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CAPITAL ONE FINANCIAL CORP 8-K Report, Regulation FD Disclosure (Nov 15, 2024)

Reports
Regulation FD·Exhibits & Filings
Filing Date
Filed November 15, 2024
Period End
November 14, 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 November 15, 2024. Cited figures are marked; the original filing is the authoritative source.

Capital One Financial Corporation (COF) furnished this Form 8-K under Item 7.01 (Regulation FD) to publish its monthly charge-off and delinquency metrics for the month ended October 31, 2024.

The filing is informational and contains no financial statements or guidance changes. The key data points cover the Domestic Card and Consumer Banking (Auto) portfolios. Domestic Card is the largest exposure shown, with average loans held for investment of $148.3 billiona and period-end loans of $150.6 billion.

Net charge-offs were $720 millionb, a net charge-off rate of 5.82% annualized. Credit card 30+ day performing delinquencies were $6.9 billion, or 4.61% of period-end loans. The company notes that termination of the Walmart program agreement, effective May 21, 2024, added 39 basis points to the October Domestic Card net charge-off rate.

Excluding that effect, the rate would have been 5.43%. In Consumer Banking Auto, average loans were $75.6 billionc and period-end loans were $75.7 billion. Net charge-offs were $148 million, a 2.34% annualized rate.

Auto 30+ day performing delinquencies were $4.4 billiond, or 5.80%, and nonperforming loans were $694 million, or 0.92%. Investors should note that net charge-off rates can move with recoveries and debt sales, so single-month readings are best viewed alongside trends over time.

02—Key points

Key Highlights

  1. Domestic Card net charge-off rate was 5.82% for October 2024 on $720 million of net charge-offs against average loans of $148.3 billion.
  2. Excluding the 39 basis point impact from the terminated Walmart program agreement (effective May 21, 2024), the Domestic Card net charge-off rate would have been 5.43%.
  3. Domestic Card 30+ day performing delinquencies were $6.9 billion, or 4.61% of period-end loans.
  4. Auto net charge-offs were $148 million, a 2.34% annualized rate on average loans of $75.6 billion.
  5. Auto 30+ day performing delinquencies were $4.4 billion, or 5.80% of period-end loans.
  6. Auto nonperforming loans were $694 million, or 0.92% of period-end loans.
  7. The filing is furnished, not filed, under Item 7.01 and includes no new financial statements or guidance.

03—Questions

Frequently Asked Questions

  1. Why is the Domestic Card net charge-off rate higher than the adjusted figure?

    The reported 5.82% rate includes a 39 basis point effect from terminating the Walmart program agreement, effective May 21, 2024. Excluding that impact, the rate would have been 5.43%, which better reflects underlying credit performance from the company's perspective.

  2. What does this 8-K actually report?

    It furnishes Exhibit 99.1, a monthly table of charge-off, delinquency, and nonperforming loan metrics for the month ended October 31, 2024, under Regulation FD. The information is not deemed filed for Section 18 purposes.

  3. What drives changes in the reported net charge-off rates?

    The company notes that net charge-offs and rates are affected periodically by recoveries, including the impact of debt sales. Monthly readings can therefore fluctuate, so investors should look at trends across periods.

  4. How large are the Domestic Card and Auto portfolios in this report?

    Domestic Card period-end loans held for investment were $150.6 billion, and Consumer Banking Auto period-end loans were $75.7 billion, both including billed finance charges and fees for card loans.

04—Continue

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