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Mar 31, 2023
Capital One Q1 2023 Earnings Report
Reported a net income of $960 million for Q1 2023.
Key Takeaways
Capital One reported a net income of $960 million for the first quarter of 2023. The company built additional balance sheet strength by growing retail deposits and maintaining strong capital and liquidity levels. They continue to see growth opportunities in their domestic card business and digital-first national retail bank.
Total net revenue decreased 2 percent to $8.9 billion.
Total non-interest expense decreased 3 percent to $4.9 billion.
Provision for credit losses increased $379 million to $2.8 billion due to net charge-offs of $1.7 billion and a $1.1 billion loan reserve build.
Period-end total deposits increased $16.8 billion, or 5 percent, to $349.8 billion.
Capital One
Capital One
Forward Guidance
The company did not provide specific forward guidance in the earnings report.