Richard Fairbank Exceptional opportunity has run its course, now just a good opportunity “we believe the opportunity to grow continues in the card business. What I would say is the exceptional opportunity has mostly run its course and now there’s … Continued
Richard D. Fairbank – Capital One Financial Corp. Domestic card charge off rate higher than expected “Based on portfolio dynamics and industry conditions we observed in the first quarter, we now expect that the full-year Domestic Card charge-off rate will … Continued
Capital One Financial Corporations’ (COF) CEO Richard Fairbank on Q4 2016 Results The credit window is open but it wont be open forever “I think that it will contribute to a – I think this window is still open but … Continued
Capital One Financial (COF) Q3 2016 Results Industry growth has picked up, especially in subprime “It’s a striking thing. We’ve talked a lot about industry growth, and we talk often about industry growth has gone from very low single-digits or … Continued
Capital One Financial Corporations’ (COF) CEO Richard Fairbank on Q2 2016 Results Purchase volume up 14%, loans up 13% “Growth of loans and purchase volume remained strong, although growth decelerated modestly. Compared to the second quarter of last year, our … Continued
Richard Fairbank Rewards competition has intensified a bit but it’s always intense “So, you ask the question about rewards competition. This is a very competitive space, I think the competition has intensified a bit over the past years, over the … Continued
Richard Fairbank Expect allowance build driven by loan growth “Loan growth coupled with our expectations for rising charge-off rates drove an allowance build in the quarter. And we expect allowance additions going forward, primarily driven by growth” We’ve been flagging … Continued
Capital One Financial (COF) Presents at Goldman Sachs US Financial Services Brokers Conference Rich Fairbank — CEO We have a fairly health consumer right now. Been very responsible “I think we have a fairly healthy consumer right now. The context … Continued
Third quarter has always been seasonal low point “The third quarter has always been our seasonal low point. As a reminder, all else equal, seasonality results in increasing charge-off rate in the fourth quarter, rising the peak charge-off rate in … Continued
Seeing aggressive pricing in sub prime auto lending “In our auto business used vehicle values have softened, although they remain near historically high levels. A decline in used car prices would put pressure on our results. We’ve discussed increased competition … Continued