Financial services provider Capital One Financial Corporation (NYSE: COF) has reported a modest increase in revenues for the fourth quarter of 2023. Earnings, meanwhile, declined year-over-year.
- Q4 net revenue increased 1% year-over-year to $9.5 billion; total non-interest expense rose 18% to $5.7 billion
- Net interest margin was 6.73% in Q4, an increase of 4 basis points; Efficiency ratio came in at 60.14%
- Fourth-quarter net income decreased sharply to $706 million or $1.67 per share from $1.23 billion or $3.03 per share last year
- Adjusted net income was $2.24 per share in Q4, vs. $2.82 per share in the same period of 2022
- Pre-provision earnings decreased 16% annually to $3.8 billion during the three months
- Provision for credit losses increased to $2.9 billion in the fourth quarter from $2.42 billion in the prior-year period