第一资本信贷Capital One Financial Corporation (COF) 2009年年度报告「NYSE」.pdf

1、2009 Annual Report2009 Annual ReportChairmans Letter To Shareholders And Friends2009 was a defining year for Capital One.We faced the most challenging economy in our companys history,with unemployment climbing above 10%and home prices collapsing.The government intervened in the financial system on a

2、 scale not seen since the Great Depression.In addition,the most sweeping changes ever to the credit card industry were adopted with the signing of the CARD Act.The business models of all banks were severely tested by the recession,but this experience validated the bold strategic choices we have made

3、 over many years.We have weathered the storm well and are emerging as one of the nations strong banks.We Delivered Solid Results Powered By A Strong Balance Sheet And Rigorous UnderwritingCapital One delivered solid results in 2009.Operating earnings were$987 million,or$0.99 per share,with GAAP earn

4、ings for the full year of$884 million,or$0.74 per share,even after a$1.31 TARP dividend and repayment expense.Total shareholder return was 23.9%,in the top quartile for the year relative to our peers.We were one of a select group of peer banks to deliver positive operating earnings during each year

5、of the downturn.We have a deep heritage of disciplined balance sheet management,and our balance sheet strength was on display throughout the year.We passed the governments“stress test”in May,one of only four lending banks to do so.We maintained healthy capital ratios both before and after we redeeme

6、d the governments TARP preferred shares.We were one of the first banks to repay TARP and,unlike most other large banks,we never relied on any government funding program.We raised over$5 billion in private capital,including$1.5 billion in common equity and an additional$2 billion of Tier 1 capital,1b