PR Newswire
MCLEAN, Va., July 21, 2020
MCLEAN, Va., July 21, 2020 /PRNewswire/ -- Capital One Financial Corporation (NYSE: COF) today announced net loss for the second quarter of 2020 of $918 million, or $2.21 per diluted common share, compared with net loss of $1.3 billion, or $3.10 per diluted common share in the first quarter of 2020, and with net income of $1.6 billion, or $3.24 per diluted common share in the second quarter of 2019. Excluding adjusting items, net loss for the second quarter of 2020 was $1.61 per diluted common share(1).
"Our investments to transform our technology and how we work, and our efforts to drive the company to digital are powering our response to the pandemic," said Richard D. Fairbank, Founder, Chairman and Chief Executive Officer. "We remain well positioned to weather the downturn, emerge with strength, and deliver shareholder value over the long-term."
Adjusting items in the second quarter of 2020, which are excluded from diluted earnings per share (EPS), efficiency ratio and operating efficiency ratio metrics (see Table 15 in our Financial Supplement for additional information):
| Pre-Tax | Diluted EPS | ||||||||||||||
(Dollars in millions, except per share data) | Impact ARIVA.DE Börsen-GeflüsterWerbung Weiter aufwärts?
Morgan Stanley
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Kurse | Impact | ||||||||||||||
Legal reserve builds | $ | 265 | | $ | 0.58 | | ||||||||||
Cybersecurity Incident expenses, net of insurance | 11 | | 0.02 | |
All comparisons below are for the second quarter of 2020 compared with the first quarter of 2020 unless otherwise noted.
Second Quarter 2020 Income Statement Summary:
Second Quarter 2020 Balance Sheet Summary:
(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 21, 2020 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 4, 2020 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, 2019.
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 $304.2 billion in deposits and $421.3 billion in total assets as of June 30, 2020. 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 | |||
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Capital One Financial Corporation | |||
Financial Supplement(1)(2) | |||
Second Quarter 2020 | |||
Table of Contents | |||
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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 | 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 |
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(1) | The information contained in this Financial Supplement is preliminary and based on data available at the time of the earnings presentation. Investors should refer to our Quarterly Report on Form 10-Q for the period ended June 30, 2020 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. |
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