CAPITAL ONE FINANCIAL CORP (COF) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 30, 2015

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Exhibit 99.1
News Release
Investor Relations
Media Relations
Jeff Norris
Danielle Dietz
Julie Rakes
Tatiana Stead
Capital One Reports Second Quarter 2015 Net Income of $863 million,
or $1.50 per share
EPS from Continuing Operations of $1.48; EPS excluding Adjusting Items of $1.78
McLean, Va. (July 23, 2015) – Capital One Financial Corporation (NYSE: COF) today announced net income for the second quarter of 2015 of $863 million, or $1.50 per diluted common share, compared to the first quarter of 2015 with net income of $1.2 billion, or $2.00 per diluted common share, and the second quarter of 2014 with net income of $1.2 billion, or $2.04 per diluted common share. Net income for the second quarter of 2015, adjusted for the impact of restructuring charges of $147 million and a build in the U.K. PPI reserve of $78 million, was $1.0 billion or $1.78 per diluted common share.
“Capital One continues to deliver attractive risk-adjusted returns today and invest to sustain growth and returns over the long term,” said Richard D. Fairbank, Chair and Chief Executive Officer. “We remain compelled by the opportunity, need, and urgency of digital transformation, and we continue to see growth opportunities across our businesses, particularly in Domestic Card. Capital One is well positioned to sustain attractive shareholder returns over the long term.”
All comparisons below are for the second quarter of 2015 compared with the first quarter of 2015 unless otherwise noted.
Second Quarter 2015 Income Statement Summary:
Total net revenue remained flat at $5.7 billion, including ($37) million of contra-revenue from a build in the U.K. PPI reserve.
Total non-interest expense increased 8 percent to $3.3 billion:
3 percent increase in marketing.
10 percent increase in operating expense, including $147 million in restructuring charges and a build of $41 million in the U.K. PPI reserve.
Pre-provision earnings decreased 9 percent to $2.4 billion.
Provision for credit losses increased 21 percent to $1.1 billion.

The following information was filed by CAPITAL ONE FINANCIAL CORP on Thursday, July 23, 2015 as an 8K 2.02 statement, which is a press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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  • Form Type: Quarterly
  • Number of times amended: 0
  • Accession Number: 0000927628-15-000106
  • Submitted to the SEC: Monday, November 2, 2015
  • Accepted by the SEC: Monday, November 2, 2015
  • Period Ending: September 2015

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