2025-07-22 21:00Acquisition of Discover Financial Services - Capital One closed the acquisition of Discover Financial Services on May 18, 2025, for $51.8 billion[7] - The acquisition resulted in a net loss of $4.3 billion, or $(8.58) per diluted common share[11] - Discover contributed $2.0 billion in total net revenue to Capital One's Q2 2025 earnings[7] - The initial allowance build for Discover non-PCD loans was $8.8 billion[7] Financial Performance - Pre-provision earnings increased 34% to $5.5 billion[11] - Net interest margin increased 69 bps to 7.62%[11] - Period-end loans held for investment increased 36%, or $115.7 billion, to $439.3 billion[12] - Period-end total deposits increased $100.6 billion to $468.1 billion[12] Capital and Liquidity - Common Equity Tier 1 (CET1) capital ratio was 14.0% as of June 30, 2025[12] - Total liquidity reserves were $143.9 billion as of June 30, 2025[29]