{"id":6721,"date":"2020-04-24T11:45:00","date_gmt":"2020-04-24T11:45:00","guid":{"rendered":"https:\/\/icrowdnewswire.com\/?p=2528444"},"modified":"2020-04-24T11:45:00","modified_gmt":"2020-04-24T11:45:00","slug":"capital-one-reports-first-quarter-2020-net-loss-of-1-3-billion-or-3-10-per-share","status":"publish","type":"post","link":"https:\/\/ipsnews.net\/business\/2020\/04\/24\/capital-one-reports-first-quarter-2020-net-loss-of-1-3-billion-or-3-10-per-share\/","title":{"rendered":"Capital One Reports First Quarter 2020 Net Loss of $1.3 billion, or $3.10 per share"},"content":{"rendered":"

Capital One Financial Corporation (NYSE: COF) today announced net loss for the first quarter of 2020 of $1.3 billion<\/span>, or $3.10<\/span> per diluted common share, compared with net income of $1.2 billion<\/span>, or $2.25<\/span> per diluted common share in the fourth quarter of 2019, and with net income of $1.4 billion<\/span>, or $2.86<\/span> per diluted common share in the first quarter of 2019. Excluding adjusting items, net loss for the first quarter of 2020 was $3.02<\/span> per diluted common share(1)<\/sup>.<\/p>\n

“In the first quarter, Capital One rapidly mobilized to respond to COVID-19 and the disruption it is causing, with a focus on our associates, our customers, and our communities,” said Richard D. Fairbank<\/span>, Founder, Chairman and Chief Executive Officer. “We are well positioned to navigate and manage through these uncertain times, and to emerge with strength on the other side.”<\/p>\n

Adjusting items in the first quarter of 2020, which are excluded from diluted earnings per share (EPS), efficiency ratio and operating efficiency ratio metrics (see Table 15 in our Financial Supplement for additional information):<\/p>\n

\n
\n
\n\n\n\n\n\n\n
 <\/td>\n\n

Pre-Tax<\/strong><\/span><\/p>\n<\/td>\n

\n

Diluted EPS<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

(Dollars in millions, except per share data)<\/em><\/span><\/p>\n<\/td>\n

\n

Impact<\/strong><\/span><\/p>\n<\/td>\n

\n

Impact<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Legal reserve build<\/span><\/p>\n<\/td>\n

\n

$<\/span><\/p>\n<\/td>\n

\n

45<\/span><\/p>\n<\/td>\n

 <\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

0.07<\/span><\/p>\n<\/td>\n

 <\/td>\n<\/tr>\n
\n

Cybersecurity Incident expenses, net of insurance<\/span><\/p>\n<\/td>\n

\n

4<\/span><\/p>\n<\/td>\n

 <\/td>\n\n

0.01<\/span><\/p>\n<\/td>\n

 <\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n

All comparisons below are for the first quarter of 2020 compared with the fourth quarter of 2019 unless otherwise noted.<\/p>\n

First Quarter 2020 Income Statement Summary:<\/strong><\/p>\n