第一资本信贷Capital One Financial Corporation (COF) 2005年年度报告「NYSE」.pdf

1、branching out2005 annual report2005 was a transformational year for Capital One.Two years ago,we announced our intention to buy a bank.InNovember of 2005,we made banking a reality at Capital One with the acquisition of Hibernia.Our diversificationstrategy continued to drive strong results.We deliver

2、ed our 11th straight year of record earnings with diluted earningsper share of$6.73.Asset growth was strong,with managed loans increasing 32%to$106 billion in 2005,includingHibernia.Our balance sheet remained solid and diversified with$47.9 billion of total deposits,exceptional liquidity,and more th

3、an half of our managed loans now in businesses beyond U.S.credit cards.We also continued to see stellarcredit performance with managed charge-offs of 4.25%.Were Delivering On Our StrategyAt Capital One,we believe that the essence of strategy is figuring out where the world is going and then working

4、backwardsfrom that vision to position our company to win.Heres where we believe the world of consumer banking is going.Consumer lending businesses,like credit cards and home equity,used to be dominated by the local branch on thecorner.However,the ability to win in these markets is increasingly depen

5、dent on having national marketing capabilities,a national customer base,a national brand,and the efficiencies that go along with national scale.Consumer lendingbusinesses are consolidating nationally at a rapid pace.A handful of big players ultimately will emerge as winners asthese businesses contin

6、ue to consolidate one product at a time.Certain banking businesses,like deposits and parts of small business,remain steadfastly local in nature.Success in thesebusinesses is not driven by national scale.Instead,banks with a sizeable share in their local markets tend to disproportionatelywin in those