第一资本金融 2024年度报告

Annual Report business. So we built an information-basedtechnology company that does banking, competingagainst banks that use technology and data, but it isnot who they are. We were an original fintech beforethere was such a word. While we have grown to beone of the largest banks in the United States, we stillfeel the entrepreneurial sense of possibility thatdrove our quest to change how banking works. Shareholders and Friends, 2024 was an outstanding and momentous year atCapital One. We delivered strong financial resultswhile continuing to coil the spring of investment infuture opportunities. We continued to innovate onthe shoulders of our technology transformation.And most importantly, we announced our intent toacquire Discover, a global payments network andhighly regarded credit card player. All along the way in this unlikely journey we set our sightson the seismic changes that were coming in themarketplace. We worked backwards from wherewinning is, even though it meant periodicallytransforming our company. We declared bolddestinations, and somehow we found a way to get there. While many banks in the United States are centuriesold, our Capital One journey began just three and ahalf decades ago. We looked at the banking businessand realized it is really the technology and information a journey that is now in its thirteenth year. It is ajourney that is without precedent in our industry,and is a unique story in corporate America. It hasenabled us to be on the forefront of the AI revolutionthat is sweeping the world. This bold strategic approach began with thefounding idea of the company, to build a credit cardcompany powered by data, analytics, scientifictesting, and statistical modeling to bring the rightproduct at the right price to the right customerat the right time. We called it mass customization.After years of work to bring this vision to life, wewere able to de-average the one-size-fits-allmarketplace, bring better deals to consumers,and democratize access to credit cards. Each of these choices was a lonely one at the time.They were head-scratchers for many investors andindustry players. But these and other bold choicespowered the long, sustained growth of Capital Oneover our entire journey. And they helped us deliverstrong financial results and shareholder returnsalong the way. These collective choices are why weare here today. And they were profoundly importantin setting the stage for our blockbuster Discoverannouncement in February. We grew rapidly, fueled by almost unlimited accessto funding from the capital markets. But we werehaunted by the prospect of capital markets disruptionsomeday, so we declared an unprecedented reinvention.We transformed our balance sheet from capitalmarkets funding to insured deposits, an arduousjourney years in the making. Our timing was fortuitous,and it put us in a strong position to thrive in thesubsequent capital markets and banking crises. Capital One and Discover WillBe a Powerful Combination Capital One was built to drive organic growth. But alsowe have been opportunistic in pursuing acquisitionsof companies that are growth platforms and thatposition us for long-term success. In February 2024,we announced an agreement to acquire DiscoverFinancial Services, which requires customary regulatoryapprovals before the transaction can close. Along the way we made the choice to buildsomething unique in the industry: a full-servicenational digital bank with a thin physical presenceof branches and showroom Cafés. The streamlinedeconomics enable us to offer a show-stoppingchecking product with no fees, no minimums, andno overdraft fees. We are now enjoying industry-leading growth of primary banking relationships. For years, we admired Discover and their success inbuilding a strong and profitable franchise. They builta culture that inspires their associates to do greatthings. They have a reverence for the customer andhave cultivated a franchise of extraordinary advocates.And despite preemptive scale disadvantages, theyalso built a global payments network that is a rareand valuable asset. Along the way they deliveredstrong financial results through a range of economiccycles. Discover’s journey has been remarkable. We also made a bold move to expand our creditcard business into the most strategically rarefiedenvironment. After two decades of success servingthe mass market, fifteen years ago we made thebold choice to go after the top of the credit cardmarket, targeting heavy spenders. We patientlybuilt out a vast array of capabilities, includingexceptional rewards, iconic customer experiences,exclusive access to unique events, and a premiumbrand credibility. We have enjoyed increasingtraction and share at the top of the market, andyear after year the fastest-growing part of ourcredit card business is our heavy spenders. After decades of admiring Discover from afar, wewere excited that our journeys brought us together.Discover and Capital One were founded within