CAPITAL ONE FINANCIAL CORP

For the period ended Dec 31, 2024. Filed Feb 20, 2025.

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FY2024 · Filed Feb 20, 2025

COF$195.84-1.4%Stored close · as of Nov 10, 2026

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Contents

Average Balances, Net Interest Income and Net Interest Margin

Table 1 below presents the average outstanding balance, interest income earned, interest expense incurred and average yield for 2024, 2023 and 2022 for each major category of our interest-earning assets and interest-bearing liabilities. Nonperforming loans are included in the average loan balances below.

Table 1: Average Balances, Net Interest Income and Net Interest Margin

	Year Ended December 31,
2024 · 2023 · 2022
(Dollars in millions) · AverageBalance · Interest Income/Expense · Average Yield/Rate(1) · AverageBalance · Interest Income/Expense · Average Yield/Rate(1) · AverageBalance · Interest Income/Expense · Average Yield/Rate(1)
Assets:
Interest-earning assets:
Loans:(2)
Credit card	$153,115	$29,226	19.09%		$141,675		$26,267		18.54%	$121,055		$19,626	16.21%
Consumer banking	75,974	6,612	8.70		77,514		6,041		7.79	80,511		5,782	7.18
Commercial banking(3)	89,007	6,301	7.08		92,984		6,363		6.84	92,273		3,702	4.01
Other(4)	—	(1,245)	**		—		(1,261)		**	—		(200)	**
Total loans, including loans held for sale	318,096	40,894	12.86		312,173		37,410		11.98	293,839		28,910	9.84
Investment securities	90,250	2,873	3.18		89,105		2,550		2.86	90,608		1,884	2.08
Cash equivalents and other interest-earning assets	45,135	2,267	5.02		39,960		1,978		4.95	22,199		443	2.00
Total interest-earning assets	453,481	46,034	10.15		441,238		41,938		9.50	406,646		31,237	7.68
Cash and due from banks	3,793			3,869					5,054
Allowance for credit losses	(15,968)			(14,290)					(11,620)
Premises and equipment, net	4,409			4,373					4,265
Other assets	34,736			32,617					36,193
Total assets	$480,451			$467,807					$440,538
Liabilities and stockholders’ equity:
Interest-bearing liabilities:
Interest-bearing deposits	$324,297	$11,493	3.54%		$313,737		$9,489		3.02%	$277,208		$2,535	0.91%
Securitized debt obligations	16,507	958	5.80		17,675		959		5.42	15,603		384	2.46
Senior and subordinated notes	31,529	2,333	7.40		31,109		2,204		7.08	29,286		1,074	3.67
Other borrowings and interest-bearing liabilities(5)	2,424	42	1.71		2,394		45		1.89	7,800		130	1.67
Total interest-bearing liabilities	374,757	14,826	3.96		364,915		12,697		3.48	329,897		4,123	1.25
Non-interest-bearing deposits	26,871			29,817					36,343
Other liabilities	19,024			17,880					19,173
Total liabilities	420,652			412,612					385,413
Stockholders’ equity	59,799			55,195					55,125
Total liabilities and stockholders’ equity	$480,451			$467,807					$440,538
Net interest income/spread	$31,208	6.20		$29,241		6.03			$27,114		6.43
Impact of non-interest-bearing funding	0.68		0.60					0.24
Net interest margin(6)	6.88%		6.63%					6.67%

(1)Average yield is calculated based on interest income for the period divided by average loans during the period. Interest income does not include any allocations, such as funds transfer pricing. Average yield is calculated using whole dollar values for average balances and interest income/expense.

(2)Past due fees, net of reversals, included in interest income totaled approximately $2.3 billion in 2024, $2.2 billion in 2023 and $1.9 billion in 2022.

(3)Some of our commercial investments generate tax-exempt income, tax credits or other tax benefits. Accordingly, we present our Commercial Banking revenue and yields on a taxable-equivalent basis, calculated using the federal statutory tax rate of 21% and state taxes where applicable, with offsetting reductions to the Other category. Taxable-equivalent adjustments included in the interest income and yield computations for our commercial loans totaled approximately $79 million in 2024 and $74 million in both 2023 and 2022, with corresponding reductions to the Other category.

(4)Interest income/expense in the Other category represents the impact of hedge accounting on our loan portfolios and the offsetting reduction of the taxable-equivalent adjustments of our commercial loans as described above.

(5)Includes amounts related to entities that provide capital to low-income and rural communities of $2.0 billion, $1.8 billion and $1.7 billion in 2024, 2023 and 2022, respectively. Related interest expense was $31 million,$32 million and $29 million for 2024, 2023 and 2022, respectively.

(6) The Walmart Program Termination increased net interest margin by 13 bps in 2024.

58	Capital One Financial Corporation (COF)

Net interest income increased by $2.0 billion to $31.2 billion in 2024 compared to 2023 primarily driven by higher average loan balances and margins in our credit card loan portfolio, including the impacts of the elimination of revenue sharing provisions due to the Walmart Program Termination, partially offset by higher rates paid on interest-bearing deposits.

Net interest margin increased by 25 bps to 6.88% in 2024 compared to 2023 primarily driven by higher asset yields and growth in our credit card loan portfolio, partially offset by higher rates paid on interest-bearing deposits.

Our total company cumulative interest-bearing deposit beta for the rising rate cycle peaked at 62% in the second quarter of 2024 before the federal funds rate began to decrease. As of December 31, 2024, our total company cumulative deposit beta for the falling rate cycle was 11% as our total company deposit rate decreased as the federal funds rate decreased.

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