Capital One Financial Corp reported its financial results for the third quarter of 2024, highlighting a mixed performance in terms of profitability and revenue growth. The company recorded a net income of $1.777 billion, or $4.41 per diluted share, which represents a slight decrease from the net income of $1.790 billion, or $4.45 per diluted share, reported in the same quarter of 2023.
Total net revenue for Q3 2024 reached $10.014 billion, marking a 7% increase from $9.366 billion in Q3 2023. This growth was primarily driven by a 9% rise in net interest income, which amounted to $8.076 billion compared to $7.423 billion in the prior year. However, the provision for credit losses also increased, totaling $2.482 billion, up 9% from $2.284 billion in Q3 2023. This increase reflects the company's response to rising credit risks, as evidenced by net charge-offs that surged 30% to $2.604 billion from $1.999 billion in the previous year.
As of September 30, 2024, Capital One reported loans held for investment of $320.243 billion, a slight decrease of $229 million from December 31, 2023. The allowance for credit losses rose to $16.534 billion, an increase of $1.238 billion from the end of the previous fiscal year. The company's Common Equity Tier 1 (CET1) capital ratio improved to 13.6%, up from 12.9% as of December 31, 2023, indicating a stronger capital position.
Total assets increased to $486.433 billion, reflecting an $8.0 billion rise since the end of 2023. Total deposits also grew, reaching $353.631 billion, an increase of $5.2 billion from December 31, 2023.
Additionally, the company incurred integration expenses of $63 million related to its acquisition of Discover during Q3 2024. As of September 30, 2024, Capital One had 381,510,336 shares of common stock outstanding.
About CAPITAL ONE FINANCIAL CORP
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