Capital One Financial Corporation (NYSE:COF) Q2 2024 Earnings Conference Call July 23, 2024 5:00 PM ET

Company Participants

Jeff Norris - SVP, Finance
Andrew Young - CFO
Richard Fairbank - Chairman & CFO

Conference Call Participants

Sanjay Sakhrani - KBW
Mihir Bhatia - Bank of America
Richard Shane - JPMorgan
Ryan Nash - Goldman Sachs
Bill Carcache - Wolfe Research
Don Fandetti - Wells Fargo
Moshe Orenbuch - TD Cowen

Operator

Good day, and thank you for standing by. Welcome to the Capital One Q2 2024 Earnings Call. Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Jeff Norris, Senior Vice President of Finance. Please go ahead.

Jeff Norris

Thanks very much, Josh, and welcome everyone to Capital One's second quarter 2024 earnings conference call. As usual, we are webcasting live over the Internet. To access the call on the Internet, please log on to Capital One's website at capitalone.com and follow the links from there. In addition to the press release and the financials, we've included a presentation summarizing our second quarter 2024 results.

With me this evening are Mr. Richard Fairbank, Capital One's Chairman and Chief Executive Officer; and Mr. Andrew Young, Capital One's Chief Financial Officer. Rich and Andrew will walk you through the presentation. To access a copy of the presentation and press release, please go to Capital One's website, click on Investors, and click on Quarterly Earnings Release.

Please note that this presentation may contain forward-looking statements. Information regarding Capital One's financial performance and any forward-looking statements contained in today's discussion in the materials speak only as of the particular date or dates indicated in the materials. Capital One does not undertake any obligation to update or revise any of this information, whether as a result of new information, future events, or otherwise.

Numerous factors could cause our actual results to differ materially from those described in forward-looking statements. And for more information on these factors, please see the section titled Forward-Looking Information in the earnings release presentation and the Risk Factors section in our annual and quarterly reports accessible at the Capital One website and filed with the SEC.

And with that done, I'll turn the call over to Mr. Young. Andrew?

Andrew Young

Thanks, Jeff, and good afternoon, everyone. I will start on Slide 3 of tonight's presentation. In the second quarter, Capital One earned $597 million or $1.38 per diluted common share. Included in the results for the quarter were adjusting items related to the Walmart partnership termination, Discover integration costs, and an accrual for our updated estimate of the FDIC's special assessment. Net of these adjusting items, second quarter earnings per share were $3.14.