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Capital One Reports Earnings Per Share Growth of 13 Percent for 2006
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Company Provides Earnings Guidance for 2007

MCLEAN, Va., Jan. 18 /PRNewswire-FirstCall/ -- Capital One Financial Corporation (NYSE: COF) today announced earnings per share (diluted) for 2006 of $7.62. Additionally, the company provided earnings guidance for 2007 of between $7.40 and $7.80 per share (diluted).

Earnings for the fourth quarter of 2006 were $390.7 million, or $1.14 per share (diluted), compared with $280.3 million, or $.97 per share (diluted), for the fourth quarter of 2005, and $587.8 million, or $1.89 per share (diluted), for the third quarter of 2006.

Full year results include a $0.32 per share (diluted) negative impact from the acquisition of North Fork Bancorporation, which was completed on December 1, 2006. Full year results also include a $.07 per share (diluted) negative impact from losses on the sale of securities in the fourth quarter of 2006 as part of the rebalancing a portion of the company's investment portfolio.

The company's 2007 earnings estimates include expectations for a continued challenging interest rate environment and cyclical pressures in the mortgage industry, a return to more normal charge-off levels in its US unsecured national lending businesses, and the repurchase of $2.25 billion of the company's shares beginning in the second quarter of 2007. Additionally, the 2007 earnings estimates include $430.0 million (after-tax) of financing costs, restructuring charges, and purchase accounting impacts resulting from the acquisition of North Fork. While the company still expects to achieve the target level of $275.0 million (pre-tax) of synergies in connection with the North Fork integration, it expects these synergies will be realized partially in 2007 and more significantly late in 2008 as a result of the challenging interest rate environment and the timeline for conversion to a single deposit platform and brand.

"Despite cyclical pressures in banking and the mortgage industry, the acquisitions of North Fork and Hibernia position us to drive growth, generate capital, and deliver sustainable and attractive shareholder returns well into the future," said Richard D. Fairbank, Capital One's Chairman and Chief Executive Officer. "Our focus now is on sure-footed execution as we integrate these proven banking franchises and build the infrastructure to win long- term."

Managed loans held for investment at December 31, 2006 were $146.2 billion, up $40.6 billion, or 38 percent, from December 31, 2005. Excluding the impact of $31.7 billion of loans acquired through North Fork, managed loans grew 8.4 percent in 2006, in line with expectations. Growth in the fourth quarter of 2006, excluding the impact of North Fork, was $2.2 billion, spread broadly across all of its North American businesses.

The managed charge-off rate for the company decreased to 2.99 percent in the fourth quarter of 2006 from 4.53 percent in the fourth quarter of 2005, but rose from 2.92 percent in the previous quarter. The company increased its allowance for loan losses by $114.1 million in the fourth quarter of 2006, excluding the addition of allowance from the acquisition of North Fork. This increase was driven primarily by the expectation of continued normalization of charge-offs in the company's US unsecured national lending businesses. The managed delinquency rate (30+ days) decreased to 3.02 percent as of December 31, 2006 driven largely by the addition of North Fork loans to the portfolio. The delinquency rate decreased from 3.24 percent as of the end of December 31, 2005 and decreased from 3.29 percent as of September 30, 2006. Without the addition of the North Fork loans, the charge-off and delinquency rates would have increased in the fourth quarter of 2006 to 3.25 percent and 3.68 percent, respectively.

Fourth quarter marketing expenses decreased $51.7 million to $395.7 million from $447.4 million in the fourth quarter of 2005, but increased $27.2 million from the third quarter of 2006 expense of $368.5 million. Marketing expenses for 2006 were $1.4 billion, up $64.7 million, or five percent, over 2005.

Annualized operating expenses as a percentage of average managed loans decreased to 5.13 percent in the fourth quarter of 2006 from 5.27 percent in the fourth quarter of 2005, but increased from 4.92 percent in the previous quarter driven by the inclusion of North Fork, infrastructure investments, and branch expansion. This quarter's results also include resolution of certain federal and state tax issues resulting in a $28.8 million reduction of tax expense.

Capital One's managed revenue margin decreased to 9.69 percent in the fourth quarter of 2006 from 12.04 percent in the fourth quarter of 2005 and decreased from 10.95 percent in the previous quarter driven largely by in the inclusion of North Fork, seasonality, and one time impacts due to the company's system conversion in the fourth quarter of 2006. Return on managed assets for 2006 was 1.69 percent. Excluding the impact of the North Fork acquisition, return on managed assets was 1.77 percent for 2006 as compared to 1.72 percent in 2005.

"Strong underlying business performance enabled Capital One to deliver 13 percent earnings per share growth in 2006 while achieving a number of significant milestones including the successful integration of Hibernia, the acquisition of North Fork, and a significant upgrade of our systems infrastructure," said Gary L. Perlin, Capital One's Chief Financial Officer. "We enter 2007 with a more diversified and resilient balance sheet."

Segment results

The US Card segment's net income for 2006 was $1.8 billion, up $214.0 million, or 13.3 percent, from $1.6 billion in 2005. US Card reported net income for the fourth quarter of 2006 of $337.2 million, compared with $237.0 million in the fourth quarter of 2005, and $461.6 million in the third quarter of 2006. The business continues to deliver strong profits driven by solid credit and growth in managed loans. Managed loans at December 31, 2006 were $53.6 billion, up $4.2 billion or 8.4 percent, from December 31, 2005, and up $2.5 billion, or 4.9 percent from the prior quarter. The managed charge-off rate decreased to 3.82 percent in the fourth quarter of 2006 from 5.70 percent in the fourth quarter of 2005 but increased from 3.39 percent in the previous quarter due to expected seasonality and normalization of credit.

Results in the Global Financial Services segment continue to reflect strong performance in its North American businesses offset by ongoing challenges in the UK. The segment's net income for 2006 was $274.0 million, up $88.0 million, or 47.3 percent, from $186.0 million in 2005. Net income in the fourth quarter of 2006 was $2.1 million, compared with $7.1 million in the fourth quarter of 2005, and $107.2 million in the third quarter of 2006. Managed loans at December 31, 2006 were $27.0 billion, up $3.6 billion, or 15.4 percent, from the prior year's fourth quarter, and up $.4 billion, or 1.4 percent, from the third quarter of 2006. The managed charge-off rate decreased to 3.89 percent in the fourth quarter of 2006 from 4.33 percent in the fourth quarter of 2005 driven largely by strong credit in its North American businesses. The managed charge-off rate increased in the fourth quarter from 3.70 percent in the previous quarter reflecting seasonality.

The Auto Finance segment reported a solid quarter as it continues to gain scale and grow originations by taking advantage of its multi-channel, full credit spectrum strategy. The Auto Finance segment's net income for 2006 was $233.5 million, up $101.4 million, or 76.8 percent, from $132.1 million in 2005. Net income in the fourth quarter of 2006 was $33.7 million, compared with $8.1 million in the fourth quarter of 2005, and $35.3 million in the third quarter of 2006. Managed loans at December 31, 2006 were $21.8 billion, up $5.4 billion, or 32.9 percent, from December 31, 2005, and up $.6 billion, or 2.8 percent from the prior quarter. The managed charge-off rate decreased to 2.85 percent in the fourth quarter of 2006 from 3.32 percent in the fourth quarter of 2005 because of a mix shift towards lower risk borrowers from the acquisition of Hibernia in 2005. The managed charge-off rate increased from 2.34 percent in the previous quarter primarily driven by seasonality.

The Banking segment delivered $45.7 million of net income in the fourth quarter of 2006, down $0.5 million, or 1.1 percent, from the third quarter of 2006. Decreases in revenue and increases in operating expenses where largely off-set by a $26.0 million reduction in provision expense due to favorable credit performance in loans impacted by 2005 Gulf Coast hurricanes. Total deposits at the end of the quarter were $35.3 billion, relatively flat as compared to $35.7 billion at the end of the third quarter of 2006. The company has opened a total of 39 de novo branches since the beginning of 2006. The integration of Hibernia is largely complete, and the company is on track to achieve the expected run-rate synergies of $135.0 million in 2007.

The company generates earnings from its managed loan portfolio, which includes both on-balance sheet loans and securitized (off-balance sheet) loans. For this reason, the company believes managed financial measures to be useful to stakeholders. In compliance with 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 (GAAP). Please see the schedule titled "Reconciliation to GAAP Financial Measures" attached to this release for more information.

Forward looking statements

The company cautions that its current expectations in this release, in the presentation slides available on the company's website and in its Form 8-K dated January 18, 2007 for 2007 earnings, the interest rate environment, charge-off rates, mortgage market trends, branch growth, integration costs and synergies, and the benefits of the business combination transaction involving Capital One and North Fork, including future financial and operating results, and the company's plans, objectives, expectations and intentions are forward- looking statements and actual results could differ materially from current expectations due to a number of factors, including: the risk that the company's acquired businesses will not be integrated successfully and that the cost savings and other synergies from such acquisitions may not be fully realized; continued intense competition from numerous providers of products and services which compete with Capital One's businesses; changes in our aggregate accounts and balances, and the growth rate and composition thereof; the success of the company's marketing efforts; general economic conditions affecting interest rates and consumer income, spending, and savings which may affect consumer bankruptcies, defaults, charge-offs and deposit activity; and the company's ability to execute on its strategic and operational plans. A discussion of these and other factors can be found in Capital One's annual report 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 fiscal year ended December 31, 2005.

About Capital One

Headquartered in McLean, Virginia, Capital One Financial Corporation (http://www.capitalone.com) is a financial holding company, with more than 700 locations in New York, New Jersey, Connecticut, Texas and Louisiana that offer a broad spectrum of financial products and services to consumers, small businesses and commercial clients. Its principal subsidiaries, Capital One Bank, Capital One, F.S.B., Capital One Auto Finance, Inc., Capital One, N.A., and North Fork Bank offer a broad spectrum of financial products and services to consumers, small businesses and commercial clients. Capital One's subsidiaries collectively had $85.8 billion in deposits and $146.2 billion in managed loans outstanding as of December 31, 2006. Capital One, a Fortune 500 company, trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 100 index.

NOTE: Fourth quarter 2006 financial results, SEC Filings, and fourth quarter earnings conference call slides are accessible on Capital One's home page (http://www.capitalone.com). Choose "Investors" on the bottom of the home page to view and download the earnings press release, slides, and other financial information. Additionally, a webcast of today's 5:00 pm (ET) earnings conference call is accessible through the same link.



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

                                       2006          2006          2005
    (in millions, except per share
     data and as noted)                  Q4          Q3(10)          Q4
    Earnings (Reported Basis)
    Net Interest Income               $1,401.2      $1,294.5      $1,037.0
    Non-Interest Income                1,667.2 (2)   1,761.4 (2)   1,665.5 (1)
    Total Revenue(3)                   3,068.4       3,055.9       2,702.5
    Provision for Loan Losses            513.2         430.6         565.7
    Marketing Expenses                   395.7         368.5         447.4
    Operating Expenses                 1,590.5       1,358.1       1,241.7 (4)
    Income Before Taxes                  569.0         898.7         447.7
    Tax Rate(5)                           31.3 %        34.6 %        37.3 %
    Net Income                          $390.7        $587.8        $280.3
    Common Share Statistics
    Basic EPS                            $1.16         $1.95         $1.01
    Diluted EPS                          $1.14         $1.89         $0.97
    Dividends Per Share                  $0.03         $0.03         $0.03
    Book Value Per Share (period
     end)                               $61.56        $54.79        $46.97
    Stock Price Per Share (period
     end)                               $76.82        $78.66        $86.40
    Total Market Capitalization
     (period end)                    $31,488.5     $23,944.1     $25,989.1
    Shares Outstanding (period end)      409.9         304.4         300.8
    Shares Used to Compute Basic EPS     336.5         301.6         278.8
    Shares Used to Compute Diluted
     EPS                                 343.8         310.4         287.7
    Reported Balance Sheet
     Statistics (period avg.)
    Average Loans Held for
     Investment                        $74,738       $62,429       $48,701
    Average Earning Assets(6)          $99,416       $81,311       $66,780
    Average Assets                    $113,890       $92,295       $74,443
    Average Interest Bearing
     Deposits                          $53,735       $42,984       $34,738
    Average Non-Interest Bearing
     Deposits                           $6,647        $4,212        $2,356
    Average Equity                     $18,311       $16,310       $12,528
    Return on Average Assets (ROA)        1.37 %        2.55 %        1.51 %
    Return on Average Equity (ROE)        8.53 %       14.42 %        8.95 %
    Reported Balance Sheet
     Statistics (period end)
    Loans Held for Investment          $96,512       $63,612       $59,848
    Total Assets                      $149,996       $94,907       $88,701
    Held for Investment Loan Growth
     Q Over Q                          $32,900        $3,009       $20,996
    % Held for Investment Loan
     Growth Y Over Y                        61 %          64 %          57 %
    Revenue & Expense Statistics
     (Reported)
    Net Interest Income Growth
     (annualized)                           33 %          33 %          56 %
    Non Interest Income Growth
     (annualized)                          (21)%          12 %          18 %
    Revenue Growth (annualized)              2 %          20 %          32 %
    Net Interest Margin                   5.64 %        6.37 %        6.21 %
    Revenue Margin                       12.35 %       15.03 %       16.19 %
    Risk Adjusted Margin(9)              10.56 %       13.22 %       13.49 %
    Operating Expense as a % of
     Revenues                            51.83 %       44.44 %       45.95 %
    Operating Expense as a % of Avg
     Loans (annualized)                   8.51 %        8.70 %       10.20 %
    Asset Quality Statistics
     (Reported)
    Allowance                           $2,180        $1,840        $1,790
    30+ Day Delinquencies               $2,648        $2,060        $1,879
    Net Charge-Offs                       $443          $369          $451
    Allowance as a % of Reported
     Loans                                2.26 %        2.89 %        2.99 %
    Delinquency Rate (30+ days)           2.74 %        3.24 %        3.14 %
    Net Charge-Off Rate                   2.37 %        2.36 %        3.70 %



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

                                          2006         2006         2005
    (in millions)                          Q4         Q3(10)         Q4
    Earnings (Managed Basis)
    Net Interest Income                 $2,347.3     $2,217.8     $2,075.2
    Non-Interest Income                  1,206.0 (2)  1,275.4 (2)  1,243.4 (1)
    Total Revenue(3)                     3,553.3      3,493.2      3,318.6
    Provision for Loan Losses              998.1        867.9      1,181.8
    Marketing Expenses                     395.7        368.5        447.4
    Operating Expenses                   1,590.5      1,358.1      1,241.7 (4)
    Income Before Taxes                    569.0        898.7        447.7
    Tax Rate(5)                             31.3 %       34.6 %       37.3 %
    Net Income                            $390.7       $587.8       $280.3
    Managed Balance Sheet Statistics
     (period avg.)
    Average Loans Held for Investment   $123,902     $110,512      $94,241
    Average Earning Assets(6)           $146,680     $127,616     $110,253
    Average Assets                      $162,396     $139,833     $119,406
    Return on Average Assets (ROA)          0.96 %       1.68 %       0.94 %
    Managed Balance Sheet Statistics
     (period end)
    Loans Held for Investment           $146,151     $112,239     $105,527
    Total Assets                        $198,902     $142,977     $133,786
    Held for Investment Loan Growth
     Q Over Q                            $33,912       $3,806      $20,759
    % Held for Investment Loan Growth
     Y over Y                                 38 %         32 %         32 %
    Tangible Assets(7)                  $184,007     $138,673     $129,484
    Tangible Capital(8)                  $11,964      $13,514       $9,994
    Tangible Capital to Tangible Assets
     Ratio                                  6.50 %       9.75 %       7.72 %
    % Off-Balance Sheet Securitizations       34 %         43 %         43 %
    Revenue & Expense Statistics
     (Managed)
    Net Interest Income Growth
     (annualized)                             23 %         14 %         30 %
    Non Interest Income Growth
     (annualized)                            (22)%         25 %         52 %
    Revenue Growth (annualized)                7 %         18 %         38 %
    Net Interest Margin                     6.40 %       6.95 %       7.53 %
    Revenue Margin                          9.69 %      10.95 %      12.04 %
    Risk Adjusted Margin(9)                 7.16 %       8.42 %       8.17 %
    Operating Expense as a % of
     Revenues                              44.76 %      38.88 %      37.42 %
    Operating Expense as a % of Avg
     Loans (annualized)                     5.13 %       4.92 %       5.27 %
    Asset Quality Statistics (Managed)
    30+ Day Delinquencies                 $4,414       $3,693       $3,424
    Net Charge-Offs                         $927         $806       $1,067
    Delinquency Rate (30+ days)             3.02 %       3.29 %       3.24 %
    Net Charge-Off Rate                     2.99 %       2.92 %       4.53 %

    (*) The information in this statistical summary reflects the adjustment to
    add back the effect of securitization transactions qualifying as sales
    under generally accepted accounting principles. See accompanying schedule
    -- "Reconciliation to GAAP Financial Measures."



                   CAPITAL ONE FINANCIAL CORPORATION (COF)
                    FINANCIAL & STATISTICAL SUMMARY NOTES

    (1)  Includes a $34 million gain from the sale of previously purchased
         charged-off loan portfolios.

    (2)  Includes a $20.5 million gain in Q2 2006 as a result of the
         MasterCard, Inc. initial public offering and losses of $20.8 million
         in Q2 2006, $9.4 million in Q3 2006 and $19.9 million in Q4 2006
         related to the derivative entered into in April 2006 to mitigate
         certain exposures we faced as a result of our acquisition of North
         Fork.

    (3)  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: Q4 2006 - $248.3, Q3 2006 -
         $226.3, Q2 2006 - $215.0, Q1 2006 - $170.9 and Q4 2005 - $227.9.

    (4)  Includes a $28.2 million impairment charge related to our insurance
         business in Global Financial Services and a $20.6 million prepayment
         penalty for the refinancing of the McLean Headquarters facility.

    (5)  Includes resolution of IRS tax issues resulting in reduction of tax
         expense as follows: Q4 2006 - $28.8 million, Q3 2006 - $18.7 million,
         Q2 - $10.7 million and Q1 - $34.9 million.

    (6)  Prior quarter data has been updated to include Average Mortgage Loans
         Held for Sale.

    (7)  Includes managed assets less intangible assets.

    (8)  Includes stockholders' equity and preferred interests less intangible
         assets.  Tangible Capital on a reported and managed basis is the
         same.

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

    (10) Subsequent to the Company's Form 8-K filing dated October 18, 2006,
         two balances on the Balance Sheet have been adjusted. Interest-
         bearing deposits at other banks and Non-interest bearing deposits
         have been revised, as well as the related metrics impacted by the
         decrease in earning assets. This adjustment, reflected in the Form
         10-Q, increased reported and managed return on assets, net interest
         margin, revenue margin and net interest spread.



                   CAPITAL ONE FINANCIAL CORPORATION (COF)
            IMPACT OF NORTH FORK BANCORPORATION (NFB) ACQUISITION

                                                      Q4 2006

    (in millions, except per share                        Adjust-    COF w/out
     data and as noted)                COF       NFB (1)  ments(2)     NFB
    Earnings (Reported Basis)
    Total Revenue                    $3,068.4     $160.1  $(61.0)   $2,969.3
    Provision for Loan Losses           513.2        3.5     -         509.7
    Total Non-interest Expense        1,986.2       98.9     3.9     1,883.4
    Net Income                         $390.7      $37.5  $(42.8)     $396.0
    Common Share Statistics
    Diluted EPS                         $1.14                          $1.28
    Shares Used to Compute Diluted
     EPS                                343.8                          309.7
    Reported Balance Sheet
     Statistics (period end)
    Liquidity Portfolio (3)           $27,967    $13,554     $14     $14,399
    Loans Held for Investment         $96,512    $31,741             $64,771
    Less:  Allowance for loan losses  $(2,180)     $(222)            $(1,958)
    Net Loans Held for Investment     $94,332    $31,519             $62,813
    Goodwill                          $13,635     $9,714              $3,921
    Core deposit intangible            $1,318       $938                $380
    Total Assets                     $149,996    $58,744    $347     $90,905
    Deposits (4)                      $85,771    $38,544             $47,227
    Debt (5)                          $33,982     $4,878  $5,528     $23,576
    Return on Average Assets (ROA)
     (period avg.)
    ROA (Reported)                       1.37 %                         1.69 %
    ROA (Managed)                        0.96 %                         1.11 %
    Managed Balance Sheet Statistics
     (period end)
    Loans Held for Investment        $146,151    $31,741            $114,410
    Revenue & Expense Statistics
    Revenue Margin (Reported)           12.35 %                        14.16 %
    Revenue Margin (Managed)             9.69 %                        10.54 %
    Asset Quality Statistics
    Delinquency Rate (30+ days)
     (Reported)                          2.74 %                         3.77 %
    Delinquency Rate (30+ days)
     (Managed)                           3.02 %                         3.68 %
    Net Charge-Off Rate (Reported)       2.37 %                         2.72 %
    Net Charge-Off Rate (Managed)        2.99 %                         3.25 %


                                                      2006

    (in millions, except per share                        Adjust-    COF w/out
     data and as noted)                COF       NFB (1)  ments(2)     NFB
    Earnings (Reported Basis)
    Total Revenue                   $12,096.4     $160.1 $(104.4)  $12,040.7
    Provision for Loan Losses         1,476.4        3.5       -    $1,472.9
    Total Non-interest Expense        6,967.2       98.9     4.9    $6,863.4
    Net Income                       $2,414.5      $37.5  $(72.2)   $2,449.2
    Common Share Statistics
    Diluted EPS                         $7.62                          $7.94
    Shares Used to Compute Diluted
     EPS                                317.0                          308.4
    Reported Balance Sheet
     Statistics (period end)
    Liquidity Portfolio (3)           $27,967    $13,554     $14     $14,399
    Loans Held for Investment         $96,512    $31,741             $64,771
    Less:  Allowance for loan
     losses                           $(2,180)     $(222)            $(1,958)
    Net Loans Held for Investment     $94,332    $31,519             $62,813
    Goodwill                          $13,635     $9,714              $3,921
    Core deposit intangible            $1,318       $938                $380
    Total Assets                     $149,996    $58,744    $347     $90,905
    Deposits (4)                      $85,771    $38,544             $47,227
    Debt (5)                          $33,982     $4,878  $5,528     $23,576
    Return on Average Assets (ROA)
     (period avg.)
    ROA (Reported)                       2.51 %                         2.69 %
    ROA (Managed)                        1.69 %                         1.77 %
    Managed Balance Sheet
     Statistics (period end)
    Loans Held for Investment        $146,151    $31,741            $114,410
    Revenue & Expense Statistics
    Revenue Margin (Reported)           14.31 %                        14.94 %
    Revenue Margin (Managed)            10.63 %                        10.91 %
    Asset Quality Statistics
    Delinquency Rate (30+ days)
     (Reported)                          2.74 %                         3.77 %
    Delinquency Rate (30+ days)
     (Managed)                           3.02 %                         3.68 %
    Net Charge-Off Rate (Reported)       2.21 %                         2.30 %
    Net Charge-Off Rate (Managed)        2.84 %                         2.90 %

    (1) Includes the stand alone assets and liabilities of North Fork as of
        December 31, 2006, and the stand alone income and expenses of North
        Fork for the period December 1, 2006 through December 31, 2006.  These
        results include the impact of core deposit amortization and exclude
        the gain on sale of mortgage loans that were marked to market as a
        result of the acquisition.
    (2) Income statement adjustments include interest expense on debt
        issued partially offset by income on the related liquidity portfolio,
        swaption expense, and North Fork integration charges.  Balance sheet
        adjustments include assets and liabilities held by the parent of North
        Fork at acquisition and additional debt incurred to finance the
        acquisition.
    (3) Includes federal funds sold and resale agreements, interest-bearing
        deposits at other banks, securities available for sale and mortgage
        loans held for sale.
    (4) Includes non-interest bearing and interest-bearing deposits.
    (5) Includes senior and subordinated notes and other borrowings.



                   CAPITAL ONE FINANCIAL CORPORATION (COF)
         SEGMENT FINANCIAL & STATISTICAL SUMMARY - MANAGED BASIS (1)

                                           2006         2006         2005
    (in thousands)                          Q4           Q3           Q4
    Segment Statistics
    US Card:
      Interest Income                     1,795,345    1,734,459    1,665,450
      Interest Expense                      600,821      554,708      481,656
      Net interest income                $1,194,524   $1,179,751   $1,183,794
      Non-interest income                   795,881      881,304      844,286
      Provision for loan losses             554,698      451,782      767,103
      Non-interest expenses                 916,963      899,062      892,521
      Income tax provision (benefit)        181,561      248,574      131,415
      Net income (loss)                    $337,183     $461,637     $237,041

      Loans Held for Investment         $53,623,680  $51,127,654  $49,463,522
      Average loans Held for Investment $51,686,135  $50,131,562  $46,857,527
      Loan Yield                             13.89%       13.84%       14.22%
      Net charge-off rate                     3.82%        3.39%        5.70%
      Delinquency Rate (30+ days)             3.74%        3.53%        3.44%
      Core Deposits (5)                         --       131,772          N/A
      Total Deposits                            --       131,772          N/A
      Purchase Volume (2)               $22,782,451  $21,450,024  $21,209,357
      Number of Accounts (000s)              37,630       37,483       37,645

    Auto Finance:
      Interest Income                       610,381      591,711      465,124
      Interest Expense                      242,311      227,053      151,100
      Net interest income                  $368,070     $364,658     $314,024
      Non-interest income                    (2,970)       4,846       (1,358)
      Provision for loan losses             151,171      161,145      161,651
      Non-interest expenses                 162,022      154,014      138,412
      Income tax provision (benefit)         18,167       19,021        4,512
      Net income (loss)                     $33,740      $35,324       $8,091

      Loans Held for Investment         $21,751,827  $21,158,797  $16,372,019
      Average loans Held for Investment $21,498,205  $20,812,533  $16,095,793
      Loan Yield                             11.36%       11.37%       11.56%
      Net charge-off rate                     2.85%        2.34%        3.32%
      Delinquency Rate (30+ days)             6.35%        5.18%        5.71%
      Core Deposits (5)                       6,061        5,818          N/A
      Total Deposits                          6,061        5,818          N/A
      Auto Loan Originations (3)         $3,078,877   $3,158,481   $2,563,372
      Number of Accounts (000s)               1,589        1,558        1,438

    Global Financial Services:
      Interest Income                       793,400      768,262      681,624
      Interest Expense                      319,974      307,518      249,289
      Net interest income                  $473,426     $460,744     $432,335
      Non-interest income                   295,216      311,439      250,349
      Provision for loan losses             304,968      249,448      263,664
      Non-interest expenses                 455,538      358,806      410,670
      Income tax provision (benefit)          6,040       56,771        1,299
      Net income (loss)                      $2,096     $107,158       $7,051

      Loans Held for Investment         $26,983,673  $26,623,519  $23,386,490
      Average loans Held for Investment $26,697,140  $26,364,992  $23,129,203
      Loan Yield (4)                         11.80%       11.58%       11.74%
      Net charge-off rate                     3.89%        3.70%        4.33%
      Delinquency Rate (30+ days)             2.97%        2.86%        2.83%
      Core Deposits (5)                         --            12          N/A
      Total Deposits                      2,377,841    2,324,351          N/A
      Number of Accounts (000s)              10,155       10,135        9,928


    (1) The information in this statistical summary reflects the adjustment to
        add back the effect of securitization transactions qualifying as sales
        under generally accepted accounting principles.  See accompanying
        schedule -- "Reconciliation to GAAP Financial Measures."
    (2) Includes all purchase transactions net of returns and excludes cash
        advance transactions.
    (3) Includes all organic auto loan originations and excludes auto loans
        added through acquisitions.
    (4) Excludes "GFS - Home Loans Originations" and "GFS - Settlement
        Services" from Other Interest Income.
    (5) Includes domestic non-interest bearing deposits, NOW accounts, money
        market deposit accounts, savings accounts, certificates of deposit of
        less than $100,000 and other consumer time deposits.


                   CAPITAL ONE FINANCIAL CORPORATION (COF)
    SEGMENT FINANCIAL & STATISTICAL SUMMARY - MANAGED BASIS (1) CONTINUED

                                           2006          2006          2005
    (in thousands)                          Q4            Q3            Q4
    Segment Statistics

    Banking:
      Interest Income                     721,102       719,207
      Interest Expense                    476,523       461,009
      Net interest income                $244,579      $258,198
      Non-interest income                 112,021       115,526
      Provision for loan losses           (21,549)        5,495
      Non-interest expenses               307,810       297,080
      Income tax provision (benefit)       24,619        24,902
      Net income (loss)                   $45,720       $46,247

      Loans Held for Investment       $12,145,533   $13,326,088
      Average loans Held for
       Investment                     $13,330,876   $13,171,414
      Loan Yield                            7.98%         8.02%
      Net charge-off rate                   0.40%         0.48%
      Delinquency Rate (30+ days)           0.31%         0.36%
      Core Deposits(2)                 27,071,324    26,997,345
      Total Deposits                   35,334,610    35,163,849
      Number of Active ATMs                   661           623
      Number of locations(3)                  358           342

    Other:(4)
      Net interest income                 $66,657      $(45,529)     $145,043
      Non-interest income                   5,906       (37,706)      150,153
      Provision for loan losses             8,840            27       (10,631)
      Non-interest expenses               143,855        17,667       247,583

      Income tax provision (benefit)      (52,121)      (38,402)       30,109
      Net income (loss)                  $(28,011)     $(62,527)      $28,135

      Loans Held for Investment       $31,646,555        $2,488   $16,305,460
      Core Deposits (2)                42,819,710     7,301,435           N/A
      Total Deposits                   48,052,380     9,987,360           N/A

    Total:
      Interest Income                  $3,931,054    $3,595,874    $3,175,960
      Interest Expense                 $1,583,798     1,378,052     1,100,764
      Net interest income              $2,347,256    $2,217,822    $2,075,196
      Non-interest income               1,206,054     1,275,409     1,243,430
      Provision for loan losses           998,128       867,897     1,181,787
      Non-interest expenses             1,986,188     1,726,629     1,689,186
      Income tax provision (benefit)      178,266       310,866       167,335
      Net income (loss)                  $390,728      $587,839      $280,318

      Loans Held for Investment      $146,151,268  $112,238,546  $105,527,491
      Core Deposits (2)                69,897,095    34,436,382           N/A
      Total Deposits                   85,770,892    47,613,150           N/A

    (1) The information in this statistical summary reflects the adjustment to
        add back the effect of securitization transactions qualifying as sales
        under generally accepted accounting principles.  See accompanying
        schedule -- "Reconciliation to GAAP Financial Measures."
    (2) Includes domestic non-interest bearing deposits, NOW accounts, money
        market deposit accounts, savings accounts, certificates of deposit of
        less than $100,000 and other consumer time deposits.
    (3) Q4: Number of locations includes 344 branches and 14 other customer
        centers and excludes 7 branches that remain closed due to hurricane
        damage.  Q3: Number of locations includes 329 branches and 13 other
        customer centers and excludes 7 branches that remain closed due to
        hurricane damage.  Q2: Number of locations includes 312 branches and
        13 other customer centers and excludes 16 branches that remain closed
        due to hurricane damage. Q1: Number of locations includes 303 branches
        and 14 other customer centers and excludes 18 branches that remain
        closed due to hurricane damage.
    (4) Q4 2005 includes the acquisition of Hibernia and Q4 2006 includes the
        acquisition of North Fork.



    CAPITAL ONE FINANCIAL CORPORATION
    Reconciliation to GAAP Financial Measures
    For the Three Months Ended December 31, 2006
    (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, servicing fees, finance
    charges, and other fees, net of charge-offs, and interest paid to
    investors of securitizations are recognized as servicing and
    securitizations income on the "reported" income statement.

    The Company's "managed" consolidated financial statements reflect
    adjustments made related to 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.  The Company's "managed" income statement
    takes the components of the servicing and securitizations income generated
    from the securitized portfolio and distributes the revenue and expense 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
                                   Total Reported   Adjustments(1)  Managed(2)
    Income Statement Measures
    Net interest income                 $1,401,156     $946,100    $2,347,256
    Non-interest income                 $1,667,183    $(461,129)   $1,206,054
    Total revenue                       $3,068,339     $484,971    $3,553,310
    Provision for loan losses             $513,157     $484,971      $998,128
    Net charge-offs                       $442,521     $484,971      $927,492
    Balance Sheet Measures
    Loans Held for Investment          $96,512,139  $49,639,129  $146,151,268
    Total assets                      $149,995,737  $48,905,780  $198,901,517
    Average loans Held for Investment  $74,737,753  $49,164,207  $123,901,960
    Average earning assets             $99,415,904  $47,264,449  $146,680,353
    Average total assets              $113,889,864  $48,506,384  $162,396,248
    Delinquencies                       $2,648,403   $1,765,642    $4,414,045

    (1) Income statement adjustments reclassify the net of finance charges of
        $1,422.4 million, past-due fees of $216.1 million, and interest
        expense of $692.4 million; and net charge-offs of $485.0 million from
        Non-interest income to Net interest income and Provision for loan
        losses, respectively.

    (2) The managed loan portfolio does not include auto loans which have been
        sold in whole loan sale transactions where the Company has retained
        servicing rights.



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

                                           As of         As of        As of
                                        December 31  September 30  December 31
                                            2006         2006         2005

    Assets:
    Cash and due from banks              $2,817,519   $1,461,132   $2,022,175
    Federal funds sold and resale
     agreements                           1,099,156    3,340,809    1,305,537
    Interest-bearing deposits at other
     banks                                  743,821      797,708      743,555
      Cash and cash equivalents           4,660,496    5,599,649    4,071,267
    Securities available for sale        15,688,770   13,960,709   14,350,249
    Mortgage loans held for sale         10,435,295      311,169      197,444
    Loans held for investment            96,512,139   63,612,169   59,847,681
      Less:  Allowance for loan losses   (2,180,000)  (1,840,000)  (1,790,000)
    Net loans                            94,332,139   61,772,169   58,057,681
    Accounts receivable from
     securitizations                      4,589,235    5,617,113    4,904,547
    Premises and equipment, net           2,203,280    1,532,006    1,191,406
    Interest receivable                     816,426      529,104      563,542
    Goodwill                             13,635,435    3,964,177    3,906,399
    Other                                 3,634,661    1,620,650    1,458,876
      Total assets                     $149,995,737  $94,906,746  $88,701,411


    Liabilities:
    Non-interest-bearing deposits       $11,648,070   $4,145,173   $4,841,171
    Interest-bearing deposits            74,122,822   43,467,977   43,092,096
    Senior and subordinated notes         9,725,470    8,701,794    6,743,979
    Other borrowings                     24,257,007   17,619,817   15,534,161
    Interest payable                        574,763      387,000      371,681
    Other                                 4,432,399    3,908,008    3,989,409
      Total liabilities                 124,760,531   78,229,769   74,572,497

    Stockholders' Equity:
    Common stock                              4,122        3,065        3,028
    Paid-in capital, net                 15,333,137    7,237,785    6,848,544
    Retained earnings and cumulative
     other comprehensive income          10,026,364    9,551,504    7,384,144
      Less:  Treasury stock, at cost       (128,417)    (115,377)    (106,802)
      Total stockholders' equity         25,235,206   16,676,977   14,128,914
      Total liabilities and
       stockholders' equity            $149,995,737  $94,906,746  $88,701,411



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


                                                   Three Months Ended
                                          December 31 September 30 December 31
                                              2006      2006 (1)     2005 (1)


    Interest Income:
    Loans held for investment, including
     past-due fees                         $2,002,111  $1,814,803  $1,408,545
    Securities available for sale             186,480     160,198     119,189
    Mortgage loans held for sale               55,896       6,354       8,799
    Other                                     108,932      83,716      97,565
       Total interest income                2,353,419   2,065,071   1,634,098

    Interest Expense:
    Deposits                                  552,385     442,571     344,063
    Senior and subordinated notes             136,282      96,300     103,836
    Other borrowings                          263,596     231,685     149,200
       Total interest expense                 952,263     770,556     597,099
    Net interest income                     1,401,156   1,294,515   1,036,999
    Provision for loan losses                 513,157     430,566     565,674
    Net interest income after provision
     for loan losses                          887,999     863,949     471,325

    Non-Interest Income:
    Servicing and securitizations             959,436   1,071,091   1,021,415
    Service charges and other customer-
     related fees                             462,086     459,125     376,223
    Mortgage banking operations                54,232      45,775     118,255
    Interchange                               147,571     150,474     133,234
    Other                                      43,858      34,920      16,387
       Total non-interest income            1,667,183   1,761,385   1,665,514

    Non-Interest Expense:
    Salaries and associate benefits           632,355     554,504     459,788
    Marketing                                 395,671     368,498     447,437
    Communications and data processing        188,481     183,020     154,936
    Supplies and equipment                    137,843     111,625      98,761
    Occupancy                                  66,425      49,710      54,554
    Other                                     565,413     459,272     473,710
       Total non-interest expense           1,986,188   1,726,629   1,689,186
    Income before income taxes                568,994     898,705     447,653
    Income taxes                              178,266     310,866     167,335
    Net income                               $390,728    $587,839    $280,318


    Basic earnings per share                    $1.16       $1.95       $1.01

    Diluted earnings per share                  $1.14       $1.89       $0.97

    Dividends paid per share                    $0.03       $0.03       $0.03


                                                         Year Ended
                                               December 31        December 31
                                                   2006              2005 (1)

    Interest Income:
    Loans held for investment, including
     past-due fees                              $7,046,473         $5,010,839
    Securities available for sale                  679,582            388,576
    Mortgage loans held for sale                    71,063              8,799
    Other                                          397,111            318,667
       Total interest income                     8,194,229          5,726,881

    Interest Expense:
    Deposits                                     1,814,797          1,173,137
    Senior and subordinated notes                  411,643            421,218
    Other borrowings                               868,159            452,284
       Total interest expense                    3,094,599          2,046,639
    Net interest income                          5,099,630          3,680,242
    Provision for loan losses                    1,476,438          1,491,072
    Net interest income after provision
     for loan losses                             3,623,192          2,189,170

    Non-Interest Income:
    Servicing and securitizations                4,209,637          3,945,183
    Service charges and other customer-
     related fees                                1,770,340          1,493,690
    Mortgage banking operations                    173,320            142,894
    Interchange                                    549,074            514,196
    Other                                          294,361            262,142
       Total non-interest income                 6,996,732          6,358,105

    Non-Interest Expense:
    Salaries and associate benefits              2,239,468          1,749,738
    Marketing                                    1,444,635          1,379,938
    Communications and data processing             713,439            580,992
    Supplies and equipment                         460,680            355,734
    Occupancy                                      218,265            152,090
    Other                                        1,890,706          1,499,781
       Total non-interest expense                6,967,193          5,718,273
    Income before income taxes                   3,652,731          2,829,002
    Income taxes                                 1,238,238          1,019,855
    Net income                                  $2,414,493         $1,809,147


    Basic earnings per share                         $7.80              $6.98

    Diluted earnings per share                       $7.62              $6.73

    Dividends paid per share                         $0.11              $0.11

    (1) Certain prior period amounts have been reclassified to conform to the
        current period presentation.



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

    Reported                                    Quarter Ended 12/31/06
                                             Average       Income/    Yield/
                                             Balance       Expense     Rate
    Earning assets:
     Mortgage loans held for sale           $3,480,664      $55,896    6.42%
     Loans held for investment              74,737,753    2,002,111   10.72%
     Securities available for sale          15,248,950      186,480    4.89%
     Other                                   5,948,537      108,932    7.32%
    Total earning assets                   $99,415,904   $2,353,419    9.47%

    Interest-bearing liabilities:
     Interest-bearing deposits
        NOW accounts                         2,094,623      $14,546    2.78%
        Money market deposit accounts       15,762,255      149,831    3.80%
        Savings accounts                     5,425,790       31,386    2.31%
        Other Consumer Time Deposits        16,656,731      190,489    4.57%
        Public Fund CD's of $100,000 or
         more                                1,281,768       16,636    5.19%
        CD's of $100,000 or more             8,682,658      101,535    4.68%
        Foreign time deposits                3,831,401       47,962    5.01%
     Total Interest-bearing deposits       $53,735,226     $552,385    4.11%
     Senior and subordinated notes           9,034,696      136,282    6.03%
     Other borrowings                       20,555,748      263,596    5.13%
    Total interest-bearing liabilities     $83,325,670     $952,263    4.57%


    Net interest spread                                                4.90%

    Interest income to average earning
     assets                                                            9.47%
    Interest expense to average earning
     assets                                                            3.83%
    Net interest margin                                                5.64%


    Reported                                    Quarter Ended 9/30/06 (1)
                                             Average       Income/    Yield/
                                             Balance       Expense     Rate
    Earning assets:
     Mortgage loans held for sale             $294,574       $6,354    8.63%
     Loans held for investment              62,428,789    1,814,803   11.63%
     Securities available for sale          14,587,307      160,198    4.39%
     Other                                   4,000,827       83,716    8.37%
    Total earning assets                   $81,311,497   $2,065,071   10.16%

    Interest-bearing liabilities:
     Interest-bearing deposits
        NOW accounts                          $619,460       $4,816    3.11%
        Money market deposit accounts       11,237,206      103,073    3.67%
        Savings accounts                     3,911,765       28,604    2.92%
        Other Consumer Time Deposits        14,325,784      153,881    4.30%
        Public Fund CD's of $100,000 or
         more                                1,022,465       13,046    5.10%
        CD's of $100,000 or more             8,302,487       95,229    4.59%
        Foreign time deposits                3,564,708       43,922    4.93%
     Total Interest-bearing deposits       $42,983,875     $442,571    4.12%
     Senior and subordinated notes           6,544,768       96,300    5.89%
     Other borrowings                       18,010,737      231,685    5.15%
    Total interest-bearing liabilities     $67,539,380     $770,556    4.56%

    Net interest spread                                                5.64%

    Interest income to average earning
     assets                                                           10.16%
    Interest expense to average earning
     assets                                                            3.79%
    Net interest margin                                                6.37%


    Reported                                    Quarter Ended 12/31/05 (1)
                                             Average       Income/    Yield/
                                             Balance       Expense     Rate
    Earning assets:
     Mortgage loans held for sale             $156,376       $8,799   22.51%
     Loans held for investment              48,700,689    1,408,545   11.57%
     Securities available for sale          11,683,013      119,189    4.08%
     Other                                   6,240,217       97,565    6.25%
    Total earning assets                   $66,780,295   $1,634,098    9.79%

    Interest-bearing liabilities:
     Interest-bearing deposits
        NOW accounts                          $253,473       $1,293    2.04%
        Money market deposit accounts        6,871,855       51,037    2.97%
        Savings accounts                     1,621,793        9,079    2.24%
        Other Consumer Time Deposits        12,973,630      135,914    4.19%
        Public Fund CD's of $100,000 or
         more                                  494,702        4,823    3.90%
        CD's of $100,000 or more             9,595,516      106,145    4.42%
        Foreign time deposits                2,926,965       35,772    4.89%
     Total Interest-bearing deposits       $34,737,934     $344,063    3.96%
     Senior and subordinated notes           6,707,285      103,836    6.19%
     Other borrowings                       13,703,303      149,200    4.36%
    Total interest-bearing liabilities     $55,148,522     $597,099    4.33%

    Net interest spread                                                5.46%

    Interest income to average earning
     assets                                                            9.79%
    Interest expense to average earning
     assets                                                            3.58%
    Net interest margin                                                6.21%

    (1) Prior quarter data has been updated to reclass for Mortgage Loans
    Held for Sale.



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

    Managed (1)                                  Quarter Ended 12/31/06
                                              Average       Income/    Yield/
                                              Balance       Expense     Rate
    Earning assets:
     Mortgage loans held for sale            $3,480,664      $55,896    6.42%
     Loans held for investment              123,901,960    3,640,588   11.75%
     Securities available for sale           15,248,950      186,480    4.89%
     Other                                    4,048,779       48,089    4.75%
    Total earning assets                   $146,680,353   $3,931,053   10.72%

    Interest-bearing liabilities:
     Interest-bearing deposits
        NOW accounts                         $2,094,623      $14,546    2.78%
        Money market deposit accounts        15,762,255      149,831    3.80%
        Savings accounts                      5,425,790       31,386    2.31%
        Other Consumer Time Deposits         16,656,731      190,489    4.57%
        Public Fund CD's of $100,000 or
         more                                 1,281,768       16,636    5.19%
        CD's of $100,000 or more              8,682,658      101,535    4.68%
        Foreign time deposits                 3,831,401       47,962    5.01%
     Total Interest-bearing deposits        $53,735,226     $552,385    4.11%
     Senior and subordinated notes            9,034,696      136,282    6.03%
     Other borrowings                        20,555,748      263,609    5.13%
     Securitization liability                48,603,831      631,521    5.20%
    Total interest-bearing liabilities     $131,929,501   $1,583,797    4.80%

    Net interest spread                                                 5.92%

    Interest income to average earning
     assets                                                            10.72%
    Interest expense to average earning
     assets                                                             4.32%
    Net interest margin                                                 6.40%


    Managed (1)                                  Quarter Ended 9/30/06 (2)
                                              Average       Income/    Yield/
                                              Balance       Expense     Rate
    Earning assets:
     Mortgage loans held for sale              $294,574       $6,354    8.63%
     Loans held for investment              110,512,266    3,401,130   12.31%
     Securities available for sale           14,587,307      160,198    4.39%
     Other                                    2,221,427       28,192    5.08%
    Total earning assets                   $127,615,574   $3,595,874   11.27%

    Interest-bearing liabilities:
     Interest-bearing deposits
        NOW accounts                           $619,460       $4,816    3.11%
        Money market deposit accounts        11,237,206      103,073    3.67%
        Savings accounts                      3,911,765       28,604    2.92%
        Other Consumer Time Deposits         14,325,784      153,881    4.30%
        Public Fund CD's of $100,000 or
         more                                 1,022,465       13,046    5.10%
        CD's of $100,000 or more              8,302,487       95,229    4.59%
        Foreign time deposits                 3,564,708       43,922    4.93%
     Total Interest-bearing deposits        $42,983,875     $442,571    4.12%
     Senior and subordinated notes            6,544,768       96,300    5.89%
     Other borrowings                        18,010,737      231,672    5.15%
     Securitization liability                47,648,021      607,510    5.10%
    Total interest-bearing liabilities     $115,187,401   $1,378,053    4.79%

    Net interest spread                                                 6.49%

    Interest income to average earning
     assets                                                            11.27%
    Interest expense to average earning
     assets                                                             4.32%
    Net interest margin                                                 6.95%


    Managed (1)                                  Quarter Ended 12/31/05 (2)
                                              Average       Income/    Yield/
                                              Balance       Expense     Rate
    Earning assets:
     Mortgage loans held for sale              $156,376       $8,799   22.51%
     Loans held for investment               94,241,240    3,001,361   12.74%
     Securities available for sale           11,683,013      119,189    4.08%
     Other                                    4,171,939       46,611    4.47%
    Total earning assets                   $110,252,568   $3,175,960   11.52%

    Interest-bearing liabilities:
     Interest-bearing deposits
        NOW accounts                           $253,473       $1,293    2.04%
        Money market deposit accounts         6,871,855       51,037    2.97%
        Savings accounts                      1,621,793        9,079    2.24%
        Other Consumer Time Deposits         12,973,630      135,914    4.19%
        Public Fund CD's of $100,000 or
         more                                   494,702        4,823    3.90%
        CD's of $100,000 or more              9,595,516      106,145    4.42%
        Foreign time deposits                 2,926,965       35,772    4.89%
     Total Interest-bearing deposits        $34,737,934     $344,063    3.96%
     Senior and subordinated notes            6,707,285      103,836    6.19%
     Other borrowings                        13,703,303      149,200    4.36%
     Securitization liability                45,085,090      503,665    4.47%
    Total interest-bearing liabilities     $100,233,612   $1,100,764    4.39%

    Net interest spread                                                 7.13%

    Interest income to average earning
     assets                                                            11.52%
    Interest expense to average earning
     assets                                                             3.99%
    Net interest margin                                                 7.53%


    (1)  The information in this table reflects the adjustment to add back
         the effect of securitized loans.
    (2)  Prior quarter data has been updated to reclass for Mortgage Loans
         Held for Sale.

SOURCE
Capital One Financial Corporation

CONTACT:
Investor Relations: Mike Rowen, +1-703-720-2455, or Media Relations: Tatiana Stead, +1-703-720-2352, or Julie Rakes +1-804-284-5800, all of Capital One Financial Corporation

Web site: http://www.capitalone.com