Financial Performance - Net income for Q2 2024 was $597 million, a decrease of 53% compared to Q1 2024 and a 58% decrease year-over-year[3]. - Total net revenue for Q2 2024 was $9,506 million, a 1% increase from Q1 2024 and a 5% increase year-over-year[3]. - Net income available to common stockholders for Q2 2024 was $531 million, a 56% decrease from Q1 2024 and a 61% decrease year-over-year from Q2 2023[9]. - Basic earnings per share for Q2 2024 was $1.39, down 56% from Q1 2024 and down 61% year-over-year from Q2 2023[9]. - Diluted earnings per share for Q2 2024 was $1.38, a 56% decrease from Q1 2024 and a 61% decrease year-over-year from Q2 2023[9]. - Income from continuing operations before income taxes for the three months ended June 30, 2024, was $651 million, down from $2,233 million in the same period last year[30]. - The company reported a net income of $1,280 million for the three months ended June 30, 2024, down from $2,391 million in the same period last year[32]. Revenue and Income Sources - Net interest income increased to $7,546 million, up 1% from Q1 2024 and 6% year-over-year[3]. - Non-interest income totaled $1,960 million, a 2% increase from Q1 2024 and a 3% increase year-over-year from Q2 2023[8]. - Total interest income for Q2 2024 was $11,280 million, a 1% increase from Q1 2024 and a 13% increase year-over-year from Q2 2023[8]. - Total net revenue for the three months ended June 30, 2024, was $9,506 million, compared to $18,908 million for the same period in 2023, showing a significant decline[30]. Credit Losses and Provisions - Provision for credit losses rose significantly to $3,909 million, reflecting a 46% increase from Q1 2024 and a 57% increase year-over-year[3]. - The allowance for credit losses increased to $16,649 million in Q2 2024, up 8% from $15,380 million in Q1 2024[6]. - The provision for credit losses for the first half of 2024 was $6,621 million, which is higher than the $5,804 million recorded in the first half of 2023[27]. - Provision for credit losses significantly increased to $3,545 million in Q2 2024, up 57% from Q2 2023[34]. Assets and Liabilities - Total assets as of June 30, 2024, were $480,018 million, representing a 3% increase compared to the previous year[4]. - Total liabilities were reported at $422,037 million in Q2 2024, showing a marginal decrease from $423,919 million in Q1 2024 and an increase of 2% from $413,241 million in Q2 2023[13]. - Total deposits reached $351,442 million in Q2 2024, a slight increase from $350,969 million in Q1 2024 and a 2% rise from $343,705 million in Q2 2023[13]. Operational Efficiency - Non-interest expense decreased to $4,946 million, down 4% from Q1 2024[3]. - The efficiency ratio improved to 52.03% in Q2 2024 from 54.64% in Q1 2024, indicating better operational efficiency[6]. - The operating efficiency ratio (GAAP) improved to 40.84% in Q2 2024 from 43.89% in Q1 2024 and 43.36% in Q2 2023[52]. Capital and Equity - Common equity increased to $53,135 million, a 7% increase compared to the previous year[4]. - Common equity Tier 1 capital ratio improved to 13.2% in Q2 2024 from 13.1% in Q1 2024, showing a 10 basis point increase[6]. - Total capital reached $59,876 million, a rise from $57,607 million year-over-year, indicating an increase of 3.9%[48]. Charge-Offs and Delinquency Rates - The net charge-off rate for Q2 2024 was 3.36%, slightly up from 3.33% in Q1 2024[6]. - Domestic credit card net charge-off rate increased to 6.05% in Q2 2024 from 5.94% in Q1 2024, a rise of 11 basis points[23]. - Total net charge-offs rose to $3.36 billion in Q2 2024 compared to $3.33 billion in Q1 2024, an increase of $30 million[23]. Other Key Metrics - The number of employees at period-end increased to 52.1 thousand in Q2 2024, up 2% from 51.3 thousand in Q1 2024[6]. - The average yield on loans outstanding was 18.73% in Q2 2024, a decrease of 3 basis points from Q1 2024 and a decrease of 66 basis points from Q2 2023[36]. - The 30+ day delinquency rate was 6.05% in Q2 2024, an increase of 11 basis points from Q1 2024 and 167 basis points from Q2 2023[36].

Capital One (COF) is slated to report second-quarter 2024 results on Jul 23, after market close. Its earnings are expected to have witnessed a decrease on a year-over-year basis, while revenues are likely to have increased.In the last quarter, the company’s earnings lagged the Zacks Consensus Estimate. Results were adversely impacted by higher expenses and a sequential fall in loan balance. However, an increase in net interest income (NII) and non-interest income, and lower provisions acted as tailwinds.Cap ...

Capital One Announces $265 Billion Community Benefits PlanCapital One said Tuesday (July 16) that a combination of the bank with Discover Financial Services would provide more benefits to underserved communities than the organizations would offer separately.The bank said this in a press release announcing a $265 billion community benefits plan that it developed in partnership with four community groups.“We have a long history of developing innovative ways to serve these core constituencies, and we are commi ...

There are some interesting opportunities in the financial sector, and here are two of my favorites.The banking industry hasn't exactly been the best place to invest in recent years, as rising rates have compressed interest margins, and recession fears have kept many investors away. However, there are some interesting bank stocks for long-term investors to look at right now.With rates expected to start gradually falling later this year and the best-case "soft landing" in the economy looking more likely than ...

Capital One (COF) is expected to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended June 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The earnings report, which is expected to be released on July 23, 2024, might help the stock move higher if these key numbers are better than expecta ...

We want to hear from you! Take our quick AI survey and share your insights on the current state of AI, how you're implementing it, and what you expect to see in the future. Learn More "We always start with our obsession with the end customer and how we can use AI to solve their problem; that is the unifying starting point," Arjun Dugal, executive vice president, divisional CIO, Card Technology at Capital One, told the audience at VB Transform. Dugal explained how the company's strategic plans start with cus ...

The legendary investor only owns a few bank stocks, but Capital One is still in the portfolio.Around the time of several high-profile bank failures in 2023, Warren Buffett chose to get rid of several bank stocks in Berkshire Hathaway's (BRK.A -0.67%) (BRK.B -0.51%) portfolio. But there are still a select few in which he's chosen to invest billions of dollars, and one of them is online-focused regional bank Capital One Financial (COF -0.14%).Here's a quick look at how much Capital One stock Buffett owns, how ...

GERMANY - 2024/03/04: In this photo illustration, the Capital One Financial Corporation logo seen ... [+] displayed on a tablet. (Photo Illustration by Igor Golovniov/SOPA Images/LightRocket via Getty Images)SOPA Images/LightRocket via Getty ImagesCapital One’s stock (NYSE: COF) has gained 6% YTD, as compared to the 14% rise in the S&P500 over the same period. In sharp contrast, Capital One’s peer Discover Financial (NYSE: DFS)was up 15% YTD. Overall, at its current price of $138 per share, COF stock is tra ...

MCLEAN, Va., June 18, 2024 /PRNewswire/ -- On Tuesday, July 23, 2024, at approximately 4:05 p.m. Eastern Time, Capital One Financial Corporation (NYSE: COF) will release its second quarter 2024 earnings results. Additionally, the company will host a conference call at 5:00 p.m. Eastern Time to review financial and operating performance for the quarter ending June 30, 2024.The call will be webcast live and the earnings release will be available on the company's homepage at www.capitalone.com. A replay of the ...

The company's major acquisition is up in the air, and consumer credit metrics are weakening.Capital One (COF -1.03%) made huge news earlier this year when it announced plans to acquire Discover Financial Services. The deal would make Capital One the largest credit card lender in the U.S., but it faces regulatory scrutiny before approval.The company also faces rising charge-offs from its credit card customers as delinquencies rise above pre-pandemic levels. If you're thinking of scooping up Capital One stock ...