Capital One Reports Third Quarter 2019 Net Income of $1.3 billion, or $2.69 per share

"Our marketing and technology investments are building our momentum and creating great value," said
Adjusting items in the third quarter of 2019, which are excluded from diluted earnings per share (EPS), efficiency ratio and operating efficiency ratio metrics (see Table 15 in our Financial Supplement for additional information):
Pre-Tax |
Diluted EPS |
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(Dollars in millions, except per share data) |
Impact |
Impact |
||||
U.K. Payment Protection Insurance customer refund reserve build ("U.K. PPI Reserve") |
$ |
212 |
$ |
0.45 |
||
Walmart launch and related integration expenses |
84 |
0.14 |
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Cybersecurity Incident expenses, net of insurance |
22 |
0.04 |
All comparisons below are for the third quarter of 2019 compared with the second quarter of 2019 unless otherwise noted.
Third Quarter 2019 Income Statement Summary:
- Total net revenue decreased 2 percent to
$7.0 billion . - Total non-interest expense increased 2 percent to
$3.9 billion : - 8 percent decrease in marketing.
(1) Amounts excluding adjusting items are non-GAAP measures that we believe 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 Table 15 in Exhibit 99.2 for a reconciliation of our selected reported results to these non-GAAP measures.
- 4 percent increase in operating expenses.
- Pre-provision earnings decreased 8 percent to
$3.1 billion (2). - Provision for credit losses increased 3 percent to
$1.4 billion : - Net charge-offs of
$1.5 billion . $79 million reserve release.- Net interest margin of 6.73 percent, decreased 7 basis points.
- Efficiency ratio of 55.64 percent.
- Efficiency ratio excluding adjusting items of 52.04 percent(1).
- Operating efficiency ratio of 48.44 percent.
- Operating efficiency ratio excluding adjusting items of 44.98 percent(1).
Third Quarter 2019 Balance Sheet Summary:
- Common equity Tier 1 capital ratio under Basel III Standardized Approach of 12.5 percent at
September 30, 2019 . - Period-end loans held for investment in the quarter increased
$4.9 billion , or 2 percent, to$249.4 billion . - Credit Card period-end loans increased
$1.5 billion , or 1 percent, to$113.7 billion . - Domestic Card period-end loans increased
$1.7 billion , or 2 percent, to$104.7 billion . - Consumer Banking period-end loans increased
$1.7 billion , or 3 percent, to$62.0 billion . - Auto period-end loans increased
$1.7 billion , or 3 percent, to$59.3 billion . - Commercial Banking period-end loans increased
$1.7 billion , or 2 percent, to$73.7 billion . - Average loans held for investment in the quarter increased
$3.5 billion , or 1 percent, to$246.1 billion . - Credit Card average loans increased
$1.6 billion , or 1 percent, to$112.4 billion . - Domestic Card average loans increased
$1.5 billion , or 1 percent, to$103.4 billion . - Consumer Banking average loans increased
$1.4 billion , or 2 percent, to$61.3 billion . - Auto average loans increased
$1.4 billion , or 3 percent, to$58.5 billion . - Commercial Banking average loans increased
$510 million , or 1 percent, to$72.5 billion . - Period-end total deposits increased
$2.6 billion , or 1 percent, to$257.1 billion , while average deposits increased$1.4 billion , or 1 percent, to$255.1 billion . - Interest-bearing deposits rate paid increased 4 basis points to 1.55 percent.
(1) Amounts excluding adjusting items are non-GAAP measures that we believe 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 Table 15 in Exhibit 99.2 for a reconciliation of our selected reported results to these non-GAAP measures.
(2) Pre-provision earnings is calculated based on the sum of net interest income and non-interest income, less non-interest expense for the period.
Earnings Conference Call Webcast Information
The company will hold an earnings conference call on October 24, 2019 at
Forward-Looking Statements
Certain statements in this release may constitute forward-looking statements, which involve a number of risks and uncertainties.
About
Exhibit 99.2 |
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Capital One Financial Corporation |
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Financial Supplement(1)(2) |
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Third Quarter 2019 |
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Table of Contents |
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Capital One Financial Corporation Consolidated Results |
Page |
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Table 1: |
Financial Summary—Consolidated |
1 |
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Table 2: |
Selected Metrics—Consolidated |
3 |
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Table 3: |
Consolidated Statements of Income |
4 |
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Table 4: |
Consolidated Balance Sheets |
6 |
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Table 5: |
Notes to Financial Summary, Selected Metrics and Consolidated Financial Statements (Tables 1—4) |
8 |
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Table 6: |
Average Balances, Net Interest Income and Net Interest Margin |
9 |
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Table 7: |
Loan Information and Performance Statistics |
10 |
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Table 8: |
Allowance for Loan and Lease Losses and Reserve for Unfunded Lending Commitments Activity |
12 |
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Business Segment Results |
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Table 9: |
Financial Summary—Business Segment Results |
13 |
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Table 10: |
Financial & Statistical Summary—Credit Card Business |
14 |
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Table 11: |
Financial & Statistical Summary—Consumer Banking Business |
16 |
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Table 12: |
Financial & Statistical Summary—Commercial Banking Business |
17 |
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Table 13: |
Financial & Statistical Summary—Other and Total |
18 |
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Other |
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Table 14: |
Notes to Loan, Allowance and Business Segment Disclosures (Tables 7—13) |
19 |
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Table 15: |
Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures |
20 |
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__________ |
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(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, 2019 once it is filed with the Securities and Exchange Commission. |
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(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. |
CAPITAL ONE FINANCIAL CORPORATION (COF) |
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Table 1: Financial Summary—Consolidated |
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2019 Q3 vs. |
Nine Months Ended September 30, |
||||||||||||||||||||||||||||||||||||
(Dollars in millions, except per share data and as noted) |
2019 |
2019 |
2019 |
2018 |
2018 |
2019 |
2018 |
2019 vs. |
|||||||||||||||||||||||||||||
Q3 |
Q2 |
Q1 |
Q4 |
Q3 |
Q2 |
Q3 |
2019 |
2018 |
2018 |
||||||||||||||||||||||||||||
Income Statement |
|||||||||||||||||||||||||||||||||||||
Net interest income |
$ |
5,737 |
$ |
5,746 |
$ |
5,791 |
$ |
5,820 |
$ |
5,786 |
— |
(1) |
% |
$ |
17,274 |
$ |
17,055 |
1 |
% |
||||||||||||||||||
Non-interest income |
1,222 |
1,378 |
1,292 |
1,193 |
1,176 |
(11) |
% |
4 |
3,892 |
4,008 |
(3) |
||||||||||||||||||||||||||
Total net revenue(1) |
6,959 |
7,124 |
7,083 |
7,013 |
6,962 |
(2) |
— |
21,166 |
21,063 |
— |
|||||||||||||||||||||||||||
Provision for credit losses |
1,383 |
1,342 |
1,693 |
1,638 |
1,268 |
3 |
9 |
4,418 |
4,218 |
5 |
|||||||||||||||||||||||||||
Non-interest expense: |
|||||||||||||||||||||||||||||||||||||
Marketing |
501 |
546 |
517 |
831 |
504 |
(8) |
(1) |
1,564 |
1,343 |
16 |
|||||||||||||||||||||||||||
Operating expense |
3,371 |
3,233 |
3,154 |
3,301 |
3,269 |
4 |
3 |
9,758 |
9,427 |
4 |
|||||||||||||||||||||||||||
Total non-interest expense |
3,872 |
3,779 |
3,671 |
4,132 |
3,773 |
2 |
3 |
11,322 |
10,770 |
5 |
|||||||||||||||||||||||||||
Income from continuing operations before income taxes |
1,704 |
2,003 |
1,719 |
1,243 |
1,921 |
(15) |
(11) |
5,426 |
6,075 |
(11) |
|||||||||||||||||||||||||||
Income tax provision (benefit) |
375 |
387 |
309 |
(21) |
420 |
(3) |
(11) |
1,071 |
1,314 |
(18) |
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Income from continuing operations, net of tax |
1,329 |
1,616 |
1,410 |
1,264 |
1,501 |
(18) |
(11) |
4,355 |
4,761 |
(9) |
|||||||||||||||||||||||||||
Income (loss) from discontinued operations, net of tax |
4 |
9 |
2 |
(3) |
1 |
(56) |
** |
15 |
(7) |
** |
|||||||||||||||||||||||||||
Net income |
1,333 |
1,625 |
1,412 |
1,261 |
1,502 |
(18) |
(11) |
4,370 |
4,754 |
(8) |
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Dividends and undistributed earnings allocated to participating securities(2) |
(10) |
(12) |
(12) |
(9) |
(9) |
(17) |
11 |
(34) |
(32) |
6 |
|||||||||||||||||||||||||||
Preferred stock dividends |
(53) |
(80) |
(52) |
(80) |
(53) |
(34) |
— |
(185) |
(185) |
— |
|||||||||||||||||||||||||||
Net income available to common stockholders |
$ |
1,270 |
$ |
1,533 |
$ |
1,348 |
$ |
1,172 |
$ |
1,440 |
(17) |
(12) |
$ |
4,151 |
$ |
4,537 |
(9) |
||||||||||||||||||||
Common Share Statistics |
|||||||||||||||||||||||||||||||||||||
Basic earnings per common share:(2) |
|||||||||||||||||||||||||||||||||||||
Net income from continuing operations |
$ |
2.70 |
$ |
3.24 |
$ |
2.87 |
$ |
2.50 |
$ |
3.01 |
(17) |
% |
(10) |
% |
$ |
8.80 |
$ |
9.40 |
(6) |
% |
|||||||||||||||||
Income (loss) from discontinued operations |
0.01 |
0.02 |
— |
(0.01) |
— |
(50) |
** |
0.03 |
(0.01) |
** |
|||||||||||||||||||||||||||
Net income per basic common share |
$ |
2.71 |
$ |
3.26 |
$ |
2.87 |
$ |
2.49 |
$ |
3.01 |
(17) |
(10) |
$ |
8.83 |
$ |
9.39 |
(6) |
||||||||||||||||||||
Diluted earnings per common share:(2) |
|||||||||||||||||||||||||||||||||||||
Net income from continuing operations |
$ |
2.68 |
$ |
3.22 |
$ |
2.86 |
$ |
2.49 |
$ |
2.99 |
(17) |
(10) |
$ |
8.76 |
$ |
9.33 |
(6) |
||||||||||||||||||||
Income (loss) from discontinued operations |
0.01 |
0.02 |
— |
(0.01) |
— |
(50) |
** |
0.03 |
(0.01) |
** |
|||||||||||||||||||||||||||
Net income per diluted common share |
$ |
2.69 |
$ |
3.24 |
$ |
2.86 |
$ |
2.48 |
$ |
2.99 |
(17) |
(10) |
$ |
8.79 |
$ |
9.32 |
(6) |
||||||||||||||||||||
Weighted-average common shares outstanding (in millions): |
|||||||||||||||||||||||||||||||||||||
Basic |
469.5 |
470.8 |
469.4 |
470.0 |
477.8 |
— |
(2) |
469.9 |
483.2 |
(3) |
|||||||||||||||||||||||||||
Diluted |
471.8 |
473.0 |
471.6 |
472.7 |
480.9 |
— |
(2) |
472.1 |
486.7 |
(3) |
|||||||||||||||||||||||||||
Common shares outstanding (period-end, in millions) |
465.7 |
470.3 |
469.6 |
467.7 |
473.7 |
(1) |
(2) |
465.7 |
473.7 |
(2) |
|||||||||||||||||||||||||||
Dividends declared and paid per common share |
$ |
0.40 |
$ |
0.40 |
$ |
0.40 |
$ |
0.40 |
$ |
0.40 |
— |
— |
$ |
1.20 |
$ |
1.20 |
— |
||||||||||||||||||||
Tangible book value per common share (period-end)(3) |
80.46 |
77.65 |
72.86 |
69.20 |
66.15 |
4 |
22 |
80.46 |
66.15 |
22 |
|||||||||||||||||||||||||||
2019 Q3 vs. |
Nine Months Ended September 30, |
||||||||||||||||||||||||||||||||||||
(Dollars in millions) |
2019 |
2019 |
2019 |
2018 |
2018 |
2019 |
2018 |
2019 vs. |
|||||||||||||||||||||||||||||
Q3 |
Q2 |
Q1 |
Q4 |
Q3 |
Q2 |
Q3 |
2019 |
2018 |
2018 |
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Balance Sheet (Period-End) |
|||||||||||||||||||||||||||||||||||||
Loans held for investment |
$ |
249,355 |
$ |
244,460 |
$ |
240,273 |
$ |
245,899 |
$ |
238,761 |
2 |
% |
4 |
% |
$ |
249,355 |
$ |
238,761 |
4 |
% |
|||||||||||||||||
Interest-earning assets |
344,643 |
339,160 |
340,071 |
341,293 |
331,293 |
2 |
4 |
344,643 |
331,293 |
4 |
|||||||||||||||||||||||||||
Total assets |
378,810 |
373,619 |
373,191 |
372,538 |
362,909 |
1 |
4 |
378,810 |
362,909 |
4 |
|||||||||||||||||||||||||||
Interest-bearing deposits |
234,084 |
231,161 |
230,199 |
226,281 |
222,356 |
1 |
5 |
234,084 |
222,356 |
5 |
|||||||||||||||||||||||||||
Total deposits |
257,148 |
254,535 |
255,107 |
249,764 |
247,195 |
1 |
4 |
257,148 |
247,195 |
4 |
|||||||||||||||||||||||||||
Borrowings |
50,149 |
49,233 |
50,358 |
58,905 |
52,205 |
2 |
(4) |
50,149 |
52,205 |
(4) |
|||||||||||||||||||||||||||
Common equity |
52,412 |
51,406 |
49,120 |
47,307 |
46,277 |
2 |
13 |
52,412 |
46,277 |
13 |
|||||||||||||||||||||||||||
Total stockholders' equity |
58,235 |
55,767 |
53,481 |
51,668 |
50,638 |
4 |
15 |
58,235 |
50,638 |
15 |
|||||||||||||||||||||||||||
Balance Sheet (Average Balances) |
|||||||||||||||||||||||||||||||||||||
Loans held for investment |
$ |
246,147 |
$ |
242,653 |
$ |
241,959 |
$ |
241,371 |
$ |
236,766 |
1 |
% |
4 |
% |
$ |
243,602 |
$ |
242,369 |
1 |
% |
|||||||||||||||||
Interest-earning assets |
340,949 |
338,026 |
337,793 |
334,714 |
330,272 |
1 |
3 |
338,936 |
331,318 |
2 |
|||||||||||||||||||||||||||
Total assets |
374,905 |
371,095 |
370,394 |
365,243 |
360,937 |
1 |
4 |
372,148 |
362,293 |
3 |
|||||||||||||||||||||||||||
Interest-bearing deposits |
232,063 |
230,452 |
227,572 |
222,827 |
221,431 |
1 |
5 |
230,045 |
221,400 |
4 |
|||||||||||||||||||||||||||
Total deposits |
255,082 |
253,634 |
251,410 |
247,663 |
246,720 |
1 |
3 |
253,389 |
246,932 |
3 |
|||||||||||||||||||||||||||
Borrowings |
49,413 |
49,982 |
53,055 |
53,994 |
51,684 |
(1) |
(4) |
50,804 |
52,858 |
(4) |
|||||||||||||||||||||||||||
Common equity |
52,566 |
50,209 |
48,359 |
46,753 |
46,407 |
5 |
13 |
50,393 |
45,521 |
11 |
|||||||||||||||||||||||||||
Total stockholders' equity |
57,245 |
54,570 |
52,720 |
51,114 |
50,768 |
5 |
13 |
54,861 |
49,882 |
10 |
CAPITAL ONE FINANCIAL CORPORATION (COF) |
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Table 2: Selected Metrics—Consolidated |
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2019 Q3 vs. |
Nine Months Ended September 30, |
||||||||||||||||||||||||||||||||||||
(Dollars in millions, except as noted) |
2019 |
2019 |
2019 |
2018 |
2018 |
2019 |
2018 |
2019 vs. |
|||||||||||||||||||||||||||||
Q3 |
Q2 |
Q1 |
Q4 |
Q3 |
Q2 |
Q3 |
2019 |
2018 |
2018 |
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Performance Metrics |
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Net interest income growth (period over period) |
— |
(1) |
% |
— |
1 |
% |
4 |
% |
** |
** |
1 |
% |
2 |
% |
** |
||||||||||||||||||||||
Non-interest income growth (period over period) |
(11) |
% |
7 |
8 |
% |
1 |
(28) |
** |
** |
(3) |
12 |
** |
|||||||||||||||||||||||||
Total net revenue growth (period over period) |
(2) |
1 |
1 |
1 |
(3) |
** |
** |
— |
4 |
** |
|||||||||||||||||||||||||||
Total net revenue margin(4) |
8.16 |
8.43 |
8.39 |
8.38 |
8.43 |
(27) |
bps |
(27) |
bps |
8.33 |
8.48 |
(15) |
bps |
||||||||||||||||||||||||
Net interest margin(5) |
6.73 |
6.80 |
6.86 |
6.96 |
7.01 |
(7) |
(28) |
6.80 |
6.86 |
(6) |
|||||||||||||||||||||||||||
Return on average assets |
1.42 |
1.74 |
1.52 |
1.38 |
1.66 |
(32) |
(24) |
1.56 |
1.75 |
(19) |
|||||||||||||||||||||||||||
Return on average tangible assets(6) |
1.48 |
1.82 |
1.59 |
1.44 |
1.74 |
(34) |
(26) |
1.63 |
1.83 |
(20) |
|||||||||||||||||||||||||||
Return on average common equity(7) |
9.63 |
12.14 |
11.13 |
10.05 |
12.40 |
(251) |
(277) |
10.94 |
13.31 |
(237) |
|||||||||||||||||||||||||||
Return on average tangible common equity(8) |
13.45 |
17.26 |
16.11 |
14.78 |
18.32 |
(381) |
(487) |
15.54 |
19.88 |
(434) |
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Non-interest expense as a percentage of average loans held for investment |
6.29 |
6.23 |
6.07 |
6.85 |
6.37 |
6 |
(8) |
6.20 |
5.92 |
28 |
|||||||||||||||||||||||||||
Efficiency ratio(9) |
55.64 |
53.05 |
51.83 |
58.92 |
54.19 |
259 |
145 |
53.49 |
51.13 |
236 |
|||||||||||||||||||||||||||
Operating efficiency ratio(10) |
48.44 |
45.38 |
44.53 |
47.07 |
46.95 |
306 |
149 |
46.10 |
44.76 |
134 |
|||||||||||||||||||||||||||
Effective income tax rate for continuing operations |
22.0 |
19.3 |
18.0 |
(1.7) |
21.9 |
270 |
10 |
19.7 |
21.6 |
(190) |
|||||||||||||||||||||||||||
Employees (period-end, in thousands) |
52.1 |
50.7 |
48.8 |
47.6 |
47.6 |
3 |
% |
9 |
% |
52.1 |
47.6 |
9 |
% |
||||||||||||||||||||||||
Credit Quality Metrics |
|||||||||||||||||||||||||||||||||||||
Allowance for loan and lease losses |
$ |
7,037 |
$ |
7,133 |
$ |
7,313 |
$ |
7,220 |
$ |
7,219 |
(1) |
% |
(3) |
% |
$ |
7,037 |
$ |
7,219 |
(3) |
% |
|||||||||||||||||
Allowance as a percentage of loans held for investment |
2.82 |
% |
2.92 |
% |
3.04 |
% |
2.94 |
% |
3.02 |
% |
(10) |
bps |
(20) |
bps |
2.82 |
% |
3.02 |
% |
(20) |
bps |
|||||||||||||||||
Net charge-offs |
$ |
1,462 |
$ |
1,508 |
$ |
1,599 |
$ |
1,610 |
$ |
1,425 |
(3) |
% |
3 |
% |
$ |
4,569 |
$ |
4,502 |
1 |
% |
|||||||||||||||||
Net charge-off rate(11) |
2.38 |
% |
2.48 |
% |
2.64 |
% |
2.67 |
% |
2.41 |
% |
(10) |
bps |
(3) |
bps |
2.50 |
% |
2.48 |
% |
2 |
bps |
|||||||||||||||||
30+ day performing delinquency rate |
3.28 |
3.15 |
3.23 |
3.62 |
3.28 |
13 |
— |
3.28 |
3.28 |
— |
|||||||||||||||||||||||||||
30+ day delinquency rate |
3.51 |
3.35 |
3.40 |
3.84 |
3.48 |
16 |
3 |
3.51 |
3.48 |
3 |
|||||||||||||||||||||||||||
Capital Ratios(12) |
|||||||||||||||||||||||||||||||||||||
Common equity Tier 1 capital |
12.5 |
% |
12.3 |
% |
11.9 |
% |
11.2 |
% |
11.2 |
% |
20 |
bps |
130 |
bps |
12.5 |
% |
11.2 |
% |
130 |
bps |
|||||||||||||||||
Tier 1 capital |
14.4 |
13.8 |
13.4 |
12.7 |
12.8 |
60 |
160 |
14.4 |
12.8 |
160 |
|||||||||||||||||||||||||||
Total capital |
16.8 |
16.2 |
15.8 |
15.1 |
15.2 |
60 |
160 |
16.8 |
15.2 |
160 |
|||||||||||||||||||||||||||
Tier 1 leverage |
11.9 |
11.4 |
11.0 |
10.7 |
10.6 |
50 |
130 |
11.9 |
10.6 |
130 |
|||||||||||||||||||||||||||
Tangible common equity ("TCE")(13) |
10.3 |
10.2 |
9.6 |
9.1 |
9.0 |
10 |
130 |
10.3 |
9.0 |
130 |
CAPITAL ONE FINANCIAL CORPORATION (COF) |
|||||||||||||||||||||||||||||||||||||
Table 3: Consolidated Statements of Income |
|||||||||||||||||||||||||||||||||||||
2019 Q3 vs. |
Nine Months Ended September 30, |
||||||||||||||||||||||||||||||||||||
2019 |
2019 |
2019 |
2018 |
2018 |
2019 |
2018 |
2019 vs. |
||||||||||||||||||||||||||||||
(Dollars in millions, except per share data and as noted) |
Q3 |
Q2 |
Q1 |
Q4 |
Q3 |
Q2 |
Q3 |
2019 |
2018 |
2018 |
|||||||||||||||||||||||||||
Interest income: |
|||||||||||||||||||||||||||||||||||||
Loans, including loans held for sale |
$ |
6,429 |
$ |
6,383 |
$ |
6,368 |
$ |
6,358 |
$ |
6,247 |
1 |
% |
3 |
% |
$ |
19,180 |
$ |
18,370 |
4 |
% |
|||||||||||||||||
Investment securities |
583 |
629 |
655 |
627 |
593 |
(7) |
(2) |
1,867 |
1,584 |
18 |
|||||||||||||||||||||||||||
Other |
63 |
64 |
69 |
63 |
55 |
(2) |
15 |
196 |
174 |
13 |
|||||||||||||||||||||||||||
Total interest income |
7,075 |
7,076 |
7,092 |
7,048 |
6,895 |
— |
3 |
21,243 |
20,128 |
6 |
|||||||||||||||||||||||||||
Interest expense: |
|||||||||||||||||||||||||||||||||||||
Deposits |
901 |
870 |
817 |
756 |
681 |
4 |
32 |
2,588 |
1,842 |
40 |
|||||||||||||||||||||||||||
Securitized debt obligations |
123 |
139 |
143 |
138 |
127 |
(12) |
(3) |
405 |
358 |
13 |
|||||||||||||||||||||||||||
Senior and subordinated notes |
299 |
310 |
314 |
297 |
288 |
(4) |
4 |
923 |
828 |
11 |
|||||||||||||||||||||||||||
Other borrowings |
15 |
11 |
27 |
37 |
13 |
36 |
15 |
53 |
45 |
18 |
|||||||||||||||||||||||||||
Total interest expense |
1,338 |
1,330 |
1,301 |
1,228 |
1,109 |
1 |
21 |
3,969 |
3,073 |
29 |
|||||||||||||||||||||||||||
Net interest income |
5,737 |
5,746 |
5,791 |
5,820 |
5,786 |
— |
(1) |
17,274 |
17,055 |
1 |
|||||||||||||||||||||||||||
Provision for credit losses |
1,383 |
1,342 |
1,693 |
1,638 |
1,268 |
3 |
9 |
4,418 |
4,218 |
5 |
|||||||||||||||||||||||||||
Net interest income after provision for credit losses |
4,354 |
4,404 |
4,098 |
4,182 |
4,518 |
(1) |
(4) |
12,856 |
12,837 |
— |
|||||||||||||||||||||||||||
Non-interest income: |
|||||||||||||||||||||||||||||||||||||
Interchange fees, net |
790 |
820 |
758 |
743 |
714 |
(4) |
11 |
2,368 |
2,080 |
14 |
|||||||||||||||||||||||||||
Service charges and other customer-related fees |
283 |
352 |
353 |
352 |
410 |
(20) |
(31) |
988 |
1,233 |
(20) |
|||||||||||||||||||||||||||
Net securities gains (losses) |
5 |
15 |
24 |
(20) |
(196) |
(67) |
** |
44 |
(189) |
** |
|||||||||||||||||||||||||||
Other |
144 |
191 |
157 |
118 |
248 |
(25) |
(42) |
492 |
884 |
(44) |
|||||||||||||||||||||||||||
Total non-interest income |
1,222 |
1,378 |
1,292 |
1,193 |
1,176 |
(11) |
4 |
3,892 |
4,008 |
(3) |
|||||||||||||||||||||||||||
Non-interest expense: |
|||||||||||||||||||||||||||||||||||||
Salaries and associate benefits |
1,605 |
1,558 |
1,573 |
1,345 |
1,432 |
3 |
12 |
4,736 |
4,382 |
8 |
|||||||||||||||||||||||||||
Occupancy and equipment |
519 |
521 |
493 |
610 |
515 |
— |
1 |
1,533 |
1,508 |
2 |
|||||||||||||||||||||||||||
Marketing |
501 |
546 |
517 |
831 |
504 |
(8) |
(1) |
1,564 |
1,343 |
16 |
|||||||||||||||||||||||||||
Professional services |
314 |
314 |
291 |
426 |
275 |
— |
14 |
919 |
719 |
28 |
|||||||||||||||||||||||||||
Communications and data processing |
312 |
329 |
303 |
326 |
311 |
(5) |
— |
944 |
934 |
1 |
|||||||||||||||||||||||||||
Amortization of intangibles |
25 |
29 |
30 |
43 |
44 |
(14) |
(43) |
84 |
131 |
(36) |
|||||||||||||||||||||||||||
Other(14) |
596 |
482 |
464 |
551 |
692 |
24 |
(14) |
1,542 |
1,753 |
(12) |
|||||||||||||||||||||||||||
Total non-interest expense |
3,872 |
3,779 |
3,671 |
4,132 |
3,773 |
2 |
3 |
11,322 |
10,770 |
5 |
|||||||||||||||||||||||||||
Income from continuing operations before income taxes |
1,704 |
2,003 |
1,719 |
1,243 |
1,921 |
(15) |
(11) |
5,426 |
6,075 |
(11) |
|||||||||||||||||||||||||||
Income tax provision (benefit) |
375 |
387 |
309 |
(21) |
420 |
(3) |
(11) |
1,071 |
1,314 |
(18) |
|||||||||||||||||||||||||||
Income from continuing operations, net of tax |
1,329 |
1,616 |
1,410 |
1,264 |
1,501 |
(18) |
(11) |
4,355 |
4,761 |
(9) |
|||||||||||||||||||||||||||
Income (loss) from discontinued operations, net of tax |
4 |
9 |
2 |
(3) |
1 |
(56) |
** |
15 |
(7) |
** |
|||||||||||||||||||||||||||
Net income |
1,333 |
1,625 |
1,412 |
1,261 |
1,502 |
(18) |
(11) |
4,370 |
4,754 |