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Capital One Reports Second Quarter 2019 Net Income of $1.6 billion, or $3.24 per share

July 18, 2019 4:06 PM

MCLEAN, Va., July 18, 2019 /PRNewswire/ -- Capital One Financial Corporation (NYSE: COF) today announced net income for the second quarter of 2019 of $1.6 billion, or $3.24 per diluted common share, compared with net income of $1.4 billion, or $2.86 per diluted common share in the first quarter of 2019, and with net income of $1.9 billion, or $3.71 per diluted common share in the second quarter of 2018. Excluding adjusting items, net income for the second quarter of 2019 was $3.37 per diluted common share(1).

"In the second quarter, Capital One continued to post solid results as we invest to grow and to drive our digital transformation," said Richard D. Fairbank, Founder, Chairman and Chief Executive Officer. "As the benefits from our digital transformation continue and increase, we are well positioned to succeed in a rapidly changing marketplace and create long-term shareholder value."

Adjusting items in the second quarter of 2019, which are excluded from diluted earning per sharing (EPS), efficiency ratio and operating efficiency ratio metrics (see Table 15 in our Financial Supplement for additional information):

Pre-Tax

Diluted EPS

(Dollars in millions, except per share data)

Impact

Impact

Walmart launch and related integration expenses

$

(54)

$

(0.09)

Restructuring charges

(28)

(0.04)

The quarter included one notable item:

Pre-Tax

Diluted EPS

(Dollars in millions, except per share data)

Impact

Impact

Sale of partnership receivables

$ 128

$ 0.21

(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.

All comparisons below are for the second quarter of 2019 compared with the first quarter of 2019 unless otherwise noted.

Second Quarter 2019 Income Statement Summary:

  • Total net revenue increased 1 percent to $7.1 billion.
  • Total non-interest expense increased 3 percent to $3.8 billion:
    • 6 percent increase in marketing.
    • 3 percent increase in operating expenses.
  • Pre-provision earnings decreased 2 percent to $3.3 billion(2).
  • Provision for credit losses decreased 21 percent to $1.3 billion:
    • Net charge-offs of $1.5 billion.
    • $166 million reserve release.
  • Net interest margin of 6.80 percent, decreased 6 basis points.
  • Efficiency ratio of 53.05 percent.
    • Efficiency ratio excluding adjusting items of 51.90 percent(1).
  • Operating efficiency ratio of 45.38 percent.
    • Operating efficiency ratio excluding adjusting items of 44.24 percent(1).

Second Quarter 2019 Balance Sheet Summary:

  • Common equity Tier 1 capital ratio under Basel III Standardized Approach of 12.3 percent at June 30, 2019.
  • Period-end loans held for investment in the quarter increased $4.2 billion, or 2 percent, to $244.5 billion.
    • Credit Card period-end loans increased $2.3 billion, or 2 percent, to $112.1 billion.
      • Domestic Card period-end loans increased $1.9 billion, or 2 percent, to $103.0 billion.
    • Consumer Banking period-end loans increased $1.1 billion, or 2 percent, to $60.3 billion.
      • Auto period-end loans increased $1.1 billion, or 2 percent, to $57.6 billion.
    • Commercial Banking period-end loans increased $803 million, or 1 percent, to $72.0 billion.
  • Average loans held for investment in the quarter increased $694 million, or less than 1 percent, to $242.7 billion.
    • Credit Card average loans decreased $658 million, or 1 percent, to $110.8 billion.
      • Domestic Card average loans decreased $737 million, or 1 percent, to $101.9 billion.
    • Consumer Banking average loans increased $793 million, or 1 percent, to $59.9 billion.
      • Auto average loans increased $836 million, or 1 percent, to $57.1 billion.
    • Commercial Banking average loans increased $559 million, or 1 percent, to $72.0 billion.
  • Period-end total deposits decreased $572 million, or less than 1 percent, to $254.5 billion, while average deposits increased $2.2 billion, or 1 percent, to $253.6 billion.
  • Interest-bearing deposits rate paid increased 7 basis points to 1.51 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 July 18, 2019 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 August 1, 2019 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. 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, including those listed from time to time in reports that Capital One files with the Securities and Exchange Commission, including, but not limited to, the Annual Report on Form 10-K for the year ended December 31, 2018.

About Capital One

Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N.A., had $254.5 billion in deposits and $373.6 billion in total assets as of June 30, 2019. 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 located primarily in New York, Louisiana, Texas, Maryland, Virginia, New Jersey 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)

Second Quarter 2019

Table of Contents

Capital One Financial Corporation Consolidated Results

Page

Table 1:

Financial Summary—Consolidated

1

Table 2:

Selected Metrics—Consolidated

4

Table 3:

Consolidated Statements of Income

5

Table 4:

Consolidated Balance Sheets

7

Table 5:

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

9

Table 6:

Average Balances, Net Interest Income and Net Interest Margin

10

Table 7:

Loan Information and Performance Statistics

11

Table 8:

Allowance for Loan and Lease Losses and Reserve for Unfunded Lending Commitments Activity

13

Business Segment Results

Table 9:

Financial Summary—Business Segment Results

14

Table 10:

Financial & Statistical Summary—Credit Card Business

15

Table 11:

Financial & Statistical Summary—Consumer Banking Business

17

Table 12:

Financial & Statistical Summary—Commercial Banking Business

18

Table 13:

Financial & Statistical Summary—Other and Total

19

Other

Table 14:

Notes to Loan, Allowance and Business Segment Disclosures (Tables 7—13)

20

Table 15:

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

21

__________

(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 June 30, 2019 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.

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 1: Financial Summary—Consolidated

2019 Q2 vs.

Six Months Ended June 30,

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

2019

2019

2018

2018

2018

2019

2018

2019 vs.

Q2

Q1

Q4

Q3

Q2

Q1

Q2

2019

2018

2018

Income Statement

Net interest income

$

5,746

$

5,791

$

5,820

$

5,786

$

5,551

(1)

%

4

%

$

11,537

$

11,269

2

%

Non-interest income

1,378

1,292

1,193

1,176

1,641

7

(16)

2,670

2,832

(6)

Total net revenue(1)

7,124

7,083

7,013

6,962

7,192

1

(1)

14,207

14,101

1

Provision for credit losses

1,342

1,693

1,638

1,268

1,276

(21)

5

3,035

2,950

3

Non-interest expense:

Marketing

546

517

831

504

425

6

28

1,063

839

27

Operating expense

3,233

3,154

3,301

3,269

2,999

3

8

6,387

6,158

4

Total non-interest expense

3,779

3,671

4,132

3,773

3,424

3

10

7,450

6,997

6

Income from continuing operations before income taxes

2,003

1,719

1,243

1,921

2,492

17

(20)

3,722

4,154

(10)

Income tax provision (benefit)

387

309

(21)

420

575

25

(33)

696

894

(22)

Income from continuing operations, net of tax

1,616

1,410

1,264

1,501

1,917

15

(16)

3,026

3,260

(7)

Income (loss) from discontinued operations, net of tax

9

2

(3)

1

(11)

**

**

11

(8)

**

Net income

1,625

1,412

1,261

1,502

1,906

15

(15)

3,037

3,252

(7)

Dividends and undistributed earnings allocated to participating securities(2)

(12)

(12)

(9)

(9)

(12)

—

—

(24)

(23)

4

Preferred stock dividends

(80)

(52)

(80)

(53)

(80)

54

—

(132)

(132)

—

Net income available to common stockholders

$

1,533

$

1,348

$

1,172

$

1,440

$

1,814

14

(15)

$

2,881

$

3,097

(7)

Common Share Statistics

Basic earnings per common share:(2)

Net income from continuing operations

$

3.24

$

2.87

$

2.50

$

3.01

$

3.76

13

%

(14)

%

$

6.11

$

6.39

(4)

%

Income (loss) from discontinued operations

0.02

—

(0.01)

—

(0.02)

**

**

0.02

(0.02)

**

Net income per basic common share

$

3.26

$

2.87

$

2.49

$

3.01

$

3.74

14

(13)

$

6.13

$

6.37

(4)

Diluted earnings per common share:(2)

Net income from continuing operations

$

3.22

$

2.86

$

2.49

$

2.99

$

3.73

13

(14)

$

6.08

$

6.35

(4)

Income (loss) from discontinued operations

0.02

—

(0.01)

—

(0.02)

**

**

0.02

(0.02)

**

Net income per diluted common share

$

3.24

$

2.86

$

2.48

$

2.99

$

3.71

13

(13)

$

6.10

$

6.33

(4)

Weighted-average common shares outstanding (in millions):

Basic

470.8

469.4

470.0

477.8

485.1

—

(3)

470.1

485.9

(3)

Diluted

473.0

471.6

472.7

480.9

488.3

—

(3)

472.3

489.6

(4)

Common shares outstanding (period-end, in millions)

470.3

469.6

467.7

473.7

478.4

—

(2)

470.3

478.4

(2)

Dividends declared and paid per common share

$

0.40

$

0.40

$

0.40

$

0.40

$

0.40

—

—

$

0.80

$

0.80

—

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

77.65

72.86

69.20

66.15

63.86

7

22

77.65

63.86

22

2019 Q2 vs.

Six Months Ended June 30,

(Dollars in millions)

2019

2019

2018

2018

2018

2019

2018

2019 vs.

Q2

Q1

Q4

Q3

Q2

Q1

Q2

2019

2018

2018

Balance Sheet (Period-End)

Loans held for investment

$

244,460

$

240,273

$

245,899

$

238,761

$

236,124

2

%

4

%

$

244,460

$

236,124

4

%

Interest-earning assets

339,160

340,071

341,293

331,293

332,167

—

2

339,160

332,167

2

Total assets

373,619

373,191

372,538

362,909

363,989

—

3

373,619

363,989

3

Interest-bearing deposits

231,161

230,199

226,281

222,356

222,605

—

4

231,161

222,605

4

Total deposits

254,535

255,107

249,764

247,195

248,225

—

3

254,535

248,225

3

Borrowings

49,233

50,358

58,905

52,205

53,310

(2)

(8)

49,233

53,310

(8)

Common equity

51,406

49,120

47,307

46,277

45,566

5

13

51,406

45,566

13

Total stockholders' equity

55,767

53,481

51,668

50,638

49,926

4

12

55,767

49,926

12

Balance Sheet (Average Balances)

Loans held for investment

$

242,653

$

241,959

$

241,371

$

236,766

$

240,758

—

1

%

$

242,307

$

245,218

(1)

%

Interest-earning assets

338,026

337,793

334,714

330,272

333,495

—

1

337,913

331,850

2

Total assets

371,095

370,394

365,243

360,937

363,929

—

2

370,746

362,988

2

Interest-bearing deposits

230,452

227,572

222,827

221,431

223,079

1

%

3

229,020

221,384

3

Total deposits

253,634

251,410

247,663

246,720

248,790

1

2

252,528

247,040

2

Borrowings

49,982

53,055

53,994

51,684

52,333

(6)

(4)

51,510

53,454

(4)

Common equity

50,209

48,359

46,753

46,407

45,466

4

10

49,289

45,070

9

Total stockholders' equity

54,570

52,720

51,114

50,768

49,827

4

10

53,650

49,431

9

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 2: Selected Metrics—Consolidated

2019 Q2 vs.

Six Months Ended June 30,

(Dollars in millions, except as noted)

2019

2019

2018

2018

2018

2019

2018

2019 vs.

Q2

Q1

Q4

Q3

Q2

Q1

Q2

2019

2018

2018

Performance Metrics

Net interest income growth (period over period)

(1)

%

—

1

%

4

%

(3)

%

**

**

2

%

3

%

**

Non-interest income growth (period over period)

7

8

%

1

(28)

38

**

**

(6)

24

**

Total net revenue growth (period over period)

1

1

1

(3)

4

**

**

1

7

**

Total net revenue margin(4)

8.43

8.39

8.38

8.43

8.63

4

bps

(20)

bps

8.41

8.50

(9)

bps

Net interest margin(5)

6.80

6.86

6.96

7.01

6.66

(6)

14

6.83

6.79

4

Return on average assets

1.74

1.52

1.38

1.66

2.11

22

(37)

1.63

1.80

(17)

Return on average tangible assets(6)

1.82

1.59

1.44

1.74

2.20

23

(38)

1.70

1.87

(17)

Return on average common equity(7)

12.14

11.13

10.05

12.40

16.06

101

(392)

11.65

13.78

(213)

Return on average tangible common equity(8)

17.26

16.11

14.78

18.32

23.99

115

(673)

16.70

20.70

(400)

Non-interest expense as a percentage of average loans held for investment

6.23

6.07

6.85

6.37

5.69

16

54

6.15

5.71

44

Efficiency ratio(9)

53.05

51.83

58.92

54.19

47.61

122

544

52.44

49.62

282

Operating efficiency ratio(10)

45.38

44.53

47.07

46.95

41.70

85

368

44.96

43.67

129

Effective income tax rate for continuing operations

19.3

18.0

(1.7)

21.9

23.1

130

(380)

18.7

21.5

(280)

Employees (in thousands), period-end

50.7

48.8

47.6

47.6

47.8

4

%

6

%

50.7

47.8

6

%

Credit Quality Metrics

Allowance for loan and lease losses

$

7,133

$

7,313

$

7,220

$

7,219

$

7,368

(2)

%

(3)

%

$

7,133

$

7,368

(3)

%

Allowance as a percentage of loans held for investment

2.92

%

3.04

%

2.94

%

3.02

%

3.12

%

(12)

bps

(20)

bps

2.92

%

3.12

%

(20)

bps

Net charge-offs

$

1,508

$

1,599

$

1,610

$

1,425

$

1,459

(6)

%

3

%

$

3,107

$

3,077

1

%

Net charge-off rate(11)

2.48

%

2.64

%

2.67

%

2.41

%

2.42

%

(16)

bps

6

bps

2.56

%

2.51

%

5

bps

30+ day performing delinquency rate

3.15

3.23

3.62

3.28

2.88

(8)

27

3.15

2.88

27

30+ day delinquency rate

3.35

3.40

3.84

3.48

3.05

(5)

30

3.35

3.05

30

Capital Ratios(12)

Common equity Tier 1 capital

12.3

%

11.9

%

11.2

%

11.2

%

11.1

%

40

bps

120

bps

12.3

%

11.1

%

120

bps

Tier 1 capital

13.8

13.4

12.7

12.8

12.6

40

120

13.8

12.6

120

Total capital

16.2

15.8

15.1

15.2

15.1

40

110

16.2

15.1

110

Tier 1 leverage

11.4

11.0

10.7

10.6

10.3

40

110

11.4

10.3

110

Tangible common equity ("TCE")(13)

10.2

9.6

9.1

9.0

8.8

60

140

10.2

8.8

140

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 3: Consolidated Statements of Income

2019 Q2 vs.

Six Months Ended June 30,

2019

2019

2018

2018

2018

2019

2018

2019 vs.

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

Q2

Q1

Q4

Q3

Q2

Q1

Q2

2019

2018

2018

Interest income:

Loans, including loans held for sale

$

6,383

$

6,368

$

6,358

$

6,247

$

5,989

—

7

%

$

12,751

$

12,123

5

%

Investment securities

629

655

627

593

539

(4)

%

17

1,284

991

30

Other

64

69

63

55

68

(7)

(6)

133

119

12

Total interest income

7,076

7,092

7,048

6,895

6,596

—

7

14,168

13,233

7

Interest expense:

Deposits

870

817

756

681

622

6

40

1,687

1,161

45

Securitized debt obligations

139

143

138

127

124

(3)

12

282

231

22

Senior and subordinated notes

310

314

297

288

289

(1)

7

624

540

16

Other borrowings

11

27

37

13

10

(59)

10

38

32

19

Total interest expense

1,330

1,301

1,228

1,109

1,045

2

27

2,631

1,964

34

Net interest income

5,746

5,791

5,820

5,786

5,551

(1)

4

11,537

11,269

2

Provision for credit losses

1,342

1,693

1,638

1,268

1,276

(21)

5

3,035

2,950

3

Net interest income after provision for credit losses

4,404

4,098

4,182

4,518

4,275

7

3

8,502

8,319

2

Non-interest income:

Interchange fees, net

820

758

743

714

723

8

13

1,578

1,366

16

Service charges and other customer-related fees

352

353

352

410

391

—

(10)

705

823

(14)

Net securities gains (losses)

15

24

(20)

(196)

(1)

(38)

**

39

7

**

Other

191

157

118

248

528

22

(64)

348

636

(45)

Total non-interest income

1,378

1,292

1,193

1,176

1,641

7

(16)

2,670

2,832

(6)

Non-interest expense:

Salaries and associate benefits

1,558

1,573

1,345

1,432

1,430

(1)

9

3,131

2,950

6

Occupancy and equipment

521

493

610

515

503

6

4

1,014

993

2

Marketing

546

517

831

504

425

6

28

1,063

839

27

Professional services

314

291

426

275

234

8

34

605

444

36

Communications and data processing

329

303

326

311

317

9

4

632

623

1

Amortization of intangibles

29

30

43

44

43

(3)

(33)

59

87

(32)

Other

482

464

551

692

472

4

2

946

1,061

(11)

Total non-interest expense

3,779

3,671

4,132

3,773

3,424

3

10

7,450

6,997

6

Income from continuing operations before income taxes

2,003

1,719

1,243

1,921

2,492

17

(20)

3,722

4,154

(10)

Income tax provision (benefit)

387

309

(21)

420

575

25

(33)

696

894

(22)

Income from continuing operations, net of tax

1,616

1,410

1,264

1,501

1,917

15

(16)

3,026

3,260

(7)

Income (loss) from discontinued operations, net of tax

9

2

(3)

1

(11)

**

**

11

(8)

**

Net income

1,625

1,412

1,261

1,502

1,906

15

(15)

3,037

3,252

(7)

Dividends and undistributed earnings allocated to participating securities(2)

(12)

(12)

(9)

(9)

(12)

—

—

(24)

(23)

4

Preferred stock dividends

(80)

(52)

(80)

(53)

(80)

54

—

(132)

(132)

—

Net income available to common stockholders

$

1,533

$

1,348

$

1,172

$

1,440

$

1,814

14

(15)

$

2,881

$

3,097

(7)

2019 Q2 vs.

Six Months Ended June 30,

2019

2019

2018

2018

2018

2019

2018

2019 vs.

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

Q2

Q1

Q4

Q3

Q2

Q1

Q2

2019

2018

2018

Basic earnings per common share:(2)

Net income from continuing operations

$

3.24

$

2.87

$

2.50

$

3.01

$

3.76

13

%

(14)

%

$

6.11

$

6.39

(4)

%

Income (loss) from discontinued operations

0.02

—

(0.01)

—

(0.02)

**

**

0.02

(0.02)

**

Net income per basic common share

$

3.26

$

2.87

$

2.49

$

3.01

$

3.74

14

(13)

$

6.13

$

6.37

(4)

Diluted earnings per common share:(2)

Net income from continuing operations

$

3.22

$

2.86

$

2.49

$

2.99

$

3.73

13

(14)

$

6.08

$

6.35

(4)

Income (loss) from discontinued operations

0.02

—

(0.01)

—

(0.02)

**

**

0.02

(0.02)

**

Net income per diluted common share

$

3.24

$

2.86

$

2.48

$

2.99

$

3.71

13

(13)

$

6.10

$

6.33

(4)

Weighted-average common shares outstanding (in millions):

Basic common shares

470.8

469.4

470.0

477.8

485.1

—

(3)

470.1

485.9

(3)

Diluted common shares

473.0

471.6

472.7

480.9

488.3

—

(3)

472.3

489.6

(4)

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 4: Consolidated Balance Sheets

2019 Q2 vs.

2019

2019

2018

2018

2018

2019

2018

(Dollars in millions)

Q2

Q1

Q4

Q3

Q2

Q1

Q2

Assets:

Cash and cash equivalents:

Cash and due from banks

$

5,184

$

4,572

$

4,768

$

4,547

$

4,499

13

%

15

%

Interest-bearing deposits and other short-term investments

9,927

12,897

8,418

6,335

7,774

(23)

28

Total cash and cash equivalents

15,111

17,469

13,186

10,882

12,273

(13)

23

Restricted cash for securitization investors

710

1,969

303

746

1,023

(64)

(31)

Investment securities:

Securities available for sale

45,658

45,888

46,150

47,384

50,691

(1)

(10)

Securities held to maturity

35,475

36,503

36,771

34,631

33,464

(3)

6

Total investment securities

81,133

82,391

82,921

82,015

84,155

(2)

(4)

Loans held for investment:

Unsecuritized loans held for investment

211,556

208,591

211,702

204,796

201,222

1

5

Loans held in consolidated trusts

32,904

31,682

34,197

33,965

34,902

4

(6)

Total loans held for investment

244,460

240,273

245,899

238,761

236,124

2

4

Allowance for loan and lease losses

(7,133)

(7,313)

(7,220)

(7,219)

(7,368)

(2)

(3)

Net loans held for investment

237,327

232,960

238,679

231,542

228,756

2

4

Loans held for sale, at lower of cost or fair value

1,829

905

1,192

1,402

1,480

102

24

Premises and equipment, net

4,243

4,205

4,191

4,149

4,095

1

4

Interest receivable

1,544

1,615

1,614

1,518

1,493

(4)

3

Goodwill

14,545

14,546

14,544

14,513

14,531

—

—

Other assets

17,177

17,131

15,908

16,142

16,183

—

6

Total assets

$

373,619

$

373,191

$

372,538

$

362,909

$

363,989

—

3

2019 Q2 vs.

2019

2019

2018

2018

2018

2019

2018

(Dollars in millions)

Q2

Q1

Q4

Q3

Q2

Q1

Q2

Liabilities:

Interest payable

$

437

$

382

$

458

$

391

$

450

14

%

(3)

%

Deposits:

Non-interest-bearing deposits

23,374

24,908

23,483

24,839

25,620

(6)

(9)

Interest-bearing deposits

231,161

230,199

226,281

222,356

222,605

—

4

Total deposits

254,535

255,107

249,764

247,195

248,225

—

3

Securitized debt obligations

16,959

19,273

18,307

18,649

19,649

(12)

(14)

Other debt:

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

359

335

352

384

553

7

(35)

Senior and subordinated notes

31,822

30,645

30,826

31,291

32,920

4

(3)

Other borrowings

93

105

9,420

1,881

188

(11)

(51)

Total other debt

32,274

31,085

40,598

33,556

33,661

4

(4)

Other liabilities

13,647

13,863

11,743

12,480

12,078

(2)

13

Total liabilities

317,852

319,710

320,870

312,271

314,063

(1)

1

Stockholders' equity:

Preferred stock

0

0

0

0

0

—

—

Common stock

7

7

7

7

7

—

—

Additional paid-in capital, net

32,262

32,160

32,040

31,978

31,868

—

1

Retained earnings

38,386

37,030

35,875

34,883

33,626

4

14

Accumulated other comprehensive income (loss)

170

(660)

(1,263)

(1,877)

(1,793)

**

**

Treasury stock, at cost

(15,058)

(15,056)

(14,991)

(14,353)

(13,782)

—

9

Total stockholders' equity

55,767

53,481

51,668

50,638

49,926

4

12

Total liabilities and stockholders' equity

$

373,619

$

373,191

$

372,538

$

362,909

$

363,989

—

3

CAPITAL ONE FINANCIAL CORPORATION (COF)

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

(1)

Total net revenue was reduced by $318 million in Q2 2019, $376 million in Q1 2019, $391 million in Q4 2018, $305 million in Q3 2018 and $309 million in Q2 2018 for the estimated uncollectible amount of billed finance charges and fees and related losses.

(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 tangible common equity 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 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 (i) income from continuing operations, net of tax; (ii) less dividends and undistributed earnings allocated to participating securities; (iii) less preferred stock dividends, for the period, divided by average common equity for the period. 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 ("ROTCE") is a non-GAAP measure calculated based on annualized (i) income from continuing operations, net of tax; (ii) less dividends and undistributed earnings allocated to participating securities; (iii) less preferred stock dividends, for the period, divided by average tangible common equity for the period. Our calculation of ROTCE may not be comparable to similarly-titled measures reported by other companies. 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 Q2 2019 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

2019 Q2

2019 Q1

2018 Q2

Average

Balance

Interest

Income/

Expense

Yield/Rate

Average

Balance

Interest

Income/

Expense

Yield/Rate

Average

Balance

Interest

Income/

Expense

Yield/Rate

(Dollars in millions, except as noted)

Interest-earning assets:

Loans, including loans held for sale

$

243,831

$

6,383

10.47

%

$

242,929

$

6,368

10.49

%

$

242,043

$

5,989

9.90

%

Investment securities

82,383

629

3.05

83,679

655

3.13

79,829

539

2.70

Cash equivalents and other

11,812

64

2.16

11,185

69

2.47

11,623

68

2.34

Total interest-earning assets

$

338,026

$

7,076

8.37

$

337,793

$

7,092

8.40

$

333,495

$

6,596

7.91

Interest-bearing liabilities:

Interest-bearing deposits

$

230,452

$

870

1.51

$

227,572

$

817

1.44

$

223,079

$

622

1.12

Securitized debt obligations

18,262

139

3.04

18,747

143

3.05

19,147

124

2.59

Senior and subordinated notes

30,630

310

4.05

30,836

314

4.07

32,250

289

3.58

Other borrowings and liabilities

2,322

11

1.91

4,684

27

2.34

4,132

10

0.97

Total interest-bearing liabilities

$

281,666

$

1,330

1.89

$

281,839

$

1,301

1.85

$

278,608

$

1,045

1.50

Net interest income/spread

$

5,746

6.48

$

5,791

6.55

$

5,551

6.41

Impact of non-interest-bearing funding

0.32

0.31

0.25

Net interest margin

6.80

%

6.86

%

6.66

%

Six Months Ended June 30,

2019

2018

Average

Balance

Interest

Income/

Expense

Yield/Rate

Average

Balance

Interest

Income/

Expense

Yield/Rate

(Dollars in millions, except as noted)

Interest-earning assets:

Loans, including loans held for sale

$

243,383

$

12,751

10.48

%

$

246,451

$

12,123

9.84

%

Investment securities

83,027

1,284

3.09

74,731

991

2.65

Cash equivalents and other

11,503

133

2.31

10,668

119

2.23

Total interest-earning assets

$

337,913

$

14,168

8.39

$

331,850

$

13,233

7.98

Interest-bearing liabilities:

Interest-bearing deposits

$

229,020

$

1,687

1.47

$

221,384

$

1,161

1.05

Securitized debt obligations

18,503

282

3.05

19,421

231

2.38

Senior and subordinated notes

30,732

624

4.06

31,345

540

3.45

Other borrowings and liabilities

3,497

38

2.20

5,483

32

1.17

Total interest-bearing liabilities

$

281,752

$

2,631

1.87

$

277,633

$

1,964

1.41

Net interest income/spread

$

11,537

6.52

$

11,269

6.57

Impact of non-interest-bearing funding

0.31

0.22

Net interest margin

6.83

%

6.79

%

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 7: Loan Information and Performance Statistics

2019 Q2 vs.

Six Months Ended June 30,

(Dollars in millions, except as noted)

2019Q2

2019Q1

2018Q4

2018Q3

2018Q2

2019Q1

2018Q2

2019

2018

2019 vs.2018

Loans Held for Investment (Period-End)

Credit card:

Domestic credit card

$

102,959

$

101,052

$

107,350

$

101,564

$

100,714

2

%

2

%

$

102,959

$

100,714

2

%

International card businesses

9,182

8,784

9,011

9,121

9,063

5

1

9,182

9,063

1

Total credit card

112,141

109,836

116,361

110,685

109,777

2

2

112,141

109,777

2

Consumer banking:

Auto

57,556

56,444

56,341

56,422

55,781

2

3

57,556

55,781

3

Retail banking

2,771

2,804

2,864

2,907

2,946

(1)

(6)

2,771

2,946

(6)

Total consumer banking

60,327

59,248

59,205

59,329

58,727

2

3

60,327

58,727

3

Commercial banking:

Commercial and multifamily real estate

29,861

28,984

28,899

29,064

28,292

3

6

29,861

28,292

6

Commercial and industrial

42,125

42,197

41,091

39,325

38,948

—

8

42,125

38,948

8

Total commercial lending

71,986

71,181

69,990

68,389

67,240

1

7

71,986

67,240

7

Small-ticket commercial real estate

6

8

343

358

369

(25)

(98)

6

369

(98)

Total commercial banking

71,992

71,189

70,333

68,747

67,609

1

6

71,992

67,609

6

Other loans

—

—

—

—

11

**

**

—

11

**

Total loans held for investment

$

244,460

$

240,273

$

245,899

$

238,761

$

236,124

2

4

$

244,460

$

236,124

4

Loans Held for Investment (Average)

Credit card:

Domestic credit card

$

101,930

$

102,667

$

103,391

$

100,566

$

98,895

(1)

%

3

%

$

102,296

$

99,668

3

%

International card businesses

8,868

8,789

8,958

8,944

8,998

1

(1)

8,829

9,025

(2)

Total credit card

110,798

111,456

112,349

109,510

107,893

(1)

3

111,125

108,693

2

Consumer banking:

Auto

57,070

56,234

56,469

56,297

55,298

1

3

56,654

54,824

3

Home loan(1)

—

—

—

—

8,098

**

**

—

12,635

**

Retail banking

2,788

2,831

2,873

2,923

3,084

(2)

(10)

2,809

3,256

(14)

Total consumer banking

59,858

59,065

59,342

59,220

66,480

1

(10)

59,463

70,715

(16)

Commercial banking:

Commercial and multifamily real estate

29,514

29,034

28,855

28,354

27,302

2

8

29,276

26,924

9

Commercial and industrial

42,476

42,132

40,476

39,318

38,686

1

10

42,304

38,467

10

Total commercial lending

71,990

71,166

69,331

67,672

65,988

1

9

71,580

65,391

9

Small-ticket commercial real estate

7

272

349

364

376

(97)

(98)

139

385

(64)

Total commercial banking

71,997

71,438

69,680

68,036

66,364

1

8

71,719

65,776

9

Other loans

—

—

—

—

21

**

**

—

34

**

Total average loans held for investment

$

242,653

$

241,959

$

241,371

$

236,766

$

240,758

—

1

$

242,307

$

245,218

(1)

2019 Q2 vs.

Six Months Ended June 30,

2019Q2

2019Q1

2018Q4

2018Q3

2018Q2

2019Q1

2018Q2

2019

2018

2019 vs.2018

Net Charge-Off (Recovery) Rates

Credit card:

Domestic credit card(2)

4.86

%

5.04

%

4.64

%

4.35

%

4.72

%

(18)

bps

14

bps

4.95

%

4.99

%

(4)

bps

International card businesses

3.63

3.20

4.22

1.92

4.14

43

(51)

3.41

3.32

9

Total credit card(2)

4.76

4.90

4.61

4.15

4.67

(14)

9

4.83

4.85

(2)

Consumer banking:

Auto

1.09

1.44

1.98

1.73

1.32

(35)

(23)

1.26

1.42

(16)

Retail banking

2.42

2.56

2.56

2.62

2.07

(14)

35

2.49

1.97

52

Total consumer banking

1.15

1.49

2.01

1.77

1.19

(34)

(4)

1.32

1.19

13

Commercial banking:

Commercial and multifamily real estate

—

—

(0.01)

0.04

—

—

—

—

—

—

Commercial and industrial

0.15

0.13

0.17

0.25

(0.07)

2

22

0.14

0.06

8

Total commercial lending

0.09

0.08

0.10

0.16

(0.04)

1

13

0.08

0.04

4

Small-ticket commercial real estate

**

0.23

0.13

0.56

(0.40)

**

**

**

(0.29)

**

Total commercial banking

0.09

0.08

0.10

0.16

(0.04)

1

13

0.08

0.04

4

Total net charge-offs

2.48

2.64

2.67

2.41

2.42

(16)

6

2.56

2.51

5

30+ Day Performing Delinquency Rates

Credit card:

Domestic credit card

3.40

%

3.72

%

4.04

%

3.80

%

3.32

%

(32)

bps

8

bps

3.40

%

3.32

%

8

bps

International card businesses

3.40

3.61

3.52

3.55

3.39

(21)

1

3.40

3.39

1

Total credit card

3.40

3.71

4.00

3.78

3.32

(31)

8

3.40

3.32

8

Consumer banking:

Auto

6.10

5.78

6.95

6.27

5.57

32

53

6.10

5.57

53

Retail banking

0.93

0.84

1.01

0.80

0.84

9

9

0.93

0.84

9

Total consumer banking

5.87

5.55

6.67

6.01

5.33

32

54

5.87

5.33

54

Nonperforming Loans and Nonperforming Assets Rates(3)(4)

Credit card:

International card businesses

0.25

%

0.26

%

0.25

%

0.22

%

0.22

%

(1)

bps

3

bps

0.25

%

0.22

%

3

bps

Total credit card

0.02

0.02

0.02

0.02

0.02

—

—

0.02

0.02

—

Consumer banking:

Auto

0.64

0.57

0.80

0.70

0.55

7

9

0.64

0.55

9

Retail banking

1.02

1.10

1.04

1.13

1.15

(8)

(13)

1.02

1.15

(13)

Total consumer banking

0.66

0.59

0.81

0.72

0.58

7

8

0.66

0.58

8

Commercial banking:

Commercial and multifamily real estate

0.14

0.24

0.29

0.13

0.01

(10)

13

0.14

0.01

13

Commercial and industrial

0.74

0.71

0.54

0.55

0.57

3

17

0.74

0.57

17

Total commercial lending

0.49

0.52

0.44

0.37

0.33

(3)

16

0.49

0.33

16

Small-ticket commercial real estate

**

**

1.80

1.65

1.18

**

**

**

1.18

**

Total commercial banking

0.50

0.53

0.44

0.38

0.34

(3)

16

0.50

0.34

16

Total nonperforming loans

0.32

0.31

0.33

0.30

0.25

1

7

0.32

0.25

7

Total nonperforming assets

0.34

0.33

0.35

0.33

0.30

1

4

0.34

0.30

4

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 8: Allowance for Loan and Lease Losses and Reserve for Unfunded Lending Commitments Activity

Three Months Ended June 30, 2019

Credit Card

Consumer Banking

(Dollars in millions)

Domestic

Card

International

Card

Businesses

Total

Credit Card

Auto

RetailBanking

TotalConsumerBanking

Commercial

Banking

Total

Allowance for loan and lease losses:

Balance as of March 31, 2019

$

5,141

$

427

$

5,568

$

1,002

$

60

$

1,062

$

683

$

7,313

Charge-offs

(1,580)

(131)

(1,711)

(401)

(22)

(423)

(23)

(2,157)

Recoveries

340

51

391

246

5

251

7

649

Net charge-offs

(1,240)

(80)

(1,320)

(155)

(17)

(172)

(16)

(1,508)

Provision for loan and lease losses

1,024

71

1,095

150

15

165

69

1,329

Allowance build (release) for loan and lease losses

(216)

(9)

(225)

(5)

(2)

(7)

53

(179)

Other changes(5)

—

(1)

(1)

—

—

—

—

(1)

Balance as of June 30, 2019

4,925

417

5,342

997

58

1,055

736

7,133

Reserve for unfunded lending commitments:

Balance as of March 31, 2019

—

—

—

—

4

4

127

131

Provision for losses on unfunded lending commitments

—

—

—

—

—

—

13

13

Balance as of June 30, 2019

—

—

—

—

4

4

140

144

Combined allowance and reserve as of June 30, 2019

$

4,925

$

417

$

5,342

$

997

$

62

$

1,059

$

876

$

7,277

Six Months Ended June 30, 2019

Credit Card

Consumer Banking

(Dollars in millions)

Domestic

Card

International

Card

Businesses

Total

Credit Card

Auto

RetailBanking

TotalConsumerBanking

Commercial

Banking

Total

Allowance for loan and lease losses:

Balance as of December 31, 2018

$

5,144

$

391

$

5,535

$

990

$

58

$

1,048

$

637

$

7,220

Charge-offs

(3,232)

(261)

(3,493)

(850)

(44)

(894)

(43)

(4,430)

Recoveries

698

111

809

492

9

501

13

1,323

Net charge-offs

(2,534)

(150)

(2,684)

(358)

(35)

(393)

(30)

(3,107)

Provision for loan and lease losses

2,315

169

2,484

365

35

400

129

3,013

Allowance build (release) for loan and lease losses

(219)

19

(200)

7

—

7

99

(94)

Other changes(5)

—

7

7

—

—

—

—

7

Balance as of June 30, 2019

4,925

417

5,342

997

58

1,055

736

7,133

Reserve for unfunded lending commitments:

Balance as of December 31, 2018

—

—

—

—

4

4

118

122

Provision for losses on unfunded lending commitments

—

—

—

—

—

—

22

22

Balance as of June 30, 2019

—

—

—

—

4

4

140

144

Combined allowance and reserve as of June 30, 2019

$

4,925

$

417

$

5,342

$

997

$

62

$

1,059

$

876

$

7,277

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 9: Financial Summary—Business Segment Results

Three Months Ended June 30, 2019

Six Months Ended June 30, 2019

(Dollars in millions)

Credit

Card

Consumer

Banking

Commercial

Banking(6)(7)

Other(6)(7)

Total

Credit

Card

Consumer

Banking

Commercial

Banking(6)(7)

Other(6)(7)

Total

Net interest income (loss)

$

3,531

$

1,709

$

514

$

(8)

$

5,746

$

7,121

$

3,388

$

1,003

$

25

$

11,537

Non-interest income (loss)

1,038

166

200

(26)

1,378

1,988

326

387

(31)

2,670

Total net revenue (loss)

4,569

1,875

714

(34)

7,124

9,109

3,714

1,390

(6)

14,207

Provision for credit losses

1,095

165

82

—

1,342

2,484

400

151

—

3,035

Non-interest expense

2,253

1,002

427

97

3,779

4,424

1,996

844

186

7,450

Income (loss) from continuing operations before income taxes

1,221

708

205

(131)

2,003

2,201

1,318

395

(192)

3,722

Income tax provision (benefit)

283

165

48

(109)

387

512

307

92

(215)

696

Income (loss) from continuing operations, net of tax

$

938

$

543

$

157

$

(22)

$

1,616

$

1,689

$

1,011

$

303

$

23

$

3,026

Three Months Ended March 31, 2019

(Dollars in millions)

Credit

Card

Consumer

Banking

Commercial

Banking(6)(7)

Other(6)(7)

Total

Net interest income

$

3,590

$

1,679

$

489

$

33

$

5,791

Non-interest income (loss)

950

160

187

(5)

1,292

Total net revenue

4,540

1,839

676

28

7,083

Provision for credit losses

1,389

235

69

—

1,693

Non-interest expense

2,171

994

417

89

3,671

Income (loss) from continuing operations before income taxes

980

610

190

(61)

1,719

Income tax provision (benefit)

229

142

44

(106)

309

Income from continuing operations, net of tax

$

751

$

468

$

146

$

45

$

1,410

Three Months Ended June 30, 2018

Six Months Ended June 30, 2018

(Dollars in millions)

Credit

Card

Consumer

Banking

Commercial

Banking(6)(7)

Other(6)(7)

Total

Credit

Card

Consumer

Banking

Commercial

Banking(6)(7)

Other(6)(7)

Total

Net interest income

$

3,396

$

1,609

$

517

$

29

$

5,551

$

6,954

$

3,224

$

1,023

$

68

$

11,269

Non-interest income

884

175

209

373

1,641

1,741

349

396

346

2,832

Total net revenue

4,280

1,784

726

402

7,192

8,695

3,573

1,419

414

14,101

Provision (benefit) for credit losses

1,171

118

34

(47)

1,276

2,627

351

20

(48)

2,950

Non-interest expense

1,904

963

409

148

3,424

3,943

1,963

812

279

6,997

Income from continuing operations before income taxes

1,205

703

283

301

2,492

2,125

1,259

587

183

4,154

Income tax provision (benefit)

282

164

66

63

575

495

294

137

(32)

894

Income from continuing operations, net of tax

$

923

$

539

$

217

$

238

$

1,917

$

1,630

$

965

$

450

$

215

$

3,260

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 10: Financial & Statistical Summary—Credit Card Business

2019 Q2 vs.

Six Months Ended June 30,

2019

2019

2018

2018

2018

2019

2018

2019 vs.

(Dollars in millions, except as noted)

Q2

Q1

Q4

Q3

Q2

Q1

Q2

2019

2018

2018

Credit Card

Earnings:

Net interest income

$

3,531

$

3,590

$

3,617

$

3,596

$

3,396

(2)

%

4

%

$

7,121

$

6,954

2

%

Non-interest income

1,038

950

886

893

884

9

17

1,988

1,741

14

Total net revenue

4,569

4,540

4,503

4,489

4,280

1

7

9,109

8,695

5

Provision for credit losses

1,095

1,389

1,326

1,031

1,171

(21)

(6)

2,484

2,627

(5)

Non-interest expense

2,253

2,171

2,496

2,103

1,904

4

18

4,424

3,943

12

Income from continuing operations before income taxes

1,221

980

681

1,355

1,205

25

1

2,201

2,125

4

Income tax provision

283

229

160

315

282

24

—

512

495

3

Income from continuing operations, net of tax

$

938

$

751

$

521

$

1,040

$

923

25

2

$

1,689

$

1,630

4

Selected performance metrics:

Period-end loans held for investment

$

112,141

$

109,836

$

116,361

$

110,685

$

109,777

2

2

$

112,141

$

109,777

2

Average loans held for investment

110,798

111,456

112,349

109,510

107,893

(1)

3

111,125

108,693

2

Average yield on loans held for investment(8)

15.66

%

15.77

%

15.63

%

15.79

%

15.06

%

(11)

bps

60

bps

15.72

%

15.15

%

57

bps

Total net revenue margin(9)

16.50

16.29

16.03

16.40

15.87

21

63

16.39

16.00

39

Net charge-off rate(2)

4.76

4.90

4.61

4.15

4.67

(14)

9

4.83

4.85

(2)

30+ day performing delinquency rate

3.40

3.71

4.00

3.78

3.32

(31)

8

3.40

3.32

8

30+ day delinquency rate

3.42

3.72

4.01

3.80

3.33

(30)

9

3.42

3.33

9

Nonperforming loan rate(3)

0.02

0.02

0.02

0.02

0.02

—

—

0.02

0.02

—

Purchase volume(10)

$

106,903

$

93,197

$

105,696

$

97,469

$

97,392

15

%

10

%

$

200,100

$

183,937

9

%

2019 Q2 vs.

Six Months Ended June 30,

2019

2019

2018

2018

2018

2019

2018

2019 vs.

(Dollars in millions, except as noted)

Q2

Q1

Q4

Q3

Q2

Q1

Q2

2019

2018

2018

Domestic Card

Earnings:

Net interest income

$

3,220

$

3,273

$

3,309

$

3,280

$

3,108

(2)

%

4

%

$

6,493

$

6,337

2

%

Non-interest income

971

873

828

819

818

11

19

1,844

1,592

16

Total net revenue

4,191

4,146

4,137

4,099

3,926

1

7

8,337

7,929

5

Provision for credit losses

1,024

1,291

1,229

950

1,094

(21)

(6)

2,315

2,474

(6)

Non-interest expense

2,034

1,949

2,216

1,890

1,683

4

21

3,983

3,515

13

Income from continuing operations before income taxes

1,133

906

692

1,259

1,149

25

(1)

2,039

1,940

5

Income tax provision

264

211

162

293

268

25

(1)

475

452

5

Income from continuing operations, net of tax

$

869

$

695

$

530

$

966

$

881

25

(1)

$

1,564

$

1,488

5

Selected performance metrics:

Period-end loans held for investment

$

102,959

$

101,052

$

107,350

$

101,564

$

100,714

2

2

$

102,959

$

100,714

2

Average loans held for investment

101,930

102,667

103,391

100,566

98,895

(1)

3

102,296

99,668

3

Average yield on loans held for investment(8)

15.60

%

15.69

%

15.58

%

15.73

%

15.05

%

(9)

bps

55

bps

15.65

%

15.07

%

58

bps

Total net revenue margin(9)

16.45

16.15

16.01

16.30

15.88

30

57

16.30

15.91

39

Net charge-off rate(2)

4.86

5.04

4.64

4.35

4.72

(18)

14

4.95

4.99

(4)

30+ day delinquency rate

3.40

3.72

4.04

3.80

3.32

(32)

8

3.40

3.32

8

Purchase volume(10)

$

98,052

$

85,738

$

96,818

$

89,205

$

88,941

14

%

10

%

$

183,790

$

168,135

9

%

Refreshed FICO scores:(11)

Greater than 660

68

%

66

%

67

%

67

%

68

%

2

—

68

%

68

%

—

660 or below

32

34

33

33

32

(2)

—

32

32

—

Total

100

%

100

%

100

%

100

%

100

%

100

%

100

%

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 11: Financial & Statistical Summary—Consumer Banking Business

2019 Q2 vs.

Six Months Ended June 30,

2019

2019

2018

2018

2018

2019

2018

2019 vs.

(Dollars in millions, except as noted)

Q2

Q1

Q4

Q3

Q2

Q1

Q2

2019

2018

2018

Consumer Banking

Earnings:

Net interest income

$

1,709

$

1,679

$

1,689

$

1,636

$

1,609

2

%

6

%

$

3,388

$

3,224

5

%

Non-interest income

166

160

159

155

175

4

(5)

326

349

(7)

Total net revenue

1,875

1,839

1,848

1,791

1,784

2

5

3,714

3,573

4

Provision for credit losses

165

235

303

184

118

(30)

40

400

351

14

Non-interest expense

1,002

994

1,085

979

963

1

4

1,996

1,963

2

Income from continuing operations before income taxes

708

610

460

628

703

16

1

1,318

1,259

5

Income tax provision

165

142

107

146

164

16

1

307

294

4

Income from continuing operations, net of tax

$

543

$

468

$

353

$

482

$

539

16

1

$

1,011

$

965

5

Selected performance metrics:

Period-end loans held for investment(1)

$

60,327

$

59,248

$

59,205

$

59,329

$

58,727

2

3

$

60,327

$

58,727

3

Average loans held for investment(1)

59,858

59,065

59,342

59,220

66,480

1

(10)

59,463

70,715

(16)

Average yield on loans held for investment(8)

8.36

%

8.15

%

8.14

%

8.03

%

7.32

%

21

bps

104

bps

8.25

%

7.08

%

117

bps

Auto loan originations

$

7,327

$

6,222

$

5,932

$

6,643

$

6,994

18

%

5

%

$

13,549

$

13,701

(1)

%

Period-end deposits

205,220

205,439

198,607

196,635

194,962

—

5

205,220

194,962

5

Average deposits

204,164

201,072

196,348

194,687

193,278

2

6

202,627

190,547

6

Average deposits interest rate

1.26

%

1.18

%

1.10

%

1.00

%

0.88

%

8

bps

38

bps

1.22

%

0.84

%

38

bps

Net charge-off rate

1.15

1.49

2.01

1.77

1.19

(34)

(4)

1.32

1.19

13

30+ day performing delinquency rate

5.87

5.55

6.67

6.01

5.33

32

54

5.87

5.33

54

30+ day delinquency rate

6.41

6.02

7.36

6.61

5.80

39

61

6.41

5.80

61

Nonperforming loan rate(3)

0.66

0.59

0.81

0.72

0.58

7

8

0.66

0.58

8

Nonperforming asset rate(4)

0.75

0.68

0.90

0.82

0.73

7

2

0.75

0.73

2

Auto—At origination FICO scores:(12)

Greater than 660

49

%

49

%

50

%

50

%

50

%

—

(1)

%

49

%

50

%

(1)

%

621 - 660

19

19

19

19

19

—

—

19

19

—

620 or below

32

32

31

31

31

—

1

32

31

1

Total

100

%

100

%

100

%

100

%

100

%

100

%

100

%

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 12: Financial & Statistical Summary—Commercial Banking Business

2019 Q2 vs.

Six Months Ended June 30,

2019

2019

2018

2018

2018

2019

2018

2019 vs.

(Dollars in millions, except as noted)

Q2

Q1

Q4

Q3

Q2

Q1

Q2

2019

2018

2018

Commercial Banking

Earnings:

Net interest income

$

514

$

489

$

508

$

513

$

517

5

%

(1)

%

$

1,003

$

1,023

(2)

%

Non-interest income

200

187

159

189

209

7

(4)

387

396

(2)

Total net revenue(6)(7)

714

676

667

702

726

6

(2)

1,390

1,419

(2)

Provision for credit losses

82

69

9

54

34

19

141

151

20

**

Non-interest expense

427

417

434

408

409

2

4

844

812

4

Income from continuing operations before income taxes

205

190

224

240

283

8

(28)

395

587

(33)

Income tax provision

48

44

52

56

66

9

(27)

92

137

(33)

Income from continuing operations, net of tax

$

157

$

146

$

172

$

184

$

217

8

(28)

$

303

$

450

(33)

Selected performance metrics:

Period-end loans held for investment

$

71,992

$

71,189

$

70,333

$

68,747

$

67,609

1

6

$

71,992

$

67,609

6

Average loans held for investment

71,997

71,438

69,680

68,036

66,364

1

8

71,719

65,776

9

Average yield on loans held for investment(6)(8)

4.75

%

4.62

%

4.67

%

4.55

%

4.43

%

13

bps

32

bps

4.68

%

4.30

%

38

bps

Period-end deposits

$

30,761

$

31,248

$

29,480

$

30,474

$

31,078

(2)

%

(1)

%

$

30,761

$

31,078

(1)

%

Average deposits

31,364

30,816

30,680

31,061

32,951

2

(5)

31,092

33,501

(7)

Average deposits interest rate

1.28

%

1.11

%

0.95

%

0.79

%

0.65

%

17

bps

63

bps

1.19

%

0.59

%

60

bps

Net charge-off (recovery) rate

0.09

0.08

0.10

0.16

(0.04)

1

13

0.08

0.04

4

Nonperforming loan rate(3)

0.50

0.53

0.44

0.38

0.34

(3)

16

0.50

0.34

16

Nonperforming asset rate(4)

0.50

0.53

0.45

0.41

0.37

(3)

13

0.50

0.37

13

Risk category:(13)

Noncriticized

$

69,390

$

68,594

$

68,043

$

65,926

$

64,923

1

%

7

%

$

69,390

$

64,923

7

%

Criticized performing

2,211

2,094

1,848

2,204

2,088

6

6

2,211

2,088

6

Criticized nonperforming

360

378

312

259

229

(5)

57

360

229

57

PCI loans

31

123

130

358

369

(75)

(92)

31

369

(92)

Total commercial loans

$

71,992

$

71,189

$

70,333

$

68,747

$

67,609

1

6

$

71,992

$

67,609

6

Risk category as a percentage of period-end loans held for investment:(13)

Noncriticized

96.4

%

96.4

%

96.8

%

95.9

%

96.1

%

—

30

bps

96.4

%

96.1

%

30

bps

Criticized performing

3.1

2.9

2.6

3.2

3.1

20

bps

—

3.1

3.1

—

Criticized nonperforming

0.5

0.5

0.4

0.4

0.3

—

20

0.5

0.3

20

PCI loans

—

0.2

0.2

0.5

0.5

(20)

(50)

—

0.5

(50)

Total commercial loans

100.0

%

100.0

%

100.0

%

100.0

%

100.0

%

100.0

%

100.0

%

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 13: Financial & Statistical Summary—Other and Total

2019 Q2 vs.

Six Months Ended June 30,

2019

2019

2018

2018

2018

2019

2018

2019 vs.

(Dollars in millions)

Q2

Q1

Q4

Q3

Q2

Q1

Q2

2019

2018

2018

Other

Earnings:

Net interest income (loss)

$

(8)

$

33

$

6

$

41

$

29

**

**

$

25

$

68

(63)

%

Non-interest income (loss)(1)

(26)

(5)

(11)

(61)

373

**

**

(31)

346

**

Total net revenue (loss)(6)(7)

(34)

28

(5)

(20)

402

**

**

(6)

414

**

Benefit for credit losses

—

—

—

(1)

(47)

**

**

—

(48)

**

Non-interest expense(14)

97

89

117

283

148

9

%

(34)

%

186

279

(33)

Income (loss) from continuing operations before income taxes

(131)

(61)

(122)

(302)

301

115

**

(192)

183

**

Income tax provision (benefit)

(109)

(106)

(340)

(97)

63

3

**

(215)

(32)

**

Income (loss) from continuing operations, net of tax

$

(22)

$

45

$

218

$

(205)

$

238

**

**

$

23

$

215

(89)

Selected performance metrics:

Period-end loans held for investment

—

—

—

—

$

11

**

**

—

$

11

**

Average loans held for investment

—

—

—

—

21

**

**

—

34

**

Period-end deposits

$

18,554

$

18,420

$

21,677

$

20,086

22,185

1

(16)

$

18,554

22,185

(16)

Average deposits

18,106

19,522

20,635

20,972

22,561

(7)

(20)

18,809

22,992

(18)

Total

Earnings:

Net interest income

$

5,746

$

5,791

$

5,820

$

5,786

$

5,551

(1)

%

4

%

$

11,537

$

11,269

2

%

Non-interest income

1,378

1,292

1,193

1,176

1,641

7

(16)

2,670

2,832

(6)

Total net revenue

7,124

7,083

7,013

6,962

7,192

1

(1)

14,207

14,101

1

Provision for credit losses

1,342

1,693

1,638

1,268

1,276

(21)

5

3,035

2,950

3

Non-interest expense

3,779

3,671

4,132

3,773

3,424

3

10

7,450

6,997

6

Income from continuing operations before income taxes

2,003

1,719

1,243

1,921

2,492

17

(20)

3,722

4,154

(10)

Income tax provision (benefit)

387

309

(21)

420

575

25

(33)

696

894

(22)

Income from continuing operations, net of tax

$

1,616

$

1,410

$

1,264

$

1,501

$

1,917

15

(16)

$

3,026

$

3,260

(7)

Selected performance metrics:

Period-end loans held for investment

$

244,460

$

240,273

$

245,899

$

238,761

$

236,124

2

4

$

244,460

$

236,124

4

Average loans held for investment

242,653

241,959

241,371

236,766

240,758

—

1

242,307

245,218

(1)

Period-end deposits

254,535

255,107

249,764

247,195

248,225

—

3

254,535

248,225

3

Average deposits

253,634

251,410

247,663

246,720

248,790

1

2

252,528

247,040

2

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 14: Notes to Loan, Allowance and Business Segment Disclosures (Tables 7—13)

(1)

In 2018, we sold all of our consumer home loan portfolio and recognized a net gain of approximately $499 million in the Other category, including a benefit for credit losses of $46 million.

(2)

In August 2018, we accelerated charge-off recognition for certain domestic credit card accounts where the cardholder is deceased. This acceleration led to a one-time increase in net charge-offs of approximately $32 million, increasing the net charge-off rate for total credit card and domestic credit card by approximately 12 basis points and 13 basis points, respectively, for the third quarter of 2018.

(3)

Nonperforming loan rates are calculated based on nonperforming loans for each category divided by period-end total loans held for investment for each respective category.

(4)

Nonperforming assets consist of nonperforming loans, real estate owned ("REO") and other foreclosed assets. The total nonperforming asset rate is calculated based on total nonperforming assets divided by the combined period-end total loans held for investment, REO and other foreclosed assets.

(5)

Represents foreign currency translation adjustments.

(6)

Some of our commercial investments generate tax-exempt income, tax credits or other tax benefits. Accordingly, we present our Commercial Banking revenue and yields on a taxable-equivalent basis, calculated using the federal statutory tax rate of 21% and state taxes where applicable, with offsetting reductions to the Other category.

(7)

In the first quarter of 2019, we made a change in how revenue is measured in our Commercial Banking business by revising the allocation of tax benefits on certain tax-advantaged investments. As such, prior period results have been recast to conform with the current period presentation. The result of this measurement change reduced the previously reported total net revenue in our Commercial Banking business by $30 million in Q1 2018, $32 million in Q2 2018, $26 million in Q3 2018, and $20 million in Q4 2018, with an offsetting increase in the Other category.

(8)

Average yield on loans held for investment is calculated based on annualized interest income for the period divided by average loans held for investment during the period for the respective loan category. Annualized interest income is computed based on the effective yield of the respective loan category and does not include any allocations, such as funds transfer pricing.

(9)

Total net revenue margin is calculated based on annualized total net revenue for the period divided by average loans held for investment during the period for the respective loan category.

(10)

Purchase volume consists of purchase transactions, net of returns, for the period, and excludes cash advance and balance transfer transactions.

(11)

Percentages represent period-end loans held for investment in each credit score category. Domestic card credit scores generally represent FICO scores. These scores are obtained from one of the major credit bureaus at origination and are refreshed monthly thereafter. We approximate non-FICO credit scores to comparable FICO scores for consistency purposes. Balances for which no credit score is available or the credit score is invalid are included in the 660 or below category.

(12)

Percentages represent period-end loans held for investment in each credit score category. Auto credit scores generally represent average FICO scores obtained from three credit bureaus at the time of application and are not refreshed thereafter. Balances for which no credit score is available or the credit score is invalid are included in the 620 or below category.

(13)

Criticized exposures correspond to the "Special Mention," "Substandard" and "Doubtful" asset categories defined by bank regulatory authorities.

(14)

Includes charges incurred as a result of restructuring activities.

**

Not meaningful.

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures(1)

Basel III Standardized Approach

(Dollars in millions, except as noted)

June 30,2019

March 31,2019

December 31,2018

September 30,2018

June 30,2018

Regulatory Capital Metrics

Common equity excluding AOCI

$

51,236

$

49,781

$

48,570

$

48,154

$

47,359

Adjustments:

AOCI(2)

170

(660)

(1,263)

(1,877)

(1,793)

Goodwill, net of related deferred tax liabilities

(14,365)

(14,369)

(14,373)

(14,345)

(14,368)

Intangible assets, net of related deferred tax liabilities

(194)

(223)

(254)

(284)

(328)

Other

(401)

113

391

817

735

Common equity Tier 1 capital

$

36,446

$

34,642

$

33,071

$

32,465

$

31,605

Tier 1 capital

$

40,806

$

39,002

$

37,431

$

36,826

$

35,965

Total capital(3)

47,919

46,042

44,645

43,947

43,082

Risk-weighted assets

295,280

291,483

294,950

288,694

285,223

Adjusted average assets(4)

356,518

355,781

350,606

346,297

349,222

Capital Ratios

Common equity Tier 1 capital(5)

12.3

%

11.9

%

11.2

%

11.2

%

11.1

%

Tier 1 capital(6)

13.8

13.4

12.7

12.8

12.6

Total capital(7)

16.2

15.8

15.1

15.2

15.1

Tier 1 leverage(4)

11.4

11.0

10.7

10.6

10.3

Tangible common equity ("TCE")(8)

10.2

9.6

9.1

9.0

8.8

Reconciliation of Non-GAAP Measures

The following non-GAAP measures consist of our adjusted results that we believe help investors and users of our financial information understand the effect of adjusting items on our selected reported results. These adjusted results provide alternate measurements of our operating performance, both for the current period and trends across multiple periods. The following tables present reconciliations of these non-GAAP measures to the applicable amounts measured in accordance with GAAP.

2019

2019

Six Months Ended

Q2

Q1

June 30, 2019

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

Reported

Results

Adj.(9)

Adjusted

Results

Reported

Results

Adj.(9)

Adjusted

Results

Reported

Results

Adj.(9)

Adjusted

Results

Selected income statement data:

Net interest income

$

5,746

—

$

5,746

$

5,791

—

$

5,791

$

11,537

—

$

11,537

Non-interest income

1,378

$

1

1,379

1,292

—

1,292

2,670

$

1

2,671

Total net revenue

7,124

1

7,125

7,083

—

7,083

14,207

1

14,208

Provision for credit losses

1,342

—

1,342

1,693

—

1,693

3,035

—

3,035

Non-interest expense

3,779

(81)

3,698

3,671

$

(25)

3,646

7,450

(106)

7,344

Income from continuing operations before income taxes

2,003

82

2,085

1,719

25

1,744

3,722

107

3,829

Income tax provision

387

19

406

309

6

315

696

25

721

Income from continuing operations, net of tax

1,616

63

1,679

1,410

19

1,429

3,026

82

3,108

Income (loss) from discontinued operations, net of tax

9

—

9

2

—

2

11

—

11

Net income

1,625

63

1,688

1,412

19

1,431

3,037

82

3,119

Dividends and undistributed earnings allocated to participating securities(10)

(12)

(1)

(13)

(12)

—

(12)

(24)

(1)

(25)

Preferred stock dividends

(80)

—

(80)

(52)

—

(52)

(132)

—

(132)

Net income available to common stockholders

$

1,533

$

62

$

1,595

$

1,348

$

19

$

1,367

$

2,881

$

81

$

2,962

Selected performance metrics:

Diluted EPS(10)

$

3.24

$

0.13

$

3.37

$

2.86

$

0.04

$

2.90

$

6.10

$

0.17

$

6.27

Efficiency ratio

53.05

%

(115)

bps

51.90

%

51.83

%

(35)

bps

51.48

%

52.44

%

(75)

bps

51.69

%

Operating efficiency ratio

45.38

(114)

44.24

44.53

(35)

44.18

44.96

(75)

44.21

2018

2018

Six Months Ended

Q2

Q1

June 30, 2018

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

Reported

Results

Adj.(9)

Adjusted

Results

Reported

Results

Adj.(9)

Adjusted

Results

Reported

Results

Adj.(9)

Adjusted

Results

Selected income statement data:

Net interest income

$

5,551

$

26

$

5,577

$

5,718

—

$

5,718

$

11,269

$

26

$

11,295

Non-interest income

1,641

(361)

1,280

1,191

$

2

1,193

2,832

(359)

2,473

Total net revenue

7,192

(335)

6,857

6,909

2

6,911

14,101

(333)

13,768

Provision for credit losses

1,276

46

1,322

1,674

—

1,674

2,950

46

2,996

Non-interest expense

3,424

(45)

3,379

3,573

(17)

3,556

6,997

(62)

6,935

Income from continuing operations before income taxes

2,492

(336)

2,156

1,662

19

1,681

4,154

(317)

3,837

Income tax provision

575

(92)

483

319

4

323

894

(88)

806

Income from continuing operations, net of tax

1,917

(244)

1,673

1,343

15

1,358

3,260

(229)

3,031

Income (loss) from discontinued operations, net of tax

(11)

—

(11)

3

—

3

(8)

—

(8)

Net income

1,906

(244)

1,662

1,346

15

1,361

3,252

(229)

3,023

Dividends and undistributed earnings allocated to participating securities(10)

(12)

2

(10)

(10)

—

(10)

(23)

2

(21)

Preferred stock dividends

(80)

—

(80)

(52)

—

(52)

(132)

—

(132)

Net income available to common stockholders

$

1,814

$

(242)

$

1,572

$

1,284

$

15

$

1,299

$

3,097

$

(227)

$

2,870

Selected performance metrics:

Diluted EPS(10)

$

3.71

$

(0.49)

$

3.22

$

2.62

$

0.03

$

2.65

$

6.33

$

(0.47)

$

5.86

Efficiency ratio

47.61

%

167

bps

49.28

%

51.72

%

(27)

bps

51.45

%

49.62

%

75

bps

50.37

%

Operating efficiency ratio

41.70

138

43.08

45.72

(26)

45.46

43.67

61

44.28

Reconciliation of Non-GAAP Measures

The following non-GAAP measures consist of TCE, tangible assets and metrics computed using these amounts, which include tangible book value per common share, return on average tangible assets, return on average TCE and TCE ratio. We consider these metrics to be key financial performance measures that management uses in assessing capital adequacy and the level of returns generated. While our non-GAAP measures are widely used by investors, analysts and bank regulatory agencies to assess the capital position of financial services companies, they may not be comparable to similarly-titled measures reported by other companies. The following tables present reconciliations of these non-GAAP measures to the applicable amounts measured in accordance with GAAP.

2019

2019

2018

2018

2018

(Dollars in millions)

Q2

Q1

Q4

Q3

Q2

Tangible Common Equity (Period-End)

Stockholders' equity

$

55,767

$

53,481

$

51,668

$

50,638

$

49,926

Goodwill and intangible assets(11)

(14,886)

(14,904)

(14,941)

(14,945)

(15,013)

Noncumulative perpetual preferred stock

(4,360)

(4,360)

(4,360)

(4,360)

(4,360)

Tangible common equity

$

36,521

$

34,217

$

32,367

$

31,333

$

30,553

Tangible Common Equity (Average)

Stockholders' equity

$

54,570

$

52,720

$

51,114

$

50,768

$

49,827

Goodwill and intangible assets(11)

(14,900)

(14,932)

(14,953)

(14,982)

(15,043)

Noncumulative perpetual preferred stock

(4,360)

(4,360)

(4,360)

(4,360)

(4,360)

Tangible common equity

$

35,310

$

33,428

$

31,801

$

31,426

$

30,424

Tangible Assets (Period-End)

Total assets

$

373,619

$

373,191

$

372,538

$

362,909

$

363,989

Goodwill and intangible assets(11)

(14,886)

(14,904)

(14,941)

(14,945)

(15,013)

Tangible assets

$

358,733

$

358,287

$

357,597

$

347,964

$

348,976

Tangible Assets (Average)

Total assets

$

371,095

$

370,394

$

365,243

$

360,937

$

363,929

Goodwill and intangible assets(11)

(14,900)

(14,932)

(14,953)

(14,982)

(15,043)

Tangible assets

$

356,195

$

355,462

$

350,290

$

345,955

$

348,886

__________

(1) Regulatory capital metrics and capital ratios as of June 30, 2019 are preliminary and therefore subject to change.

(2) Amounts presented are net of tax.

(3) Total capital equals the sum of Tier 1 capital and Tier 2 capital.

(4) Adjusted average assets for the purpose of calculating our Tier 1 leverage ratio represents total average assets adjusted for amounts that are deducted from Tier 1 capital, predominately goodwill and intangible assets. Tier 1 leverage ratio is a regulatory capital measure calculated based on Tier 1 capital divided by adjusted average assets.

(5) Common equity Tier 1 capital ratio is a regulatory capital measure calculated based on common equity Tier 1 capital divided by risk-weighted assets.

(6) Tier 1 capital ratio is a regulatory capital measure calculated based on Tier 1 capital divided by risk-weighted assets.

(7) Total capital ratio is a regulatory capital measure calculated based on total capital divided by risk-weighted assets.

(8) TCE ratio is a non-GAAP measure calculated based on TCE divided by tangible assets.

(9) The adjustments for the following periods consist of:

2019

2019

Six Months Ended

2018

2018

Six Months Ended

(Dollars in millions)

Q2

Q1

June 30, 2019

Q2

Q1

June 30, 2018

Walmart launch and related integration expenses

$

54

$

25

$

79

—

—

—

Net gains on the sales of exited businesses

—

—

—

$

(400)

—

$

(400)

U.K. Payment Protection Insurance customer refund reserve build ("U.K. PPI Reserve")

—

—

—

49

—

49

Restructuring charges

28

—

28

15

$

19

34

Total

82

25

107

(336)

19

(317)

Income tax provision (benefit)

19

6

25

(92)

4

(88)

Net income

$

63

$

19

$

82

$

(244)

$

15

$

(229)

(10) 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.

(11) Includes impact of related deferred taxes.

Cision View original content:http://www.prnewswire.com/news-releases/capital-one-reports-second-quarter-2019-net-income-of-1-6-billion-or-3-24-per-share-300887655.html

SOURCE Capital One Financial Corporation

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