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Capital One Reports Record First Quarter Earnings Per Share
Earnings Per Share Rise 63% Over Year Ago Period

MCLEAN, Va., Apr 21, 2003 /PRNewswire-FirstCall via COMTEX/ -- Capital One Financial Corporation (NYSE: COF) today announced record earnings for the first quarter of 2003, driven primarily by improving credit quality in the company's managed loan portfolio.

Earnings for the first quarter of 2003 were $309.1 million, or $1.35 per share (fully diluted), compared with earnings of $188.0 million, or $0.83 per share, for the first quarter of 2002. Earnings in the fourth quarter of 2002 were $239.7 million, or $1.05 per share.

"I'm pleased that we have seen the peak in the charge-off rate and I'm confident we will achieve our earnings target of at least $4.55 for the year," said Richard D. Fairbank, Capital One's Chairman and Chief Executive Officer. "The charge-off rate came in at the low end of our indicated range in the first quarter of 2003. We expect somewhat lower charge-offs in the second quarter and lower still in the second half of the year, ending the year in the low six percent range."

The managed charge-off rate increased to 6.47 percent in the first quarter from 6.21 percent in the previous quarter. The managed delinquency rate declined to 4.97 percent from 5.60 percent at the end of the previous quarter. The improving outlook for charge-offs led the company to lower its Allowance for Loan Losses by $85 million to $1.635 billion, in the first quarter.

Capital One's managed revenue margin declined to 15.70 percent in the first quarter of 2003 from 16.11 percent in the previous quarter. The managed risk-adjusted margin declined to 9.77 percent from 10.41 percent in the previous quarter. The risk-adjusted margin is expected to remain around ten percent over the next few quarters, as the charge-off rate declines.

The company's managed loan balances declined by $533 million to $59.2 billion at the end of the first quarter. The number of its accounts declined by 946 thousand to 46.4 million at the end of the first quarter.

"Seasonally, we would expect to experience little or no growth in loan balances in the first quarter," said Nigel W. Morris, Capital One's President and Chief Operating Officer. "For the year we're now looking for 15 to 20 percent growth in managed loans and, because of our shift up-market, we expect little to no growth in accounts."

Marketing expense for the first quarter of 2003 increased $30.9 million to $241.7 million from $210.8 million in the fourth quarter of 2002. Marketing expenses were $353.5 million in the comparable period of the prior year. Other non-interest expenses (excluding marketing) for the first quarter of 2003 were $931.2 million versus $910.2 million for the fourth quarter of 2002 and $806.4 million in the comparable period of the prior year. Annualized operating cost per account increased to $79 for the first quarter of 2003 from $76 in the prior quarter.

The company generates earnings from its managed loan portfolio which includes both the on-balance sheet loans and off-balance sheet loans for which the company has retained significant risk and rewards. For this reason the company believes the managed financial measures to be useful to stakeholders. In compliance with newly adopted Regulation G of the Securities and Exchange Commission, the company is providing a numerical reconciliation of managed financial measures to comparable measures calculated on a reported basis using generally accepted accounting principles. Please see the schedule entitled "Reconciliation to GAAP Financial Measures" attached to this release for more information.

The company cautioned that its current expectations for 2003 earnings, risk-adjusted margin, charge-off rates, and future growth are forward looking statements and actual results could differ materially from current expectations due to a number of factors, including: competition in the credit card industry; the actual account and balance growth achieved by the company; the company's ability to access the capital markets at attractive rates and terms to fund its operations and future growth; and general economic conditions affecting consumer income and spending, which may affect consumer bankruptcies, defaults and charge-offs. A discussion of these and other factors can be found in Capital One's annual and other reports filed with the Securities and Exchange Commission, including, but not limited to, Capital One's report on Form 10-K for the year ended December 31, 2002.

Headquartered in McLean, Virginia, Capital One Financial Corporation (www.capitalone.com) is a holding company whose principal subsidiaries, Capital One Bank and Capital One, F.S.B., offer consumer lending products. Capital One's subsidiaries collectively had 46.4 million managed accounts and $59.2 billion in managed loans outstanding as of March 31, 2003. Capital One, a Fortune 500 company, is one of the largest providers of MasterCard and Visa credit cards in the world. Capital One trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 500 index.

Note: This release, financial information, including non-GAAP financial information reconciliation, and a live Webcast of today's 5:00pm (EDT) analyst conference call are accessible on the Internet on Capital One's home page (http://www.capitalone.com). Choose "About Capital One" to access the Investor Center to view and download the earnings press release and other financial information.



                   CAPITAL ONE FINANCIAL CORPORATION (COF)
                FINANCIAL & STATISTICAL SUMMARY REPORTED BASIS

                                             2003        2002        2002
    (in millions, except per share data
     and as noted)                            Q1          Q4          Q3
    Earnings (Reported Basis)
    Net Interest Income                     $734.8      $731.0      $722.4
    Non-Interest Income                    1,304.6     1,320.3     1,520.2
    Total Revenue(1)                       2,039.4     2,051.4     2,242.6
    Provision for Loan Losses                375.9       543.8       674.1
    Marketing Expenses                       241.7       210.8       185.8
    Operating Expenses                       931.2       910.2       965.2 (3)
    Income Before Taxes                      490.6       386.6       417.5
    Tax Rate                                  37.0 %      38.0 %      38.0 %
    Net Income                              $309.1      $239.7      $258.8
    Common Share Statistics
    Basic EPS                                $1.39       $1.08       $1.17
    Diluted EPS                              $1.35       $1.05       $1.13
    Dividends Per Share                      $0.03       $0.03       $0.03
    Book Value Per Share (period end)       $21.78      $20.44      $19.55
    Stock Price Per Share (period end)      $30.01      $29.72      $34.92
    Total Market Capitalization (period
     end)                                 $6,791.8    $6,722.5    $7,744.2
    Shares Outstanding (period end)          226.3       226.2       221.8
    Shares Used to Compute Basic EPS         223.0       221.8       220.6
    Shares Used to Compute Diluted EPS       228.4       228.2       228.4
    Reported Balance Sheet Statistics
     (period avg.)
    Average Loans                          $27,824     $27,766     $26,566
    Average Earning Assets                 $34,144     $34,075     $32,449
    Average Assets                         $38,318     $37,208     $35,470
    Average Equity                          $4,823      $4,568      $4,418
    Net Interest Margin                       8.61 %      8.58 %      8.91 %
    Revenue Margin                           23.89 %     24.08 %     27.64 %
    Risk Adjusted Margin (2)                 18.49 %     19.18 %     23.90 %
    Return on Average Assets (ROA)            3.23 %      2.58 %      2.92 %
    Return on Average Equity (ROE)           25.64 %     20.99 %     23.44 %
    Net Charge-Off Rate                       6.63 %      6.02 %      4.58 %
    Net Charge-Offs                         $461.5      $417.7      $303.9
    Reported Balance Sheet Statistics
     (period end)
    Loans                                  $28,115     $27,854     $28,104
    Delinquency Rate (30+ days)               5.72 %      6.51 %      6.23 %
    Total Assets                           $37,911     $37,382     $36,910
    Allowance as a % of reported loans        5.82 %      6.18 %      5.68 %
    Capital (4)                           $5,749.0    $5,440.4    $5,149.6
    Capital to Assets Ratio                  15.16 %     14.55 %     13.95 %
    Capital plus Allowance to Assets Ratio   19.48 %     19.15 %     18.27 %

(1) In accordance with the Company's finance charge and fee revenue recognition policy, the amounts billed to customers but not recognized as revenue were as follows: Q1 2003 - $519.7 million, Q4 2002 - $675.7 million, Q3 2002 - $489.6 million, Q2 2002 - $574.4 million, and Q1 2002 - $508.9 million.

(2) Risk adjusted margin is total revenue less net charge-offs as a percentage of average earning assets.

    (3) Includes $110.0 million of one-time charges in Q3 2002.
    (4) Includes preferred interests and mandatory convertible securities.


                   CAPITAL ONE FINANCIAL CORPORATION (COF)
                FINANCIAL & STATISTICAL SUMMARY REPORTED BASIS

                                                   2002              2002
    (in millions, except per share data
     and as noted)                                  Q2                Q1
    Earnings (Reported Basis)
    Net Interest Income                           $654.4            $611.2
    Non-Interest Income                          1,384.8           1,241.5
    Total Revenue(1)                             2,039.2           1,852.8
    Provision for Loan Losses                      541.8             389.6
    Marketing Expenses                             320.4             353.5
    Operating Expenses                             833.2             806.4
    Income Before Taxes                            343.7             303.3
    Tax Rate                                        38.0 %            38.0 %
    Net Income                                    $213.1            $188.0
    Common Share Statistics
    Basic EPS                                      $0.97             $0.86
    Diluted EPS                                    $0.92             $0.83
    Dividends Per Share                            $0.03             $0.03
    Book Value Per Share (period end)             $18.13            $16.69
    Stock Price Per Share (period end)            $61.05            $63.85
    Total Market Capitalization (period
     end)                                      $13,512.9         $14,079.3
    Shares Outstanding (period end)                221.3             220.5
    Shares Used to Compute Basic EPS               220.0             217.5
    Shares Used to Compute Diluted EPS             231.7             226.6
    Reported Balance Sheet Statistics
     (period avg.)
    Average Loans                                $25,353           $22,405
    Average Earning Assets                       $30,678           $27,300
    Average Assets                               $34,040           $29,996
    Average Equity                                $4,021            $3,572
    Net Interest Margin                             8.53 %            8.96 %
    Revenue Margin                                 26.59 %           27.15 %
    Risk Adjusted Margin (2)                       22.69 %           23.65 %
    Return on Average Assets (ROA)                  2.50 %            2.51 %
    Return on Average Equity (ROE)                 21.20 %           21.06 %
    Net Charge-Off Rate                             4.72 %            4.26 %
    Net Charge-Offs                               $299.4            $238.7
    Reported Balance Sheet Statistics
     (period end)
    Loans                                        $24,965           $24,428
    Delinquency Rate (30+ days)                     5.10 %            4.44 %
    Total Assets                                 $33,834           $31,265
    Allowance as a % of reported loans              4.95 %            4.05 %
    Capital (4)                                 $4,823.6          $3,778.4
    Capital to Assets Ratio                        14.26 %           12.09 %
    Capital plus Allowance to Assets
     Ratio                                         17.91 %           15.25 %

(1) In accordance with the Company's finance charge and fee revenue recognition policy, the amounts billed to customers but not recognized as revenue were as follows: Q1 2003 - $519.7 million, Q4 2002 - $675.7 million, Q3 2002 - $489.6 million, Q2 2002 - $574.4 million, and Q1 2002 - $508.9 million.

(2) Risk adjusted margin is total revenue less net charge-offs as a percentage of average earning assets.

    (3) Includes $110.0 million of one-time charges in Q3 2002.
    (4) Includes preferred interests and mandatory convertible securities.


                   CAPITAL ONE FINANCIAL CORPORATION (COF)
              FINANCIAL & STATISTICAL SUPPLEMENT REPORTED BASIS

                                               2003        2002        2002
    (in millions, except per share data
     and as noted)                              Q1          Q4          Q3
    Revenue & Expense Statistics (Reported)
    Net interest income growth
     (annualized)                                2 %         5 %        42 %
    Non interest income growth
     (annualized)                               (5)%       (53)%        39 %
    Revenue growth (annualized)                 (2)%       (34)%        40 %
    Revenue margin (average loans)           29.32 %     29.55 %     33.77 %
    Risk adjusted margin (average loans)     22.68 %     23.53 %     29.19 %
    Ops cost as a % of revenues              45.66 %     44.37 %     43.04 %
    Ops cost as a % of average loans
     (annualized)                            13.39 %     13.11 %     14.53 %
    Per Account Statistics (Reported)
    Net interest income per account
     (annualized)                           $62.68      $61.22      $59.72
    Non interest income per account
     (annualized)                          $111.28     $110.57     $125.67
    Revenue per account (annualized)       $173.95     $171.78     $185.39
    Growth Statistics (Reported)
    Net new loans                             $261       $(250)     $3,139
    % loan growth Q over Q (annualized)          4 %        (4)%        50 %
    % loan growth Y over Y                      15 %        33 %        61 %


                   CAPITAL ONE FINANCIAL CORPORATION (COF)
              FINANCIAL & STATISTICAL SUPPLEMENT REPORTED BASIS

                                                     2002              2002
    (in millions, except per share data
     and as noted)                                    Q2                Q1
    Revenue & Expense Statistics (Reported)
    Net interest income growth
     (annualized)                                     28 %              78 %
    Non interest income growth
     (annualized)                                     46 %              18 %
    Revenue growth (annualized)                       40 %              36 %
    Revenue margin (average loans)                 32.17 %           33.08 %
    Risk adjusted margin (average loans)           27.45 %           28.82 %
    Ops cost as a % of revenues                    40.86 %           43.52 %
    Ops cost as a % of average loans
     (annualized)                                  13.15 %           14.40 %
    Per Account Statistics (Reported)
    Net interest income per account
     (annualized)                                 $54.97            $54.07
    Non interest income per account
     (annualized)                                $116.33           $109.82
    Revenue per account (annualized)             $171.30           $163.89
    Growth Statistics (Reported)
    Net new loans                                   $537            $3,507
    % loan growth Q over Q (annualized)                9 %              67 %
    % loan growth Y over Y                            53 %              57 %


                   CAPITAL ONE FINANCIAL CORPORATION (COF)
               FINANCIAL & STATISTICAL SUMMARY MANAGED BASIS(4)

                                             2003        2002        2002
    (in millions, except per share data
     and as noted)                            Q1          Q4          Q3
    Earnings (Managed Basis)
    Net Interest Income                   $1,508.0    $1,442.2    $1,435.3
    Non-Interest Income                    1,027.9     1,086.9     1,189.1
    Total Revenue(1)                       2,535.9     2,529.1     2,624.4
    Provision for Loan Losses                872.3     1,021.5     1,055.9
    Marketing Expenses                       241.7       210.8       185.8
    Operating Expenses                       931.2       910.2       965.2 (3)
    Income Before Taxes                      490.6       386.6       417.5
    Tax Rate                                  37.0 %      38.0 %      38.0 %
    Net Income                              $309.1      $239.7      $258.8
    Managed Balance Sheet Statistics
     (period avg.)
    Average Loans                          $59,250     $57,669     $55,350
    Average Earning Assets                 $64,602     $62,789     $60,016
    Average Assets                         $69,670     $67,037     $64,193
    Net Interest Margin                       9.34 %      9.19 %      9.57 %
    Revenue Margin                           15.70 %     16.11 %     17.49 %
    Risk Adjusted Margin (2)                  9.77 %     10.41 %     12.92 %
    Return on Average Assets (ROA)            1.77 %      1.43 %      1.61 %
    Net Charge-Off Rate                       6.47 %      6.21 %      4.96 %
    Net Charge-Offs                         $957.9      $895.5      $685.7
    Cost Per Account (in dollars)           $79.43      $76.22      $79.79
    Managed Balance Sheet Statistics
     (period end)
    Loans                                  $59,214     $59,747     $56,883
    Delinquency Rate (30+ days)               4.97 %      5.60 %      5.36 %
    Number of Accounts (000's)              46,423      47,369      48,163
    Total Assets                           $68,927     $69,205     $65,614
    Capital to Assets Ratio                   8.34 %      7.86 %      7.85 %
    Capital plus Allowance to Assets Ratio   10.71 %     10.35 %     10.28 %

(1) In accordance with the Company's finance charge and fee revenue recognition policy, the amounts billed to customers but not recognized as revenue were as follows: Q1 2003 - $519.7 million, Q4 2002 - $675.7 million, Q3 2002 - $489.6 million, Q2 2002 - $574.4 million, and Q1 2002 - $508.9 million.

(2) Risk adjusted margin is total revenue less net charge-offs as a percentage of average earning assets.

(3) Includes $110.0 million of one-time charges in Q3 2002.

(4) The information in this statistical summary reflects the adjustment to add back the effect of securitized loans. See accompanying schedule - "Reconciliation to GAAP Financial Measures".


                   CAPITAL ONE FINANCIAL CORPORATION (COF)
               FINANCIAL & STATISTICAL SUMMARY MANAGED BASIS(4)

                                                   2002              2002
    (in millions, except per share data
     and as noted)                                  Q2                Q1
    Earnings (Managed Basis)
    Net Interest Income                         $1,234.3          $1,172.5
    Non-Interest Income                          1,145.0             990.2
    Total Revenue(1)                             2,379.3           2,162.7
    Provision for Loan Losses                      881.9             699.5
    Marketing Expenses                             320.4             353.5
    Operating Expenses                             833.2             806.4
    Income Before Taxes                            343.7             303.3
    Tax Rate                                        38.0 %            38.0 %
    Net Income                                    $213.1            $188.0
    Managed Balance Sheet Statistics
     (period avg.)
    Average Loans                                $51,343           $46,688
    Average Earning Assets                       $55,559           $50,538
    Average Assets                               $59,989           $54,258
    Net Interest Margin                             8.89 %            9.28 %
    Revenue Margin                                 17.13 %           17.12 %
    Risk Adjusted Margin (2)                       12.53 %           12.78 %
    Return on Average Assets (ROA)                  1.42 %            1.39 %
    Net Charge-Off Rate                             4.98 %            4.70 %
    Net Charge-Offs                               $639.4            $548.6
    Cost Per Account (in dollars)                 $69.99            $71.33
    Managed Balance Sheet Statistics
     (period end)
    Loans                                        $53,208           $48,564
    Delinquency Rate (30+ days)                     4.54 %            4.80 %
    Number of Accounts (000's)                    48,612            46,623
    Total Assets                                 $62,022           $55,381
    Capital to Assets Ratio                         7.78 %            6.82 %
    Capital plus Allowance to Assets Ratio          9.77 %            8.61 %

(1) In accordance with the Company's finance charge and fee revenue recognition policy, the amounts billed to customers but not recognized as revenue were as follows: Q1 2003 - $519.7 million, Q4 2002 - $675.7 million, Q3 2002 - $489.6 million, Q2 2002 - $574.4 million, and Q1 2002 - $508.9 million.

(2) Risk adjusted margin is total revenue less net charge-offs as a percentage of average earning assets.

(3) Includes $110.0 million of one-time charges in Q3 2002.

(4) The information in this statistical summary reflects the adjustment to add back the effect of securitized loans. See accompanying schedule - "Reconciliation to GAAP Financial Measures".


                   CAPITAL ONE FINANCIAL CORPORATION (COF)
             FINANCIAL & STATISTICAL SUPPLEMENT MANAGED BASIS (1)

                                              2003        2002        2002
    (in millions, except per share data
     and as noted)                             Q1          Q4          Q3
    Revenue & Expense Statistics (Managed)
    Net interest income growth (annualized)     18 %         2 %        65 %
    Non interest income growth (annualized)    (22)%       (34)%        15 %
    Revenue growth (annualized)                  1 %       (15)%        41 %
    Revenue margin (average loans)           17.12 %     17.54 %     18.97 %
    Risk adjusted margin (average loans)     10.65 %     11.33 %     14.01 %
    Ops cost as a % of revenues              36.72 %     35.99 %     36.78 %
    Ops cost as a % of average loans
     (annualized)                             6.29 %      6.31 %      6.98 %
    Per Account Statistics (Managed)
    Net interest income per account
     (annualized)                          $128.62     $120.77     $118.65
    Non interest income per account
     (annualized)                           $87.68      $91.02      $98.30
    Revenue per account (annualized)       $216.30     $211.79     $216.95
    Net income per account (annualized)     $26.37      $20.07      $21.39
    Growth Statistics (Managed)
    Average accounts (000's)                46,896      47,766      48,388
    Net new accounts per quarter (000's)      (946)       (794)       (449)
    % account growth Q over Q (annualized)      (8)%        (7)%        (4)%
    % account growth Y over Y                   (0)%         8 %        20 %
    Net new loans                            $(533)     $2,864      $3,675
    % loan growth Q over Q (annualized)         (4)%        20 %        28 %
    % loan growth Y over Y                      22 %        32 %        48 %
    Balance Sheet Measures
    % off-balance sheet securitizations         53 %        53 %        51 %
    % at introductory rate                       9 %        10 %        11 %
    Segment Statistics
    Consumer Lending:
      Loans receivable                     $45,963     $47,290     $45,021
      Net income (loss)                     $309.2      $183.1      $291.3
      Net charge-off rate                     7.12 %      6.45 %      5.16 %
      Delinquency rate                        4.99 %      5.54 %      5.41 %
    Auto Finance:
      Loans receivable                      $7,742      $6,992      $6,496
      Net income (loss)                      $(6.5)       $8.8       $(3.4)
      Net charge-off rate                     4.91 %      4.83 %      3.97 %
      Delinquency rate                        5.37 %      7.15 %      6.30 %
    International:
      Loans receivable                      $5,390      $5,331      $5,255
      Net income (loss)                      $18.1       $(6.2)      $(1.1)
      Net charge-off rate                     4.28 %      3.92 %      3.61 %
      Delinquency rate                        4.22 %      4.18 %      3.78 %

(1) The information in this statistical summary supplement reflects the adjustment to add back the effect of securitized loans. See accompanying schedule - "Reconciliation to GAAP Financial Measures".


                     CAPITAL ONE FINANCIAL CORPORATION (COF)
               FINANCIAL & STATISTICAL SUPPLEMENT MANAGED BASIS (1)

                                                     2002              2002
    (in millions, except per share data
     and as noted)                                    Q2                Q1
    Revenue & Expense Statistics (Managed)
    Net interest income growth (annualized)           21 %              59 %
    Non interest income growth (annualized)           63 %              11 %
    Revenue growth (annualized)                       40 %              36 %
    Revenue margin (average loans)                 18.54 %           18.53 %
    Risk adjusted margin (average loans)           13.55 %           13.83 %
    Ops cost as a % of revenues                    35.02 %           37.28 %
    Ops cost as a % of average loans
     (annualized)                                   6.49 %            6.91 %
    Per Account Statistics (Managed)
    Net interest income per account
     (annualized)                                $103.69           $103.72
    Non interest income per account
     (annualized)                                 $96.18            $87.59
    Revenue per account (annualized)             $199.87           $191.31
    Net income per account (annualized)           $17.90            $16.63
    Growth Statistics (Managed)
    Average accounts (000's)                      47,618            45,219
    Net new accounts per quarter (000's)           1,989             2,808
    % account growth Q over Q (annualized)            17 %              26 %
    % account growth Y over Y                         27 %              28 %
    Net new loans                                 $4,644            $3,300
    % loan growth Q over Q (annualized)               38 %              29 %
    % loan growth Y over Y                            51 %              54 %
    Balance Sheet Measures
    % off-balance sheet securitizations               53 %              50 %
    % at introductory rate                            12 %              13 %
    Segment Statistics
    Consumer Lending:
      Loans receivable                           $42,819           $39,252
      Net income (loss)                           $296.6            $272.0
      Net charge-off rate                           5.46 %            5.00 %
      Delinquency rate                              4.51 %            4.98 %
    Auto Finance:
      Loans receivable                            $5,354            $5,215
      Net income (loss)                            $14.9            $(10.0)
      Net charge-off rate                           2.84 %            3.38 %
      Delinquency rate                              5.38 %            3.97 %
    International:
      Loans receivable                            $4,985            $4,233
      Net income (loss)                           $(19.8)            $(8.5)
      Net charge-off rate                           3.91 %            3.58 %
      Delinquency rate                              3.78 %            4.08 %

(1) The information in this statistical summary supplement reflects the adjustment to add back the effect of securitized loans. See accompanying schedule - "Reconciliation to GAAP Financial Measures".


                      CAPITAL ONE FINANCIAL CORPORATION
                  Reconciliation to GAAP Financial Measures
                  For the Three Months Ended March 31, 2003
                      (dollars in thousands)(unaudited)

The Company's consolidated financial statements prepared in accordance with generally accepted accounting principles ("GAAP") are referred to as its "reported" financial statements. Loans included in securitization transactions which qualified as sales under GAAP have been removed from the Company's "reported" balance sheet. However, interest income, interchange, fees and recoveries generated from the securitized loan portfolio net of charge-offs in excess of the interest paid to investors of asset-backed securitizations are recognized as non-interest income on the "reported" income statement.

The Company's "managed" consolidated financial statements add back the effects of securitization transactions qualifying as sales under GAAP. The Company generates earnings from its "managed" loan portfolio which includes both the on-balance sheet loans and off-balance sheet loans for which the Company has retained significant risk and rewards. The Company's "managed" income statement takes the components of the non-interest income generated from the securitized portfolio and distributes the revenue to appropriate income statement line items from which it originated. For this reason the Company believes the "managed" consolidated financial statements and related managed metrics to be useful to stakeholders.

                                          Total    Securitization    Total
                                        Reported    Adjustments     Managed
    Income Statement Measures
    Net interest income                   $734,804     $773,147   $1,507,951
    Non-interest income                 $1,304,603    $(276,670)  $1,027,933
    Total revenue                       $2,039,407     $496,477   $2,535,884
    Provision for loan losses             $375,851     $496,477     $872,328
    Balance Sheet Measures
    Consumer loans                     $28,115,061  $31,098,638  $59,213,699
    Total assets                       $37,910,967  $31,016,516  $68,927,483
    Average consumer loans             $27,824,350  $31,425,348  $59,249,698
    Average earning assets             $34,144,482  $30,457,136  $64,601,618
    Average total assets               $38,318,125  $31,351,435  $69,669,560
    Delinquencies                       $1,608,812   $1,332,695   $2,941,507


                      CAPITAL ONE FINANCIAL CORPORATION
                         Consolidated Balance Sheets
                          (in thousands)(unaudited)


                                           March 31    December 31    March 31
                                             2003         2002          2002

    Assets:
    Cash and due from banks                $328,791     $277,509     $350,738
    Federal funds sold and resale
     agreements                             864,036      373,828       13,260
    Interest-bearing deposits at other
     banks                                  247,560      267,441      105,063
      Cash and cash equivalents           1,440,387      918,778      469,061
    Securities available for sale         4,817,322    4,423,677    3,175,366
    Consumer loans                       28,115,061   27,853,652   24,427,642
      Less:  Allowance for loan losses   (1,635,000)  (1,720,000)    (990,000)
    Net loans                            26,480,061   26,133,652   23,437,642
    Accounts receivable from
     securitizations                      2,897,972    3,096,827    2,218,472
    Premises and equipment, net             769,112      770,326      789,572
    Interest receivable                     208,998      217,512      148,547
    Other                                 1,297,115    1,821,608    1,026,051
      Total assets                      $37,910,967  $37,382,380  $31,264,711


    Liabilities:
    Interest-bearing deposits           $18,489,388  $17,325,965  $14,633,871
    Senior notes                          5,116,591    5,565,615    5,422,896
    Other borrowings                      6,576,876    6,365,075    4,879,427
    Interest payable                        194,629      236,081      173,659
    Other                                 2,604,818    3,266,473    2,475,226
      Total liabilities                  32,982,302   32,759,209   27,585,079

    Stockholders' Equity:
    Common stock                              2,275        2,271        2,214
    Paid-in capital, net                  1,730,883    1,704,470    1,532,034
    Retained earnings and cumulative
     other comprehensive income           3,244,673    2,951,382    2,180,336
      Less:  Treasury stock, at cost        (49,166)     (34,952)     (34,952)
      Total stockholders' equity          4,928,665    4,623,171    3,679,632
      Total liabilities and
       stockholders' equity             $37,910,967  $37,382,380  $31,264,711


                      CAPITAL ONE FINANCIAL CORPORATION
                      Consolidated Statements of Income
               (in thousands, except per share data)(unaudited)


                                           Three Months Ended
                                             March 31  December 31  March 31
                                               2003        2002       2002


    Interest Income:
    Consumer loans, including fees          $1,028,891  $1,031,675   $864,086
    Securities available for sale               42,931      50,283     42,344
    Other                                       34,744      31,706     27,931
      Total interest income                  1,106,566   1,113,664    934,361

    Interest Expense:
    Deposits                                   209,308     215,144    178,163
    Senior notes                               104,097     108,474     93,904
    Other borrowings                            58,357      59,014     51,056
      Total interest expense                   371,762     382,632    323,123
    Net interest income                        734,804     731,032    611,238
    Provision for loan losses                  375,851     543,758    389,617
    Net interest income after provision for
     loan losses                               358,953     187,274    221,621

    Non-Interest Income:
    Servicing and securitizations              729,689     645,740    626,147
    Service charges and other customer-
     related fees                              441,226     475,384    494,799
    Interchange                                 85,351      94,095     98,096
    Other                                       48,337     105,103     22,482
      Total non-interest income              1,304,603   1,320,322  1,241,524

    Non-Interest Expense:
    Salaries and associate benefits            397,449     380,600    380,735
    Marketing                                  241,696     210,847    353,536
    Communications and data processing         112,052     106,149     92,193
    Supplies and equipment                      83,812      95,963     84,507
    Occupancy                                   43,574      46,933     33,381
    Other                                      294,331     280,528    215,543
      Total non-interest expense             1,172,914   1,121,020  1,159,895
    Income before income taxes                 490,642     386,576    303,250
    Income taxes                               181,538     146,899    115,235
    Net income                                $309,104    $239,677   $188,015

    Basic earnings per share                     $1.39       $1.08      $0.86
    Diluted earnings per share                   $1.35       $1.05      $0.83
    Dividends paid per share                     $0.03       $0.03      $0.03


                      CAPITAL ONE FINANCIAL CORPORATION
     Statements of Average Balances, Income and Expense, Yields and Rates
                      (dollars in thousands)(unaudited)

    Reported                                    Quarter Ended 3/31/03
                                            Average       Income/    Yield/
                                            Balance       Expense     Rate
    Earning assets:
     Consumer loans                        $27,824,350   $1,028,891   14.79%
     Securities available for sale           4,417,538       42,931    3.89%
     Other                                   1,902,594       34,744    7.30%
    Total earning assets                    34,144,482    1,106,566   12.96%

    Interest-bearing liabilities:
     Deposits                              $17,940,058     $209,308    4.67%
     Senior notes                            5,309,690      104,097    7.84%
     Other borrowings                        7,009,915       58,357    3.33%
    Total interest-bearing liabilities     $30,259,663     $371,762    4.91%

    Net interest spread                                                8.05%

    Interest income to average earning assets                         12.96%
    Interest expense to average earning assets                         4.35%
    Net interest margin                                                8.61%


                      CAPITAL ONE FINANCIAL CORPORATION
     Statements of Average Balances, Income and Expense, Yields and Rates
                      (dollars in thousands)(unaudited)

    Reported                                    Quarter Ended 12/31/02
                                            Average       Income/    Yield/
                                            Balance       Expense     Rate
    Earning assets:
     Consumer loans                        $27,765,815   $1,031,675   14.86%
     Securities available for sale           4,571,735       50,283    4.40%
     Other                                   1,736,961       31,706    7.30%
    Total earning assets                   $34,074,511   $1,113,664   13.07%

    Interest-bearing liabilities:
     Deposits                              $17,076,822     $215,144    5.04%
     Senior notes                            5,563,574      108,474    7.80%
     Other borrowings                        6,332,192       59,014    3.73%
    Total interest-bearing liabilities     $28,972,588     $382,632    5.28%

    Net interest spread                                                7.79%

    Interest income to average earning assets                         13.07%
    Interest expense to average earning assets                         4.49%
    Net interest margin                                                8.58%


                      CAPITAL ONE FINANCIAL CORPORATION
     Statements of Average Balances, Income and Expense, Yields and Rates
                      (dollars in thousands)(unaudited)

    Reported                                    Quarter Ended 3/31/02
                                             Average      Income/   Yield/
                                             Balance      Expense    Rate
    Earning assets:
      Consumer loans                        $22,404,942   $864,086   15.43%
      Securities available for sale           3,367,786     42,344    5.03%
      Other                                   1,527,455     27,931    7.31%
    Total earning assets                    $27,300,183   $934,361   13.69%

    Interest-bearing liabilities:
      Deposits                              $13,505,586   $178,163    5.28%
      Senior notes                            5,429,992     93,904    6.92%
      Other borrowings                        4,925,669     51,056    4.15%
    Total interest-bearing liabilities      $23,861,247   $323,123    5.42%

    Net interest spread                                               8.27%

    Interest income to average earning assets                        13.69%
    Interest expense to average earning assets                        4.73%
    Net interest margin                                               8.96%


                      CAPITAL ONE FINANCIAL CORPORATION
     Statements of Average Balances, Income and Expense, Yields and Rates
                      (dollars in thousands)(unaudited)

    Managed (1)                                 Quarter Ended 3/31/03
                                            Average       Income/    Yield/
                                            Balance       Expense     Rate
    Earning assets:
     Consumer loans                        $59,249,698   $2,148,419   14.50%
     Securities available for sale           4,417,538       42,931    3.89%
     Other                                     934,382        5,323    2.28%
    Total earning assets                   $64,601,618   $2,196,673   13.60%

    Interest-bearing liabilities:
     Deposits                              $17,940,058     $209,308    4.67%
     Senior notes                            5,309,690      104,097    7.84%
     Other borrowings                        7,009,915       58,357    3.33%
     Securitization liability               31,361,051      316,960    4.04%
    Total interest-bearing liabilities     $61,620,714     $688,722    4.47%

    Net interest spread                                                9.13%

    Interest income to average earning assets                         13.60%
    Interest expense to average earning assets                         4.26%
    Net interest margin                                                9.34%

(1) The information in this table reflects the adjustment to add back the effect of securitized loans.


                      CAPITAL ONE FINANCIAL CORPORATION
     Statements of Average Balances, Income and Expense, Yields and Rates
                      (dollars in thousands)(unaudited)

    Managed (1)                                 Quarter Ended 12/31/02
                                            Average       Income/    Yield/
                                            Balance       Expense     Rate
    Earning assets:
     Consumer loans                        $57,669,078   $2,085,069   14.46%
     Securities available for sale           4,571,735       50,283    4.40%
     Other                                     548,443        5,470    3.99%
    Total earning assets                   $62,789,256   $2,140,822   13.64%

    Interest-bearing liabilities:
     Deposits                              $17,076,822     $215,144    5.04%
     Senior notes                            5,563,574      108,474    7.80%
     Other borrowings                        6,332,192       59,014    3.73%
     Securitization liability               29,840,224      315,968    4.24%
    Total interest-bearing liabilities     $58,812,812     $698,600    4.75%

    Net interest spread                                                8.89%

    Interest income to average earning assets                         13.64%
    Interest expense to average earning assets                         4.45%
    Net interest margin                                                9.19%

(1) The information in this table reflects the adjustment to add back the effect of securitized loans.


                      CAPITAL ONE FINANCIAL CORPORATION
     Statements of Average Balances, Income and Expense, Yields and Rates
                      (dollars in thousands)(unaudited)

    Managed (1)                                 Quarter Ended 3/31/02
                                            Average       Income/    Yield/
                                            Balance       Expense     Rate
    Earning assets:
     Consumer loans                        $46,687,578   $1,724,323   14.77%
     Securities available for sale           3,367,786       42,344    5.03%
     Other                                     482,290        2,358    1.96%
    Total earning assets                   $50,537,654   $1,769,025   14.00%

    Interest-bearing liabilities:
     Deposits                              $13,505,586     $178,163    5.28%
     Senior notes                            5,429,992       93,904    6.92%
     Other borrowings                        4,925,669       51,056    4.15%
     Securitization liability               24,262,546      273,366    4.51%
    Total interest-bearing liabilities     $48,123,793     $596,489    4.96%

    Net interest spread                                                9.04%

    Interest income to average earning assets                         14.00%
    Interest expense to average earning assets                         4.72%
    Net interest margin                                                9.28%

(1) The information in this table reflects the adjustment to add back the effect of securitized loans.

SOURCE Capital One Financial Corporation

Paul Paquin, V.P., Investor Relations, +1-703-720-2456, or Tatiana Stead, Corporate Media, +1-703-720-2352, both of Capital One Financial Corporation