CAPITAL ONE FINANCIAL CORPORATION (COF)
FINANCIAL & STATISTICAL SUMMARY REPORTED BASIS

	2003			2003			2003			2002			2002
(in millions, except per share data and as noted)	Q3			Q2			Q1			Q4			Q3
Earnings (Reported Basis)
Net Interest Income	$	703.9		$	682.3		$	734.8		$	731.0		$	722.4
Non-Interest Income		1,363.2			1,310.6			1,304.6			1,320.3			1,520.2
Total Revenue(1)		2,067.1			1,992.9			2,039.4			2,051.4			2,242.6
Provision for Loan Losses		364.1			387.1			375.9			543.8			674.1
Marketing Expenses		316.0			270.6			241.7			210.8			185.8
Operating Expenses		924.6			880.0			931.2			910.2			965.2	(2)
Income Before Taxes and Accounting Change		462.4			455.2			490.6			386.6			417.5
Tax Rate		37.0	%		37.0	%		37.0	%		38.0	%		38.0	%
Cumulative Effect of Accounting Change, net of tax(3)		15.0			—			—			—			—
Net Income	$	276.3		$	286.8		$	309.1		$	239.7		$	258.8
Common Share Statistics
Basic EPS	$	1.23		$	1.28		$	1.39		$	1.08		$	1.17
Diluted EPS	$	1.17		$	1.23		$	1.35		$	1.05		$	1.13
Dividends Per Share	$	0.03		$	0.03		$	0.03		$	0.03		$	0.03
Book Value Per Share (period end)	$	24.53		$	23.37		$	21.78		$	20.44		$	19.55
Stock Price Per Share (period end)	$	57.04		$	49.18		$	30.01		$	29.72		$	34.92
Total Market Capitalization (period end)	$	13,073.6		$	11,170.0		$	6,791.8		$	6,722.5		$	7,744.2
Shares Outstanding (period end)		229.2			227.1			226.3			226.2			221.8
Shares Used to Compute Basic EPS		224.6			223.7			223.0			221.8			220.6
Shares Used to Compute Diluted EPS		236.3			232.6			228.4			228.2			228.4
Reported Balance Sheet Statistics (period avg.)
Average Loans	$	28,949		$	27,101		$	27,316		$	27,260		$	26,058
Average Earning Assets	$	38,133		$	36,298		$	34,144		$	34,075		$	32,449
Average Assets	$	41,704		$	39,678		$	38,318		$	37,208		$	35,470
Average Equity	$	5,424		$	5,148		$	4,823		$	4,568		$	4,418
Net Interest Margin		7.38	%		7.52	%		8.61	%		8.58	%		8.91	%
Revenue Margin		21.68	%		21.96	%		23.89	%		24.08	%		27.64	%
Risk Adjusted Margin(4)		17.66	%		17.16	%		18.49	%		19.18	%		23.90	%
Return on Average Assets (ROA)		2.65	%		2.89	%		3.23	%		2.58	%		2.92	%
Return on Average Equity (ROE)		20.38	%		22.28	%		25.64	%		20.99	%		23.44	%
Net Charge-Off Rate		5.30	%		6.43	%		6.76	%		6.13	%		4.66	%
Net Charge-Offs	$	383.2		$	435.6		$	461.5		$	417.7		$	303.9
Reported Balance Sheet Statistics (period end)
Loans	$	30,618		$	26,849		$	27,634		$	27,344		$	27,598
Delinquency Rate (30+ days)		5.03	%		5.61	%		5.39	%		6.12	%		5.71	%
Total Assets	$	43,446		$	40,367		$	37,911		$	37,382		$	36,910
Allowance as a % of reported loans		5.13	%		5.92	%		5.92	%		6.29	%		5.78	%
Capital(5)	$	6,449.8		$	6,130.4		$	5,749.0		$	5,440.4		$	5,149.6
Capital to Assets Ratio		14.85	%		15.19	%		15.16	%		14.55	%		13.95	%
Capital plus Allowance to Assets Ratio		18.46	%		19.24	%		19.48	%		19.15	%		18.27	%

(1)  In accordance with the Company’s finance charge and fee revenue recognition policy, the amounts billed to customers but not recognized as revenue were as follows: Q3 2003 — $481.0 million, Q2 2003 — $497.3 million, Q1 2003 — $519.7 million, Q4 2002 — $675.7 million and Q3 2002 — $489.6 million.

(2)  Includes $110.0 million of one-time charges in Q3 2002.

(3)  Net charge from the adoption of FASB Interpretation No. 46, Consolidation of Variable Interest Entities.

(4)  Risk adjusted margin is total revenue less net charge-offs as a percentage of average earning assets.

(5)  Includes preferred interests and mandatory convertible securities.

CAPITAL ONE FINANCIAL CORPORATION (COF)
FINANCIAL & STATISTICAL SUPPLEMENT REPORTED BASIS

	2003			2003			2003			2002			2002
(in millions, except per share data and as noted)	Q3			Q2			Q1			Q4			Q3
Revenue & Expense Statistics (Reported)
Net interest income growth (annualized)		13	%		(29	)%		2	%		5	%		42	%
Non interest income growth (annualized)		16	%		2	%		(5	)%		(53	)%		39	%
Revenue growth (annualized)		15	%		(9	)%		(2	)%		(34	)%		40	%
Loan revenue margin(1)		28.51	%		29.46	%		29.73	%		29.95	%		34.18	%
Loan risk adjusted margin(2)		23.22	%		23.03	%		22.97	%		23.82	%		29.52	%
Operating expense as a % of revenues		44.73	%		44.16	%		45.66	%		44.37	%		43.04	%
Operating expense as a % of average loans (annualized)		12.78	%		12.99	%		13.64	%		13.36	%		14.82	%
Per Account Statistics (Reported)
Net interest income per account (annualized)	$	61.08		$	59.19		$	62.68		$	61.22		$	59.72
Non interest income per account (annualized)	$	118.29		$	113.71		$	111.28		$	110.57		$	125.67
Revenue per account (annualized)	$	179.38		$	172.90		$	173.95		$	171.78		$	185.39
Growth Statistics (Reported)
Consumer loan growth	$	3,769		$	(785	)	$	290		$	(254	)	$	3,102
% loan growth Q over Q (annualized)		56	%		(11	)%		4	%		(4	)%		51	%
% loan growth Y over Y		11	%		10	%		15	%		31	%		58	%

(1)  Loan revenue margin is total loan revenue, loan interest income less interest expense plus non-interest income, as a percent of average loans outstanding for the period. Loan interest expense is calculated using the cost of funds rate applied to the average consumer loan balance.

(2)  Loan risk adjusted margin is total loan revenue, loan net interest income and non-interest income, less net charge-offs as a percentage of average loans outstanding for the period.

CAPITAL ONE FINANCIAL CORPORATION (COF)
FINANCIAL & STATISTICAL SUMMARY MANAGED BASIS⁽¹⁾

	2003			2003			2003			2002			2002
(in millions, except per share data and as noted)	Q3			Q2			Q1			Q4			Q3
Earnings (Managed Basis)
Net Interest Income	$	1,500.8		$	1,457.5		$	1,508.0		$	1,442.2		$	1,435.3
Non-Interest Income		1,049.2			1,046.0			1,027.9			1,086.9			1,189.1
Total Revenue(2)		2,550.0			2,503.5			2,535.9			2,529.1			2,624.4
Provision for Loan Losses		847.0			897.7			872.3			1,021.5			1,055.9
Marketing Expenses		316.0			270.6			241.7			210.8			185.8
Operating Expenses		924.6			880.0			931.2			910.2			965.2	(3)
Income Before Taxes and Accounting Change		462.4			455.2			490.6			386.6			417.5
Tax Rate		37.0	%		37.0	%		37.0	%		38.0	%		38.0	%
Cumulative Effect of Accounting Change, net of tax(4)		15.0			—			—			—			—
Net Income	$	276.3		$	286.8		$	309.1		$	239.7		$	258.8
Managed Balance Sheet Statistics (period avg.)
Average Loans	$	63,691		$	59,916		$	59,250		$	57,669		$	55,350
Average Earning Assets	$	71,022		$	67,451		$	64,602		$	62,789		$	60,016
Average Assets	$	75,831		$	71,913		$	69,670		$	67,037		$	64,193
Net Interest Margin		8.45	%		8.64	%		9.34	%		9.19	%		9.57	%
Revenue Margin		14.36	%		14.85	%		15.70	%		16.11	%		17.49	%
Risk Adjusted Margin(5)		9.48	%		9.23	%		9.77	%		10.41	%		12.92	%
Return on Average Assets (ROA)		1.46	%		1.60	%		1.77	%		1.43	%		1.61	%
Net Charge-Off Rate		5.44	%		6.32	%		6.47	%		6.21	%		4.96	%
Net Charge-Offs	$	866.1		$	946.3		$	957.9		$	895.5		$	685.7
Cost Per Account (in dollars)	$	80.23		$	76.35		$	79.43		$	76.22		$	79.79
Managed Balance Sheet Statistics (period end)
Loans	$	67,260		$	60,736		$	59,214		$	59,747		$	56,883
Delinquency Rate (30+ days)		4.65	%		4.95	%		4.97	%		5.60	%		5.31	%
Number of Accounts (000’s)		46,406			45,785			46,423			47,369			48,163
Total Assets	$	79,465		$	73,636		$	68,927		$	69,205		$	65,614
Capital to Assets Ratio		8.12	%		8.33	%		8.34	%		7.86	%		7.85	%
Capital plus Allowance to Assets Ratio		10.09	%		10.48	%		10.71	%		10.35	%		10.28	%

(1)  The information in this statistical summary reflects the adjustment to add back the effect of securitization transactions qualifying as sales under generally accepted accounting principles. See accompanying schedule - “Reconciliation to GAAP Financial Measures”.

(2)  In accordance with the Company’s finance charge and fee revenue recognition policy, the amounts billed to customers but not recognized as revenue were as follows: Q3 2003 — $481.0 million, Q2 2003 — $497.3 million, Q1 2003 — $519.7 million, Q4 2002 — $675.7 million and Q3 2002 — $489.6 million.

(3)  Includes $110.0 million of one-time charges in Q3 2002.

(4)  Net charge from the adoption of FASB Interpretation No. 46, Consolidation of Variable Interest Entities.

(5)  Risk adjusted margin is total revenue less net charge-offs as a percentage of average earning assets.

CAPITAL ONE FINANCIAL CORPORATION (COF)
FINANCIAL & STATISTICAL SUPPLEMENT MANAGED BASIS⁽¹⁾

		2003			2003			2003			2002			2002
(in millions, except per share data and as noted)		Q3			Q2			Q1			Q4			Q3
Revenue & Expense Statistics (Managed)
Net interest income growth (annualized)			12	%		(13	)%		18	%		2	%		65	%
Non interest income growth (annualized)			1	%		7	%		(22	)%		(34	)%		15	%
Revenue growth (annualized)			7	%		(5	)%		1	%		(15	)%		41	%
Loan revenue margin(2)			16.15	%		16.87	%		17.20	%		17.58	%		19.01	%
Loan risk adjusted margin(3)			10.71	%		10.56	%		10.73	%		11.37	%		14.06	%
Operating expense as a % of revenues			36.26	%		35.15	%		36.72	%		35.99	%		36.78	%
Operating expense as a % of average loans (annualized)			5.81	%		5.87	%		6.29	%		6.31	%		6.98	%
Per Account Statistics (Managed)
Net interest income per account (annualized)		$	130.23		$	126.45		$	128.62		$	120.77		$	118.65
Non interest income per account (annualized)		$	91.05		$	90.75		$	87.68		$	91.02		$	98.30
Revenue per account (annualized)		$	221.28		$	217.21		$	216.30		$	211.79		$	216.95
Net income per account (annualized)		$	23.98		$	24.88		$	26.37		$	20.07		$	21.39
Growth Statistics (Managed)
Average accounts (000’s)			46,096			46,104			46,896			47,766			48,388
Net new accounts per quarter (000’s)			621			(638	)		(946	)		(794	)		(449	)
% account growth Q over Q (annualized)			5	%		(5	)%		(8	)%		(7	)%		(4	)%
% account growth Y over Y			(4	)%		(6	)%		—	%		8	%		20	%
Consumer loan growth		$	6,524		$	1,522		$	(533	)	$	2,864		$	3,675
% loan growth Q over Q (annualized)			43	%		10	%		(4	)%		20	%		28	%
% loan growth Y over Y			18	%		14	%		22	%		32	%		48	%
Balance Sheet Measures
% off-balance sheet securitizations			54	%		55	%		53	%		53	%		51	%
% at introductory rate			11	%		10	%		9	%		10	%		11	%
Segment Statistics
Consumer Lending:
	Loans receivable	$	52,545		$	47,182		$	45,963		$	47,290		$	45,021
	Net income (loss)	$	290.7		$	289.8		$	309.2		$	183.1		$	291.3
	Net charge-off rate		5.74	%		6.95	%		7.12	%		6.45	%		5.16	%
	Delinquency rate		4.41	%		4.83	%		4.99	%		5.54	%		5.41	%
Auto Finance:
	Loans receivable	$	8,008		$	7,380		$	7,742		$	6,992		$	6,496
	Net income (loss)	$	27.3		$	44.0		$	(6.5	)	$	8.8		$	(3.4	)
	Net charge-off rate		5.10	%		4.22	%		4.91	%		4.83	%		3.97	%
	Delinquency rate		7.07	%		6.97	%		5.37	%		7.15	%		6.30	%
International:
	Loans receivable	$	6,562		$	6,061		$	5,390		$	5,331		$	5,255
	Net income (loss)	$	21.5		$	13.6		$	18.1		$	(6.2	)	$	(1.1	)
	Net charge-off rate		4.01	%		4.48	%		4.28	%		3.92	%		3.61	%
	Delinquency rate		4.08	%		3.92	%		4.22	%		4.18	%		3.78	%

(1)  The information in this statistical summary reflects the adjustment to add back the effect of securitization transactions qualifying as sales under generally accepted accounting principles. See accompanying schedule - “Reconciliation to GAAP Financial Measures”.

(2)  Loan revenue margin is total loan revenue, loan interest income less interest expense plus non-interest income, as a percent of average loans outstanding for the period. Loan interest expense is calculated using the cost of funds rate applied to the average consumer loan balance.

(3)  Loan risk adjusted margin is total loan revenue, loan net interest income and non-interest income, less net charge-offs as a percentage of average loans outstanding for the period.

CAPITAL ONE FINANCIAL CORPORATION
Reconciliation to GAAP Financial Measures
For the Three Months Ended September 30, 2003
(dollars in thousands)(unaudited)

	Total Reported		Adjustments(1)			Total Managed(2)
Income Statement Measures
Net interest income	$	703,921	$	796,843		$	1,500,764
Non-interest income	$	1,363,208	$	(313,997	)	$	1,049,211
Total revenue	$	2,067,129	$	482,846		$	2,549,975
Provision for loan losses	$	364,144	$	482,846		$	846,990
Balance Sheet Measures
Consumer loans	$	30,617,843	$	36,642,030		$	67,259,873
Total assets	$	43,446,337	$	36,018,801		$	79,465,138
Average consumer loans	$	28,949,372	$	34,741,889		$	63,691,261
Average earning assets	$	38,133,054	$	32,889,060		$	71,022,114
Average total assets	$	41,704,153	$	34,126,592		$	75,830,745
Delinquencies	$	1,539,761	$	1,586,061		$	3,125,822

⁽¹⁾ Includes adjustments made related to the effects of securitization transactions qualifying as sales under GAAP and adjustments made to reclassify to “managed” loans outstanding the collectible portion of billed finance charge and fee income on the investors’ interest in securitized loans excluded from loans outstanding on the “reported” balance sheet in accordance with Financial Accounting Standards Board Staff Position, “Accounting for Accrued Interest Receivable Related to Securitized and Sold Receivables under FASB Statement 140, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities”, issued April 2003.

⁽²⁾ The Managed loan portfolio does not include auto loans which have been sold in whole loan sale transactions where the Company has retained servicing rights.

The Company’s consolidated financial statements prepared in accordance with generally accepted accounting principles (“GAAP”) are referred to as its “reported” financial statements. Loans included in securitization transactions which qualified as sales under GAAP have been removed from the Company’s “reported” balance sheet. However, interest income, interchange, fees and recoveries generated from the securitized loan portfolio net of charge-offs in excess of the interest paid to investors of asset-backed securitizations are recognized as non-interest income on the “reported” income statement.

The Company’s “managed” consolidated financial statements add back the effects of securitization transactions qualifying as sales under GAAP. The Company generates earnings from its “managed” loan portfolio which includes both the on-balance sheet loans and off-balance sheet loans. The Company’s “managed” income statement takes the components of the non-interest income generated from the securitized portfolio and distributes the revenue to appropriate income statement line items from which it originated. For this reason the Company believes the “managed” consolidated financial statements and related managed metrics to be useful to stakeholders.

CAPITAL ONE FINANCIAL CORPORATION
Consolidated Balance Sheets⁽¹⁾
(in thousands)(unaudited)

		September 30			June 30			September 30
		2003			2003			2002
Assets:
Cash and due from banks		$	250,514		$	296,551		$	316,010
Federal funds sold and resale agreements			889,106			2,320,658			304,782
Interest-bearing deposits at other banks			163,025			578,479			112,248
	Cash and cash equivalents		1,302,645			3,195,688			733,040
Securities available for sale			5,408,671			5,418,817			4,290,441
Consumer loans			30,617,843			26,848,578			27,597,872
	Less: Allowance for loan losses		(1,570,000	)		(1,590,000	)		(1,595,000	)
Net loans			29,047,843			25,258,578			26,002,872
Accounts receivable from securitizations			5,204,170			4,092,961			3,090,842
Premises and equipment, net			898,997			760,376			789,726
Interest receivable			201,783			200,517			182,300
Other			1,382,228			1,439,714			1,820,749
	Total assets	$	43,446,337		$	40,366,651		$	36,909,970
Liabilities:
Interest-bearing deposits		$	20,936,517		$	19,821,881		$	16,885,553
Senior notes			6,338,772			5,987,125			5,561,489
Other borrowings			7,519,770			6,237,419			6,638,560
Interest payable			231,365			230,836			214,220
Other			2,796,719			2,782,400			3,274,637
	Total liabilities		37,823,143			35,059,661			32,574,459
Stockholders’ Equity:
Common stock			2,305			2,284			2,227
Paid-in capital, net			1,833,520			1,762,469			1,636,738
Retained earnings and cumulative other comprehensive income			3,836,535			3,591,403			2,731,498
	Less: Treasury stock, at cost		(49,166	)		(49,166	)		(34,952	)
	Total stockholders’ equity		5,623,194			5,306,990			4,335,511
	Total liabilities and stockholders’ equity	$	43,446,337		$	40,366,651		$	36,909,970

(1)  Certain prior period amounts have been reclassified to conform to the current period presentation for the Financial Accounting Standards Board Staff Position, “Accounting for Accrued Interest Receivable Related to Securitized and Sold Receivables under FASB Statement No. 140, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities”, that was issued in April 2003.

CAPITAL ONE FINANCIAL CORPORATION
Consolidated Statements of Income⁽¹⁾
(in thousands, except per share data)(unaudited)

		Three Months Ended						Nine Months Ended
		September 30		June 30		September 30		September 30		September 30
		2003		2002		2002		2003		2002
Interest Income:
Consumer loans, including past-due fees		$	989,318	$	960,124	$	1,003,988	$	2,962,724	$	2,779,280
Securities available for sale			49,440		47,895		45,965		140,266		134,124
Other			64,267		62,261		58,126		176,881		153,698
	Total interest income		1,103,025		1,070,280		1,108,079		3,279,871		3,067,102
Interest Expense:
Deposits			224,078		220,640		215,470		654,026		596,745
Senior notes			114,989		106,151		110,464		325,237		314,055
Other borrowings			60,037		61,226		59,716		179,620		168,222
	Total interest expense		399,104		388,017		385,650		1,158,883		1,079,022
Net interest income			703,921		682,263		722,429		2,120,988		1,988,080
Provision for loan losses			364,144		387,097		674,111		1,127,092		1,605,570
Net interest income after provision for loan losses			339,777		295,166		48,318		993,896		382,510
Non-Interest Income:
Servicing and securitizations			820,515		742,696		815,267		2,292,900		2,159,761
Service charges and other customer-related fees			405,063		402,970		535,732		1,249,259		1,462,350
Interchange			95,879		89,141		118,203		270,371		353,652
Other			41,751		75,815		50,976		165,903		170,751
	Total non-interest income		1,363,208		1,310,622		1,520,178		3,978,433		4,146,514
Non-Interest Expense:
Salaries and associate benefits			387,653		373,257		417,189		1,158,359		1,177,287
Marketing			316,026		270,555		185,795		828,277		859,777
Communications and data processing			107,385		112,456		106,128		331,893		299,922
Supplies and equipment			88,753		87,680		88,639		260,245		261,990
Occupancy			47,205		42,755		86,942		133,534		158,598
Other			293,575		263,865		266,327		851,771		706,987
	Total non-interest expense		1,240,597		1,150,568		1,151,020		3,564,079		3,464,561
Income before income taxes and cumulative effect of accounting change			462,388		455,220		417,476		1,408,250		1,064,463
Income taxes			171,084		168,431		158,641		521,053		404,496
Income before cumulative effect of accounting change			291,304		286,789		258,835		887,197		659,967
Cumulative effect of accounting change, net of taxes of $8,832			15,037		—		—		15,037		—
Net income		$	276,267	$	286,789	$	258,835	$	872,160	$	659,967
Basic earnings per share before cumulative effect of accounting change		$	1.30	$	1.28	$	1.17	$	3.97	$	3.00
Basic earnings per share after cumulative effect of accounting change		$	1.23	$	1.28	$	1.17	$	3.90	$	3.00
Diluted earnings per share before cumulative effect of accounting change		$	1.23	$	1.23	$	1.13	$	3.82	$	2.88
Diluted earnings per share after cumulative effect of accounting change		$	1.17	$	1.23	$	1.13	$	3.75	$	2.88
Dividends paid per share		$	0.03	$	0.03	$	0.03	$	0.08	$	0.08

(1)  Certain prior period amounts have been reclassified to conform to the current period presentation for the Financial Accounting Standards Board Staff Position, “Accounting for Accrued Interest Receivable Related to Securitized and Sold Receivables under FASB Statement No. 140, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities”, that was issued April 2003.

CAPITAL ONE FINANCIAL CORPORATION
Statements of Average Balances, Income and Expense, Yields and Rates⁽¹⁾
(dollars in thousands)(unaudited)

Reported		Quarter Ended 9/30/03								Quarter Ended 6/30/03							Quarter Ended 9/30/02
			Average	Income/		Yield/				Average	Income/		Yield/				Average	Income/		Yield/
			Balance	Expense		Rate				Balance	Expense		Rate				Balance	Expense		Rate
Earning assets:
	Consumer loans	$	28,949,372	$	989,318		13.67	%	$	27,101,042	$	960,124		14.17	%	$	26,057,884	$	1,003,988		15.41	%
	Securities available for sale		5,702,955		49,440		3.47			5,386,070		47,895		3.56			3,877,119		45,965		4.74
	Other		3,480,727		64,267		7.39			3,810,810		62,261		6.54			2,514,445		58,126		9.25
Total earning assets		$	38,133,054	$	1,103,025		11.57	%	$	36,297,922	$	1,070,280		11.79	%	$	32,449,448	$	1,108,079		13.66	%
Interest-bearing liabilities:
	Deposits	$	20,302,524	$	224,078		4.41	%	$	19,178,154	$	220,640		4.60	%	$	16,519,572	$	215,470		5.22	%
	Senior notes		6,065,935		114,989		7.58			5,533,693		106,151		7.67			5,718,548		110,464		7.73
	Other borrowings		6,891,889		60,037		3.48			6,682,797		61,226		3.66			5,631,470		59,716		4.24
Total interest-bearing liabilities		$	33,260,348	$	399,104		4.80	%	$	31,394,644	$	388,017		4.94	%	$	27,869,590	$	385,650		5.54	%
Net interest spread							6.77	%						6.85	%						8.12	%
Interest income to average earning asets							11.57	%						11.79	%						13.66	%
Interest expense to average earning assets							4.19							4.27							4.75
Net interest margin							7.38	%						7.52	%						8.91	%

(1)  Certain prior period amounts have been reclassified to conform to the current period presentation for the Financial Accounting Standards Board Staff Position, “Accounting for Accrued Interest Receivable Related to Securitized and Sold Receivables under FASB Statement No. 140, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities”, that was issued April 2003.

CAPITAL ONE FINANCIAL CORPORATION
Statements of Average Balances, Income and Expense, Yields and Rates
(dollars in thousands)(unaudited)

Managed (1)		Quarter Ended 9/30/03							Quarter Ended 6/30/03							Quarter Ended 9/30/02
		Average		Income/		Yield/			Average		Income/		Yield/			Average		Income/		Yield/
		Balance		Expense		Rate			Balance		Expense		Rate			Balance		Expense		Rate
Earning assets:
	Consumer loans	$	63,691,261	$	2,180,109		13.69	%	$	59,915,797	$	2,110,859		14.09	%	$	55,350,137	$	2,081,399		15.04	%
	Securities available for sale		5,702,955		49,440		3.47			5,386,070		47,895		3.56			3,877,119		45,965		4.74
	Other		1,627,898		9,501		2.33			2,148,972		12,802		2.38			788,347		5,122		2.60
Total earning assets		$	71,022,114	$	2,239,050		12.61	%	$	67,450,839	$	2,171,556		12.88	%	$	60,015,603	$	2,132,486		14.21	%
Interest-bearing liabilities:
	Deposits	$	20,302,524	$	224,078		4.41	%	$	19,178,154	$	220,640		4.60	%	$	16,519,572	$	215,470		5.22	%
	Senior notes		6,065,935		114,989		7.58			5,533,693		106,151		7.67			5,718,548		110,464		7.73
	Other borrowings		6,891,889		60,037		3.48			6,682,797		61,226		3.66			5,631,470		59,716		4.24
	Securitization liability		34,156,144		339,182		3.97			32,249,105		326,022		4.04			28,740,188		311,562		4.34
Total interest-bearing liabilities		$	67,416,492	$	738,286		4.38	%	$	63,643,749	$	714,039		4.49	%	$	56,609,778	$	697,212		4.93	%
Net interest spread							8.23	%						8.39	%						9.28	%
Interest income to average earning assets							12.61	%						12.88	%						14.21	%
Interest expense to average earning assets							4.16							4.24							4.64
Net interest margin							8.45	%						8.64	%						9.57	%

(1) The information in this table reflects the adjustment to add back the effect of securitized loans.

News Release

    

        1680 Capital One Drive McLean, VA 22102-3491

October 22, 2003 FOR IMMEDIATE RELEASE:
Contacts:	Paul Paquin V.P., Investor Relations (703) 720-2456	Tatiana Stead Corporate Media (703) 720-2352

Capital One Reports Third Quarter 2003 Earnings per Share Increase
Over Third Quarter 2002

McLean, Va. (October 22, 2003) – Capital One Financial Corporation (NYSE: COF) today announced that its earnings for the third quarter of 2003 were $276.3 million, or $1.17 per share (fully diluted), compared with earnings of $258.8 million, or $1.13 per share, for the comparable period of the prior year and $286.8 million, or $1.23 per share, in the previous quarter. Also, the company maintained its 2003 earnings guidance of at least $4.55 per share and announced that it expects managed loan growth of around 20 percent in 2003. The company expects to release its 2004 earnings guidance on October 29, 2003.

     During the third quarter of 2003, Capital One grew its managed loan portfolio by $6.5 billion to $67.3 billion. The managed charge-off rate declined to 5.44 percent in the third quarter of 2003, from 6.32 percent in the previous quarter. The managed delinquency rate (30+ days) declined to 4.65 percent from 4.95 percent at the end of the previous quarter.

     “Our loan growth was broadly based across products and geographies, and was largely fueled by growth in superprime assets,” said Richard D. Fairbank, Capital One’s Chairman and Chief Executive Officer. “We are also pleased by our continued strong credit performance.”

     The company continues to diversify its portfolio and shift its product mix upmarket. As a result, Capital One’s managed revenue margin declined to 14.36 percent in the third quarter of 2003 from 14.85 percent in the previous quarter. The managed risk-adjusted margin rose to 9.48 percent from 9.23 percent in the previous quarter due to lower charge-offs in the third quarter. As the company continues its asset diversification and its shift upmarket, management expects revenue margins and charge-offs to continue to trend generally downward, after a slight seasonal increase in charge-offs in the fourth quarter of 2003.

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Capital One Reports Third Quarter Earnings

     Marketing expenses for the third quarter of 2003 increased $45.4 million to $316.0 million from $270.6 million in the previous quarter. Marketing expenses were $185.8 million in the comparable quarter of the prior year. Other non-interest expenses (excluding marketing) for the third quarter of 2003 were $924.6 million versus $880.0 million for the second quarter and $965.2 million in the comparable period of the prior year. The company’s accounts increased by 621 thousand to 46.4 million at the end of the third quarter.

     In July 2003, the company adopted the provisions of FASB Interpretation No. 46 (“FIN 46”), Consolidation of Variable Interest Entities, an Interpretation of ARB No. 51. The company has consolidated all Variable Interest Entities (VIEs) for which the company is the primary beneficiary, as defined by FIN 46. The VIEs relate to certain office building operating leases. This consolidation resulted in a $15.0 million ($23.9 million pre-tax) charge for a cumulative effect of a change in accounting principle.

     The company generates earnings from its managed loan portfolio, which includes both on-balance sheet loans and securitized loans. For this reason, the company believes managed financial measures to be useful to stakeholders. In compliance with Regulation G of the Securities and Exchange Commission, the company is providing a numerical reconciliation of managed financial measures to comparable measures calculated on a reported basis using generally accepted accounting principles. Please see the schedule entitled “Reconciliation to GAAP Financial Measures” attached to this release for more information.

     The company cautioned that its current expectations in this release, in the presentation slides available on the company’s website (www.capitalone.com), and Form 8–K dated October 22, 2003, for 2003 earnings, charge-off rates, margins, and future loan growth are forward-looking statements and actual results could differ materially from current expectations due to a number of factors, including: competition in the credit card industry; the actual account and balance growth achieved by the company; the company’s ability to access the capital markets at attractive rates and terms to fund its operations and future growth; and general economic conditions affecting consumer income and spending, which may affect consumer bankruptcies, defaults and charge-offs. A discussion of these and other factors can be found in Capital One’s annual and other reports filed with the Securities and Exchange Commission, including, but not limited to, Capital One’s report on Form 10-Q for the quarter ended June 30, 2003.

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Capital One Reports Third Quarter Earnings

      Headquartered in McLean, Virginia, Capital One Financial Corporation (www.capitalone.com) is a holding company whose principal subsidiaries, Capital One Bank and Capital One, F.S.B., offer consumer lending products and Capital One Auto Finance, Inc., which offers auto loan products. Capital One’s subsidiaries collectively had 46.4 million managed accounts and $67.3 billion in managed loans outstanding as of September, 2003. Capital One, a Fortune 500 company, is one of the largest providers of MasterCard and Visa credit cards in the world. Capital One trades on the New York Stock Exchange under the symbol “COF” and is included in the S&P 500 index.

###

NOTE: Third quarter 2003 financial results, SEC Fillings, and third quarter earnings conference call slides are accessible on Capital One’s home page (www.capitalone.com). Choose “About Capital One” to access the Investor Center to view and download the earnings press release, slides, and other financial information (http://www.capitalone/about/invest/financials). Additionally, a webcast of today’s 5:00pm (EDT) earnings conference call is accessible through the company’s home page.

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