Capital One Financial Corporation announced Monday that it expects earnings to exceed analysts’ expectations for the fourth quarter of 1997 and the year ending December 31, 1997.
For the full year, the Company now expects to report earnings 20 percent higher than the 1996 earnings of $2.30 per share. This is above the 15 percent increase indicated by the Company in September of this year. The 1997 earnings growth performance will mark the third consecutive year of 20 percent earnings growth for Capital One, since its spin-off from Signet Bank at the end of 1994. The Company also announced that it has reaffirmed its targets of 20% earnings growth and return on equity (ROE) for 1998.
Richard D. Fairbank, Capital One’s Chairman and CEO, said, “The improved earnings outlook is due to the success of our marketing innovations as well as a more positive credit outlook. We are happy to achieve another consecutive year of 20 percent earnings growth, and the outlook for sustaining this growth trajectory is very positive.”
Appointment of New Stock Transfer Agent
The Company is also very pleased to announce that First Chicago Trust Company of New York has assumed the duties of Stock Transfer Agent and Registrar as of December 15, 1997. As the new Stock Transfer Agent and Registrar, First Chicago will also act as the administrator of the Company’s Dividend Reinvestment and Stock Purchase Plan and as the Rights Agent for the Company’s Shareholder Rights Plan. Stockholders may contact First Chicago with any questions about their accounts at 1-800-446-2617.
The Company cautions that its current expectations for earnings are forward-looking statements and actual results could differ materially from current expectations due to a number of factors, including the number of delinquent accounts and the dollar amount of charge-offs actually experienced by the Company’s credit card portfolio.
Headquartered in Falls Church, Virginia, Capital One Financial Corporation () is a holding company whose principal subsidiaries, Capital One Bank and Capital One, F.S.B., offer financial products and services to consumers. Capital One’s subsidiaries collectively had 10.7 million customers as of September 30, 1997, and are among the largest providers of MasterCard and Visa credit cards in the United States.Details