Capital One Reports Third Quarter 2020 Net Income of $2.4 billion, or $5.06 per share

MCLEAN, Va., Oct. 22, 2020

"Capital One posted strong third quarter results. We are leaning in to resilience and we continue to be well served by the choices we made before the pandemic," said Richard D. Fairbank, Founder, Chairman and Chief Executive Officer. "Our investments to transform our technology are powering our response to the downturn, and positioning us for the acceleration of digital change driven by the pandemic."

Adjusting items in the third 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):

(Dollars in millions, except per share data)	Pre-Tax Impact			Diluted EPS Impact
U.K. Payment Protection Insurance customer refund reserve release ("U.K. PPI Reserve") ARIVA.DE Börsen-Geflüster Werbung Weiter aufwärts? Kurzfristig positionieren in Capital One Financial ME5TXB Ask: 3,52 Hebel: 4,29 mit moderatem Hebel Zum Produkt Morgan Stanley Den Basisprospekt sowie die Endgültigen Bedingungen und die Basisinformationsblätter erhalten Sie hier: ME5TXB,. Beachten Sie auch die weiteren Hinweise zu dieser Werbung. Der Emittent ist berechtigt, Wertpapiere mit open end-Laufzeit zu kündigen. Kurse Capital One Financial 139,00 € +0,72%	$	36		$	0.08
Legal reserve builds	(40)			(0.06)
Cybersecurity Incident expenses, net of insurance	(6)			(0.01)
The quarter included the following notable items:
(Dollars in millions, except per share data)	Pre-Tax Impact			Diluted EPS Impact
Equity investment gain	$	470		$	0.79
Allowance release associated with partnership loans moving to held-for-sale	327			0.54

All comparisons below are for the third quarter of 2020 compared with the second quarter of 2020 unless otherwise noted.

Third Quarter 2020 Income Statement Summary:

• Total net revenue increased 13 percent to $7.4 billion.
• Total non-interest expense decreased 6 percent to $3.5 billion:
• 4 percent increase in marketing.
• 7 percent decrease in operating expenses.
• Pre-provision earnings increased 38 percent to $3.8 billion⁽²⁾.
• Provision for credit losses decreased 92 percent to $331 million:
• Net charge-offs of $1.1 billion.
• $742 million reserve release.
• Net interest margin of 5.68 percent, decreased 10 basis points.
• Efficiency ratio of 48.07 percent.
• Efficiency ratio excluding adjusting items of 47.68 percent⁽¹⁾.
• Operating efficiency ratio of 44.24 percent.
• Operating efficiency ratio excluding adjusting items of 43.83 percent⁽¹⁾.

Third Quarter 2020 Balance Sheet Summary:

• Common equity Tier 1 capital ratio under Basel III Standardized Approach of 13.0 percent at September 30, 2020.
• Period-end loans held for investment in the quarter decreased $3.3 billion, or 1 percent, to $248.2 billion.
• Credit Card period-end loans decreased $3.7 billion, or 3 percent, to $103.6 billion.
• Domestic Card period-end loans decreased $3.8 billion, or 4 percent, to $95.5 billion.
• Consumer Banking period-end loans increased $2.0 billion, or 3 percent, to $68.7 billion.
• Auto period-end loans increased $2.1 billion, or 3 percent, to $65.4 billion.
• Commercial Banking period-end loans decreased $1.6 billion, or 2 percent, to $75.9 billion.
• Average loans held for investment in the quarter decreased $3.8 billion, or 2 percent, to $249.5 billion.
• Credit Card average loans decreased $3.4 billion, or 3 percent, to $105.4 billion.
• Domestic Card average loans decreased $3.7 billion, or 4 percent, to $97.3 billion.
• Consumer Banking average loans increased $3.0 billion, or 5 percent, to $67.8 billion.
• Auto average loans increased $2.7 billion, or 4 percent, to $64.5 billion.
• Commercial Banking average loans decreased $3.4 billion, or 4 percent, to $76.3 billion.
• Period-end total deposits increased $1.5 billion, or less than 1 percent, to $305.7 billion, while average deposits increased $17.2 billion, or 6 percent, to $305.5 billion.
• Interest-bearing deposits rate paid decreased 25 basis points to 0.69 percent.

Earnings Conference Call Webcast Information

The company will hold an earnings conference call on October 22, 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 November 5, 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 $305.7 billion in deposits and $421.9 billion in total assets as of  September 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
Capital One Financial Corporation
Financial Supplement(1)(2)
Third Quarter 2020
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	7
	Table 5:	Notes to Financial Summary, Selected Metrics and Consolidated Financial Statements (Tables 1—4)	10
	Table 6:	Average Balances, Net Interest Income and Net Interest Margin	11
	Table 7:	Loan Information and Performance Statistics	12
	Table 8:	Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity	15
Business Segment Results
	Table 9:	Financial Summary—Business Segment Results	17
	Table 10:	Financial & Statistical Summary—Credit Card Business	18
	Table 11:	Financial & Statistical Summary—Consumer Banking Business	20
	Table 12:	Financial & Statistical Summary—Commercial Banking Business	21
	Table 13:	Financial & Statistical Summary—Other and Total	22
Other
	Table 14:	Notes to Loan, Allowance and Business Segment Disclosures (Tables 7—13)	23
	Table 15:	Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures	24
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