Capital One(COF) - 2024 Q4 - Annual Results

Financial Performance - Net interest income for Q4 2024 was $8,098 million, an increase of 8$7,519 million[4]. - Total net revenue for Q4 2024 reached $10,190 million, reflecting a 7$9,506 million in Q4 2023[4]. - Net income available to common stockholders for Q4 2024 was $1,022 million, a decrease of 40$1,692 million in Q4 2023[4]. - Basic earnings per common share for Q4 2024 was $2.67, down 40$4.42 in Q4 2023[4]. - Total net revenue for Q4 2024 was $10,190 million, reflecting a 2$1,134 million, a decrease of 37% from Q3 2024 and a 10% decrease year-over-year[26]. - Income from continuing operations, net of tax, was $849 million in Q4 2024, down 36$1.096 billion, a decrease of 55.8% compared to $1.777 billion in Q3 2024[44]. Credit Losses and Risk Management - Provision for credit losses in Q4 2024 was$2,642 million, up 6% from $2,857 million in Q4 2023[4]. - The provision for credit losses in Q4 2024 was$2,642 million, a 6% increase from Q3 2024 and a 12% increase year-over-year[9]. - The net charge-off rate increased to 3.59% in Q4 2024, up from 3.27% in Q3 2024 and 2.70% in Q4 2023[7]. - The allowance for credit losses was $16,258 million at the end of Q4 2024, a decrease of 2$3.59 billion in Q4 2024, up from $2.70 billion in Q4 2023, reflecting a 69$1.105 billion from the previous year, reflecting a proactive approach to managing credit risk[19]. Expenses and Efficiency - Total non-interest expense for Q4 2024 was $6,089 million, a 15$5,717 million in Q4 2023[4]. - The efficiency ratio for Q4 2024 was 59.75%, compared to 53.07% in Q3 2024 and 55.23% in Q4 2023[7]. - Total non-interest expense for Q4 2024 was $6,089 million, a 15$490,144 million, representing a 2% increase from $478,464 million in Q4 2023[6]. - Total deposits rose by 3$362.71 billion in Q4 2024 from $353.63 billion in Q3 2024[12]. - Total cash and cash equivalents decreased by 12$43.23 billion in Q4 2024 from $49.30 billion in Q3 2024[11]. - Period-end deposits grew by 7$318,329 million, with average deposits increasing by 6% to $303,873 million[30]. - Total assets increased to$488.3 billion in Q4 2024, up from $472.6 billion in Q4 2023, representing a growth of 3.32$55,938 million, a 5% increase from $53,244 million at the end of Q4 2023[6]. - Total capital increased to$61.805 billion in Q4 2024, compared to $59.124 billion in Q4 2023[36]. - Common equity Tier 1 capital ratio was 13.5$40,782 million, up from $37,955 million in Q4 2023, reflecting a growth of 7.7$327,775 million, a 2% increase from $320,472 million at the end of Q4 2023[6]. - Domestic credit card loans reached$155.62 billion in Q4 2024, reflecting a 5% increase compared to Q4 2023[17]. - Average loans held for investment in Q4 2024 were $157,326 million, a 2$155,618 million, a 4% rise from Q3 2024 and a 5% increase year-over-year[28]. - The average yield on loans held for investment improved by 91 basis points year-over-year to 8.70%[30].