Adjusted net income was $2.8 billion with diluted EPS of $5.48, excluding acquisition-related adjustments and legal reserves.
Allowance for credit losses increased by $7.9 billion to $23.9 billion, driven mainly by Discover acquisition.
Allowance for credit losses increased by $7.9 billion to $23.9 billion, driven primarily by Discover acquisition marks and portfolio mix shifts.
Capital One reported a GAAP net loss of $4.3 billion or $8.58 per diluted share in Q2 2025, heavily impacted by the Discover acquisition and related purchase accounting adjustments.
Commercial banking loans increased 1% quarter-over-quarter with stable deposits and modestly higher net charge-offs.
Common Equity Tier 1 capital ratio ended at 14%, up 40 basis points from prior quarter, with stress capital buffer requirement preliminarily at 4.5%.
Consumer banking loans and deposits grew 7% and 36% year-over-year respectively, driven by Discover and organic growth.
Credit Card segment showed 22% year-over-year purchase volume growth including Discover; excluding Discover, growth was about 6%.
Domestic card net charge-off rate improved to 5.25%, down 80 basis points year-over-year, influenced by Discover's lower loss profile.
Marketing expense increased 26% year-over-year to $1.35 billion, driven by domestic card marketing and Discover integration.
Net interest margin improved 69 basis points to 7.62%, with Discover contributing about 40 basis points.
Net interest margin improved 69 basis points to 7.62%, with Discover contributing approximately 40 basis points of the increase.
Noninterest expense increased 18% (14% net of adjustments) due to acquisition and integration costs.
Noninterest expense increased 18% (14% net of adjustments) with pre-provision earnings up 34% (40% net of adjustments) compared to Q1.
Pre-provision earnings rose 34% (40% net of adjustments) compared to Q1 2025.
Provision for credit losses was $11.4 billion including $8.8 billion initial allowance build for Discover; excluding this, provision was $2.7 billion, up $294 million sequentially.
Provision for credit losses was $11.4 billion including $8.8 billion related to Discover's loan portfolio; excluding this, provision was $2.7 billion, up $294 million sequentially.
Revenue increased 25% quarter-over-quarter to $2.5 billion higher, driven largely by Discover's partial quarter contribution.
Ameriprise reported adjusted operating EPS growth of 7% to $9.11 with a strong margin of 27%.
Ameriprise returned 81% of operating earnings to shareholders in the quarter and plans to increase payout ratio to 85% for the second half of the year.
Asset management operating earnings increased 2% to $222 million with margins at 39%.
Free cash flow generation remains strong with a 90% free cash flow conversion rate across segments.
Retirement and Protection Solutions earnings increased 9% to $214 million, driven by favorable life claims and strong interest earnings.
Return on equity remains very strong at 52%, among the industry's best.
The bank's total assets increased 6%, with good loan growth and spread earnings.
Total revenues increased 4% driven by asset growth and strong transactional activity.
Wealth management client assets grew 11% to a record $1.1 trillion, with wrap assets up 15%.
Strategic Focus on Balance Sheet Remixing and Loan Composition Shift
The company is actively shifting its asset base from lower-yielding residential mortgages to higher-yielding commercial and C&I loans, with over $700 million in C&I growth in H1 2025.
This mix shift is driving record net interest income of $300 million in Q2, the strongest in company history.
The ongoing asset remixing is expected to support profitability and margin expansion, with net interest margin climbing above 3%.
Book value per diluted share, excluding AOCI, increased 6% to $38.05.
Capital and liquidity remain strong with a consolidated RBC ratio of 378% and Holdco liquidity of $187 million.
CNO delivered strong Q2 2025 results with operating earnings per diluted share of $0.87, benefiting from favorable insurance product margins and solid investment results.
Net investment income grew 2% year-over-year, with average yield on allocated investments at 4.92%, up 11 basis points.
Operating return on equity was 11.8% on a trailing 12-month basis and 11.2% excluding significant items, on track to meet 2025 and 3-year targets.
Record total new annualized premiums reached $120 million, up 17%, with double-digit insurance sales growth in both Consumer and Worksite divisions.
Share repurchases totaled $100 million in the quarter, reducing weighted average diluted shares outstanding by 8%.
Dafinchi