Capital One Financial : Q4 2019 Capital One Financial Earnings Financial Supplement

		Exhibit 99.2
	Capital One Financial Corporation
	Financial Supplement(1)(2)
	Fourth Quarter 2019
	Table of Contents
Capital One Financial Corporation Consolidated Results	Page
Table 1:	Financial Summary-Consolidated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	. . . . . 1
Table 2:	Selected Metrics-Consolidated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	. . . . . 3
Table 3:	Consolidated Statements of Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	. . . . . 4
Table 4:	Consolidated Balance Sheets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	. . . . . 6
Table 5:	Notes to Financial Summary, Selected Metrics and Consolidated Financial Statements (Tables 1-4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	. . . . . 8
Table 6:	Average Balances, Net Interest Income and Net Interest Margin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	. . . . . 9
Table 7:	Loan Information and Performance Statistics. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	. . . . . 10
Table 8:	Allowance for Loan and Lease Losses and Reserve for Unfunded Lending Commitments Activity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	. . . . . 12
Business Segment Results
Table 9:	Financial Summary-BusinessSegment Results. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	. . . . . 13
Table 10:	Financial & Statistical Summary-CreditCard Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	. . . . . 14
Table 11:	Financial & Statistical Summary-ConsumerBanking Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	. . . . . 16
Table 12:	Financial & Statistical Summary-CommercialBanking Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	. . . . . 17
Table 13:	Financial & Statistical Summary-Otherand Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	. . . . . 18
Other
Table 14:	Notes to Loan, Allowance and Business Segment Disclosures (Tables 7-13) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	. . . . . 19
Table 15:	Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAPMeasures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	. . . . . 20
__________

1. The information contained in this Financial Supplement is preliminary and based on data available at the time of the earnings presentation. Investors should refer to our Annual Report on Form 10-K for the period ended December 31, 2019 once it is filed with the Securities and Exchange Commission.
2. This Financial Supplement includes non-GAAP measures. We believe these non-GAAP measures are useful to investors and users of our financial information as they provide an alternate measurement of our performance and assist in assessing our capital adequacy and the level of return generated. These non-GAAP measures should not be viewed as a substitute for reported results determined in accordance with generally accepted accounting principles in the U.S. ("GAAP"), nor are they necessarily comparable to non-GAAP measures that may be presented by other companies.

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 1: Financial Summary-Consolidated

																	2019 Q4 vs.			Year Ended December 31,
			2019			2019			2019			2019			2018		2019	2018								2019 vs.
(Dollars in millions, except per share data and as noted)			Q4			Q3			Q2			Q1			Q4	Q3		Q4			2019			2018	2018
Income Statement
Net interest income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	6,066	$	5,737	$	5,746	$	5,791	$	5,820		6%	4%	$	23,340	$	22,875	2%
Non-interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			1,361			1,222			1,378			1,292			1,193		11	14			5,253			5,201	1
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Total net revenue(1)			7,427			6,959			7,124			7,083			7,013		7	6			28,593			28,076	2
Provision for credit losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			1,818			1,383			1,342			1,693			1,638		31	11			6,236			5,856	6
Non-interest expense:
Marketing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			710			501			546			517			831		42	(15)			2,274			2,174	5
Operating expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			3,451			3,371			3,233			3,154			3,301		2	5			13,209			12,728	4
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Total non-interest expense			4,161			3,872			3,779			3,671			4,132		7	1			15,483			14,902	4
. . . . . . . . . . . . . . .Income from continuing operations before income taxes			1,448			1,704			2,003			1,719			1,243		(15)	16			6,874			7,318	(6)
Income tax provision (benefit) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			270			375			387			309			(21)		(28)	**			1,341			1,293	4
. . . . . . . . . . . . . . . . . . . . . . .Income from continuing operations, net of tax			1,178			1,329			1,616			1,410			1,264		(11)	(7)			5,533			6,025	(8)
Income (loss) from discontinued operations, net of tax . . . . . . . . . . . . . . . . .			(2)			4			9			2			(3)		**	(33)			13			(10)	**
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Net income			1,176			1,333			1,625			1,412			1,261		(12)	(7)			5,546			6,015	(8)
Dividends and undistributed earnings allocated to participating securities(2)			(7)			(10)			(12)			(12)			(9)		(30)	(22)			(41)			(40)	3
Preferred stock dividends. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			(97)			(53)			(80)			(52)			(80)		83	21			(282)			(265)	6
Issuance cost for redeemed preferred stock(3) . . . . . . . . . . . . . . . . . . . . . . . .			(31)			-			-			-			-	**	**			(31)			-	**
. . . . . . . . . . . . . . . . . . . . . . .Net income available to common stockholders		$	1,041		$	1,270		$	1,533		$	1,348		$	1,172		(18)	(11)		$	5,192		$	5,710	(9)
Common Share Statistics
Basic earnings per common share:(2)
Net income from continuing operations. . . . . . . . . . . . . . . . . . . . . . . . . .	$	2.26	$	2.70	$	3.24	$	2.87	$	2.50		(16)%	(10)%	$	11.07	$	11.92	(7)%
Income (loss) from discontinued operations . . . . . . . . . . . . . . . . . . . . . .			-			0.01			0.02			-			(0.01)		**	**			0.03			(0.02)	**
. . . . . . . . . . . . . . . . . . . . . . . . . . . .Net income per basic common share		$	2.26		$	2.71		$	3.26		$	2.87		$	2.49		(17)	(9)		$	11.10		$	11.90	(7)
Diluted earnings per common share:(2)
Net income from continuing operations. . . . . . . . . . . . . . . . . . . . . . . . . .	$	2.25	$	2.68	$	3.22	$	2.86	$	2.49		(16)	(10)	$	11.02	$	11.84	(7)
Income (loss) from discontinued operations . . . . . . . . . . . . . . . . . . . . . .			-			0.01			0.02			-			(0.01)		**	**			0.03			(0.02)	**
. . . . . . . . . . . . . . . . . . . . . . . . . . .Net income per diluted common share		$	2.25		$	2.69		$	3.24		$	2.86		$	2.48		(16)	(9)		$	11.05		$	11.82	(7)
Weighted-average common shares outstanding (in millions):
Basic. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			460.9			469.5			470.8			469.4			470.0		(2)	(2)			467.6			479.9	(3)
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			463.4			471.8			473.0			471.6			472.7		(2)	(2)			469.9			483.1	(3)
Common shares outstanding (period-end, in millions) . . . . . . . . . . . . . . . . .			456.6			465.7			470.3			469.6			467.7		(2)	(2)			456.6			467.7	(2)
Dividends declared and paid per common share . . . . . . . . . . . . . . . . . . . . . .	$	0.40	$	0.40	$	0.40	$	0.40	$	0.40		-		-	$	1.60	$	1.60		-
Tangible book value per common share (period-end)(4). . . . . . . . . . . . . . . . .			83.72			80.46			77.65			72.86			69.20		4	21			83.72			69.20	21

1

																	2019 Q4 vs.			Year Ended December 31,
			2019			2019			2019			2019			2018		2019	2018								2019 vs.
(Dollars in millions)			Q4			Q3			Q2			Q1			Q4	Q3		Q4			2019			2018	2018
Balance Sheet (Period-End)
Loans held for investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	265,809	$	249,355	$	244,460	$	240,273	$	245,899		7%	8%	$	265,809	$	245,899	8%
Interest-earning assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			355,202			344,643			339,160			340,071			341,293		3	4			355,202			341,293	4
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			390,365			378,810			373,619			373,191			372,538		3	5			390,365			372,538	5
Interest-bearing deposits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			239,209			234,084			231,161			230,199			226,281		2	6			239,209			226,281	6
Total deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			262,697			257,148			254,535			255,107			249,764		2	5			262,697			249,764	5
Borrowings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			55,697			50,149			49,233			50,358			58,905		11	(5)			55,697			58,905	(5)
Common equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			53,157			52,412			51,406			49,120			47,307		1	12			53,157			47,307	12
Total stockholders' equity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			58,011			58,235			55,767			53,481			51,668		-	12			58,011			51,668	12
Balance Sheet (Average Balances)
Loans held for investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	258,870	$	246,147	$	242,653	$	241,959	$	241,371		5%	7%	$	247,450	$	242,118	2%
Interest-earning assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			349,150			340,949			338,026			337,793			334,714		2	4			341,510			332,738	3
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			383,162			374,905			371,095			370,394			365,243		2	5			374,924			363,036	3
Interest-bearing deposits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			236,250			232,063			230,452			227,572			222,827		2	6			231,609			221,760	4
Total deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			260,040			255,082			253,634			251,410			247,663		2	5			255,065			247,117	3
Borrowings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			51,442			49,413			49,982			53,055			53,994		4	(5)			50,965			53,144	(4)
Common equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			52,641			52,566			50,209			48,359			46,753		-	13			50,960			45,831	11
Total stockholders' equity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			58,148			57,245			54,570			52,720			51,114		2	14			55,690			50,192	11

2

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 2: Selected Metrics-Consolidated

																	2019 Q4 vs.			Year Ended December 31,
			2019			2019			2019			2019			2018		2019	2018								2019 vs.
(Dollars in millions, except as noted)			Q4			Q3			Q2			Q1			Q4	Q3		Q4			2019			2018	2018
Performance Metrics
Net interest income growth (period over period) . . . . . . . . . . . . . . . . . . . . . .			6%			-			(1)%			-			1%		**	**			2%			2%	**
Non-interest income growth (period over period) . . . . . . . . . . . . . . . . . . . . .			11			(11)%			7			8%			1		**	**			1			9	**
Total net revenue growth (period over period). . . . . . . . . . . . . . . . . . . . . . . .			7			(2)			1			1			1		**	**			2			3	**
Total net revenue margin(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			8.51			8.16			8.43			8.39			8.38		35bps		13bps			8.37			8.44		(7)bps
Net interest margin(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			6.95			6.73			6.80			6.86			6.96		22	(1)			6.83			6.87	(4)
Return on average assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			1.23			1.42			1.74			1.52			1.38		(19)	(15)			1.48			1.66	(18)
Return on average tangible assets(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			1.28			1.48			1.82			1.59			1.44		(20)	(16)			1.54			1.73	(19)
Return on average common equity(8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			7.93			9.63			12.14			11.13			10.05		(170)	(212)			10.16			12.48	(232)
Return on average tangible common equity(9) . . . . . . . . . . . . . . . . . . . . . . . .			11.07			13.45			17.26			16.11			14.78		(238)	(371)			14.37			18.56	(419)
Non-interest expense as a percentage of average loans held for investment .			6.43			6.29			6.23			6.07			6.85		14	(42)			6.26			6.15	11
Efficiency ratio(10). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			56.03			55.64			53.05			51.83			58.92		39	(289)			54.15			53.08	107
Operating efficiency ratio(11). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			46.47			48.44			45.38			44.53			47.07		(197)	(60)			46.20			45.33	87
Effective income tax rate for continuing operations . . . . . . . . . . . . . . . . . . .			18.6			22.0			19.3			18.0			(1.7)		(340)	**			19.5			17.7	180
Employees (period-end, in thousands). . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			51.9			52.1			50.7			48.8			47.6		-	9%			51.9			47.6	9%
Credit Quality Metrics
Allowance for loan and lease losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	7,208	$	7,037	$	7,133	$	7,313	$	7,220		2%		-	$	7,208	$	7,220		-
Allowance as a percentage of loans held for investment . . . . . . . . . . . . . . . .			2.71%			2.82%			2.92%			3.04%			2.94%		(11)bps		(23)bps			2.71%			2.94%		(23)bps
Net charge-offs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	1,683	$	1,462	$	1,508	$	1,599	$	1,610		15%	5%	$	6,252	$	6,112	2%
Net charge-off rate(12) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			2.60%			2.38%			2.48%			2.64%			2.67%		22bps		(7)bps			2.53%			2.52%		1bps
30+ day performing delinquency rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			3.51			3.28			3.15			3.23			3.62		23	(11)			3.51			3.62	(11)
30+ day delinquency rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			3.74			3.51			3.35			3.40			3.84		23	(10)			3.74			3.84	(10)
Capital Ratios(13)
Common equity Tier 1 capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			12.2%			12.5%			12.3%			11.9%			11.2%		(30)bps		100bps			12.2%			11.2%		100bps
Tier 1 capital. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			13.7			14.4			13.8			13.4			12.7		(70)	100			13.7			12.7	100
Total capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			16.1			16.8			16.2			15.8			15.1		(70)	100			16.1			15.1	100
Tier 1 leverage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			11.7			11.9			11.4			11.0			10.7		(20)	100			11.7			10.7	100
Tangible common equity ("TCE")(14) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			10.2			10.3			10.2			9.6			9.1		(10)	110			10.2			9.1	110

3

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 3: Consolidated Statements of Income

																	2019 Q4 vs.			Year Ended December 31,
			2019			2019			2019			2019			2018		2019	2018								2019 vs.
(Dollars in millions, except per share data and as noted)			Q4			Q3			Q2			Q1			Q4	Q3		Q4			2019			2018	2018
Interest income:
Loans, including loans held for sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	6,682	$	6,429	$	6,383	$	6,368	$	6,358		4%	5%	$	25,862	$	24,728	5%
Investment securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			544			583			629			655			627		(7)	(13)			2,411			2,211	9
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			44			63			64			69			63		(30)	(30)			240			237	1
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Total interest income			7,270			7,075			7,076			7,092			7,048		3	3			28,513			27,176	5
Interest expense:
Deposits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			832			901			870			817			756		(8)	10			3,420			2,598	32
Securitized debt obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			118			123			139			143			138		(4)	(14)			523			496	5
Senior and subordinated notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			236			299			310			314			297		(21)	(21)			1,159			1,125	3
Other borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			18			15			11			27			37		20	(51)			71			82	(13)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Total interest expense			1,204			1,338			1,330			1,301			1,228		(10)	(2)			5,173			4,301	20
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Net interest income			6,066			5,737			5,746			5,791			5,820		6	4			23,340			22,875	2
Provision for credit losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			1,818			1,383			1,342			1,693			1,638		31	11			6,236			5,856	6
. . . . . . . . . . . . . . . . . . .Net interest income after provision for credit losses			4,248			4,354			4,404			4,098			4,182		(2)	2			17,104			17,019		-
Non-interest income:
Interchange fees, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			811			790			820			758			743		3	9			3,179			2,823	13
Service charges and other customer-related fees . . . . . . . . . . . . . . . . . . .			342			283			352			353			352		21	(3)			1,330			1,585	(16)
Net securities gains (losses) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			(18)			5			15			24			(20)		**	(10)			26			(209)	**
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			226			144			191			157			118		57	92			718			1,002	(28)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Total non-interest income			1,361			1,222			1,378			1,292			1,193		11	14			5,253			5,201	1
Non-interest expense:
Salaries and associate benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			1,652			1,605			1,558			1,573			1,345		3	23			6,388			5,727	12
Occupancy and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			565			519			521			493			610		9	(7)			2,098			2,118	(1)
Marketing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			710			501			546			517			831		42	(15)			2,274			2,174	5
Professional services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			318			314			314			291			426		1	(25)			1,237			1,145	8
Communications and data processing. . . . . . . . . . . . . . . . . . . . . . . . . . . .			346			312			329			303			326		11	6			1,290			1,260	2
Amortization of intangibles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			28			25			29			30			43		12	(35)			112			174	(36)
Other(15) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			542			596			482			464			551		(9)	(2)			2,084			2,304	(10)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Total non-interest expense			4,161			3,872			3,779			3,671			4,132		7	1			15,483			14,902	4
. . . . . . . . . . . . . . . .Income from continuing operations before income taxes			1,448			1,704			2,003			1,719			1,243		(15)	16			6,874			7,318	(6)
Income tax provision (benefit) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			270			375			387			309			(21)		(28)	**			1,341			1,293	4
. . . . . . . . . . . . . . . . . . . . . . . .Income from continuing operations, net of tax			1,178			1,329			1,616			1,410			1,264		(11)	(7)			5,533			6,025	(8)
Income (loss) from discontinued operations, net of tax . . . . . . . . . . . . . . . . .			(2)			4			9			2			(3)		**	(33)			13			(10)	**
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Net income			1,176			1,333			1,625			1,412			1,261		(12)	(7)			5,546			6,015	(8)
Dividends and undistributed earnings allocated to participating securities(2).			(7)			(10)			(12)			(12)			(9)		(30)	(22)			(41)			(40)	3
Preferred stock dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			(97)			(53)			(80)			(52)			(80)		83	21			(282)			(265)	6
Issuance cost for redeemed preferred stock(3) . . . . . . . . . . . . . . . . . . . . . . . . .			(31)			-			-			-			-	**	**			(31)			-	**
. . . . . . . . . . . . . . . . . . . . .Net income available to common stockholders		$	1,041		$	1,270		$	1,533		$	1,348		$	1,172		(18)	(11)		$	5,192		$	5,710	(9)

4

																	2019 Q4 vs.			Year Ended December 31,
			2019			2019			2019			2019			2018		2019	2018								2019 vs.
(Dollars in millions, except per share data and as noted)			Q4			Q3			Q2			Q1			Q4	Q3		Q4			2019			2018	2018
Basic earnings per common share:(2)
Net income from continuing operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	2.26	$	2.70	$	3.24	$	2.87	$	2.50		(16)%	(10)%	$	11.07	$	11.92	(7)%
Income (loss) from discontinued operations. . . . . . . . . . . . . . . . . . . . . . . . . .			-			0.01			0.02			-			(0.01)		**	**			0.03			(0.02)	**
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Net income per basic common share		$	2.26		$	2.71		$	3.26		$	2.87		$	2.49		(17)	(9)		$	11.10		$	11.90	(7)
Diluted earnings per common share:(2)
Net income from continuing operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	2.25	$	2.68	$	3.22	$	2.86	$	2.49		(16)	(10)	$	11.02	$	11.84	(7)
Income (loss) from discontinued operations. . . . . . . . . . . . . . . . . . . . . . . . . .			-			0.01			0.02			-			(0.01)		**	**			0.03			(0.02)	**
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Net income per diluted common share		$	2.25		$	2.69		$	3.24		$	2.86		$	2.48		(16)	(9)		$	11.05		$	11.82	(7)
Weighted-average common shares outstanding (in millions):
Basic common shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			460.9			469.5			470.8			469.4			470.0		(2)	(2)			467.6			479.9	(3)
Diluted common shares. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			463.4			471.8			473.0			471.6			472.7		(2)	(2)			469.9			483.1	(3)

5

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 4: Consolidated Balance Sheets

																	2019 Q4 vs.
			2019			2019			2019			2019			2018		2019	2018
(Dollars in millions)			Q4			Q3			Q2			Q1			Q4	Q3		Q4
Assets:
Cash and cash equivalents:
Cash and due from banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	4,129	$	4,452	$	5,184	$	4,572	$	4,768		(7)%	(13)%
Interest-bearing deposits and other short-term investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			9,278			12,668			9,927			12,897			8,418		(27)	10
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Total cash and cash equivalents			13,407			17,120			15,111			17,469			13,186		(22)	2
Restricted cash for securitization investors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			342			417			710			1,969			303		(18)	13
Investment securities:
Securities available for sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			79,213			46,168			45,658			45,888			46,150		72	72
Securities held to maturity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			-			33,894			35,475			36,503			36,771		(100)	(100)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Total investment securities			79,213			80,062			81,133			82,391			82,921		(1)	(4)
Loans held for investment:
Unsecuritized loans held for investment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			231,992			215,892			211,556			208,591			211,702		7	10
Loans held in consolidated trusts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			33,817			33,463			32,904			31,682			34,197		1	(1)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Total loans held for investment			265,809			249,355			244,460			240,273			245,899		7	8
Allowance for loan and lease losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			(7,208)			(7,037)			(7,133)			(7,313)			(7,220)		2		-
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Net loans held for investment			258,601			242,318			237,327			232,960			238,679		7	8
Loans held for sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			400			1,245			1,829			905			1,192		(68)	(66)
Premises and equipment, net. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			4,378			4,311			4,243			4,205			4,191		2	4
Interest receivable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			1,758			1,627			1,544			1,615			1,614		8	9
Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			14,653			14,624			14,545			14,546			14,544		-	1
Other assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			17,613			17,086			17,177			17,131			15,908		3	11
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Total assets		$	390,365		$	378,810		$	373,619		$	373,191		$	372,538		3	5

6

																	2019 Q4 vs.
			2019			2019			2019			2019			2018		2019	2018
(Dollars in millions)			Q4			Q3			Q2			Q1			Q4	Q3		Q4
Liabilities:
Interest payable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	439	$	370	$	437	$	382	$	458		19 %	(4)%
Deposits:
Non-interest-bearing deposits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			23,488			23,064			23,374			24,908			23,483		2		-
Interest-bearing deposits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			239,209			234,084			231,161			230,199			226,281		2	6
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Total deposits			262,697			257,148			254,535			255,107			249,764		2	5
Securitized debt obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			17,808			18,910			16,959			19,273			18,307		(6)	(3)
Other debt:
Federal funds purchased and securities loaned or sold under agreements to repurchase. . . . . . . . . . . . . . . . . . . . . . .			314			464			359			335			352		(32)	(11)
Senior and subordinated notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			30,472			30,682			31,822			30,645			30,826		(1)	(1)
Other borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			7,103			93			93			105			9,420		**	(25)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Total other debt			37,889			31,239			32,274			31,085			40,598		21	(7)
Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			13,521			12,908			13,647			13,863			11,743		5	15
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Total liabilities			332,354			320,575			317,852			319,710			320,870		4	4
Stockholders' equity:
Preferred stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			0			0			0			0			0		-		-
Common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			7			7			7			7			7		-		-
Additional paid-in capital, net. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			32,980			33,826			32,262			32,160			32,040		(3)	3
Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			40,340			39,476			38,386			37,030			35,875		2	12
Accumulated other comprehensive income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			1,156			453			170			(660)			(1,263)		155	**
Treasury stock, at cost. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			(16,472)			(15,527)			(15,058)			(15,056)			(14,991)		6	10
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Total stockholders' equity			58,011			58,235			55,767			53,481			51,668		-	12
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Total liabilities and stockholders' equity		$	390,365		$	378,810		$	373,619		$	373,191		$	372,538		3	5

7

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 5: Notes to Financial Summary, Selected Metrics and Consolidated Financial Statements (Tables 1-4)

1. Total net revenue was reduced by $365 million in Q4 2019, $330 million in Q3 2019, $318 million in Q2 2019, $376 million in Q1 2019 and $391 million in Q4 2018 for the estimated uncollectible amount of billed finance charges and fees and related losses.
2. Dividends and undistributed earnings allocated to participating securities and earnings per share are computed independently for each period. Accordingly, the sum of each quarterly amount may not agree to the year-to-date total. We also provide adjusted diluted earnings per share, which is a non-GAAP measure. See "Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures" for additional information on our non-GAAP measures.
3. On December 2, 2019, we redeemed all outstanding shares of our fixed rate 6.25% non-cumulative perpetual preferred stock Series C and fixed rate 6.70% non-cumulative perpetual preferred stock Series D. The redemption reduced our net income available to common shareholders by $31 million in Q4 2019.
4. Tangible book value per common share is a non-GAAP measure calculated based on tangible common equity divided by common shares outstanding. See "Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures" for additional information on non-GAAP measures.
5. Total net revenue margin is calculated based on total net revenue for the period divided by average interest-earning assets for the period.
6. Net interest margin is calculated based on annualized net interest income for the period divided by average interest-earning assets for the period.
7. Return on average tangible assets is a non-GAAP measure calculated based on annualized income from continuing operations, net of tax, for the period divided by average tangible assets for the period. See "Table
8. 1. Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures" for additional information on non-GAAP measures.
9. Return on average common equity is calculated based on annualized (i) income from continuing operations, net of tax; (ii) less dividends and undistributed earnings allocated to participating securities; (iii) less preferred stock dividends, for the period, divided by average common equity for the period. Our calculation of return on average common equity may not be comparable to similarly-titled measures reported by other companies.
10. Return on average tangible common equity ("ROTCE") is a non-GAAP measure calculated based on annualized (i) income from continuing operations, net of tax; (ii) less dividends and undistributed earnings allocated to participating securities; (iii) less preferred stock dividends, for the period, divided by average tangible common equity for the period. Our calculation of ROTCE may not be comparable to similarly- titled measures reported by other companies. See "Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures" for additional information on non-GAAP measures.
11. Efficiency ratio is calculated based on total non-interest expense for the period divided by total net revenue for the period. We also provide an adjusted efficiency ratio, which is a non-GAAP measure. See "Table
12. 1. Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures" for additional information on our non-GAAP measures.
13. Operating efficiency ratio is calculated based on operating expense for the period divided by total net revenue for the period. We also provide an adjusted operating efficiency ratio, which is a non-GAAP measure. See "Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures" for additional information on our non-GAAP measures.
14. Net charge-off rate is calculated based on annualized net charge-offs for the period divided by average loans held for investment for the period.
15. Capital ratios as of the end of Q4 2019 are preliminary and therefore subject to change. See "Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures" for information on the calculation of each of these ratios.
16. TCE ratio is a non-GAAP measure calculated based on TCE divided by tangible assets. See "Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures" for additional information on non-GAAP measures.
17. Includes $16 million of net Cybersecurity Incident expenses in Q4 2019, consisting of $23 million of expenses and $7 million of insurance recoveries; and $22 million of net Cybersecurity Incident expenses in Q3 2019, consisting of $49 million of expenses and $27 million of insurance recoveries.

• Not meaningful.

8

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 6: Average Balances, Net Interest Income and Net Interest Margin

						2019 Q4								2019 Q3								2018 Q4
			Average			Interest					Average			Interest					Average			Interest
(Dollars in millions, except as noted)				Income/		Yield/Rate					Income/		Yield/Rate				Income/		Yield/Rate
	Balance			Expense				Balance			Expense			Balance			Expense
Interest-earning assets:
Loans, including loans held for sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	259,855	$	6,682	10.29%	$	247,419	$	6,429	10.39%		$	242,534	$	6,358	10.49%
Investment securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		79,104			544	2.75			80,762			583	2.88			83,391			627	3.01
Cash equivalents and other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		10,191			44	1.70			12,768			63	2.00			8,789			63	2.87
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Total interest-earning assets	$	349,150		$	7,270	8.33		$	340,949		$	7,075	8.30		$	334,714		$	7,048	8.42
Interest-bearing liabilities:
Interest-bearing deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	236,250	$	832	1.41	$	232,063	$	901	1.55		$	222,827	$	756	1.36
Securitized debt obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		18,339			118	2.58			16,750			123	2.94			18,312			138	2.99
Senior and subordinated notes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		30,597			236	3.08			31,220			299	3.84			30,831			297	3.86
Other borrowings and liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		3,789			18	1.95			2,698			15	2.14			6,123			37	2.43
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Total interest-bearing liabilities	$	288,975		$	1,204	1.67		$	282,731		$	1,338	1.89		$	278,093		$	1,228	1.77
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Net interest income/spread				$	6,066		6.66					$	5,737		6.41					$	5,820		6.65
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Impact of non-interest-bearing funding						0.29							0.32							0.31
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Net interest margin							6.95%								6.73%								6.96%
																Year Ended December 31,
														2019								2018
											Average			Interest					Average			Interest
(Dollars in millions, except as noted)												Income/		Yield/Rate				Income/		Yield/Rate
									Balance			Expense			Balance			Expense
Interest-earning assets:
Loans, including loans held for sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	.	. .	. . . . . . . . .	.	. . . . . . . . . .	$	248,552	$	25,862	10.41%		$	243,371	$	24,728	10.16%
Investment securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	.	. .	. . . . . . . . .	.	. . . . . . . . . .			81,467			2,411	2.96			79,224			2,211	2.79
Cash equivalents and other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	.	. .	. . . . . . . . .	.	. . . . . . . . . .			11,491			240	2.08			10,143			237	2.33
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Total interest-earning assets	.	. .	. . . . . . . . .	.	. . . . . . . . . .		$	341,510		$	28,513	8.35		$	332,738		$	27,176	8.17
Interest-bearing liabilities:
Interest-bearing deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	.	. .	. . . . . . . . .	.	. . . . . . . . . .	$	231,609	$	3,420	1.48		$	221,760	$	2,598	1.17
Securitized debt obligations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	.	. .	. . . . . . . . .	.	. . . . . . . . . .			18,020			523	2.90			19,014			496	2.61
Senior and subordinated notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	.	. .	. . . . . . . . .	.	. . . . . . . . . .			30,821			1,159	3.76			31,295			1,125	3.60
Other borrowings and liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	.	. .	. . . . . . . . .	.	. . . . . . . . . .			3,369			71	2.12			4,028			82	2.04
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Total interest-bearing liabilities	.	. .	. . . . . . . . .	.	. . . . . . . . . .		$	283,819		$	5,173	1.82		$	276,097		$	4,301	1.56
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Net interest income/spread	.	. .	. . . . . . . . .	.	. . . . . . . . . .					$	23,340		6.53					$	22,875		6.61
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Impact of non-interest-bearing funding	.	. .	. . . . . . . . .	.	. . . . . . . . . .							0.30							0.26
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Net interest margin	.	. .	. . . . . . . . .	.	. . . . . . . . . .								6.83%								6.87%

9

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 7: Loan Information and Performance Statistics

																	2019 Q4 vs.			Year Ended December 31,
(Dollars in millions, except as noted)			2019			2019			2019			2019			2018		2019	2018			2019			2018		2019 vs.
		Q4			Q3			Q2			Q1			Q4	Q3		Q4					2018
Loans Held for Investment (Period-End)
Credit card:
Domestic credit card . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	118,606	$	104,664	$	102,959	$	101,052	$	107,350		13%	10%	$	118,606	$	107,350	10%
International card businesses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			9,630			9,017			9,182			8,784			9,011		7	7			9,630			9,011	7
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Total credit card			128,236			113,681			112,141			109,836			116,361		13	10			128,236			116,361	10
Consumer banking:
Auto. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			60,362			59,278			57,556			56,444			56,341		2	7			60,362			56,341	7
Retail banking. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			2,703			2,737			2,771			2,804			2,864		(1)	(6)			2,703			2,864	(6)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Total consumer banking			63,065			62,015			60,327			59,248			59,205		2	7			63,065			59,205	7
Commercial banking:
Commercial and multifamily real estate. . . . . . . . . . . . . . . . . . . . . . . . . .			30,245			30,009			29,861			28,984			28,899		1	5			30,245			28,899	5
Commercial and industrial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			44,263			43,650			42,125			42,197			41,091		1	8			44,263			41,091	8
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Total commercial lending			74,508			73,659			71,986			71,181			69,990		1	6			74,508			69,990	6
Small-ticket commercial real estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			-			-			6			8			343		**	**			-			343	**
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Total commercial banking			74,508			73,659			71,992			71,189			70,333		1	6			74,508			70,333	6
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Total loans held for investment		$	265,809		$	249,355		$	244,460		$	240,273		$	245,899		7	8		$	265,809		$	245,899	8
Loans Held for Investment (Average)
Credit card:
Domestic credit card . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	112,965	$	103,426	$	101,930	$	102,667	$	103,391		9%	9%	$	105,270	$	100,832	4%
International card businesses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			9,120			8,945			8,868			8,789			8,958		2	2			8,932			8,988	(1)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Total credit card			122,085			112,371			110,798			111,456			112,349		9	9			114,202			109,820	4
Consumer banking:
Auto. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			59,884			58,517			57,070			56,234			56,469		2	6			57,938			55,610	4
Home loan(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			-			-			-			-			-	**	**			-			6,266	**
Retail banking. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			2,712			2,752			2,788			2,831			2,873		(1)	(6)			2,770			3,075	(10)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Total consumer banking			62,596			61,269			59,858			59,065			59,342		2	5			60,708			64,951	(7)
Commercial banking:
Commercial and multifamily real estate. . . . . . . . . . . . . . . . . . . . . . . . . .			30,173			29,698			29,514			29,034			28,855		2	5			29,608			27,771	7
Commercial and industrial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			44,016			42,807			42,476			42,132			40,476		3	9			42,863			39,188	9
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Total commercial lending			74,189			72,505			71,990			71,166			69,331		2	7			72,471			66,959	8
Small-ticket commercial real estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			-			2			7			272			349		**	**			69			371	(81)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Total commercial banking			74,189			72,507			71,997			71,438			69,680		2	6			72,540			67,330	8
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Other loans			-			-			-			-			-		**	**			-			17	**
. . . . . . . . . . . . . . . . . . . . . . . . . . . . .Total average loans held for investment		$	258,870		$	246,147		$	242,653		$	241,959		$	241,371		5	7		$	247,450		$	242,118	2

10

												2019 Q4 vs.		Year Ended December 31,
	2019	2019	2019	2019	2018		2019	2018	2019	2018		2019 vs.
		Q4		Q3		Q2		Q1		Q4	Q3		Q4	2018
Net Charge-Off (Recovery) Rates
Credit card:
Domestic credit card(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	4.32%	4.12%	4.86%	5.04%	4.64%		20bps		(32)bps	4.58%	4.74%		(16)bps
International card businesses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	4.22	3.78	3.63	3.20	4.22		44		-	3.71	3.19	52
Total credit card . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	4.31	4.09	4.76	4.90	4.61		22	(30)	4.51	4.62	(11)
Consumer banking:
Auto. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	1.90	1.60	1.09	1.44	1.98		30	(8)	1.51	1.64	(13)
Retail banking. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	2.77	2.55	2.42	2.56	2.56		22	21	2.57	2.26	31
Total consumer banking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	1.93	1.64	1.15	1.49	2.01		29	(8)	1.56	1.51	5
Commercial banking:
Commercial and multifamily real estate. . . . . . . . . . . . . . . . . . . . . . . . . .		-	0.02		-		-	(0.01)		(2)	1		-	0.01	(1)
Commercial and industrial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	0.60	0.55	0.15	0.13	0.17		5	43	0.36	0.14	22
Total commercial lending . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	0.36	0.33	0.09	0.08	0.10		3	26	0.22	0.08	14
Total commercial banking. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	0.35	0.33	0.09	0.08	0.10		2	25	0.22	0.08	14
Total net charge-offs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	2.60	2.38	2.48	2.64	2.67		22	(7)	2.53	2.52	1
30+ Day Performing Delinquency Rates
Credit card:
Domestic credit card(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	3.93%	3.71%	3.40%	3.72%	4.04%		22bps		(11)bps	3.93%	4.04%		(11)bps
International card businesses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	3.47	3.52	3.40	3.61	3.52		(5)	(5)	3.47	3.52	(5)
Total credit card . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	3.89	3.69	3.40	3.71	4.00		20	(11)	3.89	4.00	(11)
Consumer banking:
Auto. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	6.88	6.47	6.10	5.78	6.95		41	(7)	6.88	6.95	(7)
Retail banking. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	1.02	1.01	0.93	0.84	1.01		1	1	1.02	1.01	1
Total consumer banking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	6.63	6.23	5.87	5.55	6.67		40	(4)	6.63	6.67	(4)
Nonperforming Loans and Nonperforming Assets Rates(3)(4)
Credit card:
International card businesses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	0.26%	0.25%	0.25%	0.26%	0.25%		1bps		1bps	0.26%	0.25%		1bps
Total credit card . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	0.02	0.02	0.02	0.02	0.02		-		-	0.02	0.02		-
Consumer banking:
Auto. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	0.81	0.73	0.64	0.57	0.80		8	1	0.81	0.80	1
Retail banking. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	0.87	0.91	1.02	1.10	1.04		(4)	(17)	0.87	1.04	(17)
Total consumer banking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	0.81	0.74	0.66	0.59	0.81		7		-	0.81	0.81		-
Commercial banking:
Commercial and multifamily real estate. . . . . . . . . . . . . . . . . . . . . . . . . .	0.12	0.12	0.14	0.24	0.29		-	(17)	0.12	0.29	(17)
Commercial and industrial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	0.93	0.95	0.74	0.71	0.54		(2)	39	0.93	0.54	39
Total commercial lending . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	0.60	0.61	0.49	0.52	0.44		(1)	16	0.60	0.44	16
Total commercial banking. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	0.60	0.61	0.50	0.53	0.44		(1)	16	0.60	0.44	16
Total nonperforming loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	0.37	0.37	0.32	0.31	0.33		-	4	0.37	0.33	4
Total nonperforming assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	0.39	0.40	0.34	0.33	0.35		(1)	4	0.39	0.35	4

11

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 8: Allowance for Loan and Lease Losses and Reserve for Unfunded Lending Commitments Activity

									Three Months Ended December 31, 2019
					Credit Card						Consumer Banking
			Domestic		International			Total						Retail		Total		Commercial
(Dollars in millions)				Card					Auto				Consumer				Total
	Card			Businesses		Credit Card					Banking		Banking			Banking
Allowance for loan and lease losses:
Balance as of September 30, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	4,870	$	400	$	5,270	$	952	$	55			$	1,007	$	760	$	7,037
Charge-offs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		(1,554)			(133)			(1,687)			(511)			(23)				(534)			(72)			(2,293)
Recoveries. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		335			38			373			227			4				231			6			610
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Net charge-offs		(1,219)			(95)			(1,314)			(284)			(19)				(303)			(66)			(1,683)
Provision for loan and lease losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		1,346			75			1,421			316			18				334			81			1,836
. . . . . . . . . . . . . . . . . . . . . . . . . .Allowance build (release) for loan and lease losses		127			(20)			107			32			(1)				31			15			153
Other changes(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		-			18			18			-			-		-			-			18
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Balance as of December 31, 2019		4,997			398			5,395			984			54				1,038			775			7,208
Reserve for unfunded lending commitments:
Balance as of September 30, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		-			-			-			-			4				4			149			153
Provision (benefit) for losses on unfunded lending commitments . . . . . . . . . . . . . . .		-			-			-			-			1				1			(19)			(18)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Balance as of December 31, 2019		-			-			-			-			5				5			130			135
. . . . . . . . . . . . . . . . .Combined allowance and reserve as of December 31, 2019	$	4,997		$	398		$	5,395		$	984		$	59			$	1,043		$	905		$	7,343
											Year Ended December 31, 2019
					Credit Card						Consumer Banking
			Domestic		International			Total						Retail		Total		Commercial
(Dollars in millions)				Card					Auto				Consumer				Total
	Card			Businesses		Credit Card					Banking		Banking			Banking
Allowance for loan and lease losses:
Balance as of December 31, 2018. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	5,144	$	391	$	5,535	$	990	$	58			$	1,048	$	637	$	7,220
Charge-offs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		(6,189)			(522)			(6,711)			(1,829)			(88)				(1,917)			(181)			(8,809)
Recoveries. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		1,371			191			1,562			953			17				970			25			2,557
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Net charge-offs		(4,818)			(331)			(5,149)			(876)			(71)				(947)			(156)			(6,252)
Provision for loan and lease losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		4,671			321			4,992			870			67				937			294			6,223
. . . . . . . . . . . . . . . . . . . . . . . . . .Allowance build (release) for loan and lease losses		(147)			(10)			(157)			(6)			(4)				(10)			138			(29)
Other changes(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		-			17			17			-			-		-			-			17
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Balance as of December 31, 2019		4,997			398			5,395			984			54				1,038			775			7,208
Reserve for unfunded lending commitments:
Balance as of December 31, 2018. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		-			-			-			-			4				4			118			122
Provision for losses on unfunded lending commitments . . . . . . . . . . . . . . . . . . . . . .		-			-			-			-			1				1			12			13
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Balance as of December 31, 2019		-			-			-			-			5				5			130			135
. . . . . . . . . . . . . . . . .Combined allowance and reserve as of December 31, 2019	$	4,997		$	398		$	5,395		$	984		$	59			$	1,043		$	905		$	7,343

12

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 9: Financial Summary-Business Segment Results

				Three Months Ended December 31, 2019									Year Ended December 31, 2019
(Dollars in millions)			Credit		Consumer		Commercial		Other(6)			Total			Credit		Consumer		Commercial		Other(6)			Total
		Card			Banking			Banking(6)						Card			Banking			Banking(6)
Net interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		$	3,794		$	1,662		$	494		$	116		$	6,066		$	14,461		$	6,732		$	1,983		$	164		$	23,340
Non-interest income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . .			1,030			152			223			(44)			1,361			3,888			643			831			(109)			5,253
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Total net revenue			4,824			1,814			717			72			7,427			18,349			7,375			2,814			55			28,593
Provision for credit losses. . . . . . . . . . . . . . . . . . . . . . . . . . . .			1,421			335			62			-			1,818			4,992			938			306			-			6,236
Non-interest expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			2,487			1,110			441			123			4,161			9,271			4,091			1,699			422			15,483
Income (loss) from continuing operations before income			916			369			214			(51)			1,448			4,086			2,346			809			(367)			6,874
taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income tax provision (benefit) . . . . . . . . . . . . . . . . . . . . . . . .			212			86			50			(78)			270			959			547			188			(353)			1,341
. . . . . . .Income (loss) from continuing operations, net of tax		$	704		$	283		$	164		$	27		$	1,178		$	3,127		$	1,799		$	621		$	(14)		$	5,533
				Three Months Ended September 30, 2019
(Dollars in millions)			Credit		Consumer		Commercial		Other(6)			Total
		Card			Banking			Banking(6)
Net interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		$	3,546		$	1,682		$	486		$	23		$	5,737
Non-interest income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . .			870			165			221			(34)			1,222
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Total net revenue (loss)			4,416			1,847			707			(11)			6,959
Provision for credit losses. . . . . . . . . . . . . . . . . . . . . . . . . . . .			1,087			203			93			-			1,383
Non-interest expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			2,360			985			414			113			3,872
Income (loss) from continuing operations before income			969			659			200			(124)			1,704
taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income tax provision (benefit) . . . . . . . . . . . . . . . . . . . . . . . .			235			154			46			(60)			375
. . . . . . .Income (loss) from continuing operations, net of tax		$	734		$	505		$	154		$	(64)		$	1,329
				Three Months Ended December 31, 2018									Year Ended December 31, 2018
(Dollars in millions)			Credit		Consumer		Commercial		Other(6)(7)			Total			Credit		Consumer		Commercial		Other(6)(7)			Total
		Card			Banking		Banking(6)(7)						Card			Banking		Banking(6)(7)
Net interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		$	3,617		$	1,689		$	508		$	6		$	5,820		$	14,167		$	6,549		$	2,044		$	115		$	22,875
Non-interest income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . .			886			159			159			(11)			1,193			3,520			663			744			274			5,201
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Total net revenue (loss)			4,503			1,848			667			(5)			7,013			17,687			7,212			2,788			389			28,076
Provision (benefit) for credit losses . . . . . . . . . . . . . . . . . . . .			1,326			303			9			-			1,638			4,984			838			83			(49)			5,856
Non-interest expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			2,496			1,085			434			117			4,132			8,542			4,027			1,654			679			14,902
Income (loss) from continuing operations before income			681			460			224			(122)			1,243			4,161			2,347			1,051			(241)			7,318
taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income tax provision (benefit) . . . . . . . . . . . . . . . . . . . . . . . .			160			107			52			(340)			(21)			970			547			245			(469)			1,293
. . . . . . . . . . . .Income from continuing operations, net of tax		$	521		$	353		$	172		$	218		$	1,264		$	3,191		$	1,800		$	806		$	228		$	6,025

13

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 10: Financial & Statistical Summary-Credit Card Business

																	2019 Q4 vs.			Year Ended December 31,
			2019			2019			2019			2019			2018		2019	2018								2019 vs.
(Dollars in millions, except as noted)			Q4			Q3			Q2			Q1			Q4	Q3		Q4			2019			2018	2018
Credit Card
Earnings:
Net interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	3,794	$	3,546	$	3,531	$	3,590	$	3,617		7%	5%	$	14,461	$	14,167	2%
Non-interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			1,030			870			1,038			950			886		18	16			3,888			3,520	10
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Total net revenue			4,824			4,416			4,569			4,540			4,503		9	7			18,349			17,687	4
Provision for credit losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			1,421			1,087			1,095			1,389			1,326		31	7			4,992			4,984		-
Non-interest expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			2,487			2,360			2,253			2,171			2,496		5		-			9,271			8,542	9
. . . . . . . .Income from continuing operations before income taxes			916			969			1,221			980			681		(5)	35			4,086			4,161	(2)
Income tax provision. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			212			235			283			229			160		(10)	33			959			970	(1)
. . . . . . . . . . . . . . . .Income from continuing operations, net of tax		$	704		$	734		$	938		$	751		$	521		(4)	35		$	3,127		$	3,191	(2)
Selected performance metrics:
Period-end loans held for investment . . . . . . . . . . . . . . . . . . . . . . .	$	128,236	$	113,681	$	112,141	$	109,836	$	116,361		13	10	$	128,236	$	116,361	10
Average loans held for investment . . . . . . . . . . . . . . . . . . . . . . . . .			122,085			112,371			110,798			111,456			112,349		9	9			114,202			109,820	4
Average yield on loans held for investment(8). . . . . . . . . . . . . . . . .			15.02%			15.55 %			15.66 %			15.77 %			15.63 %		(53)bps		(61)bps			15.49%			15.43 %		6bps
Total net revenue margin(9) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			15.80			15.72			16.50			16.29			16.03		8	(23)			16.07			16.11	(4)
Net charge-off rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			4.31			4.09			4.76			4.90			4.61		22	(30)			4.51			4.62	(11)
30+ day performing delinquency rate. . . . . . . . . . . . . . . . . . . . . . .			3.89			3.69			3.40			3.71			4.00		20	(11)			3.89			4.00	(11)
30+ day delinquency rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			3.91			3.71			3.42			3.72			4.01		20	(10)			3.91			4.01	(10)
Nonperforming loan rate(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			0.02			0.02			0.02			0.02			0.02		-		-			0.02			0.02		-
Purchase volume(10). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	116,631	$	108,034	$	106,903	$	93,197	$	105,696		8%	10%	$	424,765	$	387,102	10%

14

																	2019 Q4 vs.			Year Ended December 31,
			2019			2019			2019			2019			2018		2019	2018								2019 vs.
(Dollars in millions, except as noted)			Q4			Q3			Q2			Q1			Q4	Q3		Q4			2019			2018	2018
Domestic Card
Earnings:
Net interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	3,473	$	3,299	$	3,220	$	3,273	$	3,309		5%	5%	$	13,265	$	12,926	3%
Non-interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			962			878			971			873			828		10	16			3,684			3,239	14
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Total net revenue			4,435			4,177			4,191			4,146			4,137		6	7			16,949			16,165	5
Provision for credit losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			1,346			1,010			1,024			1,291			1,229		33	10			4,671			4,653		-
Non-interest expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			2,249			2,076			2,034			1,949			2,216		8	1			8,308			7,621	9
. . . . . . . .Income from continuing operations before income taxes			840			1,091			1,133			906			692		(23)	21			3,970			3,891	2
Income tax provision. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			196			254			264			211			162		(23)	21			925			907	2
. . . . . . . . . . . . . . . .Income from continuing operations, net of tax		$	644		$	837		$	869		$	695		$	530		(23)	22		$	3,045		$	2,984	2
Selected performance metrics:
Period-end loans held for investment . . . . . . . . . . . . . . . . . . . . . . .	$	118,606	$	104,664	$	102,959	$	101,052	$	107,350		13	10	$	118,606	$	107,350	10
Average loans held for investment . . . . . . . . . . . . . . . . . . . . . . . . .			112,965			103,426			101,930			102,667			103,391		9	9			105,270			100,832	4
Average yield on loans held for investment(8). . . . . . . . . . . . . . . . .			14.91%			15.74 %			15.60 %			15.69 %			15.58 %		(83)bps		(67)bps			15.47%			15.36 %		11bps
Total net revenue margin(9) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			15.70			16.15			16.45			16.15			16.01		(45)	(31)			16.10			16.03	7
Net charge-off rate(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			4.32			4.12			4.86			5.04			4.64		20	(32)			4.58			4.74	(16)
30+ day performing delinquency rate(2) . . . . . . . . . . . . . . . . . . . . .			3.93			3.71			3.40			3.72			4.04		22	(11)			3.93			4.04	(11)
Purchase volume(10). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	107,154	$	99,087	$	98,052	$	85,738	$	96,818		8%	11%	$	390,032	$	354,158	10%
Refreshed FICO scores:(11)
Greater than 660 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			67%			68 %			68 %			66 %			67 %		(1)		-			67%			67 %		-
660 or below . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			33			32			32			34			33		1		-			33			33		-
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Total			100%			100 %			100 %			100 %			100 %							100%			100 %

15

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 11: Financial & Statistical Summary-Consumer Banking Business

																	2019 Q4 vs.			Year Ended December 31,
			2019			2019			2019			2019			2018		2019	2018								2019 vs.
(Dollars in millions, except as noted)			Q4			Q3			Q2			Q1			Q4	Q3		Q4			2019			2018	2018
Consumer Banking
Earnings:
Net interest income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	1,662	$	1,682	$	1,709	$	1,679	$	1,689		(1)%	(2)%	$	6,732	$	6,549	3%
Non-interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			152			165			166			160			159		(8)	(4)			643			663	(3)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Total net revenue			1,814			1,847			1,875			1,839			1,848		(2)	(2)			7,375			7,212	2
Provision for credit losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			335			203			165			235			303		65	11			938			838	12
Non-interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			1,110			985			1,002			994			1,085		13	2			4,091			4,027	2
. . . . . . .Income from continuing operations before income taxes			369			659			708			610			460		(44)	(20)			2,346			2,347		-
Income tax provision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			86			154			165			142			107		(44)	(20)			547			547		-
. . . . . . . . . . . . . . .Income from continuing operations, net of tax		$	283		$	505		$	543		$	468		$	353		(44)	(20)		$	1,799		$	1,800		-
Selected performance metrics:
Period-end loans held for investment(1) . . . . . . . . . . . . . . . . . . . . .	$	63,065	$	62,015	$	60,327	$	59,248	$	59,205		2	7	$	63,065	$	59,205	7
Average loans held for investment(1) . . . . . . . . . . . . . . . . . . . . . . .			62,596			61,269			59,858			59,065			59,342		2	5			60,708			64,951	(7)
Average yield on loans held for investment(8) . . . . . . . . . . . . . . . .			8.51%			8.47%			8.36%			8.15%			8.14%		4bps		37bps			8.37%			7.54%		83bps
Auto loan originations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	7,527	$	8,175	$	7,327	$	6,222	$	5,932		(8)%	27%	$	29,251	$	26,276	11%
Period-end deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			213,099			206,423			205,220			205,439			198,607		3	7			213,099			198,607	7
Average deposits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			209,783			204,933			204,164			201,072			196,348		2	7			205,012			193,053	6
Average deposits interest rate. . . . . . . . . . . . . . . . . . . . . . . . . . . . .			1.20%			1.31%			1.26%			1.18%			1.10%		(11)bps		10bps			1.24%			0.95%		29bps
Net charge-off rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			1.93			1.64			1.15			1.49			2.01		29	(8)			1.56			1.51	5
30+ day performing delinquency rate . . . . . . . . . . . . . . . . . . . . . .			6.63			6.23			5.87			5.55			6.67		40	(4)			6.63			6.67	(4)
30+ day delinquency rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			7.34			6.86			6.41			6.02			7.36		48	(2)			7.34			7.36	(2)
Nonperforming loan rate(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			0.81			0.74			0.66			0.59			0.81		7		-			0.81			0.81		-
Nonperforming asset rate(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			0.91			0.83			0.75			0.68			0.90		8	1			0.91			0.90	1
Auto-At origination FICO scores:(12)
Greater than 660. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			48%			48%			49%			49%			50%		-	(2)%			48%			50%	(2)%
621 - 660. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			20			20			19			19			19		-	1			20			19	1
620 or below. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			32			32			32			32			31		-	1			32			31	1
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Total			100%			100%			100%			100%			100%							100%			100%

16

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 12: Financial & Statistical Summary-Commercial Banking Business

																	2019 Q4 vs.			Year Ended December 31,
			2019			2019			2019			2019			2018		2019	2018								2019 vs.
(Dollars in millions, except as noted)		Q4			Q3			Q2			Q1			Q4	Q3		Q4			2019			2018	2018
Commercial Banking
Earnings:
Net interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	494	$	486	$	514	$	489	$	508		2%	(3)%	$	1,983	$	2,044	(3)%
Non-interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		223			221			200			187			159		1	40			831			744	12
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Total net revenue(6)(7)		717			707			714			676			667		1	7			2,814			2,788	1
Provision for credit losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		62			93			82			69			9		(33)	**			306			83	**
Non-interest expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		441			414			427			417			434		7	2			1,699			1,654	3
. . . . . . . . . . . . .Income from continuing operations before income taxes		214			200			205			190			224		7	(4)			809			1,051	(23)
Income tax provision. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		50			46			48			44			52		9	(4)			188			245	(23)
. . . . . . . . . . . . . . . . . . . . .Income from continuing operations, net of tax	$	164		$	154		$	157		$	146		$	172		6	(5)		$	621		$	806	(23)
Selected performance metrics:
Period-end loans held for investment . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	74,508	$	73,659	$	71,992	$	71,189	$	70,333		1	6	$	74,508	$	70,333	6
Average loans held for investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		74,189			72,507			71,997			71,438			69,680		2	6			72,540			67,330	8
Average yield on loans held for investment(6)(8) . . . . . . . . . . . . . . . . . . . .		4.22%			4.45%			4.75%			4.62%			4.67%		(23)bps		(45)bps			4.51%			4.46%		5bps
Period-end deposits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	32,134	$	30,923	$	30,761	$	31,248	$	29,480		4%	9%	$	32,134	$	29,480	9%
Average deposits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		32,034			30,693			31,364			30,816			30,680		4	4			31,229			32,175	(3)
Average deposits interest rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		1.10%			1.25%			1.28%			1.11%			0.95%		(15)bps		15bps			1.18%			0.72%		46bps
Net charge-off rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		0.35			0.33			0.09			0.08			0.10		2	25			0.22			0.08	14
Nonperforming loan rate(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		0.60			0.61			0.50			0.53			0.44		(1)	16			0.60			0.44	16
Nonperforming asset rate(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		0.60			0.61			0.50			0.53			0.45		(1)	15			0.60			0.45	15
Risk category:(13)
Noncriticized. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	71,848	$	71,144	$	69,390	$	68,594	$	68,043		1%	6%	$	71,848	$	68,043	6%
Criticized performing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		2,181			2,035			2,211			2,094			1,848		7	18			2,181			1,848	18
Criticized nonperforming . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		448			449			360			378			312		-	44			448			312	44
PCI loans. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		31			31			31			123			130		-	(76)			31			130	(76)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Total commercial banking loans	$	74,508		$	73,659		$	71,992		$	71,189		$	70,333		1	6		$	74,508		$	70,333	6
Risk category as a percentage of period-end loans held for investment:(13)
Noncriticized. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		96.5%			96.6%			96.4%			96.4%			96.8%		(10)bps		(30)bps			96.5%			96.8%		(30)bps
Criticized performing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		2.9			2.8			3.1			2.9			2.6		10	30			2.9			2.6	30
Criticized nonperforming . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		0.6			0.6			0.5			0.5			0.4		-	20			0.6			0.4	20
PCI loans. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		-			-			-			0.2			0.2		-	(20)			-			0.2	(20)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Total commercial banking loans		100.0%			100.0%			100.0%			100.0%			100.0%							100.0%			100.0%

17

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 13: Financial & Statistical Summary-Other and Total

																	2019 Q4 vs.			Year Ended December 31,
			2019			2019			2019			2019			2018		2019	2018								2019 vs.
(Dollars in millions)			Q4			Q3			Q2			Q1			Q4	Q3		Q4			2019			2018	2018
Other
Earnings:
Net interest income (loss). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	116	$	23	$	(8)	$	33	$	6		**	**	$	164	$	115	43%
Non-interest income (loss)(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			(44)			(34)			(26)			(5)			(11)		29%	**			(109)			274	**
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Total net revenue (loss)(6)(7)			72			(11)			(34)			28			(5)		**	**			55			389	(86)
Benefit for credit losses(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			-			-			-			-			-	**	**			-			(49)	**
Non-interest expense(14)(15) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			123			113			97			89			117		9	5%			422			679	(38)
. . . . . . . . . .Loss from continuing operations before income taxes			(51)			(124)			(131)			(61)			(122)		(59)	(58)			(367)			(241)	52
Income tax benefit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			(78)			(60)			(109)			(106)			(340)		30	(77)			(353)			(469)	(25)
. . . . . . . . . .Income (loss) from continuing operations, net of tax		$	27		$	(64)		$	(22)		$	45		$	218		**	(88)		$	(14)		$	228	**
Selected performance metrics:
Period-end deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	17,464	$	19,802	$	18,554	$	18,420	$	21,677		(12)	(19)	$	17,464	$	21,677	(19)
Average deposits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			18,223			19,456			18,106			19,522			20,635		(6)	(12)			18,824			21,889	(14)
Total
Earnings:
Net interest income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	6,066	$	5,737	$	5,746	$	5,791	$	5,820		6%	4%	$	23,340	$	22,875	2%
Non-interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			1,361			1,222			1,378			1,292			1,193		11	14			5,253			5,201	1
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Total net revenue			7,427			6,959			7,124			7,083			7,013		7	6			28,593			28,076	2
Provision for credit losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			1,818			1,383			1,342			1,693			1,638		31	11			6,236			5,856	6
Non-interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			4,161			3,872			3,779			3,671			4,132		7	1			15,483			14,902	4
. . . . . . .Income from continuing operations before income taxes			1,448			1,704			2,003			1,719			1,243		(15)	16			6,874			7,318	(6)
Income tax provision (benefit) . . . . . . . . . . . . . . . . . . . . . . . . . . . .			270			375			387			309			(21)		(28)	**			1,341			1,293	4
. . . . . . . . . . . . . . .Income from continuing operations, net of tax		$	1,178		$	1,329		$	1,616		$	1,410		$	1,264		(11)	(7)		$	5,533		$	6,025	(8)
Selected performance metrics:
Period-end loans held for investment. . . . . . . . . . . . . . . . . . . . . . .	$	265,809	$	249,355	$	244,460	$	240,273	$	245,899		7	8	$	265,809	$	245,899	8
Average loans held for investment. . . . . . . . . . . . . . . . . . . . . . . . .			258,870			246,147			242,653			241,959			241,371		5	7			247,450			242,118	2
Period-end deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			262,697			257,148			254,535			255,107			249,764		2	5			262,697			249,764	5
Average deposits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			260,040			255,082			253,634			251,410			247,663		2	5			255,065			247,117	3

18

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 14: Notes to Loan, Allowance and Business Segment Disclosures (Tables 7-13)

1. In 2018, we sold all of our consumer home loan portfolio and recognized a net gain of approximately $499 million in the Other category, including a benefit for credit losses of $46 million.
2. On October 11, 2019, we completed the acquisition of the existing portfolio of Walmart's cobrand and private label credit card receivables. This acquisition reduced the domestic credit card net charge-off rates by 29 basis points for the fourth quarter and 8 basis points for the year ended December 31, 2019, and increased the domestic credit card 30+ day performing delinquency rate by 17 basis points as of December 31, 2019.
3. Nonperforming loan rates are calculated based on nonperforming loans for each category divided by period-end total loans held for investment for each respective category.
4. Nonperforming assets consist of nonperforming loans, repossessed assets and other foreclosed assets. The total nonperforming asset rate is calculated based on total nonperforming assets divided by the combined period-end total loans held for investment, repossessed assets and other foreclosed assets.
5. Represents foreign currency translation adjustments.
6. Some of our commercial investments generate tax-exempt income, tax credits or other tax benefits. Accordingly, we present our Commercial Banking revenue and yields on a taxable-equivalent basis, calculated using the federal statutory tax rate of 21% and state taxes where applicable, with offsetting reductions to the Other category.
7. In the first quarter of 2019, we made a change in how revenue is measured in our Commercial Banking business by revising the allocation of tax benefits on certain tax-advantaged investments. As such, prior period results have been recast to conform with the current period presentation. The result of this measurement change reduced the previously reported total net revenue in our Commercial Banking business by $20 million and $108 million for the fourth quarter and year ended December 31, 2018, with an offsetting increase in the Other category.
8. Average yield on loans held for investment is calculated based on annualized interest income for the period divided by average loans held for investment during the period for the respective loan category.Annualized interest income is computed based on the effective yield of the respective loan category and does not include any allocations, such as funds transfer pricing.
9. Total net revenue margin is calculated based on annualized total net revenue for the period divided by average loans held for investment during the period for the respective loan category.
10. Purchase volume consists of purchase transactions, net of returns, for the period, and excludes cash advance and balance transfer transactions.
11. Percentages represent period-end loans held for investment in each credit score category. Domestic card credit scores generally represent FICO scores. These scores are obtained from one of the major credit bureaus at origination and are refreshed monthly thereafter. We approximate non-FICO credit scores to comparable FICO scores for consistency purposes. Balances for which no credit score is available or the credit score is invalid are included in the 660 or below category.
12. Percentages represent period-end loans held for investment in each credit score category. Auto credit scores generally represent average FICO scores obtained from three credit bureaus at the time of application and are not refreshed thereafter. Balances for which no credit score is available or the credit score is invalid are included in the 620 or below category.
13. Criticized exposures correspond to the "Special Mention," "Substandard" and "Doubtful" asset categories defined by bank regulatory authorities.
14. Includes charges incurred as a result of restructuring activities.
15. Includes $16 million of net Cybersecurity Incident expenses in Q4 2019, consisting of $23 million of expenses and $7 million of insurance recoveries; and $22 million of net Cybersecurity Incident expenses in Q3 2019, consisting of $49 million of expenses and $27 million of insurance recoveries.

• Not meaningful.

19

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures(1)

						Basel III Standardized Approach
(Dollars in millions, except as noted)	December 31,		September 30,			June 30,			March 31,		December 31,
	2019			2019			2019			2019			2018
Regulatory Capital Metrics
Common equity excluding AOCI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	52,001	$	51,959	$	51,236	$	49,781	$	48,570
Adjustments:
AOCI(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		1,156			453			170			(660)			(1,263)
Goodwill, net of related deferred tax liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		(14,465)			(14,439)			(14,365)			(14,369)			(14,373)
Intangible assets, net of related deferred tax liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		(170)			(180)			(194)			(223)			(254)
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		(360)			(588)			(401)			113			391
Common equity Tier 1 capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	38,162		$	37,205		$	36,446		$	34,642		$	33,071
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Tier 1 capital	$	43,015		$	43,028		$	40,806		$	39,002		$	37,431
Total capital(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		50,350			50,174			47,919			46,042			44,645
Risk-weighted assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		313,308			298,130			295,255			291,483			294,950
Adjusted average assets(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		368,511			360,266			356,518			355,781			350,606
Capital Ratios
Common equity Tier 1 capital(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		12.2%			12.5%			12.3%			11.9%			11.2%
Tier 1 capital(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		13.7			14.4			13.8			13.4			12.7
Total capital(7). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		16.1			16.8			16.2			15.8			15.1
Tier 1 leverage(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		11.7			11.9			11.4			11.0			10.7
Tangible common equity ("TCE")(8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		10.2			10.3			10.2			9.6			9.1

20

Reconciliation of Non-GAAP Measures

The following non-GAAP measures consist of our adjusted results that we believe help investors and users of our financial information understand the effect of adjusting items on our selected reported results. These adjusted results provide alternate measurements of our operating performance, both for the current period and trends across multiple periods. The following tables present reconciliations of these non-GAAP measures to the applicable amounts measured in accordance with GAAP.

			Three Months Ended			Nine Months Ended						Year Ended
			December 31, 2019				September 30, 2019				December 31, 2019
(Dollars in millions, except per share data and as noted)	Reported			Adj.(9)		Adjusted		Reported			Adj.(9)		Adjusted		Reported			Adj.(9)		Adjusted
	Results					Results			Results					Results			Results					Results
Selected income statement data:
Net interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	6,066			-	$	6,066	$	17,274	$	67	$	17,341	$	23,340	$	67	$	23,407
Non-interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		1,361			-			1,361			3,892			74			3,966			5,253			74			5,327
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Total net revenue		7,427			-			7,427			21,166			141			21,307			28,593			141			28,734
Provision for credit losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		1,818	$	(84)			1,734			4,418			-			4,418			6,236			(84)			6,152
Non-interest expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		4,161			(64)			4,097			11,322			(284)			11,038			15,483			(348)			15,135
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Income from continuing operations before income taxes		1,448			148			1,596			5,426			425			5,851			6,874			573			7,447
Income tax provision. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		270			35			305			1,071			46			1,117			1,341			81			1,422
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Income from continuing operations, net of tax		1,178			113			1,291			4,355			379			4,734			5,533			492			6,025
Income (loss) from discontinued operations, net of tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		(2)			-			(2)			15			-			15			13			-			13
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Net income		1,176			113			1,289			4,370			379			4,749			5,546			492			6,038
Dividends and undistributed earnings allocated to participating securities(11) . . . . . . . . . . . . . . . . . . .		(7)			(1)			(8)			(34)			(3)			(37)			(41)			(3)			(44)
Preferred stock dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		(97)			-			(97)			(185)			-			(185)			(282)			-			(282)
Issuance cost for redeemed preferred stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		(31)			-			(31)			-			-			-			(31)			-			(31)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Net income available to common stockholders	$	1,041		$	112		$	1,153		$	4,151		$	376		$	4,527		$	5,192		$	489		$	5,681
Selected performance metrics:
Diluted EPS(11) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	2.25	$	0.24	$	2.49	$	8.79	$	0.80	$	9.59	$	11.05	$	1.04	$	12.09
Efficiency ratio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		56.03%			(87)bps			55.16%			53.49%			(169)bps			51.80%			54.15%			(148)bps			52.67%
Operating efficiency ratio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		46.47			(87)			45.60			46.10			(164)			44.46			46.20			(144)			44.76

21

			Three Months Ended			Nine Months Ended						Year Ended
			December 31, 2018				September 30, 2018				December 31, 2018
(Dollars in millions, except per share data and as noted)	Reported			Adj.(10)		Adjusted		Reported			Adj.(10)		Adjusted		Reported			Adj.(10)		Adjusted
	Results					Results			Results					Results			Results					Results
Selected income statement data:
Net interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	5,820	$	6	$	5,826	$	17,055	$	26	$	17,081	$	22,875	$	32	$	22,907
Non-interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		1,193			(64)			1,129			4,008			(514)			3,494			5,201			(578)			4,623
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Total net revenue		7,013			(58)			6,955			21,063			(488)			20,575			28,076			(546)			27,530
Provision for credit losses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		1,638			-			1,638			4,218			48			4,266			5,856			48			5,904
Non-interest expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		4,132			(34)			4,098			10,770			(248)			10,522			14,902			(282)			14,620
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Income from continuing operations before income taxes		1,243			(24)			1,219			6,075			(288)			5,787			7,318			(312)			7,006
Income tax provision (benefit) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		(21)			266			245			1,314			(121)			1,193			1,293			145			1,438
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Income from continuing operations, net of tax		1,264			(290)			974			4,761			(167)			4,594			6,025			(457)			5,568
Income (loss) from discontinued operations, net of tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		(3)			-			(3)			(7)			-			(7)			(10)			-			(10)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Net income		1,261			(290)			971			4,754			(167)			4,587			6,015			(457)			5,558
Dividends and undistributed earnings allocated to participating securities(11) . . . . . . . . . . . . . . . . . . .		(9)			2			(7)			(32)			1			(31)			(40)			3			(37)
Preferred stock dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		(80)			-			(80)			(185)			-			(185)			(265)			-			(265)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Net income available to common stockholders	$	1,172		$	(288)		$	884		$	4,537		$	(166)		$	4,371		$	5,710		$	(454)		$	5,256
Selected performance metrics:
Diluted EPS(11) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	2.48	$	(0.61)	$	1.87	$	9.32	$	(0.34)	$	8.98	$	11.82	$	(0.94)	$	10.88
Efficiency ratio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		58.92%			-			58.92%			51.13%			1bps			51.14%			53.08%			3bps			53.11%
Operating efficiency ratio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		47.07			(10)bps			46.97			44.76			(15)			44.61			45.33			(12)			45.21

22

Reconciliation of Non-GAAP Measures

The following non-GAAP measures consist of TCE, tangible assets and metrics computed using these amounts, which include tangible book value per common share, return on average tangible assets, return on average TCE and TCE ratio. We consider these metrics to be key financial performance measures that management uses in assessing capital adequacy and the level of returns generated. While our non-GAAP measures are widely used by investors, analysts and bank regulatory agencies to assess the capital position of financial services companies, they may not be comparable to similarly-titled measures reported by other companies. The following tables present reconciliations of these non- GAAP measures to the applicable amounts measured in accordance with GAAP.

			2019			2019			2019			2018			2018
(Dollars in millions)		Q4			Q3			Q2			Q1			Q4
Tangible Common Equity (Period-End)
Stockholders' equity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	58,011	$	58,235	$	55,767	$	53,481	$	51,668
Goodwill and intangible assets(12) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		(14,932)			(14,940)			(14,886)			(14,904)			(14,941)
Noncumulative perpetual preferred stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		(4,853)			(5,823)			(4,360)			(4,360)			(4,360)
Tangible common equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	38,226	$	37,472	$	36,521	$	34,217	$	32,367
Tangible Common Equity (Average)
Stockholders' equity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	58,148	$	57,245	$	54,570	$	52,720	$	51,114
Goodwill and intangible assets(12) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		(14,967)			(14,908)			(14,900)			(14,932)			(14,953)
Noncumulative perpetual preferred stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		(5,506)			(4,678)			(4,360)			(4,360)			(4,360)
Tangible common equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	37,675		$	37,659		$	35,310		$	33,428		$	31,801
Tangible Assets (Period-End)
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	390,365	$	378,810	$	373,619	$	373,191	$	372,538
Goodwill and intangible assets(12) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		(14,932)			(14,940)			(14,886)			(14,904)			(14,941)
Tangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	375,433	$	363,870	$	358,733	$	358,287	$	357,597
Tangible Assets (Average)
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	383,162	$	374,905	$	371,095	$	370,394	$	365,243
Goodwill and intangible assets(12) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		(14,967)			(14,908)			(14,900)			(14,932)			(14,953)
Tangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$	368,195	$	359,997	$	356,195	$	355,462	$	350,290
__________

1. Regulatory capital metrics and capital ratios as of December 31, 2019 are preliminary and therefore subject to change.
2. Amounts presented are net of tax.
3. Total capital equals the sum of Tier 1 capital and Tier 2 capital.
4. Adjusted average assets for the purpose of calculating our Tier 1 leverage ratio represents total average assets adjusted for amounts that are deducted from Tier 1 capital, predominately goodwill and intangible assets. Tier 1 leverage ratio is a regulatory capital measure calculated based on Tier 1 capital divided by adjusted average assets.
5. Common equity Tier 1 capital ratio is a regulatory capital measure calculated based on common equity Tier 1 capital divided by risk-weighted assets.
6. Tier 1 capital ratio is a regulatory capital measure calculated based on Tier 1 capital divided by risk-weighted assets.
7. Total capital ratio is a regulatory capital measure calculated based on total capital divided by risk-weighted assets.
8. TCE ratio is a non-GAAP measure calculated based on TCE divided by tangible assets.

23

(9)	The adjustments in 2019 consist of:
			Three Months Ended	Nine Months Ended			Year Ended
(Dollars in millions)			December 31, 2019		September 30, 2019			December 31, 2019
Initial allowance build on acquired Walmart portfolio. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		$	84			-		$	84
Walmart launch and related integration expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			48		$	163			211
Cybersecurity Incident expenses, net of insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			16			22			38
U.K. Payment Protection Insurance customer refund reserve build ("U.K. PPI Reserve"). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			-		212			212
Restructuring charges. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			-		28			28
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Total			148			425			573
Income tax provision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			35			46			81
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Net income		$	113		$	379		$	492
(10)	The adjustments in 2018 consist of:
			Three Months Ended	Nine Months Ended			Year Ended
(Dollars in millions)			December 31, 2018		September 30, 2018			December 31, 2018
Net gains on the sales of exited businesses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		$	(74)		$	(541)		$	(615)
Benefit as a result of tax methodology change on rewards costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			(284)			-			(284)
Legal reserve build. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			-		170			170
U.K. Payment Protection Insurance customer refund reserve ("U.K. PPI Reserve") . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			50			49			99
Restructuring charges. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			-		34			34
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Total			(308)			(288)			(596)
Income tax provision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .			18			121			139
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Net income		$	(290)		$	(167)		$	(457)

1. Dividends and undistributed earnings allocated to participating securities and earnings per share are computed independently for each period. Accordingly, the sum of each quarterly amount may not agree to the year- to-date total.
2. Includes impact of related deferred taxes.

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