Capital One closes Discover acquisition; posts Discover FY2024 net income $4.54B

CAPITAL ONE FINANCIAL CORP

Discover FY2024 net income $4.535B (up 62% from $2.796B in 2023); total assets $147.6B.
Provision for credit losses fell to $4.91B from $6.02B; net interest income $14.3B, up 9%.
Pro forma unaudited combined financials filed for Q1 2025 and FY2024 as if deal closed Jan 1, 2024.
Audited Discover financials show $1.2B liability for merchant card misclassification restitution.

item 9.01

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