Capital One Financial Corp (COF) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Capital One Q3 2025 Earnings Call. Please be advised that today's conference is being recorded. (Operator Instructions)

您好，感謝您的支持。歡迎參加 Capital One 2025 年第三季財報電話會議。請注意，今天的會議正在錄製。（操作員指示）

I would now like to hand the conference over to your speaker today, Jeff Norris, Senior Vice President of Finance. Please go ahead.

現在，我想將會議交給今天的發言人，財務高級副總裁傑夫諾里斯 (Jeff Norris)。請繼續。

Thanks very much, Josh, and welcome, everybody, to tonight's earnings call. To access the live webcast of this call, please go to the Investors section of Capital One's website, capitalone.com. A copy of the earnings presentation, press release and financial supplement can also be found in the Investors section of the Capital One website, capitalone.com, by selecting Financials and then Quarterly Earnings Release. With me this evening are Mr. Richard Fairbank, Capital One's Chairman and Chief Executive Officer; and Mr.

非常感謝，喬希，歡迎大家參加今晚的財報電話會議。如需觀看本次電話會議的現場網路直播，請造訪 Capital One 網站 capitalone.com 的「投資者」版塊。您也可以在 Capital One 網站 capitalone.com 的“投資者”版塊中，選擇“財務”->“季度收益報告”，獲取收益報告、新聞稿和財務補充資料。今晚與我一起出席的還有 Capital One 董事長兼執行長理查德·費爾班克先生；以及先生。

Andrew Young, Capital One's Chief Financial Officer. Rich and Andrew are going to walk you through this presentation that summarizes our third quarter results for 2025.

安德魯楊 (Andrew Young)，Capital One 財務長。Rich 和 Andrew 將帶您完成此演示文稿，總結我們 2025 年第三季的業績。

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. 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 our website and filed with the SEC.

請注意，本簡報可能包含前瞻性陳述。今天的討論和資料中包含的有關 Capital One 財務表現和任何前瞻性陳述的資訊僅代表資料中指明的特定日期。無論是由於新資訊、未來事件或其他原因，Capital One 均不承擔更新或修改任何此類資訊的義務。許多因素可能導致我們的實際結果與前瞻性陳述中所述的結果有重大差異。有關這些因素的更多信息，請參閱收益發布演示文稿中標題為“前瞻性信息”的部分以及我們網站上可訪問並提交給美國證券交易委員會的年度和季度報告中的“風險因素”部分。

Now I'll turn the call over to Mr. Young. Andrew?

現在我將把電話轉給楊先生。安德魯？

Thanks, Jeff, and good afternoon, everyone. I will start on Slide 3 of tonight's presentation. In the third quarter, Capital One earned $3.2 billion or $4.83 per diluted common share. There were multiple adjusting items related to the Discover acquisition in the quarter, including integration costs, intangible amortization expense and loan and deposit fair value mark amortization. Net of these adjusting items, third quarter earnings per share were $5.95.

謝謝，傑夫，大家下午好。我將從今晚演講的第 3 張幻燈片開始。第三季度，Capital One 獲利 32 億美元，即每股攤薄普通股獲利 4.83 美元。本季有多個與 Discover 收購相關的調整項目，包括整合成本、無形資產攤銷費用以及貸款和存款公允價值攤銷。扣除這些調整項目後，第三季每股收益為 5.95 美元。

As expected, we continue to refine our purchase accounting assumptions while we are in the measurement period. In the quarter, our adjustments included a modest increase to goodwill along with other refinements. You can find the revised purchase consideration walk and amortization schedules in the appendix of tonight's presentation.

正如預期的那樣，我們在測量期間繼續完善我們的採購會計假設。在本季度，我們的調整包括適度增加商譽以及其他改進。您可以在今晚簡報的附錄中找到修訂後的購買對價步行和攤銷計劃。

The results in the third quarter were impacted by the full quarter effect of the Discover acquisition. On a GAAP and adjusted basis, revenue in the third quarter increased $2.9 billion or 23% compared to the second quarter. Noninterest expense increased 18% or 16% net of adjustments, and pre-provision earnings were up 29% or 30% net of adjustments. Our provision for credit losses was $2.7 billion in the quarter. Excluding the $8.8 billion initial allowance build for Discover that we recognized last quarter, provision for credit losses increased about $50 million.

第三季的業績受到了 Discover 收購整個季度的影響。根據 GAAP 和調整後數據，第三季營收較第二季增加 29 億美元，成長 23%。非利息支出增加 18%（扣除調整後為 16%），撥備前收益增加 29%（扣除調整後為 30%）。本季我們的信貸損失準備金為 27 億美元。除去我們上個季度確認的 Discover 的 88 億美元初始撥備，信貸損失準備金增加了約 5,000 萬美元。

Higher net charge-offs from the full quarter impact of Discover was roughly offset by a larger allowance release.

Discover 整個季度的影響導致的淨沖銷額增加，大致被更大的撥備釋放所抵消。

Turning to Slide 4. I'll now cover the allowance in greater detail. The $760 million of allowance release in the quarter brought the allowance balance to $23.1 billion. Our total portfolio coverage ratio decreased 22 basis points and now stands at 5.21%.

翻到幻燈片 4。我現在將更詳細地介紹這項津貼。本季釋放了 7.6 億美元的配額，使配額餘額達到 231 億美元。我們的總投資組合覆蓋率下降了22個基點，目前為5.21%。

I'll cover the drivers of the changes in allowance and coverage ratio by segment on Slide 5. In our Domestic Card segment, we released $753 million of allowance in the quarter. The primary drivers of this quarter's release were continued observed credit favorability in both losses and recoveries as well as a slight improvement in the forecasted unemployment rate. These factors were partially offset by greater consideration of potential economic downside. The domestic card coverage ratio now stands at 7.28%.

我將在第 5 張投影片上介紹各部分撥備和覆蓋率變化的驅動因素。在我們的國內卡部門，我們在本季發放了 7.53 億美元的配額。本季發布的主要驅動因素是持續觀察到的信貸有利性（無論是虧損還是復甦）以及預測的失業率略有改善。這些因素因更多地考慮潛在的經濟下行因素而被部分抵消。目前國內信用卡覆蓋率為7.28%。

The allowance balance in our Consumer Banking segment was largely flat at $1.9 billion. Growth in the auto business was largely offset by observed credit favorability and continued strong vehicle prices. The ending coverage ratio of 2.26% was down 3 basis points from the prior quarter. And finally, in our Commercial Banking segment, we released $37 million of allowance in the quarter. The allowance release was largely driven by recent favorable credit performance.

我們的消費者銀行業務部門的撥備餘額基本上持平於 19 億美元。汽車業務的成長在很大程度上被信貸優惠和持續強勁的汽車價格所抵消。期末覆蓋率為 2.26%，較上一季下降 3 個基點。最後，在我們的商業銀行部門，我們在本季發放了 3,700 萬美元的撥備。配額釋放很大程度上受到近期良好信貸表現的推動。

The commercial banking coverage ratio declined 5 basis points and now stands at 1.69%.

商業銀行覆蓋率下降5個基點至1.69%。

Turning to Page 6. I'll now discuss liquidity. Total liquidity reserves ended the quarter at $143 billion, down roughly $1 billion from last quarter. Our cash position ended the quarter at $55.3 billion, $3.8 billion lower than the second quarter. Our preliminary average liquidity coverage ratio increased slightly during the third quarter to 161%.

翻到第 6 頁。我現在來討論流動性。本季末總流動性儲備為 1,430 億美元，比上一季減少約 10 億美元。本季末我們的現金狀況為 553 億美元，比第二季低 38 億美元。我們的初步平均流動性覆蓋率在第三季略有上升，達到 161%。

Turning to Page 7, I'll cover our net interest margin. Our third quarter net interest margin was 8.36%, 74 basis points higher than the prior quarter. Recall that in the second quarter, the partial quarter benefit from the acquisition of Discover was roughly 40 basis points. The full quarter of Discover in the third quarter drove approximately 45 basis points of incremental net interest margin. The remaining increase in NIM in the quarter was largely driven by higher yield on legacy Capital One domestic card loans and one additional day in the quarter.

翻到第 7 頁，我將介紹我們的淨利差。我們第三季的淨利差為 8.36%，比上一季高出 74 個基點。回想一下，在第二季度，收購 Discover 帶來的部分季度收益約為 40 個基點。Discover 第三季全季淨利差增量約為 45 個基點。本季淨利差的剩餘成長主要得益於傳統 Capital One 國內信用卡貸款收益率的提高以及本季額外一天的增加。

Turning to Slide 8, I will end by discussing our capital position. Our common equity Tier 1 capital ratio ended the quarter at 14.4%, approximately 40 basis points higher than the prior quarter. Income in the quarter was partially offset by $1 billion in share repurchases, dividends and an increase in risk-weighted assets. In the third quarter, we completed our bottoms-up capital assessment for the combined franchise. Based on the results of that analysis, we believe the long-term capital need of the combined company is 11%.

翻到第 8 張投影片，最後我將討論我們的資本狀況。本季末，我們的普通股一級資本比率為 14.4%，比上一季高出約 40 個基點。本季的營收被 10 億美元的股票回購、股利和風險加權資產的增加部分抵銷。第三季度，我們完成了對合併特許經營權的自下而上的資本評估。根據該分析的結果，我們認為合併後公司的長期資本需求為 11%。

Now that we've completed this work our Board of Directors has approved a new repurchase authorization of up to $16 billion of the company's common stock. This new authorization becomes effective today and supersedes our previous repurchase authorization. In addition, we expect to increase our quarterly common stock dividend from $0.60 per share to $0.80 per share beginning in the fourth quarter, subject to board approval. With that, I will turn the call over to Rich. Rich?

現在我們已經完成了這項工作，我們的董事會已經批准了一項新的回購授權，回購金額高達 160 億美元公司普通股。這項新授權於今日生效，並取代我們先前的回購授權。此外，我們預計從第四季開始將季度普通股股息從每股 0.60 美元增加到每股 0.80 美元，但需經董事會批准。說完這些，我會把電話轉給里奇。富有的？

Thanks, Andrew, and good evening, everyone. Slide 10 shows third quarter results in our credit card business. Credit Card segment results are largely a function of our domestic card results and trends, which are shown on Slide 11. Similar to the second quarter, the Discover acquisition was the dominant driver of third quarter domestic card results, including the impact of a full quarter of combined operations, a combined quarter end balance sheet and purchase accounting effects. Looking through the Discover impact, the combined domesticcard business delivered another quarter of top line growth, strong margins and improving credit.

謝謝，安德魯，大家晚上好。幻燈片 10 展示了我們信用卡業務第三季的業績。信用卡部門的表現很大程度上取決於我們的國內信用卡業績和趨勢，如投影片 11 所示。與第二季類似，Discover 收購是第三季國內信用卡業績的主要推動力，包括整個季度合併營運的影響、合併季末資產負債表和購買會計效應。從 Discover 的影響來看，合併後的國內信用卡業務又實現了一個季度的營收成長、強勁的利潤率和信用改善。

Year-over-year purchase volume growth for the quarter was 39%, driven primarily by the addition of a full quarter of Discover purchase volume. (technical difficulty)

本季購買量年增 39%，主要得益於 Discover 購買量整個季度的增加。（技術難度）

Excluding Discover, year-over-year purchase volume growth was about 6.5%. Ending loan balances increased 70% year-over-year, largely as a result of adding Discover card loans. Excluding Discover, ending loans grew about 3.5% year-over-year. While competitive intensity remains high, we continue to see good traction across our legacy card business, including strong growth with heavy spenders at the top of the market. The legacy Discover Card loans continued to contract slightly and will likely continue to face a growth headwind due to Discover's prior credit policy cutbacks and some trimming around the edges that we will implement going forward.

不包括 Discover，年比購買量成長約 6.5%。期末貸款餘額年增 70%，這主要是因為增加了 Discover 卡貸款。不包括 Discover 信用卡，期末貸款年增約 3.5%。儘管競爭仍然激烈，但我們的傳統信用卡業務仍然保持良好的發展勢頭，包括來自高端市場的大額消費者的強勁成長。傳統的 Discover 卡貸款繼續小幅收縮，並且由於 Discover 先前的信貸政策削減以及我們未來將實施的一些調整，該貸款可能會繼續面臨成長阻力。

While that will create a short-term loan growth brownout, we continue to see good opportunities to grow the Discover Card business on the other side of our tech integration, where we can implement growth expansions powered by our unique technology and underwriting. Revenue was up 59% from the third quarter of 2024 with a full quarter of Discover revenue. Excluding Discover, year-over-year revenue growth was about 6.5%, driven by underlying growth in purchase volume and loans.

雖然這將造成短期貸款成長受阻，但我們仍然看到在技術整合的另一端發展 Discover 卡業務的良好機會，我們可以利用我們獨特的技術和承保來實現成長擴張。營收較 2024 年第三季成長 59%，其中 Discover 營收佔整個季度的 10%。不包括 Discover，營收年增約 6.5%，主要得益於購買量和貸款的潛在成長。

Revenue margin for the quarter was 17.3%, including the impact from a full quarter of combined operations and amortization of the purchase accounting fair value mark. The third quarter domestic card charge-off rate was 4.63%, down 62 basis points from the prior quarter and 98 basis points from a year ago. The third quarter is the seasonal low point for our card losses. But the linked quarter improvement we saw was significantly beyond what we would expect from normal seasonality. And our charge-off rate has been improving on a seasonally adjusted basis throughout 2025, following the trend of improving delinquencies that started in late 2024 and supported by strong recoveries.

本季營收利潤率為 17.3%，其中包括整個季度合併營運的影響以及購買會計公允價值標記的攤銷。第三季國內卡沖銷率為4.63%，較上一季下降62個基點，較去年同期下降98個基點。第三季是我們信用卡損失的季節性最低點。但我們觀察到的環比季度改善幅度大大超出了我們對正常季節性的預期。並且，我們的沖銷率在 2025 年全年經季節性調整後一直在改善，這與 2024 年底開始的拖欠率改善趨勢相一致，並受到強勁復甦的支持。

A small share of the linked quarter improvement about 10 basis points was the result of incorporating the Discover card portfolio for the full quarter. Our domestic card delinquency rate at quarter end was 3.89%, down 64 basis points year-over-year and up 29 basis points from the prior quarter.

本季業績改善約 10 個基點，其中一小部分是由於整個季度都納入了 Discover 卡組合。本季末，我們的國內信用卡拖欠率為 3.89%，年減 64 個基點，較上季上升 29 個基點。

The quarterly increase was consistent with expected seasonality. Domestic Card noninterest expense was up 62% compared to the third quarter of 2024, reflecting a full quarter of combined operations and purchase accounting amortization, operating expense and marketing both increased year-over-year. Total company marketing expense in the quarter was about $1.4 billion, up 26% year-over-year.

季度成長與預期的季節性一致。國內卡非利息支出與 2024 年第三季相比增長了 62%，反映出整個季度的綜合營運和購買會計攤銷、營運費用和行銷均同比增長。本季公司行銷總費用約 14 億美元，較去年同期成長 26%。

Our choices in domestic card are the biggest driver of total company marketing. Compared to the third quarter of 2024, domestic card marketing in the quarter included the addition of Discover marketing, higher media spend and increased investment in premium benefits and differentiated customer experiences.

我們在國內卡上的選擇是整個公司行銷的最大驅動力。與 2024 年第三季相比，本季的國內卡行銷包括增加 Discover 行銷、增加媒體支出以及增加對優質福利和差異化客戶體驗的投資。

Our marketing continues to deliver strong new account originations and to build an enduring franchise with heavy spenders at the top of the market. Fourth quarter marketing will likely be somewhat above recent seasonal patterns. Slide 12 shows third quarter results in our Consumer Banking business. Global Payment network transaction volume for the quarter was about $153 billion. Auto originations were up 17% from the prior year quarter, driven by overall market growth and our strong position to pursue a resilient growth in the current marketplace.

我們的行銷活動持續為客戶帶來強勁的新帳戶成長，並與市場頂端的重度消費者建立持久的特許經營權。第四季的行銷可能會略高於近期的季節性模式。投影片 12 展示了我們消費者銀行業務第三季的業績。本季全球支付網路交易量約1530億美元。汽車發起量較去年同期成長了 17%，這得益於整體市場的成長以及我們在當前市場中追求彈性成長的強大地位。

Consumer Banking ending loan balances increased $6.5 billion or about 8% year-over-year.

消費者銀行期末貸款餘額年增 65 億美元，增幅約 8%。

Average loans were also up 8%. Compared to the year ago quarter, ending and average consumer deposits grew about 35%, driven largely by the addition of Discover deposits. Looking through the Discover impact, our digital-first national consumer banking business continues to grow and gain traction. Consumer Banking revenue for the quarter was up about 28% year-over-year, driven predominantly by the full quarter of Discover as well as growth in auto loans. Noninterest expense was up about 46% compared to the third quarter of 2024, driven largely by the full quarter of Discover as well as increased auto originations, higher marketing to drive growth in our National Consumer Banking business and continued technology investments.

平均貸款也上漲了8%。與去年同期相比，期末和平均消費者存款成長了約 35%，這主要得益於 Discover 存款的增加。透過 Discover 的影響，我們以數位為先的全國消費者銀行業務持續成長並獲得關注。本季消費者銀行業務營收年增約 28%，主要得益於 Discover 整個季度的業績以及汽車貸款的成長。與 2024 年第三季相比，非利息支出成長了約 46%，這主要得益於 Discover 整個季度的業績以及汽車發行量的增加、推動全國消費者銀行業務增長的營銷力度加大以及持續的技術投資。

The auto charge-off rate for the quarter was 1.54%, down 51 basis points year-over-year. largely as the result of our choice to tighten credit and pull back in 2022, auto charge-offs are improving on a seasonally adjusted basis. The 30-plus delinquency rate was 4.99%, down 62 basis points year-over-year.

本季汽車沖銷率為 1.54%，年減 51 個基點。主要是由於我們選擇在 2022 年收緊信貸並縮減開支，經季節性調整後，汽車沖銷率正在改善。30歲以上拖欠率為4.99%，年減62個基點。

Slide 13 shows third quarter results for our commercial banking business. Compared to the linked quarter, ending loan balances were up 1%. Average loan balances were flat compared to the linked quarter. Ending deposits were up about 2% from the linked quarter. Average deposits were down 2%.

幻燈片 13 展示了我們商業銀行業務第三季的業績。與上一季相比，期末貸款餘額增加了 1%。與上一季相比，平均貸款餘額持平。期末存款較上一季成長約 2%。平均存款下降了2%。

We continue to manage down selected less attractive commercial deposit balances.

我們繼續降低部分吸引力較小的商業存款餘額。

The commercial banking annualized net charge-off rate for the second quarter decreased 12 basis points from the sequential quarter to 0.21%. The commercial criticized performing loan rate was 5.13%, down 76 basis points compared to the linked quarter. The criticized nonperforming loan rate was up 9 basis points to 1.39%. Pulling up, the full quarter of Discover operations and the related purchase accounting impacts dominated our reported results in the third quarter. But looking through these effects, our adjusted earnings, top line growth credit results and capital generation continued to be strong.

第二季商業銀行年化淨沖銷率較上一季下降12個基點至0.21%。商業銀行不良貸款率為5.13%，季減76個基點。受批評的不良貸款率上升9個基點至1.39%。總體而言，Discover 整個季度的營運和相關的購買會計影響主導了我們第三季的報告結果。但縱觀這些影響，我們的調整後收益、營收成長信貸業績和資本生成依然強勁。

The Discover integration continues to go well. We continue to expect that integration costs will be somewhat higher than our original estimate and we remain on track to deliver $2.5 billion in combined synergies. Revenue synergies are largely driven by moving our debit business to the Discover network. That effort is going well, and we expect it to be largely completed in early 2026. So we expect revenue synergies to ramp up in the fourth quarter and in early 2026.

Discover 整合持續進展順利。我們仍然預計整合成本將略高於我們最初的估計，我們仍有望實現 25 億美元的合併綜效。收入協同效應很大程度上是由我們的借記卡業務轉移到 Discover 網路所推動的。這項工作進展順利，我們預計它將在 2026 年初基本完成。因此，我們預計收入綜效將在第四季和 2026 年初增強。

We're also making good progress on operating expense synergies. Many expense synergies are linked to platform conversion events, which happen at various points throughout the integration period with some conversions coming closer to the end of integration. Before we get to your questions, I want to pull up and reflect once again on where we are. As a result of years of strategic preparation, we have a wealth of opportunities today that put us in an advantageous position to grow and win in the marketplace as it continues to change dramatically. To capitalize on these opportunities at this special moment, we need to make significant and sustained investments.

我們在營運費用綜效方面也取得了良好進展。許多費用協同效應與平台轉換事件有關，這些事件發生在整個整合期間的不同時間點，其中一些轉換發生在整合結束時。在回答您的問題之前，我想先回顧一下我們目前的狀況。經過多年的策略準備，我們今天擁有大量的機會，這些機會使我們在瞬息萬變的市場中處於有利地位，能夠實現成長並取得成功。為了在這個特殊時刻抓住這些機會，我們需要進行大量且持續的投資。

Our acquisition of Discover enhances and accelerates some of these opportunities, and of course, brings new opportunities as well.

我們對 Discover 的收購增強並加速了其中的一些機會，當然也帶來了新的機會。

Let me start with the Discover Network. This network is a rare and valuable asset, but it is very subscale in a scale-driven business. We are already underway with our announced plan to move our debit volume and a portion of our credit card volume to the network. These moves are powering our revenue synergies. To fully capitalize on the strategic benefit of being one of the few payment networks, we aspire to move more of our volume onto the network.

讓我先從探索網路開始。這種網路是一種罕見且寶貴的資產，但對於規模驅動的業務來說，它的規模非常小。我們已開始實施已宣布的計劃，將我們的金融卡交易量和部分信用卡交易量轉移到網路。這些措施正在增強我們的收入綜效。為了充分利用作為少數支付網路之一的策略優勢，我們希望將更多的交易量轉移到網路上。

That will require additional investments in international acceptance and the network brand. While Discover is an extraordinary and unique addition to Capital One's strategic portfolio, I want to save the unique position legacy Capital One is in as a result of years of strategic transformation. We are in the 13th year of an all-in technology transformation. This transformation has been from the bottom of the tech stack up, essentially building a modern technology company that does banking. As we move up the tech stack, the opportunities are accelerating.

這將需要在國際認可和網路品牌方面進行額外投資。雖然 Discover 對 Capital One 的策略組合來說是一個非凡而獨特的補充，但我希望保留 Capital One 經過多年戰略轉型所形成的獨特地位。我們正處於全方位技術轉型的第13年。這種轉變是從技術堆疊的底層開始的，本質上是建立一家從事銀行業務的現代科技公司。隨著我們科技棧的不斷提升，機會也隨之增加。

We also stand on the shoulders of our data and analytics capability on which the company was built and our journey to create a national lending brand -- excuse me, just a national brand.

我們也憑藉著公司賴以建立的數據和分析能力，踏上了創建全國性貸款品牌的旅程——對不起，只是一個全國性品牌。

One of the most unique journeys at Capital One has been the building of our national retail bank. We have built what we believe is the bank of the future with full-service digital banking capabilities enhanced by thin physical distribution of showroom branches in iconic locations. We are the only major bank building a national bank organically, and we are enjoying a lot of traction. Having our own debit network accelerates this journey, but an organic growth model requires a lot of investment in marketing for many years and those investments are growing.

第一資本最獨特的歷程之一就是建立我們的全國性零售銀行。我們已經建立了我們認為的未來銀行，它具有全方位服務的數位銀行功能，並透過在標誌性地點設立展廳分行的精細物理分佈得到增強。我們是唯一一家自主建設國家銀行的大型銀行，並且正在享受巨大的發展動力。擁有自己的借記網絡加速了這一進程，但有機成長模式需要多年的大量行銷投資，而且這些投資還在不斷增長。

Let me turn to our credit card business. We are one of a very small number of players who are sustainably investing to win at the top of the market with heavy spenders. The fastest-growing part of our card business is with these heavy spenders. But it is very clear that winning in this part of the market takes a lot of sustained investment in standout products, amazing customer experiences, access to exclusive events, and the premium brand. It is not lost on us that our biggest competitors in this space have hugely stepped up their levels of investment, and we need to do the same.

讓我來談談我們的信用卡業務。我們是極少數透過持續投資並在市場上大舉投資並取得勝利的參與者之一。我們的信用卡業務中成長最快的部分就是這些大手大腳的消費者。但很明顯，要贏得這個市場，需要對出色的產品、出色的客戶體驗、獨家活動機會和高端品牌進行大量持續投資。我們很清楚，我們在這個領域最大的競爭對手已經大幅提高了投資水平，我們也需要這樣做。

And a new front in this battle will be AI-driven experiences. We are gearing up for that.

這場戰鬥的新戰線將是人工智慧驅動的體驗。我們正在為此做好準備。

As we moved up the tech stack, we are finding accelerating opportunities in new growth vectors. Some of the ones you have seen are Capital One shopping, Capital One Travel and Auto Navigator. These opportunities are growing rapidly, and we are investing to seize the moment in the marketplace. All of these opportunities stand on the shoulders of our modern technology stack. We continue to invest significantly in those shoulders.

隨著我們技術堆疊的不斷提升，我們在新的成長載體中發現了加速的機會。您見過的一些是 Capital One shopping、Capital One Travel 和 Auto Navigator。這些機會正在迅速增長，我們正在進行投資以抓住市場機會。所有這些機會都建立在我們現代技術堆疊的基礎上。我們將繼續對這些方面進行大量投資。

There are a number of -- excuse me, there are a small number of large modern technology companies fully in the cloud, built on modern applications and data they are in a unique position to win as the world continues to evolve. We are one of them. Since the beginning of our technology transformation, our journey has been focused on bringing AI into the heart of the business. Many companies will be bringing in third-party AI applications, which will help transform how work is done, but transforming the business model of banking with AI requires AI to be deeply embedded in the technology, operations, processes, risk management and customer experiences of the company.

有很多——對不起，有少數大型現代科技公司完全採用雲端運算，建立在現代應用程式和數據之上，隨著世界的不斷發展，它們處於獨特的獲勝地位。我們就是其中之一。自技術轉型開始以來，我們的旅程一直專注於將人工智慧引入業務的核心。許多公司將引入第三方人工智慧應用程序，這將有助於改變工作方式，但利用人工智慧轉變銀行業務模式需要將人工智慧深深嵌入公司的技術、營運、流程、風險管理和客戶體驗中。

That is what we have been working backwards from for all of these years in our tech transformation. These opportunities require significant investment in AI and AI talent, and we are doing that. Having founded this company and spent these many years building an adaptive company to capitalize on the rapidly changing marketplace, I am struck by the opportunity all around us, but I also know what it took to get here. And that was investing what it takes to be in a position to win. Our opportunities are many and they are large, but so too is the investment to get there.

這正是我們這些年來在科技轉型中一直努力的方向。這些機會需要對人工智慧和人工智慧人才進行大量投資，而我們正在這樣做。我創立了這家公司，並花了這麼多年的時間打造一家適應性強的公司，以利用快速變化的市場，我對我們周圍的機會感到震驚，但我也知道我們付出了什麼才能走到今天。這就是為贏得勝利而進行的投資。我們的機會很多，規模也很大，但實現這些機會所需的投資也很多。

But these investments will also be the basis for our sustained growth and strong returns over the longer term.

但這些投資也將成為我們長期持續成長和強勁回報的基礎。

The opportunities we are describing here have been years in the making, and you have heard me talking about them for quite some time. Importantly, the earnings power of our combined company that we envision on the other side of the deal integration is consistent with what we assumed at the time of our deal announcement, even though some individual variables have moved along the way. We are excited for the opportunities that lie in front of us. It is our imperative to lean in and capitalize on them. And now we'll be happy to answer your questions.

我們在這裡描述的機會已經醞釀多年，你們也聽我談論它們很長一段時間了。重要的是，儘管一些個別變數在此過程中發生了變化，但我們在交易整合的另一方所設想的合併後公司的盈利能力與我們在交易宣佈時的假設一致。我們對眼前的機會感到興奮。我們必須依靠它們並利用它們。現在我們很樂意回答您的問題。

Jeff?

傑夫？

Thanks, Rich. We'll now start the Q&A session. (Operator Instructions)

謝謝，里奇。我們現在開始問答環節。（操作員指示）

If you have any follow-up questions after the Q&A session, the Investor Relations team will be available after the call. Josh, please start our Q&A.

如果您在問答環節後有任何後續問題，投資者關係團隊將在電話會議結束後為您提供協助。喬希，請開始我們的問答。

(Operator Instructions)

（操作員指示）

Sanjay Sakhrani, KBW.

Sanjay Sakhrani，KBW。

Thank you. Rich, it seems like great momentum in the business, but there's been a lot of chatter about the health of the consumer, some of the cracks we've seen, particularly in subprime and maybe even specifically in auto. Maybe you could just talk a little bit about what you guys are seeing. And we hear a lot about sort of underemployment and looking at these employment stats and maybe just having the reality sort of delineate from what we're seeing from the broader macro. So could you just talk about what you guys are seeing and how you see the path forward?

謝謝。里奇，看起來這個行業發展勢頭很好，但是人們對消費者的健康狀況議論紛紛，我們看到了一些問題，特別是在次貸問題上，甚至可能是在汽車行業。也許您可以稍微談談您所看到的情況。我們聽到了很多關於就業不足的問題，看看這些就業統計數據，也許現實情況與我們從更廣泛的宏觀角度看到的情況有些相似。那麼，您能否談談您所看到的以及您如何看待未來的道路？

Yes, Sanjay, let me start with the health of the consumer. The US consumer and the overall macro economy have been quite resilient so far in 2025. The unemployment rate has ticked up a bit recently, but remains quite low by historical standards. Layoffs and new unemployment claims are low and stable.

是的，桑傑，讓我先談談消費者的健康問題。2025 年迄今，美國消費者和整體宏觀經濟表現相當強勁。失業率最近略有上升，但以歷史標準來看仍然相當低。裁員人數及新增失業救濟申請人數較低且穩定。

Wages are growing in real terms and debt servicing burdens remain stable and close to pre-pandemic levels. But I do think we're in a period of elevated economic uncertainty. We've seen inflation tick back up. There's uncertainty related to tariffs. We've seen job creation be strikingly slow.

實質工資正在增長，債務償還負擔保持穩定，接近疫情前的水平。但我確實認為我們正處於經濟不確定性加劇的時期。我們已經看到通貨膨脹率回升。關稅方面存在不確定性。我們發現就業機會的創造速度非常緩慢。

Some consumers are feeling pressure from the accumulated effects of price inflation and higher interest rates, which have increased the cost of new borrowing in most asset classes. We're watching closely as student loan repayments and collections resume. And of course, now we're in a government shutdown.

一些消費者感受到了價格上漲和利率上升的累積效應所帶來的壓力，這增加了大多數資產類別的新借貸成本。我們正在密切關注學生貸款償還和收回的情況。當然，現在我們正處於政府關門狀態。

So in that context, let's talk about our credit. We -- our charge-off rate was -- let me check here, 4.63%. So that was 98 basis points lower than a year ago and 19 basis points of that was the result of incorporating the Discover Card portfolio and to our Domestic Card segment. But the predominant effect was the steady improvement of charge-offs, both at legacy Capital One and to Discover over the past few quarters. And I should note that our charge-offs have also been supported by strong recovery.

因此，在這種背景下，讓我們來談談我們的信用。我們的沖銷率是－讓我查一下，是 4.63%。因此，這比一年前低了 98 個基點，其中 19 個基點是由於合併了 Discover 卡組合和我們的國內卡部門。但最主要的影響是過去幾季裡，無論是原 Capital One 還是 Discover，沖銷情況都穩定改善。我應該指出的是，我們的沖銷也得到了強勁復甦的支持。

The front book of new originations continues to perform well with 2024 originations tracking at or below pre-pandemic benchmarks for both legacy Capital One and Discover. Now as we look ahead, our delinquencies remain our best leading indicator of near-term credit performance. In Q3, delinquencies moved in line with normal seasonality. Now this was true both in our legacy Domestic Card portfolio and at Discover. So now in auto, our credit has been very strong.

新發起的銀行帳簿持續表現良好，2024 年的發動量與舊有的 Capital One 和 Discover 的疫情前基準持平或低於該基準。現在，展望未來，我們的拖欠率仍然是近期信貸表現的最佳領先指標。第三季度，拖欠情況與正常的季節性變化一致。現在，這在我們傳統的國內卡組合和 Discover 卡中都是如此。因此，現在在汽車領域，我們的信譽非常好。

And auto losses were 25% lower year-over-year in the third quarter, and those losses are in line with pre-pandemic levels and auto delinquencies continue to improve. When we compare the auto results with industry numbers, there is a really pretty striking gap there. And I think it is probably more indicative of the choices that we've made and some of the technology behind those choices in our auto business. So I think the striking performance of auto is not necessarily a statement about the auto industry. But certainly, these are all positive indicators here.

第三季汽車損失年減 25%，與疫情前的水平持平，汽車拖欠率持續改善。當我們將汽車產業的結果與產業數據進行比較時，會發現差距非常明顯。我認為這可能更能說明我們所做的選擇以及汽車業務中這些選擇背後的一些技術。所以我認為汽車產業的出色表現不一定代表汽車產業的現狀。但可以肯定的是，這些都是正面的指標。

Let me turn to subprime, Sanjay, because you asked about that. It's interesting to look at this subprime almost always we find is the segment that sort of turns first. So subprime was the segment where credit moved first during the period of post-pandemic normalization, but it also -- but it also stabilized and began to improve first.

桑傑，讓我來談談次級房貸，因為你問了這個問題。有趣的是，我們幾乎總是發現次級抵押貸款是首先轉變的部分。因此，次貸是疫情後正常化時期信貸首先流動的領域，但它也首先穩定下來並開始改善。

So overall, we are finding in our own subprime performance, subprime credit performance is moving in line with Prime. So there's not a lot of indicators there. In the subprime auto, let me move to subprime auto for a minute there. There's been a lot of noise in the subprime auto space, pointing to rising delinquency rates. Our own performance in subprime auto has remained stable through this time.

因此，總體而言，我們發現，在我們自己的次級抵押貸款表現中，次級抵押貸款信用表現與優質抵押貸款表現一致。所以那裡沒有很多指標。在次級車方面，讓我先來談談次級車。次級汽車抵押貸款領域出現了許多動靜，顯示拖欠率正在上升。我們在次級汽車抵押貸款方面的表現在此期間一直保持穩定。

And again, I think this is a product of choices that we made. We anticipated inflated credit scores normalizing credit and declining vehicle values. So that led us to pull back pretty back in 2022 and 2023. As a result, our front book vintages have remained stable and in line with pre-pandemic levels. This has been true in our subprime auto segment, just as it has been in our overall auto business.

我再次認為這是我們所做選擇的產物。我們預計信用評分膨脹將導致信用正常化，而車輛價值則會下降。因此，這導致我們在 2022 年和 2023 年大幅回落。因此，我們的前期書籍年份保持穩定並與大流行前的水平保持一致。就像我們的整體汽車業務一樣，我們的次級汽車業務也存在這種情況。

But again, as I mentioned earlier, I think in the auto business, our stable performance is largely the result of our own adaptive underwriting. So it's not really a comment on the performance of subprime across the industry. When we look at some of the credit patterns for -- look at our credit metrics and then look at it with respect to income stratas or we look at it relative to FICO scores. When we look at our own numbers. (inaudible), we're not seeing a lot of separation there.

但正如我之前提到的，我認為在汽車業務中，我們穩定的績效很大程度上是我們自身適應性承保的結果。因此，這實際上並不是對整個行業次級抵押貸款表現的評論。當我們查看一些信用模式時 - 查看我們的信用指標，然後根據收入階層或 FICO 分數進行查看。當我們查看我們自己的數字時（聽不清楚），我們並沒有看到太多的分離。

The consumer right now on our book -- and I'm back to the card business now, the consumer on our book tends to be moving in lockstep together. It certainly isn't lost on us that some of the economic metrics out there and some of the things a little bit more pressure on consumers on the lower end of income, and we'll certainly keep an eye on that. But we're not seeing differential impacts in our portfolio.

現在我們帳簿上的消費者——我現在回到信用卡業務，我們帳簿上的消費者往往同步發展。我們當然不會忘記，一些經濟指標和一些因素給低收入消費者帶來了更大的壓力，我們一定會密切關注這一點。但我們的投資組合併沒有出現差異影響。

Next question, please.

請問下一個問題。

Terry Ma, Barclays.

巴克萊銀行的 Terry Ma。

Hey, thank you. Good evening. I just want to start off with capital return. It's nice to see the buyback pace pick up in the third quarter and also get the new authorization. As we look forward, is there any time frame that we should expect you to kind of optimize toward that internal target of 11% from above 14% today?

嘿，謝謝你。晚安.我只是想從資本回報開始。很高興看到第三季回購步伐加快並獲得了新的授權。展望未來，是否有一個時間框架可以讓我們預期您將從今天的 14% 以上向 11% 的內部目標進行最佳化？

Yes, Terry, as you saw, we did step up the repurchase to $1 billion in the third quarter as we were in the final stages of completing that bottoms-up analysis to set that long-term capital need. And we now have the $16 billion of authorization. Over time, our actions are going to depend on current and projected levels of capital, but also very importantly, the environment that's around us at any given time and operating under the SCB provides us with a great deal of flexibility, and we'll certainly take advantage of that flexibility. So I don't want to be in the business of giving specific guidance as to our plans, primarily because our plans could shift fairly quickly. But I will say, based on what we know today, at least in the very near term, it's reasonable to assume that we'll be picking up the pace of share repurchases from here.

是的，特里，正如你所看到的，我們確實在第三季將回購金額增加到了 10 億美元，因為我們正處於自下而上分析的最後階段，以確定長期資本需求。現在我們已經獲得了160億美元的授權。隨著時間的推移，我們的行動將取決於當前和預計的資本水平，但同樣非常重要的是，在任何特定時間我們周圍的環境以及在 SCB 下運營的環境為我們提供了很大的靈活性，我們肯定會利用這種靈活性。因此，我不想對我們的計劃提供具體的指導，主要是因為我們的計劃可能很快就會改變。但我要說的是，根據我們今天所了解的情況，至少在短期內，我們可以合理地假設，我們將從現在開始加快股票回購的步伐。

Got it. That's helpful. And then, Rich, I think you mentioned the Discovery portfolio will face a headwind as you kind of trim along the edges going forward. Kind of any color on what you're kind of looking to trim and then how long that headwind would kind of persist for? Thank you.

知道了。這很有幫助。然後，Rich，我想你提到過，隨著你在未來進行邊緣修剪，Discovery 投資組合將面臨逆風。您想修剪什麼顏色？逆風會持續多久？謝謝。

Thank you. So this -- what I co-locally call the sort of brown out of growth. It reminds me when I use the term, the brown out of recoveries that temporarily happened for a while. The -- what you referred to is really one of three factors in this growth brown out. So let me just -- let me just pull up and give context to the whole thing.

謝謝。所以，我將其稱為“棕色增長”。當我使用這個術語時，它讓我想起了暫時發生的復甦失控。您提到的實際上是造成此次經濟成長放緩的三個因素之一。所以讓我——讓我先介紹一下整個事情的背景。

So following Discover's credit expansion, Discover dialed back meaningfully in their origination programs in 2023, 2024 and into 2025. These pullbacks led the portfolio to contract slightly this year and created a headwind to growth as more as vintages piled on top of each other, these relatively smaller vintages as they mature.

因此，繼 Discover 的信貸擴張之後，Discover 在 2023 年、2024 年和 2025 年大幅削減了其發起計畫。這些回調導致今年的投資組合略有萎縮，並對成長造成了阻力，因為隨著年份的增加，這些相對較小的年份葡萄酒也逐漸成熟。

So in other words, the growth impact of tighter originations tend to extend and manifest a few years out. I should note, very importantly that these pullbacks have also led to improving credit quality in the card portfolio in recent quarters. Now as we move forward, so the first effect therefore of the three is the Discovers dial back, which turned out to be pretty significant and very extended in time period. with a bunch of benefits that came from that, but obvious impact on the growth.

換句話說，更嚴格的起源對成長的影響往往會延續幾年並顯現出來。我應該指出，非常重要的是，這些回檔也導致最近幾季信用卡組合的信用品質提高。現在，隨著我們繼續前進，因此這三者中的第一個影響是發現撥回，事實證明，這一撥回的影響相當顯著，而且時間延長了很多。它帶來了很多好處，但對成長的影響也很明顯。

Now we get to the second one, which is what you asked about. We will scale back some of their programs on the margin such as with certain pockets of higher balance revolvers. Let me just comment for a second. We've always had such a reverence for Discover. They built an amazing business.

現在我們來討論第二個問題，也就是你所問的。我們將縮減他們的一些項目，例如某些高餘額循環貸款。請容許我評論一下。我們一直對 Discover 懷有崇敬之情。他們創造了一家令人驚嘆的企業。

We are very fortunate to now be together in one company. They have philosophically had a credit policy that leans a little bit more into the revolving side and the probably a little bit more industry typical.

我們非常幸運現在能夠在同一家公司工作。從哲學上講，他們的信貸政策更傾向於循環信貸，可能也更符合行業典型。

Capital One has, for years, been cautious about what we call high-balance revolvers, not that they're not attractive, it's just from a resilience point of view, we have been more -- we have, on a relative basis, lean more into a spender-first kind of strategy. So we've always been looking forward to pulling -- getting inside the Discover business, again, I think they've built a great company, but we're not surprised to see that, yes, around the edges we would trim some of the places where they have been more revolving oriented, particularly relative to when there are higher balances in a consumer's unsecured balances on a consumer's balance sheet.

多年來，Capital One 一直對我們所謂的高餘額循環貸款持謹慎態度，這並不是說它們沒有吸引力，只是從彈性的角度來看，我們相對而言更傾向於優先消費的策略。因此，我們一直期待著進入 Discover 業務，再次，我認為他們已經建立了一家偉大的公司，但我們並不驚訝地看到，是的，我們會在邊緣處削減一些更注重循環的地方，特別是相對於消費者資產負債表上消費者無擔保餘額較高的情況下。

So that's kind of effect number two. The third thing is we also believe that there are opportunities, good opportunities to lean in and expand Discover's legacy business from the very focused target that they have had to expand it actually above and below from a credit spectrum point of view relative to Discover. So when you think about the flow of business that's coming to Discover and including a lot of people who come there for the brand and everything else. We have a more -- we're going to take a more expansive view of this, including really leaning in on the higher end side to grab and try to win with the the heavier spenders there. And we have learned over the many years how to safely expand into the lower down in the credit spectrum than they underwrote.

這就是第二種效果。第三件事是，我們也相信，Discover 有機會、有很好的機會從非常集中的目標來擴展其傳統業務，相對於 Discover 而言，他們必須從信用範圍的角度來擴展其傳統業務。因此，當您考慮進入 Discover 的業務流程時，包括許多為了品牌和其他一切而來的人。我們對此有更廣泛的看法，包括真正傾向於高端市場，並試圖贏得那些花錢更大的消費者。多年來，我們已經學會如何安全地擴展到比他們承保的更低的信用範圍。

So we've always been looking forward to that opportunity. But basically, that will -- most of what I'm talking about there requires us to converge onto our technology so we can leverage our data and decisioning infrastructure. And that's why from a timing standpoint, we'll be able to do the trimming before the leaning in because the trimming could be done just by adjusting current Discover credit policies, whereas the leaning in requires us to implement a very integrated and sophisticated set of technology policies and decisions.

所以我們一直期待這樣的機會。但基本上，我所談論的大部分內容都要求我們融合我們的技術，以便我們可以利用我們的數據和決策基礎設施。這就是為什麼從時間角度來看，我們能夠在傾斜之前進行調整，因為調整可以透過調整當前的 Discover 信用政策來完成，而傾斜則需要我們實施一套非常全面和複雜的技術政策和決策。

And that's why the net effect of that is a timing disconnect on cutback versus growth. And so collectively, when we pull up -- we're starting a little lower in outstandings, probably than we originally expected. Again, I think they made great solid choices. There are smaller vintages maturing, and we're going to pull back around the edges before we lean in. And these effects will collectively produce a bit of a "brown out" of Discovery's outstanding growth over the next couple of years.

這就是為什麼其最終結果是削減與成長之間的時間脫節。因此，總的來說，當我們停下來時——我們的未償還債務的起點會略低一些，可能比我們最初預期的要低。再次，我認為他們做出了非常明智的選擇。有一些小年份的葡萄酒正在成熟，我們將先退後一步，然後再向前邁進。這些影響將共同導致發現號在未來幾年內出現一些「衰退」。

But these effects don't take away at all from our enthusiasm for the Discover business model.

但這些影響絲毫沒有減弱我們對 Discover 商業模式的熱情。

Next question, please.

請問下一個問題。

Ryan Nash, Goldman Sachs.

高盛的瑞安·納許。

Hey, good evening everyone. So I have two questions. I'll first one for Rich and then a follow-up after for Andrew. So Rich, I guess some of the last quarter at the end of the remarks, you made a decent amount of -- spend a decent amount of time talking about investments. And then there was some recognition of revenue and return that will come with these. So I guess, first, a two-part question.

嘿，大家晚上好。我有兩個問題。我將首先向 Rich 提問，然後再向 Andrew 提問。所以，Rich，我想在上個季度的演講結束時，你花了相當多的時間談論投資。然後就會出現一些隨之而來的收入和回報的確認。所以我想，首先，這個問題分成兩個部分。

Have any of these investments made it into the run rate? Or are they all incremental from here? And second, I know you've been hesitant to give any guidance, but parameters for us to think about where results are headed, whether it's PPNR growth, operating efficiency gains or anything that will narrow the range of outcomes that I think is on the minds of investors. Thank you, and I have a follow-up for Andrew.

這些投資中有任何一項已經進入運行率嗎？還是它們都是從這裡開始逐漸增加的？其次，我知道您一直不願意給予任何指導，但有一些參數可以讓我們思考結果的走向，無論是 PPNR 成長、營運效率提升，或是任何可以縮小投資人所關注的結果範圍的因素。謝謝，我想跟進一下安德魯的情況。

Okay. Thank you, Ryan. So with respect to this set of opportunities that I again talked about this quarter, these are -- have been years in the making. Not a single one other than the Discover opportunity that sort of is reasonably available to us. These have all been years in the making, working backwards from what we saw as significant opportunities.

好的。謝謝你，瑞安。因此，就我本季再次談到的這一系列機會而言，這些機會已經醞釀多年了。除了 Discover 機會之外，沒有其他機會可供我們合理利用。這些都是經過多年的醞釀，從我們所看到的重大機會開始。

But as it always works in Capital One, we identify opportunities and then it takes investment on the way to the payoff and that's been our life story. And our portfolio is a blend of things that are in different stages of the life cycle with respect to investments and their value creation.

但正如 Capital One 一貫的做法一樣，我們發現機會，然後在獲得回報的過程中投資，這就是我們的人生故事。我們的投資組合融合了處於生命週期不同階段的投資和價值創造。

So there was very little that's new on the list, but here is an important distinction that I'm making. The opportunities are accelerating in a lot of these areas, the size of the opportunity, the validation that we're seeing in our own investments the impact of moving toward the top of the tech stack as we've so patiently built at the bottom of the tech stack and where you move to the top of the tech stack, you're now talking -- turns more into business opportunities and less into just investments in core technology. So all of these are the same things we've been investing in for years. I'm just struck by the opportunity that -- and the number of different opportunities that are coming as a direct result of years of strategic investment. And so my point is that using the same philosophy with which we build Capital One over all of these years.

因此，清單中幾乎沒有什麼新內容，但我要做出一個重要的區分。許多領域的機會都在加速湧現，機會的規模、我們在自己的投資中看到的驗證，以及向技術棧頂端移動的影響，正如我們如此耐心地在技術棧底部構建的那樣，當你移動到技術棧的頂端時，你現在談論的是——將更多的轉化為商業機會，而不僅僅是對核心技術的投資。所以這些都是我們多年來一直在投資的東西。我只是對這個機會感到震驚——以及多年戰略投資直接帶來的大量不同機會。因此，我的觀點是，我們要運用多年來建立 Capital One 的相同理念。

When we see opportunities, we work patiently to invest in opportunities and then we always feel the imperative that when they're there, we've got to really give them what they need, and that's how Capital One is where it is today. But many of the things we've been talking about for a number of years are the actual investment imperative is growing in these. So all of -- many of these things are -- and the investments associated with them are already in the run rate. But the -- my point is that the incremental investment that we're leaning into is up from where it has been, and that's -- that, to me, is something that is -- I'm very excited about, but I just want to make sure to flag to investors that as we have always found in the history of Capital One, opportunities take investment to have them be what they can be, and that's where we are right at the moment.

當我們看到機會時，我們會耐心地投資於機會，然後我們總是感到有必要，當機會出現時，我們必須真正給予他們所需要的東西，這就是 Capital One 今天的狀況。但多年來我們一直在談論的許多事情都是實際投資需求正在成長的。因此，所有這些事情以及與它們相關的投資都已經處於運行率中。但是，我的觀點是，我們所傾向的增量投資比以前有所增加，而這對我來說，是一件讓我非常興奮的事情，但我只是想確保向投資者指出，正如我們在 Capital One 的歷史上一直發現的那樣，機會需要投資才能實現，而這正是我們目前所處的位置。

Got it. That's super helpful, Rich. And then Andrew, when I look at the reported NIM in the high 8.30s, adjusted just a tad over 8.40%, now we all know that 3Q is seasonally strong. But maybe as we look ahead, help us think about some of the moving pieces on the margin? And do you think we're at or near a sustainable level for the margin over the medium term? Thank you.

知道了。這非常有幫助，Rich。然後安德魯，當我看到報告的 NIM 在 8.30% 的高位時，調整後略高於 8.40%，現在我們都知道第三季是季節性強勁的。但也許當我們展望未來時，可以幫助我們思考邊緣上的一些移動部分？您認為我們的中期利潤率是否達到或接近永續水準？謝謝。

Yes. Sure, Ryan. I think describing where we're going is potentially helped by where we've been. So let me just kind of take a little bit of a walk over the course of the last year. So if you look relative to the year ago quarter, our NIM is up, excluding the fair value marks, I think, roughly 130 basis points.

是的。當然，瑞安。我認為描述我們要去的地方可能會對我們去過的地方有所幫助。所以請容許我稍微回顧一下過去一年的情況。因此，如果與去年同期相比，我們的淨利差有所上升（不包括公允價值分數），我認為大約上升了 130 個基點。

And so about $85 million of that, as we've enumerated on the last couple of calls, is from the addition of Discover. The remaining 45 basis points has really been a function of lower funding costs, so lower deposit rate paid, lower wholesale funding, lower wholesale funding mix. And those effects more than offsetting the lower yields on earning assets. And so as you said, there's seasonal effects in NIM. So looking ahead to the fourth quarter, you've got card and cash balances.

正如我們在前幾次電話會議中提到的那樣，其中約 8500 萬美元來自 Discover 的加入。剩下的 45 個基點實際上是融資成本降低的結果，即支付的存款利率降低、批發融資利率降低、批發融資組合降低。這些影響足以抵銷生息資產收益率的下降。正如您所說，NIM 存在季節性影響。因此展望第四季度，您將獲得卡片和現金餘額。

You've got day count in Q1, you've got revolve rate in Q3, as you referenced, being a strong quarter. But if I look outside of any of those quarterly effects, the things that are going to move NIM from here, there's a couple that would move it in either direction, and that's just the relative growth of different asset classes and then how customers behave in card and retail. One other factor that's uncertain is just how far and how quickly the Fed moves and that could just bring some beta lag with it, but that effect should sort itself out over time.

正如您所說，第一季的天數和第三季的周轉率都表現強勁。但是，如果我拋開這些季度效應不談，那麼從現在開始影響 NIM 的因素有幾個，它們會朝任何一個方向發展，那就是不同資產類別的相對增長，以及客戶在信用卡和零售方面的行為。另一個不確定的因素是聯準會的行動幅度和速度，這可能會帶來一些滯後，但這種影響應該會隨著時間的推移而逐漸消失。

And so I really go back to the relative growth of assets and then customer behaviors as being the things that could move it in either direction. But overall, I would say the structural impacts that we've seen over the course of the last year and in particular, the addition of Discover are now reflected in the run rate that you see here in the third quarter.

因此，我確實會回顧資產的相對成長，然後考慮客戶行為，因為這些是可以推動其朝任何一個方向發展的因素。但總的來說，我想說，我們在過去一年中看到的結構性影響，特別是 Discover 的加入，現在已經反映在第三季的運行率中。

Thanks for the call.

謝謝您的來電。

Next question, please.

請問下一個問題。

Richard Shane, JPMorgan.

摩根大通的理查謝恩。

Thanks for taking my questions this afternoon. Hey, when we look at the reserve rates and we adjust for sort of the Discover portfolio, your reserve ratios or your reserve rates on domestic card are basically have not been this low since the end of 2022. At that point, delinquencies were materially lower. I realize that the trend on net charge-offs is going to continue. But as you've talked about, the delinquency trend seems to be reverting to normal seasonality. So that cyclical tailwind seems to be abating.

感謝您今天下午回答我的問題。嘿，當我們查看準備率並根據 Discover 投資組合進行調整時，您的準備金率或國內卡的準備率自 2022 年底以來基本上沒有這麼低。此時，拖欠率已大幅降低。我意識到淨沖銷的趨勢將會持續下去。但正如您所說，犯罪趨勢似乎正在恢復正常的季節性。因此，週期性的順風似乎正在減弱。

Is there much room for additional reserve release? And given that it looks like charge-offs may remain above historic norms. Why drift down this much right now.

額外釋放儲備空間還大嗎？且看起來沖銷額可能仍高於歷史標準。為什麼現在要下降這麼多。

Well, Rick, the movements in any quarter are obviously highly dependent on all of the assumptions that underlie the allowance at the end of the prior quarter. And then as we factor in all of the things that go into setting the quarterly allowance, your drift down comment is just a reflection of the delta between those two numbers. So I'll start by saying relative to the assumptions at the end of the second quarter. there were three things that impacted the level of this quarter's allowance. First, as Rich talked about in his response to Sanjay, observed credit including recoveries were favorable to what we had assumed a quarter ago.

好吧，里克，任何季度的變動顯然都高度依賴上一季末撥備所依據的所有假設。然後，當我們考慮到設定季度津貼的所有因素時，您的下降評論只是這兩個數字之間的差異的反映。因此，我首先要說的是，相對於第二季末的假設，有三件事影響了本季的撥備水準。首先，正如里奇在回覆桑傑時所說的那樣，觀察到的信貸（包括復甦）有利於我們一個季度前的假設。

And then second, as I said in my prepared remarks, most economic variables in the third quarter consensus forecast are better than what they were a quarter ago, including, I think, peak unemployment and consensus estimates for the third quarter was down like something like 15 basis points to around [4.6] now. And so that improved economic baseline, improves our view of future losses, offsetting -- partially offsetting those two tailwinds, we added additional consideration for uncertainties including economic downside.

其次，正如我在準備好的發言中所說，第三季度大多數經濟變數的普遍預測都比一個季度前要好，包括失業率峰值，而第三季度的普遍預期下降了 15 個基點，目前約為 [4.6]。因此，經濟基線的改善改善了我們對未來損失的看法，抵消了——部分抵消了這兩個順風因素，我們增加了對包括經濟下行在內的不確定性的額外考慮。

And so as I look ahead, the dollars will, of course, be impacted by growth. But if I focus on coverage, again, to my NIM answer to, there's always seasonality with the allowance. And in the fourth quarter, we have higher balances that pay down rapidly. But beyond that fourth quarter effect, our expectations are largely going to be driven by our view of future losses and those future losses are going to be impacted by economic assumptions and customer behavior and delinquencies are going to be the best leading indicator of future losses. And so we're going to take all of that into account, and that is what's going to drive what we book for future allowance.

因此，展望未來，美元當然會受到成長的影響。但如果我再次專注於覆蓋範圍，那麼對於我的 NIM 答案來說，配額總是具有季節性。在第四季度，我們的餘額更高，而且償還速度很快。但除了第四季度的影響之外，我們的預期很大程度上將取決於我們對未來損失的看法，而這些未來損失將受到經濟假設和客戶行為的影響，而拖欠將是未來損失的最佳領先指標。因此，我們將把所有這些都考慮進去，這也是我們為未來津貼預留的動力。

Got it. And I appreciate the answer. I think the one variable that may drive this may be the catch-up in terms of recoveries as well that you may actually outperform on the net charge-off side because of that?

知道了。我很感謝你的回答。我認為，可能推動這一趨勢的一個變數可能是復甦方面的追趕，因此，您在淨沖銷方面的表現可能實際上會更好？

Correct. Well, there's two things. One is just the overall anticipated charge-offs, including the recoveries, but also, as you know, with CECL, we un-discount the expected overall recoveries as well. And so that's a tailwind to the current allowance because the quantum of recoveries that we now have is greater than what it was in the 2022 period that you referenced in your question.

正確的。嗯，有兩件事。一個是整體預期沖銷，包括回收，但如你所知，有了 CECL，我們也會取消預期的整體回收折扣。因此，這對目前的配額來說是一個順風，因為我們現在的回收量比您在問題中提到的 2022 年期間的回收量要大。

Got it. Thank you so much.

知道了。太感謝了。

Next question, please.

請問下一個問題。

Moshe Orenbuch, TD Cowen.

Moshe Orenbuch，TD Cowen。

Great. Rich, I was hoping we could go back to the discussion about the Discover kind of brand and kind of card and perhaps lumping the installment business as well. Given the trimming that you said that you might plan to do. But at the same time, I think Capital One has been known to be a stronger kind of underwriter with a broader range of products. Do you think that, that Discover kind of brand as it sits there as a lending tool will ultimately be back to the same share that it had before Discover maybe mistakes in '22 or '23.

偉大的。里奇，我希望我們可以重新討論 Discover 品牌和信用卡，也許還可以討論分期付款業務。考慮到您所說的修剪，您可能會計劃這樣做。但同時，我認為 Capital One 是一家實力更強大的承銷商，產品範圍更廣。您是否認為，Discover 品牌作為一種借貸工具，最終會恢復到它在 2022 年或 2023 年犯錯之前的份額？

So Moshe, you put your finger on very important things. So first of all, I really want to just start with the Discover brand itself. There are a small number of banking institutions in America with really national brands. we study NASH. As you can imagine, we study everything about national brands and brand metrics.

所以，摩西，你指出了非常重要的事。首先，我真的想從 Discover 品牌本身開始。美國有少數銀行機構擁有真正的全國性品牌。我們研究 NASH。正如您所想像的，我們研究有關國家品牌和品牌指標的一切。

And Discover is up there on brand awareness, brand consideration, brand equities that really show us that while they haven't invested sort of as much as Capital One and our brand in many of these metrics may be comes in on the high end. We believe this is a great asset, this brand. And so we we absolutely want to nurture this and invest in this. And of course, the brand is both the network brand and issuer brand. So on the network side, we are absolutely going to keep that brand and an important part of our opportunity to move more business onto that network is that road goes through the building of and strengthening of the Discover network acceptance brand.

Discover 在品牌知名度、品牌考慮度和品牌資產方面都名列前茅，這確實向我們表明，雖然他們的投資不如 Capital One 那麼多，但我們的品牌在許多指標上可能處於高端。我們相信這個品牌是一筆巨大的財富。因此，我們絕對希望培育和投資這一點。當然，品牌既是網路品牌，也是發行商品牌。因此，在網路方面，我們絕對會保留該品牌，而將更多業務轉移到該網路的一個重要機會是建立和加強 Discover 網路接受品牌。

On the -- on the issuing side, obviously, Discover is no longer going to be able to be a corporate brand, but we very -- the way to think about it, Moshe, is that Discover will be a very salient product brand in our portfolio. So when we look at their products, we are going to retain their flagship cash product. We're going to really keep there and really continue to invest in some of their things like their student business and a lot of the things that have helped make a discover what they are, including, by the way, very importantly, something that they're amazingly good at, which is the servicing side of the business.

從發行方面來看，Discover 顯然不再能夠成為一個企業品牌，但是我們非常——Moshe，我們應該這樣想，Discover 將成為我們產品組合中非常突出的產品品牌。因此，當我們看他們的產品時，我們將保留他們的旗艦現金產品。我們會真正堅持下去，繼續投資他們的一些事情，例如他們的學生業務，以及許多有助於發現他們的東西，順便說一句，非常重要的是，他們非常擅長的事情，那就是業務的服務方面。

We have watched from the outside and measured things, they are -- they just or at the top of the league tables with respect to servicing metrics as we've gotten to know the company, you can just feel whole company in the ecosystem is so geared toward creating an amazing experience when a Discover customer encounters Discover people like on the servicing side. So we're doing the sort of sharing of best practices there, but it is our plan very much to lean into and invest in and continue discovers servicing and take some of the great insights and practices there.

我們從外部觀察並衡量了事物，他們——他們在服務指標方面處於聯賽榜首，隨著我們對公司的了解，你可以感覺到生態系統中的整個公司都致力於創造一種令人驚嘆的體驗，當 Discover 客戶在服務方面遇到 Discover 人時。因此，我們正在那裡分享最佳實踐，但我們的計劃是依靠、投資並繼續發現服務，並藉鑑那裡的一些偉大的見解和實踐。

We also plan to keep the Discover website while we're going to integrate the -- as a practical matter, integrating onto a single app, but the -- but we actually believe there's real value to continue the Discover website and it gets hundreds of millions of visits and so that will also be another thing that we preserve there. So -- and then finally, Moshe, to your -- on the shoulders of what they've invested in terms of brand and customer experience and products, which we're going to kind of continue. We are then going to on the other side of conversion, be able to lean in with the very sophisticated data science and analytics and modeling that we have, the technology, the marketing channels, the breadth of marketing channels that we now have cultivated and are deeply into at Capital One. And so to try to take the sort of the best of the marketing and credit machinery of Capital One and direct it to driving more business through the Discover brand itself.

我們還計劃保留 Discover 網站，同時我們將把它整合到單個應用程式中，但是，我們確實相信繼續使用 Discover 網站具有真正的價值，它擁有數億的訪問量，所以這也是我們在那裡保留的另一件事。所以 — — 最後，Moshe，對於您在品牌、客戶體驗和產品方面所做的投資，我們將繼續下去。在轉換的另一面，我們將能夠利用我們擁有的非常複雜的數據科學、分析和建模技術、技術、行銷管道以及我們在Capital One已經培育並深入開發的廣泛行銷管道。我們將努力利用Capital One最好的行銷和信貸機制，並透過Discover品牌本身來推動更多業務。

So it's easy to draw this up on paper. Obviously, to execute on that is going to take a bunch of years and a lot of hard work. But all the early indicators are, we are optimistic about the possibilities. And then I just wanted to be sure to flag to investors that for a few reasons, the growth is going to be sort of -- in a sort of brown out period, but that's not an indication of the long-term possibilities at all. It's just something I want to make sure investors we're aware of.

因此在紙上畫出來很容易。顯然，要實現這一目標需要花費多年的時間和大量的努力。但所有早期指標都表明，我們對可能性持樂觀態度。然後，我只是想向投資者明確指出，由於一些原因，成長將會進入一種低迷期，但這根本不代表長期的可能性。我只是想確保投資者了解這一點。

Got it. Maybe just as a follow-up, given what you've seen over the course of the last few months at the high end, the transactor card business, you've seen kind of product launches or refreshes from three major players out there, American Express, Chase and Citi. Sometimes those have effects of like bringing more people into that ecosystem? And how do you think about that competitive dynamic for Capital One?

知道了。也許只是作為後續行動，鑑於您在過去幾個月中看到高端交易卡業務的情況，您已經看到三大主要參與者美國運通、大通和花旗推出了產品或更新。有時這些效果會吸引更多的人進入該生態系統？您如何看待 Capital One 的競爭態勢？

So thank you for your question, Moshe. Let me just start by saying that I believe that the -- what I call the top of the market and our quest to win at the top of the market, which basically the heavy spender business, that is not a simple extrapolation for card companies to take what they do and make a bit better products and better ads and spend more that since we launched I go all the way back to 2010 when we launch venture. That's when we -- prior to that, we had built a very successful mass market company, but we had really studied the top of the market and said, we believe we're in a position now to really go after the top of the market. But way back then, we said we know we can't just bolt on some more sophisticated things onto the mass market product offering and experiences that what we have to do is we have to work backwards from what it takes to win in these spaces, including the technology, the the experiences, the access to extraordinary things and a very tricky one to have a credible premium brand in that space. And of course, then Moshe to create products that can be differentiated and in which we can win.

謝謝你的提問，Moshe。首先我要說的是，我相信我所說的市場頂端以及我們在市場頂端的追求，基本上是重度消費者業務，這不是信用卡公司採取他們所做的事情並製作更好的產品和更好的廣告並投入更多資金的簡單推斷，自從我們推出以來，我一直追溯到 2010 年我們推出風險投資的時候。在此之前，我們已經建立了一家非常成功的大眾市場公司，但我們確實研究了市場的頂部，並說，我們相信我們現在可以真正追求市場的頂部。但很久以前，我們就說過，我們知道不能只是把一些更複雜的東西強加到大眾市場的產品和體驗上，我們必須做的是，我們必須從在這些領域取勝所需的條件入手，包括技術、體驗、獲得非凡事物的途徑，以及在這個領域擁有一個值得信賴的高端品牌這一非常棘手的問題。當然，然後 Moshe 會創造出能夠差異化並讓我們獲勝的產品。

So from -- and this is, in many ways, my story, I'm sharing right here is a microcosm of my sort of investment speech that I gave at the end of the prepared remarks that we really study where winning is and then we work backwards from what it takes and then we invest for years to get there. So we have had really remarkable traction. Every year, we see that we have -- in general, the highest growing part of our business is with -- at the higher level of spenders. And then each year, we reach a little bit higher because we can, and we're sort of earning the right to do that. So along the way, we introduced Venture X and Venture X was -- has really been a standout product that we launched it in 2023.

所以從很多方面來說，這就是我的故事，我在這裡分享的是我投資演講的一個縮影，我在準備好的發言結束時發表了演講，我們真正研究了勝利在哪裡，然後我們從需要什麼開始逆向工作，然後我們投資多年才達到目標。因此，我們確實取得了顯著的進展。每年，我們都會看到，總體而言，我們業務中成長最快的部分是消費水準較高的人群。然後每年，我們都會取得更高的成就，因為我們可以，而且我們正在努力爭取這樣做的權利。因此，在此過程中，我們推出了 Venture X，Venture X 確實是一款出色的產品，我們在 2023 年推出了它。

We had a lot of response and then the -- it is sustained traction from the day we launched it all the way to now. So that has really been a great thing. And that was designed to compete against the really great players who were there in the market. And now we have watched -- to your -- to the point of your question, we have watched a striking things happen.

我們得到了很多的回應，從我們推出它的那天起一直到現在，它一直保持著持續的吸引力。這確實是一件很棒的事。這樣做的目的是為了與市場上真正優秀的企業競爭。現在我們已經看到—針對您的問題，我們看到了令人震驚的事情發生。

Those competitors are leaning even more to investing. And of course, that raises the bar of competition. They're working really hard to create more offerings and for -- and more experiences for their customers. But strikingly also, they raised the price quite a bit and have -- are going after a little bit of a different model than we have had. And one is necessarily better than the other.

這些競爭對手更傾向於投資。當然，這也提高了競爭門檻。他們正在努力為客戶創造更多產品和體驗。但同樣引人注目的是，他們大幅提高了價格，並且推出了與我們之前擁有的略有不同的型號。其中一個必然比另一個更好。

It's just different. They have had a list of sort of many different experiences that are available if you manage your own experiences consistent with that. And that can be a great thing. Capital One has really gone after the space of the very simple messaging and on everything and then the 10x on hotels and 5x on Capital One, travel through our portal.

這只是不同而已。他們列出了一系列不同的體驗，只要你按照這些體驗來管理自己的體驗，你就可以得到這些體驗。這可能是一件很棒的事。Capital One 確實已經進入了非常簡單的訊息傳遞領域，並且透過我們的入口網站在酒店方面實現了 10 倍增長，在 Capital One 方面實現了 5 倍增長，實現了旅行。

So strikingly, I think the competitors move probably enhances our opportunity with Venture X. But I do want to say at the same time, we have great respect for the competitors and we, too, continue to really invest in experiences and differentiated opportunities at the very top of the market. So I respect very much what they've done. I think it actually opens up opportunity for us with our existing capabilities. But also if you pull way up what they are -- you can just absolutely see that they are all in to win in this extraordinary area of opportunity at the very top of the market.

因此，令人驚訝的是，我認為競爭對手的舉動可能會增強我們與 Venture X 合作的機會。但同時，我想說，我們非常尊重競爭對手，我們也將繼續在市場最頂端的體驗和差異化機會上進行真正的投資。所以我非常尊重他們所做的一切。我認為這實際上為我們利用現有能力開闢了機會。但如果你仔細研究他們是什麼人——你就會發現，他們正全力以赴，爭取在這個市場頂端的非凡機會領域中獲勝。

It's available mostly for those who are willing to invest for years patiently and Capital One is one of those companies. And we really like where we are and we're going to keep leaning in and every year stretch just a little bit higher.

它主要針對那些願意耐心投資多年的人，而 Capital One 就是其中之一。我們真的很喜歡我們現在的狀態，我們會繼續努力，每年都更上一層樓。

Next question, please.

請問下一個問題。

Donald Fandetti Wells Fargo.

唐納德范德蒂 富國銀行。

Yes, Rich, can you talk a bit about the credit outlook for your commercial portfolio? I know there have been market concerns around private credit NBFIs, but your metrics were good. And I think there was a modest release this quarter.

是的，Rich，您能談談您的商業投資組合的信用前景嗎？我知道市場對私人信貸非銀行金融機構有擔憂，但您的指標很好。我認為本季的釋放量適中。

Yes. Thank you, Don. So let me take a step back and talk about the commercial banking market holistically. As we have all observed, there have been large sustained inflows of capital into private credit and private equity that have driven significant growth in commercial lending across the industry. This rapid increase in demand, coupled with a long benign credit environment has had the natural effect of both reducing spreads and putting pressure on lending standards as the expanded group of market participants compete for loans.

是的。謝謝你，唐。因此，讓我退一步，全面地談論商業銀行市場。正如我們所觀察到的，大量資本持續流入私人信貸和私募股權，推動了整個行業商業貸款的大幅成長。需求的快速增長，加上長期良好的信貸環境，自然產生了利差縮小和貸款標準壓力增加的效果，因為擴大的市場參與者群體正在爭奪貸款。

In response to these shifting market conditions, we have been highly focused on maintaining credit discipline even when it means sacrificing growth in market share in the commercial business.

為了因應不斷變化的市場條件，我們一直高度重視維持信貸紀律，即使這意味著犧牲商業業務市場份額的成長。

This includes decisions to begin tightening credit very early all the way back in 2022 as we saw pressures mounting in commercial real estate and the potential for rising rates to pressure corporate borrowers. One of the results of these decisions is that Capital One commercial loans have decreased by 6% versus commercial market growth of 10% since year-end 2022. We have also made a conscious decision to shift more of our business from traditional lending to credit-enhanced structures. These structures provide the diversification benefits of pooled collateral as well as a credit enhancement from subordinated capital provided by NBFI clients that absorb losses before the senior position can be impacted.

這包括早在 2022 年就決定開始收緊信貸，因為我們看到商業房地產的壓力越來越大，而且利率上升可能會給企業借款人帶來壓力。這些決策的結果之一是，自 2022 年底以來，Capital One 商業貸款減少了 6%，而商業市場成長了 10%。我們也做出了明智的決定，將更多的業務從傳統貸款轉向信用增強結構。這些結構提供了集合抵押品的多樣化優勢，以及非銀行金融機構客戶提供的次級資本的信用增進，這些次級資本可以在優先地位受到影響之前吸收損失。

Now let's talk specifically about the NBFI sector within commercial. First, it's important to acknowledge that the term nonbank financial institution is incredibly broad and the risks to lenders can vary a lot across the many industry subcategories that span corporate, commercial real estate, consumer and financial lending within the sector. At Capital One, we have built specialized relationship management credit and underwriting team for these sectors. We are laser-focused on the subcategories of this market where we continue to feel good about the credit, the underlying collateral and the structural protections provided by our lending vehicles in the current market. The credit performance of our NBFI lending portfolio continues to be very strong.

現在讓我們具體談談商業中的 NBFI 部門。首先，必須認識到非銀行金融機構這個術語的含義非常廣泛，並且貸方面臨的風險在該行業內涵蓋企業、商業房地產、消費者和金融貸款等眾多行業子類別中可能存在很大差異。在 Capital One，我們為這些行業建立了專門的關係管理信貸和核保團隊。我們專注於這個市場的子類別，我們對當前市場中的信貸、基礎抵押品和貸款工具提供的結構性保護繼續感到滿意。我們的 NBFI 貸款組合的信用表現持續強勁。

But given the heightened level of competition that I mentioned, we continue to closely monitor the portfolio and govern our lending terms. One of the impacts of this added caution has been a reduction in our pace of NBFI lending growth since the end of 2022, even as the industry has continued to lean into this space. So that's a general view of that industry. We're -- we are junkies at Capital One about industry structure. We didn't start -- since we started with nothing in building this company.

但鑑於我提到的競爭加劇，我們將繼續密切監控投資組合並管理我們的貸款條款。這種額外謹慎的影響之一是，自 2022 年底以來，我們的 NBFI 貸款成長速度有所放緩，儘管該行業繼續傾向於這一領域。這是該行業的總體觀點。我們是 Capital One 的產業結構迷。我們沒有開始——因為我們在創建這家公司時一無所有。

We don't go out to do everything banks do. I sort of equip that we do half the thing banks do and then really do them at scale and a very critical criterion and centerpiece of our strategy is we focus so much on industry structure.

我們不會去做銀行所做的一切。我認為我們做的是銀行一半的工作，然後真正大規模地去做，我們策略的一個非常關鍵的標準和核心是我們非常關注產業結構。

As a general comment, the commercial marketplace certainly has a more challenged industry structure than most of the consumer side of the business. And very importantly, just because of the growing share that nonbank financials have in that marketplace and the fact that sometimes they have different economic structures behind them. So we've been absolutely watching the structure of that marketplace and then rather than declare, we just have to be a certain size. What we do is work backwards from that structure. And identify the high ground where we believe that we can win and we lean into that and never give our teams -- we never anywhere at Capital One set objectives, okay, this year, you need to have this kind of a growth thing.

整體而言，商業市場肯定比大多數消費者市場面臨更嚴峻的產業結構挑戰。非常重要的是，由於非銀行金融機構在該市場中的份額不斷增長，而且有時它們背後有不同的經濟結構。因此，我們一直在密切關注該市場的結構，然後我們不必宣布，只需達到一定的規模即可。我們所做的就是從該結構開始逆向工作。並找出我們認為可以獲勝的製高點，並朝著這個目標努力，永遠不會給我們的團隊——我們從來沒有在 Capital One 設定目標，好吧，今年，你需要有這種增長的東西。

We want all of our teams everywhere to know that. The greatest choice you can make sometimes is to pull back. And so that's a little in a nutshell, our strategy in a marketplace that's very big, but also one that requires some real care.

我們希望世界各地的所有團隊都知道這一點。有時你能做出的最佳選擇就是退縮。簡而言之，這就是我們在一個非常大的市場中製定的策略，但也需要真正的謹慎。

Thank you, Don.

謝謝你，唐。

Thank you, I'm all set.

謝謝，我已經準備好了。

Next question, please.

請問下一個問題。

Jeff Adelson, Morgan Stanley.

摩根士丹利的傑夫·阿德爾森。

Hey, good evening. If I could just follow up on the premium card question. You discussed the investments your peers have made in premium card recently, which have come with notable increases to their annual fees as well. I think we're now sitting with a pretty sizable gap on your venture accident versus some of the others, and I don't believe you've increased that since the launch several years ago. So do you think this is an opportunity for you to maybe revisit the car's value proposition? Or do you feel like you're still finding good success with the growth and customers you're getting coming through so far? Thanks.

嘿，晚上好。我是否可以繼續討論高級卡的問題？您討論了您的同行最近對高級卡所做的投資，這些投資也帶來了年費的顯著增加。我認為，我們現在在你們的創投事故與其他一些事故之間存在相當大的差距，而且我認為，自從幾年前啟動以來，你們的差距並沒有擴大。那麼，您是否認為這是一個讓您重新審視汽車價值主張的機會？或者您覺得，憑藉迄今為止的成長和客戶數量，您仍然取得了良好的成功？謝謝。

Jeff, thank you for the great question. I'd start with that I just have such respect for the leading players in this space. They do amazing things, and we try to learn from them and watch what they do. I think they are -- they continue to believe that there is just a lot of opportunity. They too take Chase, for example, it just keeps stretching up going after customers at the higher end and a natural part of that is going out with products that are even more premium than where they were before.

傑夫，謝謝你提出這個好問題。首先，我非常尊重這個領域的領導企業。他們做了令人驚奇的事情，我們試著向他們學習並觀察他們所做的事情。我認為他們——他們仍然相信有很多機會。他們也以大通銀行為例，它一直在努力爭取高端客戶，而其中自然的一部分就是推出比以前更高端的產品。

I think the end game in this for the major players that are in this space is to have a set of products that meet the that themselves are differentiated across one's own products and then that are also differentiated versus the competition. So we are both leaning into the venture X opportunity and also continuing to build even greater experiences and opportunities for our customers at the higher end of the market. But I don't feel like it's an either/or choice or we have to have a one size fits all. I think in the end, it's going to be a broad quest with several arrows in our quiver and hopefully, something for all the different kind of customers at the top of the market. And I should also mention small business is another area that Capital One has invested a lot, and that has big overlaps with the consumer side of the business and a lot of shared investment and brand opportunities there.

我認為，對於這個領域的主要參與者來說，最終的目標是擁有一系列滿足以下要求的產品：這些產品本身與自己的產品有所區別，並且與競爭對手也有區別。因此，我們既傾向於創投 X 機會，也持續為高端市場的客戶創造更豐富的體驗和機會。但我不認為這是一個非此即彼的選擇，或者我們必須採取一種適合所有人的方法。我認為最終，這將是一次廣泛的探索，我們將採取多種措施，並希望為市場高端的所有不同類型的客戶提供一些服務。我還應該提到，小型企業是 Capital One 投入大量資金的另一個領域，它與消費者業務有很大的重疊，並且在那裡有很多共同的投資和品牌機會。

So our quest is continues here we are 15 years after we launched Venture and the Quest continues. In fact, as I even said in my closing remarks, that we even are leaning in harder. But Venture X is beautifully along the way, VentureX is beautifully positioned and I think some space has even opened up for it.

因此，在我們啟動 Venture 15 年後，我們的探索仍在繼續，探索仍在繼續。事實上，正如我在結束語中所說的那樣，我們甚至正在更加努力。但 Venture X 的發展之路非常順利，VentureX 的定位也非常好，我認為它甚至還擁有一些發展空間。

Next question, please.

請問下一個問題。

John Pancari, Evercore.

約翰‧潘卡里 (John Pancari)，Evercore。

Good evening. I'll just ask one question, give -- one question given the timing here. Just back to Ryan's expense question, when you're weighing in the necessary significant and sustained investments that you mentioned, it sounds like it is mostly in the run rate, if I'm correct there. How should we -- if that's the case, how should we think about a reasonable near-term or medium-term efficiency ratio as you have now sized up the required investments and as you're making them and if you're unable to quantify that, yes, do you think you may be in a position to provide that expectation as we head into 2026.

晚安.我只想問一個問題，考慮到這裡的時間，我只能問一個問題。回到瑞安的費用問題，當我在權衡你提到的必要的、重大的、持續的投資時，聽起來它主要在運行率上，如果我沒記錯的話。如果是這樣的話，我們應該如何考慮合理的短期或中期效率比率，因為您現在已經確定了所需的投資，並且正在進行投資，如果您無法量化這一點，是的，您認為在我們進入 2026 年時，您是否有能力提供這種預期。

So I want to clarify you're playing back -- I may not have said it clearly enough. When you said these expenses are mostly in the run rate. What I'm saying is in the run rate, our investments in every one of the opportunities that I've talked about with the exception of the new Discover investments. So they're in the run rate because these are years in the making. I mean, even some of the "stuff" like Capital One shopping our Travelport Auto Navigator.

所以我想澄清一下你正在回放——我可能說得不夠清楚。當您說這些費用大部分都在運行率中時。我所說的是，在運行率方面，除了新的 Discover 投資之外，我們對我談到的每一個機會都進行了投資。因此，它們的運作率很高，因為這些是經過多年的醞釀而形成的。我的意思是，甚至一些“東西”，例如 Capital One 購物我們的 Travelport Auto Navigator。

They are years and years in the making. And that's how -- I'm still waiting to find the first organic opportunity in the history of Capital One, that just kind of appears, and we can go for it. And everything is a -- in this -- and striking the Capital One as a company that our growth model from the founding days to today is all about organic growth. Now it is ironic that we just closed on the biggest bank deal since the global financial crisis.

這些都經過了多年的醞釀。這就是——我仍在等待 Capital One 歷史上第一個有機機會，它剛剛出現，我們可以抓住它。這一切都是——在這一點上——令 Capital One 印象深刻的是，從成立之初到今天，我們的成長模式完全是有機成長。諷刺的是，我們剛剛完成了自全球金融危機以來最大的一筆銀行交易。

So yes, we do acquisitions from time to time, but especially with the focus on acquiring growth platforms or as opposed to acquisitions being our business model. So this is over the years at Capital win. It's a tough way to make a living, to have a business model where our organic growth is the engine of our business, take our car business. Basically, you look at all the growth of our card business from where -- from basically the beginning till now.

是的，我們會不時進行收購，但主要專注於收購成長平台，或者說，不是以收購作為我們的商業模式。這就是多年來 Capital 取得的勝利。這是一種艱難的謀生方式，以有機成長作為業務引擎的商業模式，以汽車業務為例。基本上，您可以看到我們的信用卡業務從一開始到現在的所有成長。

There have only been two acquisitions in the whole history of that. We bought HSBC's card business in 2012 and then now Discover. So this is why, and I feel such a differentiation versus all the regional banks and other banks that are our size. We come to work every day and it's about organic growth. So what that means is a lot of strategy work really working hard to identify where the growth opportunities are.

其整個歷史上只發生過兩次收購。我們在 2012 年收購了匯豐銀行的信用卡業務，現在又收購了 Discover 銀行。這就是為什麼我感覺與我們規模相當的所有地區性銀行和其他銀行有如此大的差異。我們每天上班都是為了有機成長。這意味著需要進行大量的策略工作，真正努力地確定成長機會在哪裡。

And then when we see where they are, we work backwards from that, and we tend to go all in to get there, including patient lead for years on this invariably. From a P&L point of view, you dig a hole before the payoff comes and we have a portfolio of places of opportunities where we're in the holding stage and others that are in the acceleration stage and some in the mature really paying off stage. So we -- so as I said, pulling up on this, we I am struck by the fruit -- the fruits -- just the positive indication from years of quest that we have. And again, the imperative to invest in that to capitalize on that. Ryan asked the question earlier and you're sort of asking, so -- but from a metric point of view, what -- where do these things show up.

然後，當我們看到他們在哪裡時，我們就會從那裡開始反向工作，我們傾向於全力以赴地到達那裡，包括多年來始終如一地耐心引導。從損益表的角度來看，你在獲得回報之前就挖了一個坑，我們擁有一系列機會，有些我們處於持有階段，有些處於加速階段，有些處於成熟真正獲得回報階段。所以，正如我所說的，我們對這項成果感到震驚——這些成果——這是我們多年探索所取得的積極跡象。再次強調，必須對此進行投資才能獲利。Ryan 之前問過這個問題，你也在問，那麼──但從度量的角度來看，這些東西出現在哪裡呢？

The biggest place -- the answer is partly across all the parts of the P&L. And -- but the to build an organic growth company, there's a word in there, which is growth, and that is where Capital One is very focused with everything that we do. So the payoff for much of the stuff that we're investing in longer term shows up in terms of growth. Now by the way, one of the striking things about the investment in the tech transformation is that unlike most cases in business where one has to do a trade-off, do you want to like be that over time? Or do you want to be that -- do you want to have that capability over time.

最大的部分－答案部分地橫跨損益表的所有部分。但是，要建立一家有機成長型公司，其中就有一個詞，那就是成長，而這正是 Capital One 所做的每一件事都非常關注的。因此，我們長期投資的大部分回報都會以成長的形式反映出來。順便說一下，技術轉型投資的一個引人注目的地方是，與大多數需要權衡利弊的商業情況不同，你希望隨著時間的推移一直保持這種狀態嗎？或者你想成為那樣——你想隨著時間的推移擁有那種能力。

What we find is when we say we want to be a growth company. We want to be -- have amazing customer experiences. We want to be fast to market. We want to have better efficiency. We want to have world-class risk management.

當我們說我們想成為一家成長型公司時，我們發現。我們希望擁有令人驚嘆的客戶體驗。我們希望能夠快速地將產品推向市場。我們希望有更好的效率。我們希望擁有世界一流的風險管理。

The striking thing is and this is different from just about any other occasion I've seen in business.

引人注目的是，這與我在商業領域見過的任何其他場合都不同。

This is an occasion where the journey to any of those objectives goes through the same path. It's the same shared path. The first 99% is the same. The last mile is different, but that path is the transformation of our technology in the company. That's the path we're down, which is why on the other side of it, we see opportunities that are exciting across growth opportunities, customer experiences, efficiency benefits, breakthroughs in credit, fraud, risk management, lots of and then ultimately now transformed through AI.

這是一個實現任何目標的旅程都要經過同一條路徑的場合。這是相同的共享路徑。前 99% 都是一樣的。最後一哩路有所不同，但那條路就是我們公司科技的轉型。這就是我們所走的道路，這就是為什麼在這條路上，我們看到了令人興奮的機會，包括成長機會、客戶體驗、效率效益、信貸、詐欺、風險管理等方面的突破，最終透過人工智慧實現轉變。

So when we think about the metrics, the long-term beneficiary biggest beneficiary is growth. Revenue growth along the way. There's a lot of investment in operating costs, also in marketing. And the timing of those, many of the investments tend to come before some of the growth. So in many ways, those investments put a little pressure on things like efficiency ratio in the shorter term.

因此，當我們考慮指標時，長期受益者、最大的受益者是成長。收入一路增長。在營運成本和行銷方面投入了大量資金。就時機而言，許多投資往往發生在成長之前。因此，從許多方面來看，這些投資在短期內對效率比率等方面帶來了一些壓力。

But you can see from the historical journey of Capital One, actually, if you look back to when we started our tech journey and invested so heavily in an extraordinary rebuilding of the company, we've had a lot of -- a number of efficiency benefits along the way. So we -- so anyway, that's just a window into the choices that we're making and how they might play out over time.

但從 Capital One 的歷史歷程中你可以看到，實際上，如果你回顧一下我們開始技術之旅並在公司非凡重建中投入巨資的時候，我們在這一過程中已經獲得了很多效率效益。所以我們——無論如何，這只是一個窗口，讓我們了解我們正在做出的選擇以及它們隨著時間的推移會如何發揮作用。

Next question, please.

請問下一個問題。

Erika Najarian, UBS.

瑞銀的 Erika Najarian。

Hi, good evening. My questions have been asked and answered. Thank you.

嗨，晚上好。我的問題已經提出並得到解答。謝謝。

Thanks Erika.

謝謝 Erika。

John Hecht, Jefferies.

約翰‧赫克特，傑富瑞集團。

Afternoon. Two questions. First one is just the other expense line item had like a step function upward, obviously, first full quarter of Discover. But is there a way for us to think that -- is there a part of that, that's integration expense? And is there a way to think of the what accounts for other expense.

下午。兩個問題。第一個是另一個費用項目，顯然，這是 Discover 第一個完整季度的費用上升趨勢。但我們是否可以這樣認為──其中是否有一部分是整合費用？有沒有辦法考慮其他費用的組成？

Yes, John, there's really three main things going on in there. One is just the run rate of what Discover expenses would be otherwise categorized in our bucket of other. In addition to that, there's some of the integration expenses and then the third piece is recall that there were some things that we talked about -- or I talked about in last quarter's call around business changes and reporting alignment that was going to impact the operating efficiency by roughly 90 basis points and the total efficiency by 50 basis points. that were P&L neutral, but making those geography changes and one of the elements fit into that line item as well. So that's causing all three of those forces are causing a bit of lumpiness in that line item this quarter.

是的，約翰，這裡面確實發生了三件主要的事情。一個只是 Discover 費用的運作率，否則這些費用將被歸類到我們的其他類別。除此之外，還有一些整合費用，第三點是回想一下我們討論過的一些事情 - 或者我在上個季度的電話會議上談到過業務變化和報告調整，這將影響營運效率約 90 個基點，總效率 50 個基點。這是損益中性的，但進行這些地理變化和其中一個要素也適合該專案。因此，這三種因素都導致本季該專案出現了一些波動。

Okay. That's very helpful. I appreciate that. And then, Rich, you did talk about private commercial credit markets. I'm wondering if you could talk about your opinion on the influence that private credit is having on consumer finance at this point in time.

好的。這非常有幫助。我很感激。然後，里奇，你確實談到了私人商業信用市場。我想知道您是否可以談談您對目前私人信貸對消費金融的影響的看法。

So John, that is a great question. I think, obviously, the -- for many, many years, private credit has just so much of all of its energy has gone toward the commercial side of the business. We're on high alert, obviously, watching some of the things going on, on the consumer side of the business. also we participate from a business point of view in our NBFI business with some lending in that space. But I don't have a huge strategic assessment to share with you at this point.

約翰，這是一個很好的問題。我認為，顯然，多年來，私人信貸的大部分精力都流向了商業業務。顯然，我們處於高度警覺狀態，專注於消費者業務方面正在發生的一些事情。此外，我們從商業角度參與了 NBFI 業務，並在該領域提供一些貸款。但目前我還沒有重大的策略評估可以與大家分享。

I think it's much earlier days. And there are certain aspects of the consumer business, most notably credit cards that don't lend themselves as naturally to private credit. But again, whereas other things like installment loans and in many ways, auto lending being installment loan closed in kind of business models lend themselves more to that. So I think we -- I really appreciate your question. We're all going to need to watch carefully in that space.

我認為那是更早的時候了。消費業務的某些方面，尤其是信用卡，並不像私人信貸那麼自然。但是，分期貸款等其他業務，以及在許多方面，汽車貸款等分期貸款等封閉式商業模式更適合這種情況。所以我認為我們—我非常感謝您的提問。我們都需要仔細觀察那個空間。

And we need to both watch it from a defensive point of view, but also, as always, from an opportunity point of view as well.

我們不僅需要從防守的角度來觀察，而且一如既往地也要從機會的角度來觀察。

Thanks for your question, John. That concludes our Q&A session this evening. I just wanted to close by thanking everybody for joining our conference call today, and thanks for your interest in Capital One. Have a great evening.

謝謝你的提問，約翰。今晚的問答環節到此結束。最後，我想感謝大家今天參加我們的電話會議，也感謝大家對Capital One的關注。祝大家晚上愉快。

Thank you. This concludes today's conference call. Thank you for your participating, and you may now disconnect.

謝謝。今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。