Capital One Financial : Q4 2024 Financial Supplemental

		Exhibit 99.2
	Capital One Financial Corporation
	Financial Supplement(1)(2)
	Fourth Quarter 2024
	Table of Contents
Capital One Financial Corporation Consolidated Results	Page
Table 1:	Financial Summary-Consolidated	1
Table 2:	Selected Metrics-Consolidated	3
Table 3:	Consolidated Statements of Income	4
Table 4:	Consolidated Balance Sheets	6
Table 5:	Notes to Financial Summary, Selected Metrics and Consolidated Financial Statements (Tables 1-4)	8
Table 6:	Average Balances, Net Interest Income and Net Interest Margin	9
Table 7:	Loan Information and Performance Statistics	10
Table 8:	Allowance for Credit Losses and Reserve for Unfunded Lending Commitments Activity	12
Business Segment Results
Table 9:	Financial Summary-Business Segment Results	13
Table 10: Financial & Statistical Summary-Credit Card Business	14
Table 11: Financial & Statistical Summary-Consumer Banking Business	16
Table 12: Financial & Statistical Summary-Commercial Banking Business	17
Table 13: Financial & Statistical Summary-Other and Total	18
Other
Table 14:	Notes to Net Interest Margin, Loan, Allowance and Business Segment Disclosures (Tables 6-13)	19
Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures	20
__________

1. The information contained in this Financial Supplement is preliminary and based on data available at the time of the earnings presentation. Investors should refer to our Annual Report on Form 10-K for the period ended December 31, 2024 once it is filed with the Securities and Exchange Commission.
2. This Financial Supplement includes non-GAAP measures. We believe these non-GAAP measures are useful to investors and users of our financial information as they provide an alternate measurement of our performance and assist in assessing our capital adequacy and the level of return generated. These non-GAAP measures should not be viewed as a substitute for reported results determined in accordance with generally accepted accounting principles in the U.S. ("GAAP"), nor are they necessarily comparable to non-GAAP measures that may be presented by other companies. See "Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures" for a reconciliation of any non-GAAP financial measures.

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 1: Financial Summary-Consolidated

																	2024 Q4				Year Ended December 31,
			2024			2024			2024			2024			2023		2024			2023								2024 vs.
(Dollars in millions, except per share data and as noted)			Q4			Q3			Q2			Q1			Q4	Q3	Q4			2024			2023	2023
Income Statement
Net interest income	$	8,098	$	8,076	$	7,546	$	7,488	$	7,519		-	8 %	$	31,208	$	29,241	7 %
Non-interest income			2,092			1,938			1,960			1,914			1,987		8 %			5			7,904			7,546	5
Total net revenue(1)			10,190			10,014			9,506			9,402			9,506		2			7			39,112			36,787	6
Provision for credit losses			2,642			2,482			3,909			2,683			2,857		6			(8)			11,716			10,426	12
Non-interest expense:
Marketing			1,375			1,113			1,064			1,010			1,254		24			10			4,562			4,009	14
Operating expense			4,714			4,201			3,882			4,127			4,463		12			6			16,924			16,307	4
Total non-interest expense			6,089			5,314			4,946			5,137			5,717		15			7			21,486			20,316	6
Income from continuing operations before income taxes			1,459			2,218			651			1,582			932		(34)			57			5,910			6,045	(2)
Income tax provision			366			441			54			302			226		(17)			62			1,163			1,158		-
Income from continuing operations, net of tax			1,093			1,777			597			1,280			706		(38)			55			4,747			4,887	(3)
Income from discontinued operations, net of tax			3			-			-			-			-	**			**			3			-	**
Net income			1,096			1,777			597			1,280			706		(38)			55			4,750			4,887	(3)
Dividends and undistributed earnings allocated to participating			(17)			(28)			(9)			(23)			(10)		(39)			70			(77)			(77)		-
securities(2)
Preferred stock dividends			(57)			(57)			(57)			(57)			(57)		-	-			(228)			(228)		-
Net income available to common stockholders	$	1,022	$	1,692	$	531	$	1,200	$	639		(40)			60	$	4,445	$	4,582	(3)
Common Share Statistics
Basic earnings per common share:(2)
Net income from continuing operations	$	2.66	$	4.42	$	1.39	$	3.14	$	1.67		(40)%			59 %	$	11.60	$	11.98	(3)%
Income from discontinued operations			0.01			-			-			-			-		**			**			0.01			-	**
Net income per basic common share	$	2.67	$	4.42	$	1.39	$	3.14	$	1.67		(40)			60	$	11.61	$	11.98	(3)
Diluted earnings per common share:(2)
$	2.66																		$	11.58
Net income from continuing operations	$	4.41	$	1.38	$	3.13	$	1.67		(40)%			59 %	$	11.95	(3)%
Income from discontinued operations			0.01			-			-			-			-		**			**			0.01			-	**
Net income per diluted common share	$	2.67	$	4.41	$	1.38	$	3.13	$	1.67		(39)			60	$	11.59	$	11.95	(3)
Weighted-average common shares outstanding (in millions):
		382.4																				382.7
Basic					383.0			383.1			382.2			381.9		-	-					382.4		-
Diluted			383.4			383.7			383.9			383.4			382.8		-	-			383.6			383.4		-
Common shares outstanding (period-end, in millions)			381.2			381.5			381.9			382.1			380.4		-	-			381.2			380.4		-
Dividends declared and paid per common share	$	0.60	$	0.60	$	0.60	$	0.60	$	0.60		-	-	$	2.40	$	2.40		-
Tangible book value per common share (period-end)(3)			106.97			112.36			99.28			98.67			99.78		(5)%			7 %			106.97			99.78	7 %

.

1

																	2024 Q4				Year Ended December 31,
			2024			2024			2024			2024			2023		2024			2023								2024 vs.
(Dollars in millions)			Q4			Q3			Q2			Q1			Q4	Q3	Q4			2024			2023	2023
Balance Sheet (Period-End)
Loans held for investment	$	327,775	$	320,243	$	318,186	$	315,154	$	320,472		2 %			2 %	$	327,775	$	320,472	2 %
Interest-earning assets			463,058			458,189			452,547			453,557			449,701		1			3			463,058			449,701	3
Total assets			490,144			486,433			480,018			481,720			478,464		1			2			490,144			478,464	2
Interest-bearing deposits			336,585			327,253			324,437			323,352			320,389		3			5			336,585			320,389	5
Total deposits			362,707			353,631			351,442			350,969			348,413		3			4			362,707			348,413	4
Borrowings			45,551			49,336			47,956			50,361			49,856		(8)			(9)			45,551			49,856	(9)
Common equity			55,938			58,080			53,135			52,955			53,244		(4)			5			55,938			53,244	5
Total stockholders' equity			60,784			62,925			57,981			57,801			58,089		(3)			5			60,784			58,089	5
Balance Sheet (Average Balances)
Loans held for investment	$	321,871	$	318,255	$	314,888	$	314,614	$	315,890		1 %			2 %	$	317,421	$	311,541	2 %
Interest-earning assets			460,640			454,484			450,908			447,803			446,929		1			3			453,481			441,238	3
Total assets			488,300			481,219			477,285			474,995			472,594		1			3			480,451			467,807	3
Interest-bearing deposits			331,564			324,509			322,581			318,450			316,808		2			5			324,297			313,737	3
Total deposits			358,323			351,125			349,488			345,657			345,328		2			4			351,168			343,554	2
Borrowings			46,293			48,274			48,842			50,474			51,070		(4)			(9)			48,465			49,332	(2)
Common equity			56,918			56,443			53,262			53,152			50,786		1			12			54,953			50,349	9
Total stockholders' equity			61,764			61,289			58,107			57,998			55,632		1			11			59,799			55,195	8

2

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 2: Selected Metrics-Consolidated

																	2024 Q4				Year Ended December 31,
			2024			2024			2024			2024			2023		2024			2023								2024 vs.
(Dollars in millions, except as noted)			Q4			Q3			Q2			Q1			Q4	Q3	Q4			2024			2023	2023
Performance Metrics
Net interest income growth (period over period)			-			7 %			1 %			-			1 %		**			**			7 %			8 %	**
Non-interest income growth (period over period)			8 %			(1)			2			(4)%			2		**			**			5			6	**
Total net revenue growth (period over period)			2			5			1			(1)			1		**			**			6			7	**
Total net revenue margin(4)			8.85			8.81			8.43			8.40			8.51		4 bps	34 bps			8.62			8.34		28 bps
Net interest margin(5)			7.03			7.11			6.70			6.69			6.73		(8)			30			6.88			6.63	25
Return on average assets			0.90			1.48			0.50			1.08			0.60		(58)			30			0.99			1.04	(5)
Return on average tangible assets(6)			0.92			1.53			0.52			1.11			0.62		(61)			30			1.02			1.08	(6)
Return on average common equity(7)			7.16			11.99			3.99			9.03			5.03		(483)			213			8.08			9.10	(102)
Return on average tangible common equity(8)			9.77			16.42			5.59			12.67			7.20		(665)			257			11.18			13.04	(186)
Efficiency ratio(9)			59.75			53.07			52.03			54.64			60.14		668			(39)			54.93			55.23	(30)
Operating efficiency ratio(10)			46.26			41.95			40.84			43.89			46.95		431			(69)			43.27			44.33	(106)
Effective income tax rate for continuing operations			25.1			19.9			8.3			19.1			24.2		520			90			19.7			19.2	50
Employees (period-end, in thousands)			52.6			52.5			52.1			51.3			52.0		-	1%			52.6			52.0	1%
Credit Quality Metrics
Allowance for credit losses	$	16,258	$	16,534	$	16,649	$	15,380	$	15,296		(2)%			6%	$	16,258	$	15,296	6%
Allowance coverage ratio			4.96%			5.16%			5.23%			4.88%			4.77%		(20)bps	19 bps			4.96%			4.77%		19 bps
Net charge-offs	$	2,884	$	2,604	$	2,644	$	2,616	$	2,533		11%			14%	$	10,748	$	8,414	28%
Net charge-off rate(11)			3.59%			3.27%			3.36%			3.33%			3.21%		32 bps	38 bps			3.39%			2.70%		69 bps
30+ day performing delinquency rate			3.69			3.58			3.36			3.40			3.71		11			(2)			3.69			3.71	(2)
30+ day delinquency rate			3.98			3.89			3.63			3.67			3.99		9			(1)			3.98			3.99	(1)
Capital Ratios(12)
Common equity Tier 1 capital			13.5%			13.6%			13.2%			13.1%			12.9%		(10)bps	60 bps			13.5%			12.9%		60 bps
Tier 1 capital			14.8			14.9			14.5			14.4			14.2		(10)			60			14.8			14.2	60
Total capital			16.4			16.6			16.3			16.2			16.0		(20)			40			16.4			16.0	40
Tier 1 leverage			11.6			11.6			11.3			11.3			11.2		-	40			11.6			11.2	40
Tangible common equity ("TCE")(13)			8.6			9.1			8.2			8.1			8.2		(51)			39			8.6			8.2	39

3

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 3: Consolidated Statements of Income

																	2024 Q4				Year Ended December 31,
			2024			2024			2024			2024			2023		2024			2023								2024 vs.
(Dollars in millions, except as noted)			Q4			Q3			Q2			Q1			Q4	Q3	Q4			2024			2023	2023
Interest income:
Loans, including loans held for sale	$	10,434	$	10,547	$	9,993	$	9,920	$	9,934		(1)%			5 %	$	40,894	$	37,410	9 %
Investment securities			753			733			700			687			669		3			13			2,873			2,550	13
Other			530			580			587			570			542		(9)			(2)			2,267			1,978	15
Total interest income			11,717			11,860			11,280			11,177			11,145		(1)			5			46,034			41,938	10
Interest expense:
Deposits			2,862			2,945			2,874			2,812			2,745		(3)			4			11,493			9,489	21
Securitized debt obligations			205			234			258			261			263		(12)			(22)			958			959		-
Senior and subordinated notes			540			596			591			606			608		(9)			(11)			2,333			2,204	6
Other borrowings			12			9			11			10			10		33			20			42			45	(7)
Total interest expense			3,619			3,784			3,734			3,689			3,626		(4)			-			14,826			12,697	17
Net interest income			8,098			8,076			7,546			7,488			7,519		-	8			31,208			29,241	7
Provision for credit losses			2,642			2,482			3,909			2,683			2,857		6			(8)			11,716			10,426	12
Net interest income after provision for credit losses			5,456			5,594			3,637			4,805			4,662		(2)			17			19,492			18,815	4
Non-interest income:
Interchange fees, net			1,260			1,228			1,249			1,145			1,207		3			4			4,882			4,793	2
Service charges and other customer-related fees			554			501			459			462			424		11			31			1,976			1,667	19
Net securities gains (losses)			-			(35)			-			-			(34)		**			**			(35)			(34)	3
Other			278			244			252			307			390		14			(29)			1,081			1,120	(3)
Total non-interest income			2,092			1,938			1,960			1,914			1,987		8			5			7,904			7,546	5
Non-interest expense:
Salaries and associate benefits			2,329			2,391			2,200			2,478			2,284		(3)			2			9,398			9,302	1
Occupancy and equipment			674			587			551			554			628		15			7			2,366			2,160	10
Marketing			1,375			1,113			1,064			1,010			1,254		24			10			4,562			4,009	14
Professional services			630			402			316			262			359		57			75			1,610			1,268	27
Communications and data processing			398			358			355			351			345		11			15			1,462			1,383	6
Amortization of intangibles			19			20			19			19			22		(5)			(14)			77			82	(6)
Other			664			443			441			463			825		50			(20)			2,011			2,112	(5)
Total non-interest expense			6,089			5,314			4,946			5,137			5,717		15			7			21,486			20,316	6
Income from continuing operations before income taxes			1,459			2,218			651			1,582			932		(34)			57			5,910			6,045	(2)
Income tax provision			366			441			54			302			226		(17)			62			1,163			1,158		-
Income from continuing operations, net of tax			1,093			1,777			597			1,280			706		(38)			55			4,747			4,887	(3)
Income from discontinued operations, net of tax			3			-			-			-			-	**			**			3			-	**
Net income			1,096			1,777			597			1,280			706		(38)			55			4,750			4,887	(3)
Dividends and undistributed earnings allocated to participating			(17)			(28)			(9)			(23)			(10)		(39)			70			(77)			(77)		-
securities(2)
Preferred stock dividends			(57)			(57)			(57)			(57)			(57)		-	-			(228)			(228)		-
Net income available to common stockholders	$	1,022	$	1,692	$	531	$	1,200	$	639		(40)			60	$	4,445	$	4,582	(3)

4

																	2024 Q4				Year Ended December 31,
			2024			2024			2024			2024			2023		2024			2023								2024 vs.
			Q4			Q3			Q2			Q1			Q4	Q3	Q4			2024			2023	2023
Basic earnings per common share:(2)
Net income from continuing operations	$	2.66	$	4.42	$	1.39	$	3.14	$	1.67		(40)%			59 %	$	11.60	$	11.98	(3)%
Income from discontinued operations			0.01			-			-			-			-		**			**			0.01			-	**
Net income per basic common share	$	2.67	$	4.42	$	1.39	$	3.14	$	1.67		(40)			60	$	11.61	$	11.98	(3)
Diluted earnings per common share:(2)
$	2.66																		$	11.58
Net income from continuing operations	$	4.41	$	1.38	$	3.13	$	1.67		(40)%			59 %			11.95	(3)%
Income from discontinued operations			0.01			-			-			-			-		**			**			0.01			-	**
Net income per diluted common share	$	2.67	$	4.41	$	1.38	$	3.13	$	1.67		(39)			60	$	11.59	$	11.95	(3)
Weighted-average common shares outstanding (in millions):
		382.4																				382.7			382.4
Basic common shares					383.0			383.1			382.2			381.9		-	-						-
Diluted common shares			383.4			383.7			383.9			383.4			382.8		-	-			383.6			383.4		-

5

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 4: Consolidated Balance Sheets

																	2024 Q4
			2024			2024			2024			2024			2023		2024	2023
(Dollars in millions)			Q4			Q3			Q2			Q1			Q4	Q3		Q4
Assets:
Cash and cash equivalents:
Cash and due from banks	$	3,028	$	3,976	$	5,298	$	4,671	$	4,903		(24)%	(38)%
Interest-bearing deposits and other short-term investments			40,202			45,322			40,116			46,357			38,394		(11)	5
Total cash and cash equivalents			43,230			49,298			45,414			51,028			43,297		(12)		-
Restricted cash for securitization investors			441			421			2,415			474			458		5	(4)
Securities available for sale			83,013			83,500			79,250			78,398			79,117		(1)	5
Loans held for investment:
Unsecuritized loans held for investment			298,241			292,061			289,124			285,577			289,229		2	3
Loans held in consolidated trusts			29,534			28,182			29,062			29,577			31,243		5	(5)
Total loans held for investment			327,775			320,243			318,186			315,154			320,472		2	2
Allowance for credit losses			(16,258)			(16,534)			(16,649)			(15,380)			(15,296)		(2)	6
Net loans held for investment			311,517			303,709			301,537			299,774			305,176		3	2
Loans held for sale			202			96			808			1,631			854		110	(76)
Premises and equipment, net			4,511			4,440			4,396			4,366			4,375		2	3
Interest receivable			2,532			2,577			2,494			2,514			2,478		(2)	2
Goodwill			15,059			15,083			15,062			15,062			15,065		-		-
Other assets			29,639			27,309			28,642			28,473			27,644		9	7
Total assets	$	490,144	$	486,433	$	480,018	$	481,720	$	478,464		1	2

6

																	2024 Q4
			2024			2024			2024			2024			2023		2024	2023
(Dollars in millions)			Q4			Q3			Q2			Q1			Q4	Q3		Q4
Liabilities:
Interest payable	$	666	$	705	$	668	$	762	$	649		(6)%	3 %
Deposits:
Non-interest-bearing deposits			26,122			26,378			27,005			27,617			28,024		(1)	(7)
Interest-bearing deposits			336,585			327,253			324,437			323,352			320,389		3	5
Total deposits			362,707			353,631			351,442			350,969			348,413		3	4
Securitized debt obligations			14,264			15,881			17,291			17,661			18,043		(10)	(21)
Other debt:
Federal funds purchased and securities loaned or sold under agreements to repurchase			562			520			715			568			538		8	4
Senior and subordinated notes			30,696			32,911			29,925			32,108			31,248		(7)	(2)
Other borrowings			29			24			25			24			27		21	7
Total other debt			31,287			33,455			30,665			32,700			31,813		(6)	(2)
Other liabilities			20,436			19,836			21,971			21,827			21,457		3	(5)
Total liabilities			429,360			423,508			422,037			423,919			420,375		1	2
Stockholders' equity:
Preferred stock			0			0			0			0			0		-		-
Common stock			7			7			7			7			7		-		-
Additional paid-in capital, net			36,428			36,216			36,012			35,808			35,541		1	2
Retained earnings			64,505			63,698			62,211			61,905			60,945		1	6
Accumulated other comprehensive loss			(9,286)			(6,287)			(9,701)			(9,534)			(8,268)		48	12
Treasury stock, at cost			(30,870)			(30,709)			(30,548)			(30,385)			(30,136)		1	2
Total stockholders' equity			60,784			62,925			57,981			57,801			58,089		(3)	5
Total liabilities and stockholders' equity	$	490,144	$	486,433	$	480,018	$	481,720	$	478,464		1	2

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CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 5: Notes to Financial Summary, Selected Metrics and Consolidated Financial Statements (Tables 1-4)

1. Total net revenue was reduced by $706 million in Q4 2024, $624 million in Q3 2024, $649 million in Q2 2024, $630 million in Q1 2024 and $566 million in Q4 2023 for credit card finance charges and fees charged-off as uncollectible.
2. Dividends and undistributed earnings allocated to participating securities and earnings per share are computed independently for each period. Accordingly, the sum of each quarterly amount may not agree to the year-to-date total. We also provide adjusted diluted earnings per share, which is a non-GAAP measure. See "Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures" for additional information on our non-GAAP measures.
3. Tangible book value per common share is a non-GAAP measure calculated based on TCE divided by common shares outstanding. See "Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures" for additional information on non-GAAP measures.
4. Total net revenue margin is calculated based on annualized total net revenue for the period divided by average interest-earning assets for the period.
5. Net interest margin is calculated based on annualized net interest income for the period divided by average interest-earning assets for the period.
6. Return on average tangible assets is a non-GAAP measure calculated based on annualized income (loss) from continuing operations, net of tax, for the period divided by average tangible assets for the period. See "Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures" for additional information on non-GAAP measures.
7. Return on average common equity is calculated based on annualized net income (loss) available to common stockholders less income (loss) from discontinued operations, net of tax, for the period, divided by average common equity. Our calculation of return on average common equity may not be comparable to similarly-titled measures reported by other companies.
8. Return on average tangible common equity is a non-GAAP measure calculated based annualized on net income (loss) available to common stockholders less income (loss) from discontinued operations, net of tax, for the period, divided by average TCE. See "Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures" for additional information on non-GAAP measures.
9. Efficiency ratio is calculated based on total non-interest expense for the period divided by total net revenue for the period. We also provide an adjusted efficiency ratio, which is a non-GAAP measure. See "Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures" for additional information on our non-GAAP measures.
10. Operating efficiency ratio is calculated based on operating expense for the period divided by total net revenue for the period. We also provide an adjusted operating efficiency ratio, which is a non-GAAP measure. See "Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures" for additional information on our non-GAAP measures.
11. Net charge-off rate is calculated based on annualized net charge-offs for the period divided by average loans held for investment for the period.
12. Capital ratios as of the end of Q4 2024 are preliminary and therefore subject to change. See "Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures" for information on the calculation of each of these ratios.
13. TCE ratio is a non-GAAP measure calculated based on TCE divided by tangible assets. See "Table 15: Calculation of Regulatory Capital Measures and Reconciliation of Non-GAAP Measures" for additional information on non-GAAP measures.

• Not meaningful.

8

CAPITAL ONE FINANCIAL CORPORATION (COF)

Table 6: Average Balances, Net Interest Income and Net Interest Margin

						2024 Q4								2024 Q3								2023 Q4
			Average			Interest		Yield/			Average			Interest		Yield/			Average		Interest		Yield/
(Dollars in millions, except as noted)				Income/						Income/					Income/
	Balance			Expense		Rate(1)			Balance			Expense		Rate(1)			Balance		Expense		Rate(1)
Interest-earning assets:
Loans, including loans held for sale	$	322,231	$	10,434	12.95%	$	318,715	$	10,547	13.24%	$	316,670		$	9,934	12.55%
Investment securities		92,248			753	3.26			90,644			733	3.24			88,650			669	3.02
Cash equivalents and other		46,161			530	4.59			45,125			580	5.14			41,609			542	5.21
Total interest-earning assets	$	460,640		$	11,717	10.17		$	454,484		$	11,860	10.44		$	446,929		$	11,145	9.97
Interest-bearing liabilities:	$	331,564	$	2,862	3.45
Interest-bearing deposits	$	324,509	$	2,945	3.63	$	316,808		$	2,745	3.47
Securitized debt obligations		14,931			205	5.47			15,833			234	5.93			18,022			263	5.84
Senior and subordinated notes		30,888			540	7.00			32,041			596	7.43			32,586			608	7.46
Other borrowings and liabilities(2)		2,434			12	1.85			2,389			9	1.50			2,349			10	1.74
Total interest-bearing liabilities	$	379,817		$	3,619		3.81		$	374,772		$	3,784		4.04		$	369,765		$	3,626		3.92
Net interest income/spread			$	8,098	6.36				$	8,076	6.40					$	7,519	6.05
Impact of non-interest-bearing funding							0.67								0.71								0.68
Net interest margin(3)							7.03%								7.11%								6.73%
															Year Ended December 31,
														2024								2023
											Average			Interest		Yield/			Average		Interest		Yield/
(Dollars in millions, except as noted)												Income/					Income/
									Balance			Expense		Rate(1)			Balance		Expense		Rate(1)
Interest-earning assets:
Loans, including loans held for sale								$	318,096	$	40,894	12.86%	$	312,173		$	37,410	11.98%
Investment securities										90,250			2,873	3.18			89,105			2,550	2.86
Cash equivalents and other										45,135			2,267	5.02			39,960			1,978	4.95
Total interest-earning assets								$	453,481	$	46,034	10.15	$	441,238		$	41,938	9.50
Interest-bearing liabilities:
Interest-bearing deposits								$	324,297	$	11,493	3.54	$	313,737		$	9,489	3.02
Securitized debt obligations										16,507			958	5.80			17,675			959	5.42
Senior and subordinated notes										31,529			2,333	7.40			31,109			2,204	7.08
Other borrowings and liabilities(2)										2,424			42	1.71			2,394			45	1.89
Total interest-bearing liabilities									$	374,757		$	14,826		3.96		$	364,915		$	12,697		3.48
Net interest income/spread											$	31,208	6.20					$	29,241	6.03
Impact of non-interest-bearing funding															0.68								0.60
Net interest margin														6.88%							6.63%

9