•
Mar 31, 2020
Capital One Q1 2020 Earnings Report
Capital One reported a net loss for Q1 2020 due to increased provision for credit losses.
Key Takeaways
Capital One reported a net loss of $1.3 billion for the first quarter of 2020, or $3.10 per diluted common share. This is compared to a net income of $1.4 billion, or $2.86 per diluted common share in the first quarter of 2019. The results were impacted by a significant increase in the provision for credit losses, which rose by 198 percent to $5.4 billion.
Total net revenue decreased by 2 percent to $7.2 billion.
Total non-interest expense decreased by 10 percent to $3.7 billion.
Provision for credit losses increased by 198 percent to $5.4 billion.
Period-end total deposits increased $7.0 billion, or 3 percent, to $269.7 billion.