CAPITAL ONE FINANCIAL CORP Annual Report (Amendment), Year Ended Dec 31, 2001

This filing is an amendment to Capital One Financial Corporation's (COF) 2001 Form 10-K, primarily correcting "pro forma" net income and earnings per share disclosures related to stock-based compensation (Note F, SFAS No. 123). The core historical financial performance and position remain unchanged. For the fiscal year ended December 31, 2001, Capital One demonstrated significant growth across key financial metrics. Total assets grew substantially to $28.2 billion, up from $18.9 billion in 2000. This growth was fueled by a strong increase in interest-bearing deposits and senior notes. Net income rose to $642 million from $470 million in the prior year, with diluted earnings per share increasing to $2.91 from $2.24. The company also experienced robust growth in its loan portfolio, with consumer loans increasing significantly, and a corresponding rise in the allowance for loan losses. Non-interest income, particularly from servicing and securitizations, also showed substantial growth, contributing significantly to overall profitability. The company maintained strong capital ratios, well above regulatory requirements, indicating a solid financial foundation. Investors should note the company's strategic focus on growth, evident in its expanding asset base and loan portfolio, coupled with its robust non-interest income streams. The growth in deposits and borrowings suggests effective funding strategies to support expansion. While the provision for loan losses increased, this is commensurate with the portfolio growth. The amendment regarding pro forma disclosures does not alter the reported historical financial results, but investors should be aware of this clarification.