Capital One Financial Corporation (NYSE:COF) Q3 2024 Earnings Conference Call October 24, 2024 5:00 PM ET

Company Participants

Jeff Norris - SVP, Finance
Andrew Young - CFO
Richard Fairbank - Chairman and CFO
Ime Archibong - Board Member

Conference Call Participants

Ryan Nash - Goldman Sachs
Sanjay Sakhrani - KBW
Terry Ma - Barclays
Bill Carcache - Wolfe Research Securities
Don Fandetti - Wells Fargo
John Heck - Jefferies
Mihir Bhatia - Bank of America
Chase Haynes - Evercore ISI
Jeff Adelson - Morgan Stanley

Operator

Good day, and thank you for standing-by. Welcome to the Capital One Q3 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. We're webcasting live over the Internet as usual. And 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 financials, we've included a presentation summarizing our third quarter 2024 results.

With me today 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 this presentation. To access a copy of the presentation and the press release, please go to Capital One's website, click on investors, then click on Financials and then 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 and 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 of our annual and quarterly reports accessible at Capital One's website and filed with the SEC.

Now, 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 third quarter, Capital One earned $1.8 billion or $4.41 per diluted common share. Included in the results for the quarter were adjusting items related to Discover integration costs and a small downward revision to our FDIC special assessment estimate.