Capital One Financial Corp. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, the company reported net income available to common shareholders of $825 million, or $1.41 per diluted common share, compared to $381 million, or $0.88 per diluted common share, for the same period last year. Total interest income was $5,115 million compared to $3,701 million for the same period last year. Net interest income was $4,528 million compared to $3,182 million for the same period last year. Net interest income after provision for credit losses was $3,377 million compared to $2,321 million for the same period last year. Income from continuing operations before income taxes was $1,218 million compared to $571 million for the same period last year. Income from continuing operations, net of tax was $848 million or $1.42 per diluted common share compared to $411 million or $0.89 per diluted common share for the same period last year. Net income was $843 million compared to $407 million for the same period last year. Return on average assets was 1.10% compared to 0.82% for the same period last year. Return on average total stockholders' equity was 8.44% compared to 5.54% for the same period last year. Return on average tangible common equity was 14.74% compared to 10.43% for the same period last year. Tangible book value per common share was $40.23 as on December 31, 2012 compared to $34.26 as on December 31, 2011. Total net revenue for the fourth quarter of 2012 was $5.6 billion, a decline of $158 million, or 3%, almost entirely driven by higher levels of estimated uncollectible finance charges and fees in the company's Domestic Card business. This was due to seasonally higher levels of finance charge and fee reversal and a higher portion of the uncollectible finance charges and fees being recognized as a reduction of net revenue instead of being offset against the SOP 03-3 credit mark on acquired delinquent non-revolving credit card loans. The higher levels of estimated uncollectible finance charges and fees coupled with a substantial increase in the proportion of lower-yielding cash and investment securities in anticipation of the call of high coupon trust securities resulted in a decrease in net interest margin of 45 basis points to 6.52%.

For the year, the company reported net income available to common shareholders of $3,487 million, or $616 per diluted common share, compared to $3,121 million, or $6.80 per diluted common share, for the same period last year. Total interest income was $18,964 million compared to $14,987 million for the same period last year. Net interest income was $16,589 million compared to $12,741 million for the same period last year. Net interest income after provision for credit losses was $12,174 million compared to $10,381 million for the same period last year. Income from continuing operations before income taxes was $5,035 million compared to $4,587 million for the same period last year. Income from continuing operations, net of tax was $3,734 million or $6.54 per diluted common share compared to $3,253 million or $7.03 per diluted common share for the same period last year. Net income was $3,517 million compared to $3,147 million for the same period last year.

The company provided revenue guidance for the year 2013. The company expects average quarterly revenue levels in 2013 to be consistent with the fourth quarter of 2012, as a modest decline in earning assets will be offset by a steady to slightly higher net interest margin.