Thu, Aug 1, 8:31 PM (88 days ago)
Capital One Financial Corporation's Q2 2024 financial highlights show a net income of $597 million, a 58% decrease from Q2 2023. Total net revenue increased by 5% to $9.5 billion. The provision for credit losses rose significantly by 57% to $3.9 billion, driven by higher net charge-offs and an allowance build due to the termination of the Walmart program agreement. Non-interest expense grew by 3% to $4.9 billion, mainly due to increased marketing spend. The CET1 capital ratio improved to 13.2%. Loans held for investment decreased slightly by 1% to $318.2 billion. Net charge-off rate increased to 3.36%. The company declared and paid common stock dividends of $234 million and repurchased $150 million of shares. The acquisition of Discover Financial Services is pending regulatory and stockholder approvals.