CAPITAL ONE FINANCIAL CORP
For the period ended Dec 31, 2024. Filed Feb 20, 2025.
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FY2024 · Filed Feb 20, 2025
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Non-Interest Expense
Table 4 displays the components of non-interest expense for 2024, 2023 and 2022.
Table 4: Non-Interest Expense
| Year Ended December 31, | |||
|---|---|---|---|
| (Dollars in millions) | 2024 | 2023 | 2022 |
| Operating Expense: | |||
| Salaries and associate benefits(1) | $9,398 | $9,302 | $8,425 |
| Occupancy and equipment | 2,366 | 2,160 | 2,050 |
| Professional services | 1,610 | 1,268 | 1,807 |
| Communications and data processing | 1,462 | 1,383 | 1,379 |
| Amortization of intangibles | 77 | 82 | 70 |
| Other non-interest expense: | |||
| Bankcard, regulatory and other fee assessments | 304 | 548 | 264 |
| Collections | 366 | 353 | 331 |
| Other | 1,341 | 1,211 | 820 |
| Total other non-interest expense | 2,011 | 2,112 | 1,415 |
| Total operating expense | $16,924 | $16,307 | $15,146 |
| Marketing | 4,562 | 4,009 | 4,017 |
| Total non-interest expense | $21,486 | $20,316 | $19,163 |
(1)Includes expenses of $94 million and $86 million and a benefit of $78 million related to our deferred compensation plan for 2024, 2023 and 2022, respectively. These amounts have corresponding offsets from investments in other non-interest income.
Non-interest expense increased by $1.2 billion to $21.5 billion in the year ended 2024 compared to 2023, primarily driven by growth in our Credit Card business, including increased marketing spend.
For the year ended December 31, 2024, we have incurred $234 million of integration expenses related to the Transaction, primarily driven by professional services, which are included within operating expense in our consolidated statements of income.
| 62 | Capital One Financial Corporation (COF) |
Income Taxes
We recorded an income tax provision of $1.2 billion (19.7% effective income tax rate), $1.2 billion (19.2% effective income tax rate) and $1.9 billion (20.3% effective income tax rate) in 2024, 2023 and 2022, respectively. Our effective tax rate on income from continuing operations varies between periods due, in part, to the impact of changes in pre-tax income and changes in tax credits, tax-exempt income and non-deductible expenses relative to our pre-tax earnings.
Our effective income tax rate in 2024 increased by 0.5% compared to 2023. We recorded discrete tax benefit of $27 million in 2024, discrete tax expense of $6 million in 2023, and discrete tax benefit of $71 million in 2022.
We provide additional information on items affecting our income taxes and effective tax rate in “Item 8. Financial Statements and Supplementary Data—Note 16—Income Taxes.”
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