Capital One(US:COF)2025-01-21 21:05Financial Performance - Net interest income for Q4 2024 was $8,098 million, an increase of 8% compared to Q4 2023, which was $7,519 million[4]. - Total net revenue for Q4 2024 reached $10,190 million, reflecting a 7% increase from $9,506 million in Q4 2023[4]. - Net income available to common stockholders for Q4 2024 was $1,022 million, a decrease of 40% from $1,692 million in Q4 2023[4]. - Basic earnings per common share for Q4 2024 was $2.67, down 40% from $4.42 in Q4 2023[4]. - Total net revenue for Q4 2024 was $10,190 million, reflecting a 2% increase from Q3 2024 and an 8% increase compared to Q4 2023[26]. - Income from continuing operations before income taxes for Q4 2024 was $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% from Q3 2024 but up 10% from Q4 2023[28]. - Net income for Q4 2024 was $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% from Q3 2024 and an increase of 6% year-over-year[7]. - Total net charge-offs rose to $3.59 billion in Q4 2024, up from $2.70 billion in Q4 2023, reflecting a 69% increase[18]. - The total consumer banking net charge-off rate increased to 2.38% in Q4 2024 from 2.25% in Q4 2023, a rise of 13 basis points[18]. - The total nonperforming loans rate was 0.61% in Q4 2024, up from 0.48% in Q4 2023, reflecting a 13 basis point increase[18]. - The total allowance for credit losses increased by $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% increase compared to $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% increase from Q3 2024 and a 7% increase year-over-year[9]. - The efficiency ratio (GAAP) for Q4 2024 was 59.75%, an increase from 54.93% in Q4 2023, reflecting a decline in operational efficiency[40]. - The adjusted operating efficiency ratio (non-GAAP) for Q4 2024 improved to 44.15%, compared to 42.35% in Q4 2023, showing enhanced operational performance[40]. Assets and Deposits - Total assets as of Q4 2024 were $490,144 million, representing a 2% increase from $478,464 million in Q4 2023[6]. - Total deposits rose by 3% to $362.71 billion in Q4 2024 from $353.63 billion in Q3 2024[12]. - Total cash and cash equivalents decreased by 12% to $43.23 billion in Q4 2024 from $49.30 billion in Q3 2024[11]. - Period-end deposits grew by 7% year-over-year to $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% year-over-year[44]. Capital and Equity - Common equity at the end of Q4 2024 was $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% as of December 31, 2024, slightly down from 13.6% in September 2024[36]. - Tangible common equity (period-end) for Q4 2024 was $40,782 million, up from $37,955 million in Q4 2023, reflecting a growth of 7.7%[42]. Loan Performance - Loans held for investment at the end of Q4 2024 totaled $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% increase from Q3 2024 and an 8% increase year-over-year[26]. - Period-end loans held for investment increased to $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].