Third Quarter 2023 Financial Results
Allowance for Credit Losses
Capital One
Credit
Card
Consumer
Banking
Commercial
Banking
Total
(Dollars in millions)
Allowance for credit losses:
Balance as of June 30, 2023
Charge-offs
Recoveries
Net charge-offs
$
10,976 $
2,185
1,485
$
14,646
(1,925)
(596)
(60)
(2,581)
333
247
2
582
(1,592)
(349)
(58)
(1,999)
Provision for credit losses (1)(2)
1,953
213
155
2,321
Allowance build (release) for credit losses
361
(136)
97
322
Other changes(3
(3)
(13)
(13)
Balance as of September 30, 2023
11,324
$
2,049
$
1,582
$
14,955
Allowance coverage ratio as of September 30, 2023
7.71%
2.67%
1.74%
4.75%
Third Quarter 2023 Highlights
Allowance build of $322 million primarily driven by growth in Domestic Credit Card loans
Allowance coverage ratio of 4.75% at September 30, 2023, compared to 4.70% at June 30, 2023
(1)
Does not include $(39) million of provision (benefit) related to unfunded lending commitments that is recorded in other liabilities in Commercial Banking.
(2)
Does not include $2 million of provision related to available for sale securities.
(3)
Primarily represents foreign currency translation adjustments.View entire presentation