Capital One Reports First Quarter 2024 Net Income of $1.3 billion, or $3.13 per share

Net of adjusting items, First Quarter 2024 Net Income of $3.21 per share(1)

MCLEAN, Va., April 25, 2024 /PRNewswire/ -- Capital One Financial Corporation (NYSE: COF) today announced net income for the first quarter of 2024 of $1.3 billion, or $3.13 per diluted common share, compared with net income of $706 million, or $1.67 per diluted common share in the fourth quarter of 2023, and with net income of $960 million, or $2.31 per diluted common share in the first quarter of 2023. Adjusted net income(1) for the first quarter of 2024 was $3.21 per diluted common share.

Capital One Financial

"First quarter results continue to show top-line growth, stabilizing consumer credit, and balance sheet strength," said Richard Fairbank, Founder, Chairman, and Chief Executive Officer  "And in the quarter, we announced our definitive agreement to acquire Discover. The acquisition of Discover is a singular opportunity that creates a consumer banking and global payments platform with the capabilities, technology, brands, and customer franchise to create significant value for merchants, consumers, small businesses and shareholders."

The quarter included the following adjusting item:

(Dollars in millions, except per share data)

Pre-Tax

Impact

After-Tax
Diluted EPS

Impact



FDIC special assessment

$                   42

$                          0.08


All comparisons below are for the first quarter of 2024 compared with the fourth quarter of 2023 unless otherwise noted.

First Quarter 2024 Income Statement Summary:

  • Total net revenue decreased 1 percent to $9.4 billion.
  • Total non-interest expense decreased 10 percent to $5.1 billion:
    • 19 percent decrease in marketing.
    • 8 percent decrease in operating expenses.
  • Pre-provision earnings(2) increased 13 percent to $4.3 billion.
  • Provision for credit losses decreased $174 million to $2.7 billion:
    • Net charge-offs of $2.6 billion.
    • $91 million loan reserve build.
  • Net interest margin of 6.69 percent, a decrease of 4 basis points.
  • Efficiency ratio of 54.64 percent.
    • Adjusted efficiency ratio(1) of 54.19 percent.
  • Operating efficiency ratio of 43.89 percent.
    • Adjusted operating efficiency ratio(1) of 43.45 percent.

First Quarter 2024 Balance Sheet Summary:

  • Common equity Tier 1 capital ratio(3) under Basel III Standardized Approach of 13.1 percent at March 31, 2024.
  • Period-end loans held for investment in the quarter decreased $5.3 billion, or 2 percent, to $315.2 billion.
    • Credit Card period-end loans decreased $4.0 billion, or 3 percent, to $150.6 billion.
      • Domestic Card period-end loans decreased $3.8 billion, or 3 percent, to $143.9 billion.
    • Consumer Banking period-end loans decreased $338 million, or less than 1 percent, to $75.1 billion.
      • Auto period-end loans decreased $274 million, or less than 1 percent, to $73.8 billion.
    • Commercial Banking period-end loans decreased $1.0 billion, or 1 percent, to $89.5 billion.
  • Average loans held for investment in the quarter decreased $1.3 billion, or less than 1 percent, to $314.6 billion.
    • Credit Card average loans increased $1.0 billion, or 1 percent, to $149.6 billion.
      • Domestic Card average loans increased $775 million, or 1 percent, to $142.9 billion.
    • Consumer Banking average loans decreased $1.1 billion, or 2 percent, to $75.1 billion.
      • Auto average loans decreased $1.1 billion, or 1 percent, to $73.8 billion.
    • Commercial Banking average loans decreased $1.1 billion, or 1 percent, to $89.9 billion.
  • Period-end total deposits increased $2.6 billion, or 1 percent, to $351.0 billion, while average deposits increased $329 million, or less than 1 percent, to $345.7 billion.
  • Interest-bearing deposits rate paid increased 6 basis points to 3.53 percent.


(1)

This is a non-GAAP measure. We believe non-GAAP measures help investors and users of our financial information understand the effect of adjusting items on our selected reported results and provide alternate measurements of our performance, both in the current period and across periods. See our Financial Supplement, filed as Exhibit 99.2 to our Current Report on From 8-K on April 25, 2024 with the SEC, "Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures" for a reconciliation and additional information on non-GAAP measures.

(2)

Pre-provision earnings is a non-GAAP metric calculated based on total net revenue less non-interest expense for the period. Management believes that this financial metric is useful in assessing the ability of a lending institution to generate income in excess of its provision for credit losses. See our Financial Supplement, filed as Exhibit 99.2 to our Current Report on From 8-K on April 25, 2024 with the SEC, "Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures" for a reconciliation and additional information on non-GAAP measures.

(3)

Regulatory capital metrics as of March 31, 2024 are preliminary and therefore subject to change.



 

Earnings Conference Call Webcast Information

The company will hold an earnings conference call on April 25, 2024 at 5:00 PM Eastern Time. The conference call will be accessible through live webcast. Interested investors and other individuals can access the webcast via the company's home page (www.capitalone.com). Under "About," choose "Investors" to access the Investor Center and view and/or download the earnings press release, the financial supplement, including a reconciliation of non-GAAP financial measures, and the earnings release presentation. The replay of the webcast will be archived on the company's website through May 9, 2024 at 5:00 PM Eastern Time.

Forward-Looking Statements

Certain statements in this release may constitute forward-looking statements, which involve a number of risks and uncertainties. Forward-looking statements often use words such as "will," "anticipate," "target," "expect," "think," "estimate," "intend," "plan," "goal," "believe," "forecast," "outlook" or other words of similar meaning. Any forward-looking statements made by Capital One or on its behalf speak only as of the date they are made or as of the date indicated, and Capital One does not undertake any obligation to update forward-looking statements as a result of new information, future events or otherwise. Capital One cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information due to a number of factors. For additional information on factors that could materially influence forward-looking statements included in this earnings press release, see the risk factors set forth under "Part I—Item 1A. Risk Factors" in the Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (the "SEC") and Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC.

About Capital One

Capital One Financial Corporation (www.capitalone.com) is a financial holding company which, along with its subsidiaries, had $351.0 billion in deposits and $481.7 billion in total assets as of March 31, 2024. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches and Cafés located primarily in New York, Louisiana, Texas, Maryland, Virginia and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 100 index.

Exhibit 99.2

Capital One Financial Corporation

Financial Supplement(1)(2)

First Quarter 2024

Table of Contents

 


Capital One Financial Corporation Consolidated Results

Page




Table 1:

Financial Summary—Consolidated

1






Table 2:

Selected Metrics—Consolidated

3






Table 3:

Consolidated Statements of Income

4






Table 4:

Consolidated Balance Sheets

6






Table 5:

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

8






Table 6:

Average Balances, Net Interest Income and Net Interest Margin

9






Table 7:

Loan Information and Performance Statistics

10






Table 8:

Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity

12





Business Segment Results





Table 9:

Financial Summary—Business Segment Results

13






Table 10:

Financial & Statistical Summary—Credit Card Business

14






Table 11:

Financial & Statistical Summary—Consumer Banking Business

16






Table 12:

Financial & Statistical Summary—Commercial Banking Business

17






Table 13:

Financial & Statistical Summary—Other and Total

18





Other





Table 14:

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

19






Table 15:

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

20

__________

(1)

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

(2)

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

 

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 1: Financial Summary—Consolidated      














2024 Q1

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


2024

Q1


2023

Q4


2023

Q3


2023

Q2


2023

Q1


2023

Q4


2023

Q1

Income Statement















Net interest income


$      7,488


$      7,519


$      7,423


$      7,113


$      7,186



4 %

Non-interest income


1,914


1,987


1,943


1,899


1,717


(4) %


11

Total net revenue(1)


9,402


9,506


9,366


9,012


8,903


(1)


6

Provision for credit losses


2,683


2,857


2,284


2,490


2,795


(6)


(4)

Non-interest expense:















Marketing


1,010


1,254


972


886


897


(19)


13

Operating expense


4,127


4,463


3,888


3,908


4,048


(8)


2

Total non-interest expense


5,137


5,717


4,860


4,794


4,945


(10)


4

Income from continuing operations before income taxes


1,582


932


2,222


1,728


1,163


70


36

Income tax provision


302


226


432


297


203


34


49

Net income


1,280


706


1,790


1,431


960


81


33

Dividends and undistributed earnings allocated to participating securities(2)


(23)


(10)


(28)


(23)


(16)


130


44

Preferred stock dividends


(57)


(57)


(57)


(57)


(57)



Net income available to common stockholders


$      1,200


$        639


$      1,705


$      1,351


$        887


88


35

Common Share Statistics















Basic earnings per common share:(2)















Net income per basic common share


$       3.14


$       1.67


$       4.46


$       3.53


$       2.32


88 %


35 %

Diluted earnings per common share:(2)















Net income per diluted common share


$       3.13


$       1.67


$       4.45


$       3.52


$       2.31


87 %


35 %

Weighted-average common shares outstanding (in millions):















Basic


382.2


381.9


382.5


382.8


382.6



Diluted


383.4


382.8


383.3


383.7


383.8



Common shares outstanding (period-end, in millions)


382.1


380.4


381.0


381.4


382.0



Dividends declared and paid per common share


$       0.60


$       0.60


$       0.60


$       0.60


$       0.60



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


98.67


99.78


87.97


90.07


90.86


(1) %


9 %




























2024 Q1

(Dollars in millions)


2024

Q1


2023

Q4


2023

Q3


2023

Q2


2023

Q1


2023

Q4


2023

Q1

Balance Sheet (Period-End)















Loans held for investment


$  315,154


$  320,472


$  314,780


$  311,323


$  308,836


(2) %


2 %

Interest-earning assets


453,557


449,701


445,428


441,250


445,166


1


2

Total assets


481,720


478,464


471,435


467,800


471,660


1


2

Interest-bearing deposits


323,352


320,389


317,217


314,393


318,641


1


1

Total deposits


350,969


348,413


346,011


343,705


349,827


1


Borrowings


50,361


49,856


49,247


50,258


48,777


1


3

Common equity


52,955


53,244


48,823


49,713


49,807


(1)


6

Total stockholders' equity


57,801


58,089


53,668


54,559


54,653



6

Balance Sheet (Average Balances)















Loans held for investment


$  314,614


$  315,890


$  312,759


$  309,655


$  307,756



2 %

Interest-earning assets


447,803


446,929


443,532


439,139


435,199



3

Total assets


474,995


472,594


469,860


466,652


462,324


1 %


3

Interest-bearing deposits


318,450


316,808


316,032


313,207


308,788


1


3

Total deposits


345,657


345,328


345,013


343,678


340,123



2

Borrowings


50,474


51,070


49,736


48,468


48,016


(1)


5

Common equity


53,152


50,786


50,166


50,511


49,927


5


6

Total stockholders' equity


57,998


55,632


55,012


55,357


54,773


4


6

 

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 2: Selected Metrics—Consolidated














2024 Q1

(Dollars in millions, except as noted)


2024

Q1


2023

Q4


2023

Q3


2023

Q2


2023

Q1


2023

Q4


2023

Q1

Performance Metrics















Net interest income growth (period over period)



1 %


4 %


(1) %



**


**

Non-interest income growth (period over period)


(4) %


2


2


11


(7) %


**


**

Total net revenue growth (period over period)


(1)


1


4


1


(2)


**


**

Total net revenue margin(4)


8.40


8.51


8.45


8.21


8.18


(11) bps


22 bps

Net interest margin(5)


6.69


6.73


6.69


6.48


6.60


(4)


9

Return on average assets


1.08


0.60


1.52


1.23


0.83


48


25

Return on average tangible assets(6)


1.11


0.62


1.58


1.27


0.86


49


25

Return on average common equity(7)


9.03


5.03


13.59


10.70


7.11


400


192

Return on average tangible common equity(8)


12.67


7.20


19.59


15.30


10.15


547


252

Efficiency ratio(9)


54.64


60.14


51.89


53.20


55.54


(550)


(90)

Operating efficiency ratio(10)


43.89


46.95


41.51


43.36


45.47


(306)


(158)

Effective income tax rate for continuing operations


19.1


24.2


19.4


17.2


17.5


(510)


160

Employees (period-end, in thousands)


51.3


52.0


54.2


55.6


56.1


(1) %


(9) %

Credit Quality Metrics















Allowance for credit losses


$  15,380


$  15,296


$  14,955


$  14,646


$  14,318


1 %


7 %

Allowance coverage ratio


4.88 %


4.77 %


4.75 %


4.70 %


4.64 %


11 bps


24 bps

Net charge-offs


$    2,616


$    2,533


$    1,999


$    2,185


$    1,697


3 %


54 %

Net charge-off rate(11)


3.33 %


3.21 %


2.56 %


2.82 %


2.21 %


12 bps


112 bps

30+ day performing delinquency rate


3.40


3.71


3.42


3.08


2.88


(31)


52

30+ day delinquency rate


3.67


3.99


3.71


3.36


3.09


(32)


58

Capital Ratios(12)















Common equity Tier 1 capital 


13.1 %


12.9 %


13.0 %


12.7 %


12.5 %


20 bps


60 bps

Tier 1 capital


14.4


14.2


14.3


14.0


13.9


20


50

Total capital


16.3


16.0


16.2


16.0


15.9


30


40

Tier 1 leverage


11.3


11.2


11.2


11.0


10.9


10


40

Tangible common equity ("TCE")(13)


8.1


8.2


7.3


7.6


7.6


(10)


50

 

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 3: Consolidated Statements of Income














2024 Q1

(Dollars in millions, except as noted)


2024

Q1


2023

Q4


2023

Q3


2023

Q2


2023

Q1


2023

Q4


2023

Q1

Interest income:















Loans, including loans held for sale


$      9,920


$      9,934


$      9,696


$      9,057


$      8,723



14 %

Investment securities


687


669


627


639


615


3 %


12

Other


570


542


550


470


416


5


37

Total interest income


11,177


11,145


10,873


10,166


9,754



15

Interest expense:















Deposits


2,812


2,745


2,611


2,277


1,856


2


52

Securitized debt obligations


261


263


249


236


211


(1)


24

Senior and subordinated notes


606


608


579


528


489



24

Other borrowings


10


10


11


12


12



(17)

Total interest expense


3,689


3,626


3,450


3,053


2,568


2


44

Net interest income


7,488


7,519


7,423


7,113


7,186



4

Provision for credit losses


2,683


2,857


2,284


2,490


2,795


(6)


(4)

Net interest income after provision for credit losses


4,805


4,662


5,139


4,623


4,391


3


9

Non-interest income:















Interchange fees, net


1,145


1,207


1,234


1,213


1,139


(5)


1

Service charges and other customer-related fees


462


424


453


411


379


9


22

Net securities gains (losses)



(34)





**


Other


307


390


256


275


199


(21)


54

Total non-interest income


1,914


1,987


1,943


1,899


1,717


(4)


11

Non-interest expense:















Salaries and associate benefits


2,478


2,284


2,274


2,317


2,427


8


2

Occupancy and equipment


554


628


518


506


508


(12)


9

Marketing


1,010


1,254


972


886


897


(19)


13

Professional services


262


359


295


290


324


(27)


(19)

Communications and data processing


351


345


344


344


350


2


Amortization of intangibles


19


22


24


22


14


(14)


36

Other


463


825


433


429


425


(44)


9

Total non-interest expense


5,137


5,717


4,860


4,794


4,945


(10)


4

Income from continuing operations before income taxes


1,582


932


2,222


1,728


1,163


70


36

Income tax provision


302


226


432


297


203


34


49

Net income


1,280


706


1,790


1,431


960


81


33

Dividends and undistributed earnings allocated to participating securities(2)


(23)


(10)


(28)


(23)


(16)


130


44

Preferred stock dividends


(57)


(57)


(57)


(57)


(57)



Net income available to common stockholders


$      1,200


$         639


$      1,705


$      1,351


$         887


88


35









































































2024 Q1



2024

Q1


2023

Q4


2023

Q3


2023

Q2


2023

Q1


2023

Q4


2023

Q1

Basic earnings per common share:(2)















Net income per basic common share


$        3.14


$        1.67


$        4.46


$        3.53


$        2.32


88 %


35 %

Diluted earnings per common share:(2)















Net income per diluted common share


$        3.13


$        1.67


$        4.45


$        3.52


$        2.31


87 %


35 %

Weighted-average common shares outstanding (in millions):















Basic common shares


382.2


381.9


382.5


382.8


382.6



Diluted common shares


383.4


382.8


383.3


383.7


383.8



 

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 4: Consolidated Balance Sheets














2024 Q1

(Dollars in millions)


2024

Q1


2023

Q4


2023

Q3


2023

Q2


2023

Q1


2023

Q4


2023

Q1

Assets:















Cash and cash equivalents:















Cash and due from banks


$     4,671


$     4,903


$     4,620


$     3,360


$     3,347


(5) %


40 %

Interest-bearing deposits and other short-term investments


46,357


38,394


40,249


38,236


43,166


21


7

Total cash and cash equivalents


51,028


43,297


44,869


41,596


46,513


18


10

Restricted cash for securitization investors


474


458


435


452


460


3


3

Securities available for sale


78,398


79,117


74,837


78,412


81,925


(1)


(4)

Loans held for investment:















Unsecuritized loans held for investment


285,577


289,229


284,953


280,933


280,093


(1)


2

Loans held in consolidated trusts


29,577


31,243


29,827


30,390


28,743


(5)


3

Total loans held for investment


315,154


320,472


314,780


311,323


308,836


(2)


2

Allowance for credit losses


(15,380)


(15,296)


(14,955)


(14,646)


(14,318)


1


7

Net loans held for investment


299,774


305,176


299,825


296,677


294,518


(2)


2

Loans held for sale


1,631


854


742


1,211


363


91


**

Premises and equipment, net


4,366


4,375


4,378


4,359


4,365



Interest receivable


2,514


2,478


2,469


2,297


2,250


1


12

Goodwill


15,062


15,065


15,048


15,060


14,779



2

Other assets


28,473


27,644


28,832


27,736


26,487


3


7

Total assets


$ 481,720


$ 478,464


$ 471,435


$ 467,800


$ 471,660


1


2




























2024 Q1

(Dollars in millions)


2024

Q1


2023

Q4


2023

Q3


2023

Q2


2023

Q1


2023

Q4


2023

Q1

Liabilities:















Interest payable


$        762


$        649


$        685


$        637


$        621


17 %


23 %

Deposits:















Non-interest-bearing deposits


27,617


28,024


28,794


29,312


31,186


(1)


(11)

Interest-bearing deposits


323,352


320,389


317,217


314,393


318,641


1


1

Total deposits


350,969


348,413


346,011


343,705


349,827


1


Securitized debt obligations


17,661


18,043


17,417


17,861


17,813


(2)


(1)

Other debt:















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


568


538


522


649


542


6


5

Senior and subordinated notes


32,108


31,248


31,283


31,627


30,398


3


6

Other borrowings


24


27


25


121


24


(11)


Total other debt


32,700


31,813


31,830


32,397


30,964


3


6

Other liabilities


21,827


21,457


21,824


18,641


17,782


2


23

Total liabilities


423,919


420,375


417,767


413,241


417,007


1


2
















Stockholders' equity:















Preferred stock


0


0


0


0


0



Common stock


7


7


7


7


7



Additional paid-in capital, net


35,808


35,541


35,334


35,163


34,952


1


2

Retained earnings


61,905


60,945


60,529


59,028


57,898


2


7

Accumulated other comprehensive loss


(9,534)


(8,268)


(12,224)


(9,818)


(8,540)


15


12

Treasury stock, at cost


(30,385)


(30,136)


(29,978)


(29,821)


(29,664)


1


2

Total stockholders' equity


57,801


58,089


53,668


54,559


54,653



6

Total liabilities and stockholders' equity


$ 481,720


$ 478,464


$ 471,435


$ 467,800


$ 471,660


1


2

 

CAPITAL ONE FINANCIAL CORPORATION (COF)

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



(1)

Total net revenue was reduced by $630 million in Q1 2024, $566 million in Q4 2023, $449 million in Q3 2023, $443 million in Q2 2023 and $405 million in Q1 2023 for credit card finance charges and fees charged-off as uncollectible.

(2)

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

(3)

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

(4)

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

(5)

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

(6)

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

(7)

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

(8)

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

(9)

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

(10)

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

(11)

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

(12)

Capital ratios as of the end of Q1 2024 are preliminary and therefore subject to change. See "Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures" for information on the calculation of each of these ratios.

(13)

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

**

Not meaningful.

 

CAPITAL ONE FINANCIAL CORPORATION (COF)

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




2024 Q1


2023 Q4


2023 Q1

(Dollars in millions, except as noted)


Average
Balance


Interest
Income/
Expense


Yield/Rate(1)


Average
Balance


Interest
Income/
Expense


Yield/Rate(1)


Average
Balance


Interest
Income/
Expense


Yield/Rate(1)

Interest-earning assets:



















Loans, including loans held for sale


$   315,563


$      9,920


12.57 %


$   316,670


$      9,934


12.55 %


$   308,115


$      8,723


11.32 %

Investment securities


88,581


687


3.10


88,650


669


3.02


89,960


615


2.73

Cash equivalents and other


43,659


570


5.21


41,609


542