Capital One Financial Corp (NYSE:COF) Q4 2021 Earnings Conference Call January 25, 2021 5:00 PM ET Company Participants Jeff Norris - SVP, Global Finance Andrew Young - CFO Richard Fairbank - Founder, Chairman, CEO & President Conference Call Participants Moshe Orenbuch - Crédit Suisse Betsy Graseck - Morgan Stanley Richard Shane - JPMorgan Chase & Co. Bill Carcache - Wolfe Research Ryan Nash - Goldman Sachs Group Sanjay Sakhrani – KBW Donald Fandetti - Wells Fargo Securities John Hecht - Jefferies John Pan ...

Financial Data and Key Metrics Changes - In Q3 2021, Capital One earned $3.1 billion or $6.78 per diluted common share, with adjusted earnings per share at $6.86 after a $45 million legal reserve build [7] - Pre-provision earnings increased by 7% quarter-over-quarter to $3.6 billion [7] - Total loans held for investment grew by $11.8 billion or 5%, while average loans grew modestly by 3% [8] - Revenue increased by 6% from the previous quarter, driven by loan growth and margin expansion [8] - Operating expenses grew by 3%, with total non-interest expense increasing by 6% [8] - A provision benefit was recorded due to record low charge-offs, with a $770 million allowance release [9][10] - The liquidity coverage ratio was stable at 143%, well above the regulatory requirement [9] Business Line Data and Key Metrics Changes - Domestic card revenue grew by 14% year-over-year, with purchase volume up 28% [13] - Ending loan balances in the domestic card segment increased by $3.7 billion or about 4% year-over-year [14] - Consumer banking loans increased by 12% year-over-year, driven by strong auto loan growth [17] - Commercial banking ending loan balances were up 4% year-over-year, with revenue up 17% from the prior year [19] Market Data and Key Metrics Changes - The domestic card charge-off rate improved to 1.36%, a 228-basis-point improvement year-over-year [14] - The delinquency rate for domestic cards was 1.93%, improving by 28 basis points over the prior year [14] - The auto business charge-off rate improved to 0.18%, with a delinquency rate of 3.65% [18] Company Strategy and Development Direction - The company is focused on technology transformation to enhance growth and efficiency, with significant investments in digital capabilities [21][22] - Capital One aims to capitalize on the accelerating digital revolution in banking, emphasizing the importance of technology in maintaining competitive advantage [22][23] - The competitive landscape is intensifying, particularly in the credit card space, with increased marketing and richer rewards offerings [27][28] Management's Comments on Operating Environment and Future Outlook - Management noted that while credit performance is strong, normalization of losses is expected as government stimulus effects wane [33][34] - The company is monitoring competition closely and is prepared for potential adverse selection due to increased competition [28][30] - Management expressed confidence in the company's positioning and ability to leverage technology for future growth [22][60] Other Important Information - The common equity Tier 1 capital ratio was 13.8%, down 70 basis points from the prior quarter, influenced by share repurchases and increased risk-weighted assets [11] - The company plans to redeem outstanding preferred stock series G and H in early December, affecting preferred dividends in Q4 [12] Q&A Session Summary Question: Competitive environment in the credit card industry - Management acknowledged intensified competition, particularly in rewards and marketing, but noted that opportunities for growth remain strong due to technology transformation [27][28] Question: Trajectory of credit losses - Management indicated that while losses are expected to increase from current low levels, the timing of normalization is uncertain [33][34] Question: Ability to expand credit lines - Management confirmed that credit lines are being gradually increased, consistent with market validation [39] Question: Efficiency ratio pressures - Management discussed the balance between revenue growth and rising tech labor costs, emphasizing the need for continued investment in technology [40][42] Question: Spending trends across customer segments - Management reported broad-based spending growth across customer segments, with strong momentum heading into the marketplace [47] Question: Time to pay back for new accounts - Management indicated that the time to pay back for new accounts varies by segment, but early performance is promising [51][52] Question: Technology opportunities - Management highlighted opportunities in product development, customer experience, and risk management as key areas for enhancing returns [56][60] Question: High spending transactor business dynamics - Management noted that competition in rewards is intense, but emphasized the importance of building a sustainable franchise beyond just rewards [64] Question: Changes in delinquency trends for lower FICO bands - Management observed that trends in lower FICO bands are normal, with no significant deviations from seasonal patterns [72]

Capital One Financial Corporation (NYSE:COF) Q2 2021 Earnings Conference Call July 22, 2021 5:00 PM ET Company Participants Jeff Norris - Senior Vice President of Finance Andrew Young - Chief Financial Officer Richard Fairbank - Chairman & Chief Executive Officer Conference Call Participants John Pancari - Evercore ISI Moshe Orenbuch - Credit Suisse Kevin Barker - Piper Sandler Rick Shane - JPMorgan Betsy Graseck - Morgan Stanley Don Fandetti - Wells Fargo Sanjay Sakhrani - KBW Ryan Nash - Goldman Sachs Bil ...

1 First Quarter 2021 Results April 27, 2021 Forward-Looking Statements Please note that the following materials containing information regarding Capital One's financial performance speak only as of the particular date or dates indicated in these materials. Capital One does not undertake any obligation to update or revise any of the information contained herein whether as a result of new information, future events or otherwise. Certain statements in this presentation and other oral and written statements mad ...

Capital One Financial Corporation (NYSE:COF) Q1 2021 Earnings Conference Call April 27, 2021 5:00 PM ET Company Participants Jeff Norris – Senior Vice President of Finance Richard Fairbank – Chairman and Chief Executive Officer Andrew Young – Chief Financial Officer Conference Call Participants John Pancari – Evercore ISI Ryan Nash – Goldman Sachs Sanjay Sakhrani – KBW Don Fandetti – Wells Fargo Rick Shane – JPMorgan Moshe Orenbuch – Credit Suisse Bill Carcache – Wolfe Research Betsy Graseck – Morgan Stanle ...