 25 basis points.
  • Efficiency ratio of 54.93 percent.
    • Adjusted efficiency ratio(1) of 54.00 percent.
  • Operating efficiency ratio of 43.27 percent.
    • Adjusted operating efficiency ratio(1) of 42.35 percent.

Earnings Conference Call Webcast Information

The company will hold an earnings conference call on January 21, 2025 at 5:00 PM Eastern Time. The conference call will be accessible through live webcast. Interested investors and other individuals can access the webcast via the company’s home page (www.capitalone.com). Under “About,” choose “Investors” to access the Investor Center and view and/or download the earnings press release, the financial supplement, including a reconciliation of non-GAAP financial measures, and the earnings release presentation. The replay of the webcast will be archived on the company’s website through February 4, 2025 at 5:00 PM Eastern Time.

Forward-Looking Statements

Certain statements in this release may constitute forward-looking statements, which involve a number of risks and uncertainties. Forward-looking statements often use words such as “will,” “anticipate,” “target,” “expect,” “think,” “estimate,” “intend,” “plan,” “goal,” “believe,” “forecast,” “outlook” or other words of similar meaning. Any forward-looking statements made by Capital One or on its behalf speak only as of the date they are made or as of the date indicated, and Capital One does not undertake any obligation to update forward-looking statements as a result of new information, future events or otherwise. Capital One cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information due to a number of factors. For additional information on factors that could materially influence forward-looking statements included in this earnings press release, see the risk factors set forth under “Part I—Item 1A. Risk Factors” in the Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (the “SEC”).

About Capital One

Capital One Financial Corporation (www.capitalone.com) is a financial holding company which, along with its subsidiaries, had $362.7 billion in deposits and $490.1 billion in total assets as of December 31, 2024. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches and Cafés located primarily in New York, Louisiana, Texas, Maryland, Virginia and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol “COF” and is included in the S&P 100 index.

(1) This is a non-GAAP measure. We believe non-GAAP measures help investors and users of our financial information understand the effect of adjusting items on our selected reported results and provide alternate measurements of our performance, both in the current period and across periods. See our Financial Supplement, filed as Exhibit 99.2 to our Current Report on Form 8-K on January 21, 2025 with the SEC, “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for a reconciliation and additional information on non-GAAP measures.

(2) Pre-provision earnings is a non-GAAP metric calculated based on total net revenue less non-interest expense for the period. Management believes that this financial metric is useful in assessing the ability of a lending institution to generate income in excess of its provision for credit losses. See our Financial Supplement, filed as Exhibit 99.2 to our Current Report on Form 8-K on January 21, 2025 with the SEC, “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for a reconciliation and additional information on non-GAAP measures.

(3) Regulatory capital metrics as of December 31, 2024 are preliminary and therefore subject to change.

 

Capital One Financial Corporation

Financial Supplement(1)(2)

Fourth Quarter 2024

Table of Contents

   

Capital One Financial Corporation Consolidated Results

Page

 

Table 1:

Financial Summary—Consolidated

1

 

Table 2:

Selected Metrics—Consolidated

3

 

Table 3:

Consolidated Statements of Income

4

 

Table 4:

Consolidated Balance Sheets

6

 

Table 5:

Notes to Financial Summary, Selected Metrics and Consolidated Financial Statements (Tables 1—4)

8

 

Table 6:

Average Balances, Net Interest Income and Net Interest Margin

9

 

Table 7:

Loan Information and Performance Statistics

10

 

Table 8:

Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity

12

Business Segment Results

 

 

Table 9:

Financial Summary—Business Segment Results

13

 

Table 10:

Financial & Statistical Summary—Credit Card Business

14

 

Table 11:

Financial & Statistical Summary—Consumer Banking Business

16

 

Table 12:

Financial & Statistical Summary—Commercial Banking Business

17

 

Table 13:

Financial & Statistical Summary—Other and Total

18

Other

 

 

Table 14:

Notes to Net Interest Margin, Loan, Allowance and Business Segment Disclosures (Tables 6—13)

19

 

Table 15:

Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures

20

__________

(1)

 

The information contained in this Financial Supplement is preliminary and based on data available at the time of the earnings presentation. Investors should refer to our Annual Report on Form 10-K for the period ended December 31, 2024 once it is filed with the Securities and Exchange Commission.

(2)

 

This Financial Supplement includes non-GAAP measures. We believe these non-GAAP measures are useful to investors and users of our financial information as they provide an alternate measurement of our performance and assist in assessing our capital adequacy and the level of return generated. These non-GAAP measures should not be viewed as a substitute for reported results determined in accordance with generally accepted accounting principles in the U.S. (“GAAP”), nor are they necessarily comparable to non-GAAP measures that may be presented by other companies. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for a reconciliation of any non-GAAP financial measures.

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 1: Financial Summary—Consolidated

 
         

 

 

 

 

 

 

 

 

 

 

 

 

2024 Q4

 

Year Ended December 31,

(Dollars in millions, except per share data and as noted)

 

2024

 

2024

 

2024

 

2024

 

2023

 

2024

 

2023

 

 

 

 

 

2024 vs.

 

Q4

 

Q3

 

Q2

 

Q1

 

Q4

 

Q3

 

Q4

 

2024

 

2023

 

2023

Income Statement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

8,098

 

 

$

8,076

 

 

$

7,546

 

 

$

7,488

 

 

$

7,519

 

 

 

 

8

%

 

$

31,208

 

 

$

29,241

 

 

7

%

Non-interest income

 

 

2,092

 

 

 

1,938

 

 

 

1,960

 

 

 

1,914

 

 

 

1,987

 

 

8

%

 

5

 

 

 

7,904

 

 

 

7,546

 

 

5

 

Total net revenue(1)

 

 

10,190

 

 

 

10,014

 

 

 

9,506

 

 

 

9,402

 

 

 

9,506

 

 

2

 

 

7

 

 

 

39,112

 

 

 

36,787

 

 

6

 

Provision for credit losses

 

 

2,642

 

 

 

2,482

 

 

 

3,909

 

 

 

2,683

 

 

 

2,857

 

 

6

 

 

(8

)

 

 

11,716

 

 

 

10,426

 

 

12

 

Non-interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketing

 

 

1,375

 

 

 

1,113

 

 

 

1,064

 

 

 

1,010

 

 

 

1,254

 

 

24

 

 

10

 

 

 

4,562

 

 

 

4,009

 

 

14

 

Operating expense

 

 

4,714

 

 

 

4,201

 

 

 

3,882

 

 

 

4,127

 

 

 

4,463

 

 

12

 

 

6

 

 

 

16,924

 

 

 

16,307

 

 

4

 

Total non-interest expense

 

 

6,089

 

 

 

5,314

 

 

 

4,946

 

 

 

5,137

 

 

 

5,717

 

 

15

 

 

7

 

 

 

21,486

 

 

 

20,316

 

 

6

 

Income from continuing operations before income taxes

 

 

1,459

 

 

 

2,218

 

 

 

651

 

 

 

1,582

 

 

 

932

 

 

(34

)

 

57

 

 

 

5,910

 

 

 

6,045

 

 

(2

)

Income tax provision

 

 

366

 

 

 

441

 

 

 

54

 

 

 

302

 

 

 

226

 

 

(17

)

 

62

 

 

 

1,163

 

 

 

1,158

 

 

 

Income from continuing operations, net of tax

 

 

1,093

 

 

 

1,777

 

 

 

597

 

 

 

1,280

 

 

 

706

 

 

(38

)

 

55

 

 

 

4,747

 

 

 

4,887

 

 

(3

)

Income from discontinued operations, net of tax

 

 

3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**

 

 

**

 

 

 

3

 

 

 

 

 

**

 

Net income

 

 

1,096

 

 

 

1,777

 

 

 

597

 

 

 

1,280

 

 

 

706

 

 

(38

)

 

55

 

 

 

4,750

 

 

 

4,887

 

 

(3

)

Dividends and undistributed earnings allocated to participating securities(2)

 

 

(17

)

 

 

(28

)

 

 

(9

)

 

 

(23

)

 

 

(10

)

 

(39

)

 

70

 

 

 

(77

)

 

 

(77

)

 

 

Preferred stock dividends

 

 

(57

)

 

 

(57

)

 

 

(57

)

 

 

(57

)

 

 

(57

)

 

 

 

 

 

 

(228

)

 

 

(228

)

 

 

Net income available to common stockholders

 

$

1,022

 

 

$

1,692

 

 

$

531

 

 

$

1,200

 

 

$

639

 

 

(40

)

 

60

 

 

$

4,445

 

 

$

4,582

 

 

(3

)

Common Share Statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income from continuing operations

 

$

2.66

 

 

$

4.42

 

 

$

1.39

 

 

$

3.14

 

 

$

1.67

 

 

(40

)%

 

59

%

 

$

11.60

 

 

$

11.98

 

 

(3

)%

Income from discontinued operations

 

 

0.01

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**

 

 

**

 

 

 

0.01

 

 

 

 

 

**

 

Net income per basic common share

 

$

2.67

 

 

$

4.42

 

 

$

1.39

 

 

$

3.14

 

 

$

1.67

 

 

(40

)

 

60

 

 

$

11.61

 

 

$

11.98

 

 

(3

)

Diluted earnings per common share:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income from continuing operations

 

$

2.66

 

 

$

4.41

 

 

$

1.38

 

 

$

3.13

 

 

$

1.67

 

 

(40

)%

 

59

%

 

$

11.58

 

 

$

11.95

 

 

(3

)%

Income from discontinued operations

 

 

0.01

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**

 

 

**

 

 

 

0.01

 

 

 

 

 

**

 

Net income per diluted common share

 

$

2.67

 

 

$

4.41

 

 

$

1.38

 

 

$

3.13

 

 

$

1.67

 

 

(39

)

 

60

 

 

$

11.59

 

 

$

11.95

 

 

(3

)

Weighted-average common shares outstanding (in millions):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

382.4

 

 

 

383.0

 

 

 

383.1

 

 

 

382.2

 

 

 

381.9

 

 

 

 

 

 

 

382.7

 

 

 

382.4

 

 

 

Diluted

 

 

383.4

 

 

 

383.7

 

 

 

383.9

 

 

 

383.4

 

 

 

382.8

 

 

 

 

 

 

 

383.6

 

 

 

383.4

 

 

 

Common shares outstanding (period-end, in millions)

 

 

381.2

 

 

 

381.5

 

 

 

381.9

 

 

 

382.1

 

 

 

380.4

 

 

 

 

 

 

 

381.2

 

 

 

380.4

 

 

 

Dividends declared and paid per common share

 

$

0.60

 

 

$

0.60

 

 

$

0.60

 

 

$

0.60

 

 

$

0.60

 

 

 

 

 

 

$

2.40

 

 

$

2.40

 

 

 

Tangible book value per common share (period-end)(3)

 

 

106.97

 

 

 

112.36

 

 

 

99.28

 

 

 

98.67

 

 

 

99.78

 

 

(5

)%

 

7

%

 

 

106.97

 

 

 

99.78

 

 

7

%

 

 

 

 

 

 

 

 

 

 

 

 

2024 Q4

 

Year Ended December 31,

(Dollars in millions)

 

2024

 

2024

 

2024

 

2024

 

2023

 

2024

 

2023

 

 

 

 

 

2024 vs.

 

Q4

 

Q3

 

Q2

 

Q1

 

Q4

 

Q3

 

Q4

 

2024

 

2023

 

2023

Balance Sheet (Period-End)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans held for investment

 

$

327,775

 

$

320,243

 

$

318,186

 

$

315,154

 

$

320,472

 

2

%

 

2

%

 

$

327,775

 

$

320,472

 

2

%

Interest-earning assets

 

 

463,058

 

 

458,189

 

 

452,547

 

 

453,557

 

 

449,701

 

1

 

 

3

 

 

 

463,058

 

 

449,701

 

3

 

Total assets

 

 

490,144

 

 

486,433

 

 

480,018

 

 

481,720

 

 

478,464

 

1

 

 

2

 

 

 

490,144

 

 

478,464

 

2

 

Interest-bearing deposits

 

 

336,585

 

 

327,253

 

 

324,437

 

 

323,352

 

 

320,389

 

3

 

 

5

 

 

 

336,585

 

 

320,389

 

5

 

Total deposits

 

 

362,707

 

 

353,631

 

 

351,442

 

 

350,969

 

 

348,413

 

3

 

 

4

 

 

 

362,707

 

 

348,413

 

4

 

Borrowings

 

 

45,551

 

 

49,336

 

 

47,956

 

 

50,361

 

 

49,856

 

(8

)

 

(9

)

 

 

45,551

 

 

49,856

 

(9

)

Common equity

 

 

55,938

 

 

58,080

 

 

53,135

 

 

52,955

 

 

53,244

 

(4

)

 

5

 

 

 

55,938

 

 

53,244

 

5

 

Total stockholders’ equity

 

 

60,784

 

 

62,925

 

 

57,981

 

 

57,801

 

 

58,089

 

(3

)

 

5

 

 

 

60,784

 

 

58,089

 

5

 

Balance Sheet (Average Balances)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans held for investment

 

$

321,871

 

$

318,255

 

$

314,888

 

$

314,614

 

$

315,890

 

1

%

 

2

%

 

$

317,421

 

$

311,541

 

2

%

Interest-earning assets

 

 

460,640

 

 

454,484

 

 

450,908

 

 

447,803

 

 

446,929

 

1

 

 

3

 

 

 

453,481

 

 

441,238

 

3

 

Total assets

 

 

488,300

 

 

481,219

 

 

477,285

 

 

474,995

 

 

472,594

 

1

 

 

3

 

 

 

480,451

 

 

467,807

 

3

 

Interest-bearing deposits

 

 

331,564

 

 

324,509

 

 

322,581

 

 

318,450

 

 

316,808

 

2

 

 

5

 

 

 

324,297

 

 

313,737

 

3

 

Total deposits

 

 

358,323

 

 

351,125

 

 

349,488

 

 

345,657

 

 

345,328

 

2

 

 

4

 

 

 

351,168

 

 

343,554

 

2

 

Borrowings

 

 

46,293

 

 

48,274

 

 

48,842

 

 

50,474

 

 

51,070

 

(4

)

 

(9

)

 

 

48,465

 

 

49,332

 

(2

)

Common equity

 

 

56,918

 

 

56,443

 

 

53,262

 

 

53,152

 

 

50,786

 

1

 

 

12

 

 

 

54,953

 

 

50,349

 

9

 

Total stockholders’ equity

 

 

61,764

 

 

61,289

 

 

58,107

 

 

57,998

 

 

55,632

 

1

 

 

11

 

 

 

59,799

 

 

55,195

 

8

 

   

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 2: Selected Metrics—Consolidated

     
         

 

 

 

 

 

 

 

 

 

 

 

 

2024 Q4

 

Year Ended December 31,

(Dollars in millions, except as noted)

 

2024

 

2024

 

2024

 

2024

 

2023

 

2024

 

2023

 

 

 

 

 

2024 vs.

 

Q4

 

Q3

 

Q2

 

Q1

 

Q4

 

Q3

 

Q4

 

2024

 

2023

 

2023

Performance Metrics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income growth (period over period)

 

 

 

 

 

7

%

 

 

1

%

 

 

 

 

 

1

%

 

**

 

 

**

 

 

 

7

%

 

 

8

%

 

**

 

Non-interest income growth (period over period)

 

 

8

%

 

 

(1

)

 

 

2

 

 

 

(4

)%

 

 

2

 

 

**

 

 

**

 

 

 

5

 

 

 

6

 

 

**

 

Total net revenue growth (period over period)

 

 

2

 

 

 

5

 

 

 

1

 

 

 

(1

)

 

 

1

 

 

**

 

 

**

 

 

 

6

 

 

 

7

 

 

**

 

Total net revenue margin(4)

 

 

8.85

 

 

 

8.81

 

 

 

8.43

 

 

 

8.40

 

 

 

8.51

 

 

4

bps

 

34

bps 

 

 

8.62

 

 

 

8.34

 

 

28

bps 

Net interest margin(5)

 

 

7.03

 

 

 

7.11

 

 

 

6.70

 

 

 

6.69

 

 

 

6.73

 

 

(8

)

 

30

 

 

 

6.88

 

 

 

6.63

 

 

25

 

Return on average assets

 

 

0.90

 

 

 

1.48

 

 

 

0.50

 

 

 

1.08

 

 

 

0.60

 

 

(58

)

 

30

 

 

 

0.99

 

 

 

1.04

 

 

(5

)

Return on average tangible assets(6)

 

 

0.92

 

 

 

1.53

 

 

 

0.52

 

 

 

1.11

 

 

 

0.62

 

 

(61

)

 

30

 

 

 

1.02

 

 

 

1.08

 

 

(6

)

Return on average common equity(7)

 

 

7.16

 

 

 

11.99

 

 

 

3.99

 

 

 

9.03

 

 

 

5.03

 

 

(483

)

 

213

 

 

 

8.08

 

 

 

9.10

 

 

(102

)

Return on average tangible common equity(8)

 

 

9.77

 

 

 

16.42

 

 

 

5.59

 

 

 

12.67

 

 

 

7.20

 

 

(665

)

 

257

 

 

 

11.18

 

 

 

13.04

 

 

(186

)

Efficiency ratio(9)

 

 

59.75

 

 

 

53.07

 

 

 

52.03

 

 

 

54.64

 

 

 

60.14

 

 

668

 

 

(39

)

 

 

54.93

 

 

 

55.23

 

 

(30

)

Operating efficiency ratio(10)

 

 

46.26

 

 

 

41.95

 

 

 

40.84

 

 

 

43.89

 

 

 

46.95

 

 

431

 

 

(69

)

 

 

43.27

 

 

 

44.33

 

 

(106

)

Effective income tax rate for continuing operations

 

 

25.1

 

 

 

19.9

 

 

 

8.3

 

 

 

19.1

 

 

 

24.2

 

 

520

 

 

90

 

 

 

19.7

 

 

 

19.2

 

 

50

 

Employees (period-end, in thousands)

 

 

52.6

 

 

 

52.5

 

 

 

52.1

 

 

 

51.3

 

 

 

52.0

 

 

 

 

1

%

 

 

52.6

 

 

 

52.0

 

 

1

%

Credit Quality Metrics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for credit losses

 

$

16,258

 

 

$

16,534

 

 

$

16,649

 

 

$

15,380

 

 

$

15,296

 

 

(2

)%

 

6

%

 

$

16,258

 

 

$

15,296

 

 

6

%

Allowance coverage ratio

 

 

4.96

%

 

 

5.16

%

 

 

5.23

%

 

 

4.88

%

 

 

4.77

%

 

(20

) bps 

 

19

bps 

 

 

4.96

%

 

 

4.77

%

 

19

bps 

Net charge-offs

 

$

2,884

 

 

$

2,604

 

 

$

2,644

 

 

$

2,616

 

 

$

2,533

 

 

11

%

 

14

%

 

$

10,748

 

 

$

8,414

 

 

28

%

Net charge-off rate(11)

 

 

3.59

%

 

 

3.27

%

 

 

3.36

%

 

 

3.33

%

 

 

3.21

%

 

32

bps

 

38

bps 

 

 

3.39

%

 

 

2.70

%

 

69

bps 

30+ day performing delinquency rate

 

 

3.69

 

 

 

3.58

 

 

 

3.36

 

 

 

3.40

 

 

 

3.71

 

 

11

 

 

(2

)

 

 

3.69

 

 

 

3.71

 

 

(2

)

30+ day delinquency rate

 

 

3.98

 

 

 

3.89

 

 

 

3.63

 

 

 

3.67

 

 

 

3.99

 

 

9

 

 

(1

)

 

 

3.98

 

 

 

3.99

 

 

(1

)

Capital Ratios(12)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common equity Tier 1 capital

 

 

13.5

%

 

 

13.6

%

 

 

13.2

%

 

 

13.1

%

 

 

12.9

%

 

(10

) bps

 

60

bps

 

 

13.5

%

 

 

12.9

%

 

60

bps

Tier 1 capital

 

 

14.8

 

 

 

14.9

 

 

 

14.5

 

 

 

14.4

 

 

 

14.2

 

 

(10

)

 

60

 

 

 

14.8

 

 

 

14.2

 

 

60

 

Total capital

 

 

16.4

 

 

 

16.6

 

 

 

16.3

 

 

 

16.2

 

 

 

16.0

 

 

(20

)

 

40

 

 

 

16.4

 

 

 

16.0

 

 

40

 

Tier 1 leverage

 

 

11.6

 

 

 

11.6

 

 

 

11.3

 

 

 

11.3

 

 

 

11.2

 

 

 

 

40

 

 

 

11.6

 

 

 

11.2

 

 

40

 

Tangible common equity (“TCE”)(13)

 

 

8.6

 

 

 

9.1

 

 

 

8.2

 

 

 

8.1

 

 

 

8.2

 

 

(51

)

 

39

 

 

 

8.6

 

 

 

8.2

 

 

39

 

   

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 3: Consolidated Statements of Income

     
         

 

 

 

 

 

 

 

 

 

 

 

 

2024 Q4

 

Year Ended December 31,

(Dollars in millions, except as noted)

 

2024

 

2024

 

2024

 

2024

 

2023

 

2024

 

2023

 

 

 

 

 

2024 vs.

 

Q4

 

Q3

 

Q2

 

Q1

 

Q4

 

Q3

 

Q4

 

2024

 

2023

 

2023

Interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including loans held for sale

 

$

10,434

 

 

$

10,547

 

 

$

9,993

 

 

$

9,920

 

 

$

9,934

 

 

(1

)%

 

5

%

 

$

40,894

 

 

$

37,410

 

 

9

%

Investment securities

 

 

753

 

 

 

733

 

 

 

700

 

 

 

687

 

 

 

669

 

 

3

 

 

13

 

 

 

2,873

 

 

 

2,550

 

 

13

 

Other

 

 

530

 

 

 

580

 

 

 

587

 

 

 

570

 

 

 

542

 

 

(9

)

 

(2

)

 

 

2,267

 

 

 

1,978

 

 

15

 

Total interest income

 

 

11,717

 

 

 

11,860

 

 

 

11,280

 

 

 

11,177

 

 

 

11,145

 

 

(1

)

 

5

 

 

 

46,034

 

 

 

41,938

 

 

10

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

2,862

 

 

 

2,945

 

 

 

2,874

 

 

 

2,812

 

 

 

2,745

 

 

(3

)

 

4

 

 

 

11,493

 

 

 

9,489

 

 

21

 

Securitized debt obligations

 

 

205

 

 

 

234

 

 

 

258

 

 

 

261

 

 

 

263

 

 

(12

)

 

(22

)

 

 

958

 

 

 

959

 

 

 

Senior and subordinated notes

 

 

540

 

 

 

596

 

 

 

591

 

 

 

606

 

 

 

608

 

 

(9

)

 

(11

)

 

 

2,333

 

 

 

2,204

 

 

6

 

Other borrowings

 

 

12

 

 

 

9

 

 

 

11

 

 

 

10

 

 

 

10

 

 

33

 

 

20

 

 

 

42

 

 

 

45

 

 

(7

)

Total interest expense

 

 

3,619

 

 

 

3,784

 

 

 

3,734

 

 

 

3,689

 

 

 

3,626

 

 

(4

)

 

 

 

 

14,826

 

 

 

12,697

 

 

17

 

Net interest income

 

 

8,098

 

 

 

8,076

 

 

 

7,546

 

 

 

7,488

 

 

 

7,519

 

 

 

 

8

 

 

 

31,208

 

 

 

29,241

 

 

7

 

Provision for credit losses

 

 

2,642

 

 

 

2,482

 

 

 

3,909

 

 

 

2,683

 

 

 

2,857

 

 

6

 

 

(8

)

 

 

11,716

 

 

 

10,426

 

 

12

 

Net interest income after provision for credit losses

 

 

5,456

 

 

 

5,594

 

 

 

3,637

 

 

 

4,805

 

 

 

4,662

 

 

(2

)

 

17

 

 

 

19,492

 

 

 

18,815

 

 

4

 

Non-interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interchange fees, net

 

 

1,260

 

 

 

1,228

 

 

 

1,249

 

 

 

1,145

 

 

 

1,207

 

 

3

 

 

4

 

 

 

4,882

 

 

 

4,793

 

 

2

 

Service charges and other customer-related fees

 

 

554

 

 

 

501

 

 

 

459

 

 

 

462

 

 

 

424

 

 

11

 

 

31

 

 

 

1,976

 

 

 

1,667

 

 

19

 

Net securities gains (losses)

 

 

 

 

 

(35

)

 

 

 

 

 

 

 

 

(34

)

 

**

 

 

**

 

 

 

(35

)

 

 

(34

)

 

3

 

Other

 

 

278

 

 

 

244

 

 

 

252

 

 

 

307

 

 

 

390

 

 

14

 

 

(29

)

 

 

1,081

 

 

 

1,120

 

 

(3

)

Total non-interest income

 

 

2,092

 

 

 

1,938

 

 

 

1,960

 

 

 

1,914

 

 

 

1,987

 

 

8

 

 

5

 

 

 

7,904

 

 

 

7,546

 

 

5

 

Non-interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and associate benefits

 

 

2,329

 

 

 

2,391

 

 

 

2,200

 

 

 

2,478

 

 

 

2,284

 

 

(3

)

 

2

 

 

 

9,398

 

 

 

9,302

 

 

1

 

Occupancy and equipment

 

 

674

 

 

 

587

 

 

 

551

 

 

 

554

 

 

 

628

 

 

15

 

 

7

 

 

 

2,366

 

 

 

2,160

 

 

10

 

Marketing

 

 

1,375

 

 

 

1,113

 

 

 

1,064

 

 

 

1,010

 

 

 

1,254

 

 

24

 

 

10

 

 

 

4,562

 

 

 

4,009

 

 

14

 

Professional services

 

 

630

 

 

 

402

 

 

 

316

 

 

 

262

 

 

 

359

 

 

57

 

 

75

 

 

 

1,610

 

 

 

1,268

 

 

27

 

Communications and data processing

 

 

398

 

 

 

358

 

 

 

355

 

 

 

351

 

 

 

345

 

 

11

 

 

15

 

 

 

1,462

 

 

 

1,383

 

 

6

 

Amortization of intangibles

 

 

19

 

 

 

20

 

 

 

19

 

 

 

19

 

 

 

22

 

 

(5

)

 

(14

)

 

 

77

 

 

 

82

 

 

(6

)

Other

 

 

664

 

 

 

443

 

 

 

441

 

 

 

463

 

 

 

825

 

 

50

 

 

(20

)

 

 

2,011

 

 

 

2,112

 

 

(5

)

Total non-interest expense

 

 

6,089

 

 

 

5,314

 

 

 

4,946

 

 

 

5,137

 

 

 

5,717

 

 

15

 

 

7

 

 

 

21,486

 

 

 

20,316

 

 

6

 

Income from continuing operations before income taxes

 

 

1,459

 

 

 

2,218

 

 

 

651

 

 

 

1,582

 

 

 

932

 

 

(34

)

 

57

 

 

 

5,910

 

 

 

6,045

 

 

(2

)

Income tax provision

 

 

366

 

 

 

441

 

 

 

54

 

 

 

302

 

 

 

226

 

 

(17

)

 

62

 

 

 

1,163

 

 

 

1,158

 

 

 

Income from continuing operations, net of tax

 

 

1,093

 

 

 

1,777

 

 

 

597

 

 

 

1,280

 

 

 

706

 

 

(38

)

 

55

 

 

 

4,747

 

 

 

4,887

 

 

(3

)

Income from discontinued operations, net of tax

 

 

3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**

 

 

**

 

 

 

3

 

 

 

 

 

**

 

Net income

 

 

1,096

 

 

 

1,777

 

 

 

597

 

 

 

1,280

 

 

 

706

 

 

(38

)

 

55

 

 

 

4,750

 

 

 

4,887

 

 

(3

)

Dividends and undistributed earnings allocated to participating securities(2)

 

 

(17

)

 

 

(28

)

 

 

(9

)

 

 

(23

)

 

 

(10

)

 

(39

)

 

70

 

 

 

(77

)

 

 

(77

)

 

 

Preferred stock dividends

 

 

(57

)

 

 

(57

)

 

 

(57

)

 

 

(57

)

 

 

(57

)

 

 

 

 

 

 

(228

)

 

 

(228

)

 

 

Net income available to common stockholders

 

$

1,022

 

 

$

1,692

 

 

$

531

 

 

$

1,200

 

 

$

639

 

 

(40

)

 

60

 

 

$

4,445

 

 

$

4,582

 

 

(3

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2024 Q4

 

Year Ended December 31,

 

 

2024

 

2024

 

2024

 

2024

 

2023

 

2024

 

2023

 

 

 

 

 

2024 vs.

 

Q4

 

Q3

 

Q2

 

Q1

 

Q4

 

Q3

 

Q4

 

2024

 

2023

 

2023

Basic earnings per common share:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income from continuing operations

 

$

2.66

 

 

$

4.42

 

 

$

1.39

 

 

$

3.14

 

 

$

1.67

 

 

(40

)%

 

59

%

 

$

11.60

 

 

$

11.98

 

 

(3

)%

Income from discontinued operations

 

 

0.01

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**

 

 

**

 

 

 

0.01

 

 

 

 

 

**

 

Net income per basic common share

 

$

2.67

 

 

$

4.42

 

 

$

1.39

 

 

$

3.14

 

 

$

1.67

 

 

(40

)

 

60

 

 

$

11.61

 

 

$

11.98

 

 

(3

)

Diluted earnings per common share:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income from continuing operations

 

$

2.66

 

 

$

4.41

 

 

$

1.38

 

 

$

3.13

 

 

$

1.67

 

 

(40

)%

 

59

%

 

$

11.58

 

 

 

11.95

 

 

(3

)%

Income from discontinued operations

 

 

0.01

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**

 

 

**

 

 

 

0.01

 

 

 

 

 

**

 

Net income per diluted common share

 

$

2.67

 

 

$

4.41

 

 

$

1.38

 

 

$

3.13

 

 

$

1.67

 

 

(39

)

 

60

 

 

$

11.59

 

 

$

11.95

 

 

(3

)

Weighted-average common shares outstanding (in millions):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic common shares

 

 

382.4

 

 

 

383.0

 

 

 

383.1

 

 

 

382.2

 

 

 

381.9

 

 

 

 

 

 

 

382.7

 

 

 

382.4

 

 

 

Diluted common shares

 

 

383.4

 

 

 

383.7

 

 

 

383.9

 

 

 

383.4

 

 

 

382.8

 

 

 

 

 

 

 

383.6

 

 

 

383.4

 

 

 

   

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 4: Consolidated Balance Sheets

 
   

 

 

 

 

 

 

 

 

 

 

 

 

2024 Q4

 

 

2024

 

2024

 

2024

 

2024

 

2023

 

2024

 

2023

(Dollars in millions)

 

Q4

 

Q3

 

Q2

 

Q1

 

Q4

 

Q3

 

Q4

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

3,028

 

 

$

3,976

 

 

$

5,298

 

 

$

4,671

 

 

$

4,903

 

 

(24

)%

 

(38

)%

Interest-bearing deposits and other short-term investments

 

 

40,202

 

 

 

45,322

 

 

 

40,116

 

 

 

46,357

 

 

 

38,394

 

 

(11

)

 

5

 

Total cash and cash equivalents

 

 

43,230

 

 

 

49,298

 

 

 

45,414

 

 

 

51,028

 

 

 

43,297

 

 

(12

)

 

 

Restricted cash for securitization investors

 

 

441

 

 

 

421

 

 

 

2,415

 

 

 

474

 

 

 

458

 

 

5

 

 

(4

)

Securities available for sale

 

 

83,013

 

 

 

83,500

 

 

 

79,250

 

 

 

78,398

 

 

 

79,117

 

 

(1

)

 

5

 

Loans held for investment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecuritized loans held for investment

 

 

298,241

 

 

 

292,061

 

 

 

289,124

 

 

 

285,577

 

 

 

289,229

 

 

2

 

 

3

 

Loans held in consolidated trusts

 

 

29,534

 

 

 

28,182

 

 

 

29,062

 

 

 

29,577

 

 

 

31,243

 

 

5

 

 

(5

)

Total loans held for investment

 

 

327,775

 

 

 

320,243

 

 

 

318,186

 

 

 

315,154

 

 

 

320,472

 

 

2

 

 

2

 

Allowance for credit losses

 

 

(16,258

)

 

 

(16,534

)

 

 

(16,649

)

 

 

(15,380

)

 

 

(15,296

)

 

(2

)

 

6

 

Net loans held for investment

 

 

311,517

 

 

 

303,709

 

 

 

301,537

 

 

 

299,774

 

 

 

305,176

 

 

3

 

 

2

 

Loans held for sale

 

 

202

 

 

 

96

 

 

 

808

 

 

 

1,631

 

 

 

854

 

 

110

 

 

(76

)

Premises and equipment, net

 

 

4,511

 

 

 

4,440

 

 

 

4,396

 

 

 

4,366

 

 

 

4,375

 

 

2

 

 

3

 

Interest receivable

 

 

2,532

 

 

 

2,577

 

 

 

2,494

 

 

 

2,514

 

 

 

2,478

 

 

(2

)

 

2

 

Goodwill

 

 

15,059

 

 

 

15,083

 

 

 

15,062

 

 

 

15,062

 

 

 

15,065

 

 

 

 

 

Other assets

 

 

29,639

 

 

 

27,309

 

 

 

28,642

 

 

 

28,473

 

 

 

27,644

 

 

9

 

 

7

 

Total assets

 

$

490,144

 

 

$

486,433

 

 

$

480,018

 

 

$

481,720

 

 

$

478,464

 

 

1

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2024 Q4

 

 

2024

 

2024

 

2024

 

2024

 

2023

 

2024

 

2023

(Dollars in millions)

 

Q4

 

Q3

 

Q2

 

Q1

 

Q4

 

Q3

 

Q4

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest payable

 

$

666

 

 

$

705

 

 

$

668

 

 

$

762

 

 

$

649

 

 

(6

)%

 

3

%

Deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest-bearing deposits

 

 

26,122

 

 

 

26,378

 

 

 

27,005

 

 

 

27,617

 

 

 

28,024

 

 

(1

)

 

(7

)

Interest-bearing deposits

 

 

336,585

 

 

 

327,253

 

 

 

324,437

 

 

 

323,352

 

 

 

320,389

 

 

3

 

 

5

 

Total deposits

 

 

362,707

 

 

 

353,631

 

 

 

351,442

 

 

 

350,969

 

 

 

348,413

 

 

3

 

 

4

 

Securitized debt obligations

 

 

14,264

 

 

 

15,881

 

 

 

17,291

 

 

 

17,661

 

 

 

18,043

 

 

(10

)

 

(21

)

Other debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal funds purchased and securities loaned or sold under agreements to repurchase

 

 

562

 

 

 

520

 

 

 

715

 

 

 

568

 

 

 

538

 

 

8

 

 

4

 

Senior and subordinated notes

 

 

30,696

 

 

 

32,911

 

 

 

29,925

 

 

 

32,108

 

 

 

31,248

 

 

(7

)

 

(2

)

Other borrowings

 

 

29

 

 

 

24

 

 

 

25

 

 

 

24

 

 

 

27

 

 

21

 

 

7

 

Total other debt

 

 

31,287

 

 

 

33,455

 

 

 

30,665

 

 

 

32,700

 

 

 

31,813

 

 

(6

)

 

(2

)

Other liabilities

 

 

20,436

 

 

 

19,836

 

 

 

21,971

 

 

 

21,827

 

 

 

21,457

 

 

3

 

 

(5

)

Total liabilities

 

 

429,360

 

 

 

423,508

 

 

 

422,037

 

 

 

423,919

 

 

 

420,375

 

 

1

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

 

 

Common stock

 

 

7

 

 

 

7

 

 

 

7

 

 

 

7

 

 

 

7

 

 

 

 

 

Additional paid-in capital, net

 

 

36,428

 

 

 

36,216

 

 

 

36,012

 

 

 

35,808

 

 

 

35,541

 

 

1

 

 

2

 

Retained earnings

 

 

64,505

 

 

 

63,698

 

 

 

62,211

 

 

 

61,905

 

 

 

60,945

 

 

1

 

 

6

 

Accumulated other comprehensive loss

 

 

(9,286

)

 

 

(6,287

)

 

 

(9,701

)

 

 

(9,534

)

 

 

(8,268

)

 

48

 

 

12

 

Treasury stock, at cost

 

 

(30,870

)

 

 

(30,709

)

 

 

(30,548

)

 

 

(30,385

)

 

 

(30,136

)

 

1

 

 

2

 

Total stockholders’ equity

 

 

60,784

 

 

 

62,925

 

 

 

57,981

 

 

 

57,801

 

 

 

58,089

 

 

(3

)

 

5

 

Total liabilities and stockholders’ equity

 

$

490,144

 

 

$

486,433

 

 

$

480,018

 

 

$

481,720

 

 

$

478,464

 

 

1

 

 

2

 

   

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 5: Notes to Financial Summary, Selected Metrics and Consolidated Financial Statements (Tables 1—4)

 

(1)

 

Total net revenue was reduced by $706 million in Q4 2024, $624 million in Q3 2024, $649 million in Q2 2024, $630 million in Q1 2024 and $566 million in Q4 2023 for credit card finance charges and fees charged-off as uncollectible.

(2)

 

Dividends and undistributed earnings allocated to participating securities and earnings per share are computed independently for each period. Accordingly, the sum of each quarterly amount may not agree to the year-to-date total. We also provide adjusted diluted earnings per share, which is a non-GAAP measure. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on our non-GAAP measures.

(3)

 

Tangible book value per common share is a non-GAAP measure calculated based on TCE divided by common shares outstanding. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on non-GAAP measures.

(4)

 

Total net revenue margin is calculated based on annualized total net revenue for the period divided by average interest-earning assets for the period.

(5)

 

Net interest margin is calculated based on annualized net interest income for the period divided by average interest-earning assets for the period.

(6)

 

Return on average tangible assets is a non-GAAP measure calculated based on annualized income (loss) from continuing operations, net of tax, for the period divided by average tangible assets for the period. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on non-GAAP measures.

(7)

 

Return on average common equity is calculated based on annualized net income (loss) available to common stockholders less income (loss) from discontinued operations, net of tax, for the period, divided by average common equity. Our calculation of return on average common equity may not be comparable to similarly-titled measures reported by other companies.

(8)

 

Return on average tangible common equity is a non-GAAP measure calculated based annualized on net income (loss) available to common stockholders less income (loss) from discontinued operations, net of tax, for the period, divided by average TCE. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on non-GAAP measures.

(9)

 

Efficiency ratio is calculated based on total non-interest expense for the period divided by total net revenue for the period. We also provide an adjusted efficiency ratio, which is a non-GAAP measure. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on our non-GAAP measures.

(10)

 

Operating efficiency ratio is calculated based on operating expense for the period divided by total net revenue for the period. We also provide an adjusted operating efficiency ratio, which is a non-GAAP measure. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on our non-GAAP measures.

(11)

 

Net charge-off rate is calculated based on annualized net charge-offs for the period divided by average loans held for investment for the period.

(12)

 

Capital ratios as of the end of Q4 2024 are preliminary and therefore subject to change. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for information on the calculation of each of these ratios.

(13)

 

TCE ratio is a non-GAAP measure calculated based on TCE divided by tangible assets. See “Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures” for additional information on non-GAAP measures.

**

 

Not meaningful.

   

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 6: Average Balances, Net Interest Income and Net Interest Margin

 

 

 

2024 Q4

 

2024 Q3

 

2023 Q4

(Dollars in millions, except as noted)

 

Average
Balance

 

Interest
Income/
Expense

 

Yield/Rate(1)

 

Average
Balance

 

Interest
Income/
Expense

 

Yield/Rate(1)

 

Average
Balance

 

Interest
Income/
Expense

 

Yield/Rate(1)

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including loans held for sale

 

$

322,231

 

$

10,434

 

12.95

%

 

$

318,715

 

$

10,547

 

13.24

%

 

$

316,670

 

$

9,934

 

12.55

%

Investment securities

 

 

92,248

 

 

753

 

3.26

 

 

 

90,644

 

 

733

 

3.24

 

 

 

88,650

 

 

669

 

3.02

 

Cash equivalents and other

 

 

46,161

 

 

530

 

4.59

 

 

 

45,125

 

 

580

 

5.14

 

 

 

41,609

 

 

542

 

5.21

 

Total interest-earning assets

 

$

460,640

 

$

11,717

 

10.17

 

 

$

454,484

 

$

11,860

 

10.44

 

 

$

446,929

 

$

11,145

 

9.97

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing deposits

 

$

331,564

 

$

2,862

 

3.45

 

 

$

324,509

 

$

2,945

 

3.63

 

 

$

316,808

 

$

2,745

 

3.47

 

Securitized debt obligations

 

 

14,931

 

 

205

 

5.47

 

 

 

15,833

 

 

234

 

5.93

 

 

 

18,022

 

 

263

 

5.84

 

Senior and subordinated notes

 

 

30,888

 

 

540

 

7.00

 

 

 

32,041

 

 

596

 

7.43

 

 

 

32,586

 

 

608

 

7.46

 

Other borrowings and liabilities(2)

 

 

2,434

 

 

12

 

1.85

 

 

 

2,389

 

 

9

 

1.50

 

 

 

2,349

 

 

10

 

1.74

 

Total interest-bearing liabilities

 

$

379,817

 

$

3,619

 

3.81

 

 

$

374,772

 

$

3,784

 

4.04

 

 

$

369,765

 

$

3,626

 

3.92

 

Net interest income/spread

 

 

 

$

8,098

 

6.36

 

 

 

 

$

8,076

 

6.40

 

 

 

 

$

7,519

 

6.05

 

Impact of non-interest-bearing funding

 

 

 

 

 

0.67

 

 

 

 

 

 

0.71

 

 

 

 

 

 

0.68

 

Net interest margin(3)

 

 

 

 

 

7.03

%

 

 

 

 

 

7.11

%

 

 

 

 

 

6.73

%

 

 

Year Ended December 31,

 

 

2024

 

2023

(Dollars in millions, except as noted)

 

Average
Balance

 

Interest
Income/
Expense

 

Yield/Rate(1)

 

Average
Balance

 

Interest
Income/
Expense

 

Yield/Rate(1)

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including loans held for sale

 

$

318,096

 

$

40,894

 

12.86

%

 

$

312,173

 

$

37,410

 

11.98

%

Investment securities

 

 

90,250

 

 

2,873

 

3.18

 

 

 

89,105

 

 

2,550

 

2.86

 

Cash equivalents and other

 

 

45,135

 

 

2,267

 

5.02

 

 

 

39,960

 

 

1,978

 

4.95

 

Total interest-earning assets

 

$

453,481

 

$

46,034

 

10.15

 

 

$

441,238

 

$

41,938

 

9.50

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing deposits

 

$

324,297

 

$

11,493

 

3.54

 

 

$

313,737

 

$

9,489

 

3.02

 

Securitized debt obligations

 

 

16,507

 

 

958

 

5.80

 

 

 

17,675

 

 

959

 

5.42

 

Senior and subordinated notes

 

 

31,529

 

 

2,333

 

7.40

 

 

 

31,109

 

 

2,204

 

7.08

 

Other borrowings and liabilities(2)

 

 

2,424

 

 

42

 

1.71

 

 

 

2,394

 

 

45

 

1.89

 

Total interest-bearing liabilities

 

$

374,757

 

$

14,826

 

3.96

 

 

$

364,915

 

$

12,697

 

3.48

 

Net interest income/spread

 

 

 

$

31,208

 

6.20

 

 

 

 

$

29,241

 

6.03

 

Impact of non-interest-bearing funding

 

 

 

 

 

0.68

 

 

 

 

 

 

0.60

 

Net interest margin

 

 

 

 

 

6.88

%

 

 

 

 

 

6.63

%

   

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 7: Loan Information and Performance Statistics

   

 

 

 

 

 

 

 

 

 

 

 

 

2024 Q4

 

Year Ended December 31,

 

 

2024

 

2024

 

2024

 

2024

 

2023

 

2024

 

2023

 

2024

 

2023

 

2024 vs.
2023

(Dollars in millions, except as noted)

 

Q4

 

Q3

 

Q2

 

Q1

 

Q4

 

Q3

 

Q4

Loans Held for Investment (Period-End)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit card:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic credit card

 

$

155,618

 

$

149,400

 

$

147,065

 

$

143,861

 

$

147,666

 

4

%

 

5

%

 

$

155,618

 

$

147,666

 

5

%

International card businesses

 

 

6,890

 

 

7,251

 

 

6,830

 

 

6,733

 

 

6,881

 

(5

)

 

 

 

 

6,890

 

 

6,881

 

 

Total credit card

 

 

162,508

 

 

156,651

 

 

153,895

 

 

150,594

 

 

154,547

 

4

 

 

5

 

 

 

162,508

 

 

154,547

 

5

 

Consumer banking:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Auto

 

 

76,829

 

 

75,505

 

 

74,385

 

 

73,801

 

 

74,075

 

2

 

 

4

 

 

 

76,829

 

 

74,075

 

4

 

Retail banking

 

 

1,263

 

 

1,253

 

 

1,278

 

 

1,298

 

 

1,362

 

1

 

 

(7

)

 

 

1,263

 

 

1,362

 

(7

)

Total consumer banking

 

 

78,092

 

 

76,758

 

 

75,663

 

 

75,099

 

 

75,437

 

2

 

 

4

 

 

 

78,092

 

 

75,437

 

4

 

Commercial banking:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial and multifamily real estate

 

 

31,903

 

 

32,199

 

 

32,832

 

 

34,272

 

 

34,446

 

(1

)

 

(7

)

 

 

31,903

 

 

34,446

 

(7

)

Commercial and industrial

 

 

55,272

 

 

54,635

 

 

55,796

 

 

55,189

 

 

56,042

 

1