CAPITAL ONE FINANCIAL CORP
For the period ended Jun 30, 2025. Filed Jul 31, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Jul 31, 2025
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Non-Interest Income
Table 4 displays the components of non-interest income for the second quarter and first six months of 2025 and 2024.
Table 4: Non-Interest Income
| Three Months Ended June 30, | Six Months Ended June 30, | |||
|---|---|---|---|---|
| (Dollars in millions) | 2025 | 2024 | 2025 | 2024 |
| Discount and interchange fees, net | $1,478 | $1,249 | $2,701 | $2,394 |
| Service charges and other customer-related fees | 658 | 459 | 1,167 | 921 |
| Other(1)(2) | 361 | 252 | 616 | 559 |
| Total non-interest income | $2,497 | $1,960 | $4,484 | $3,874 |
(1)Primarily consists of revenue from Capital One Shopping, treasury, other investment income and auto industry services.
(2)Includes gains of $57 million and $41 million on deferred compensation plan investments in the second quarter and first six months of 2025, respectively, and gains of $11 million and $53 million on deferred compensation plan investments in the second quarter and first six months of 2024, respectively. These amounts have corresponding offsets in non-interest expense.
Non-interest income increased by $537 million to $2.5 billion in the second quarter of 2025 and increased by $610 million to $4.5 billion in the first six months of 2025 primarily due to growth in our credit card loan portfolio and higher net discount and interchange fees in Consumer Banking, including the impact from the Global Payment Network, as a result of the Transaction.
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 increased by $7.5 billion to $11.4 billion in the second quarter of 2025 and increased by $7.2 billion to $13.8 billion in the first six months of 2025 primarily driven by the initial allowance for credit losses of $8.8 billion for non-PCD loans acquired in the Transaction.
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—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 2024 Form 10-K.
| 15 | Capital One Financial Corporation (COF) |
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