Skip to content
AnalystLens

CAPITAL ONE FINANCIAL CORP 8-K Report, Regulation FD Disclosure (Sep 16, 2024)

Reports
Regulation FD·Exhibits & Filings
Filing Date
Filed September 16, 2024
Period End
September 13, 2024
In the record · 2016–202610-K1110-Q328-K410

COF filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 410 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Feb ’22Feb ’22
  2. Leadership change8-K · Apr ’26Apr ’26

01—Abstract

Summary

Summary of the 8-K filed September 16, 2024. Cited figures are marked; the original filing is the authoritative source.

Capital One Financial Corporation (COF) furnished a Regulation FD disclosure via Form 8-K on September 16, 2024, containing its Monthly Charge-Off and Delinquency Metrics for the month ended August 31, 2024.

This is a routine monthly credit-performance update rather than a material event such as an earnings release, acquisition, or leadership change. The filing is furnished, not filed, so it is not subject to Section 18 liability and is not incorporated into other securities filings. The headline figure for investors is the Domestic Credit Card net charge-off rate of 5.82% for August 2024, on average loans held for investment of roughly $147.2 billiona and period-end loans of about $149.4 billion.

Net charge-offs were $714 millionb. Management disclosed that the termination of the Walmart program agreement, effective May 21, 2024, added 39 basis points to the card net charge-off rate for the month. Excluding that impact, the rate would have been 5.43%.

Domestic card 30+ day performing delinquencies were 4.35%c of period-end loans, and the Consumer Banking auto portfolio showed a net charge-off rate of 2.10% and a 30+ day delinquency rate of 5.68%. For investors, the key takeaway is that the elevated card charge-off rate in August was driven largely by a one-time portfolio-change effect from the Walmart exit rather than purely by deteriorating underlying credit.

Investors will want to track whether the underlying 5.43%d rate continues to trend as expected in subsequent monthly reports. The auto portfolio's credit metrics and nonperforming loan levels provide additional context on the consumer credit cycle, and the release should be read alongside Capital One's quarterly earnings and guidance.

02—Key points

Key Highlights

  1. Domestic Credit Card net charge-off rate was 5.82% for August 2024, on $714 million of net charge-offs.
  2. The Walmart program agreement termination (effective May 21, 2024) added 39 basis points to the card net charge-off rate; excluding this, the rate would have been 5.43%.
  3. Domestic Card 30+ day performing delinquencies were $6.5 billion, or 4.35% of period-end loans.
  4. Domestic Card period-end loans held for investment were $149.4 billion, versus average loans of $147.2 billion.
  5. Consumer Banking Auto net charge-off rate was 2.10% ($131 million), with a 30+ day performing delinquency rate of 5.68% ($4.3 billion).
  6. Auto nonperforming loans were $670 million, or 0.89% of period-end loans.
  7. The filing is a routine monthly Regulation FD disclosure (Item 7.01) and is furnished rather than filed under the Exchange Act.

03—Questions

Frequently Asked Questions

  1. Why was Capital One's domestic card net charge-off rate elevated in August 2024?

    Management attributed 39 basis points of the 5.82% rate to the termination of the Walmart program agreement, effective May 21, 2024. Excluding this impact, the domestic card net charge-off rate would have been 5.43%.

  2. What do the card delinquency metrics indicate?

    The 30+ day performing delinquency rate for domestic card was 4.35% of period-end loans, totaling $6.5 billion, which provides an early indicator of future charge-off trends.

  3. How is Capital One's auto loan portfolio performing?

    The auto portfolio's net charge-off rate was 2.10% for August, with 30+ day performing delinquencies at 5.68% and nonperforming loans at 0.89% of period-end loans, totaling $670 million.

  4. Is this filing a material event that requires immediate action from investors?

    No. The filing is a routine monthly credit metrics disclosure furnished under Regulation FD. It is not an earnings release or a material corporate event, though investors may use it to monitor credit trends between quarterly reports.

  5. How do these metrics relate to Capital One's broader financial outlook?

    Monthly charge-off and delinquency data helps investors track credit performance trends, which affect loan loss provisions and earnings. Investors should consider these figures alongside quarterly results, management guidance, and the Walmart transition's effects on portfolio composition.

04—Continue

← View all 8-K filings