Capital One said it reported net income of $4.9 billion ($11.95 per diluted common share) on total net revenue of $36.8 billion for 2023. For 2022, it reported net income of $7.4 billion ($17.91 per diluted common share) on total net revenue of $34.3 billion.

1. 01

   Capital One said it reported net income of $4.9 billion ($11.95 per diluted common share) on total net revenue of $36.8 billion for 2023. For 2022, it reported net income of $7.4 billion ($17.91 per diluted common share) on total net revenue of $34.3 billion.

2. 02

   The company said its provision for credit losses rose by $4.6 billion to $10.4 billion in 2023 compared with 2022. Its net charge-off rate increased by 134 basis points to 2.70%, and the company cited growth and continued credit normalization in its domestic credit card loan portfolio as the factors.

3. 03

   The company said net interest income rose by $2.1 billion to $29.2 billion in 2023 compared with 2022, while its net interest margin fell by 4 basis points to 6.63%. It cited higher rates paid on interest-bearing deposits as the reason for the margin decline.

4. 04

   Capital One said it agreed to acquire Discover in an all-stock transaction on February 19, 2024. Upon closing, each share of Discover common stock will be exchanged for 1.0192 shares of the company's common stock. The closing requires regulatory approvals and approval by stockholders of both companies, among other conditions.

Key figures

Fiscal year ended December 31, 2023

Revenue

$36.8B

Net income

$4.9B

EPS

$11.95

Operating cash flow

$20.6B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.