CAPITAL ONE FINANCIAL CORP

Table 4 displays the components of non-interest income for the first quarters of 2024 and 2023.

Table 4: Non-Interest Income

(1)Primarily consists of revenue from Capital One Shopping, treasury and other investment income, our credit card partnership agreements and commercial mortgage banking revenue.

(2)Includes gains of $42 million and $24 million on deferred compensation plan investments for the first quarters of 2024 and 2023, respectively. These amounts have corresponding offsets in non-interest expense.

Non-interest income increased by $197 million to $1.9 billion in the first quarter of 2024 compared to the first quarter of 2023, primarily driven by growth in our Credit Card business.

Provision for Credit Losses

Our provision for credit losses in each period is driven by net charge-offs, changes to the allowance for credit losses and changes to the reserve for unfunded lending commitments. Our provision for credit losses was substantially flat at $2.7 billion the first quarter of 2024 as a lower net allowance build was partially offset by higher net losses.

We provide additional information on the provision for credit losses and changes in the allowance for credit losses within “Credit Risk Profile” and “Part I—Item 1. Financial Statements and Supplementary Data—Note 5—Allowance for Credit Losses and Reserve for Unfunded Lending Commitments.” For information on the allowance methodology for each of our loan categories, see “Part II—Item 8. Financial Statements and Supplementary Data—Note 1—Summary of Significant Accounting Policies” in our 2023 Form 10-K.