Capital One Financial (COF) Tops Q2 EPS by 7c, Revenues Miss

Capital One Financial (NYSE: COF) reported Q2 EPS of ($1.61), $0.07 better than the analyst estimate of ($1.68). Revenue for the quarter came in at $6.6 billion versus the consensus estimate of $6.83 billion.

• Total net revenue decreased 10 percent to $6.6 billion.
• Total non-interest expense increased 1 percent to $3.8 billion:
  • 44 percent decrease in marketing.
  • 8 percent increase in operating expenses.
• Pre-provision earnings decreased 21 percent to $2.8 billion(2).
• Provision for credit losses decreased 22 percent to $4.2 billion:
  • Net charge-offs of $1.5 billion.
  • $2.7 billion reserve build.
• Net interest margin of 5.78 percent, decreased 100 basis points.
• Efficiency ratio of 57.50 percent.
  • Efficiency ratio excluding adjusting items of 53.29 percent(1).
• Operating efficiency ratio of 53.34 percent.
• Operating efficiency ratio excluding adjusting items of 49.13 percent(1).

"Our investments to transform our technology and how we work, and our efforts to drive the company to digital are powering our response to the pandemic," said Richard D. Fairbank, Founder, Chairman and Chief Executive Officer. "We remain well positioned to weather the downturn, emerge with strength, and deliver shareholder value over the long-term."

For earnings history and earnings-related data on Capital One Financial (COF) click here.

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