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Monetary providers supplier Capital One Monetary Company (NYSE: COF) has reported a modest improve in revenues for the fourth quarter of 2023. Earnings, in the meantime, declined year-over-year.
- This fall internet income elevated 1% year-over-year to $9.5 billion; whole non-interest expense rose 18% to $5.7 billion
- Web curiosity margin was 6.73% in This fall, a rise of 4 foundation factors; Effectivity ratio got here in at 60.14%
- Fourth-quarter internet earnings decreased sharply to $706 million or $1.67 per share from $1.23 billion or $3.03 per share final yr
- Adjusted internet earnings was $2.24 per share in This fall, vs. $2.82 per share in the identical interval of 2022
- Pre-provision earnings decreased 16% yearly to $3.8 billion throughout the three months
- Provision for credit score losses elevated to $2.9 billion within the fourth quarter from $2.42 billion within the prior-year interval