Capital One 2003 Annual Report Download - page 14
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We proved that our approach is a winner far and wide.
We’ve been extending the reach of Capital One in two directions—
broadening our product portfolio and expanding beyond the
United States.
In auto finance and other areas, we’ve diversified by acquisition,
but in installment loans and other sectors closely resembling credit
cards, we’ve built our businesses from the ground up. Our typical
installment loan customer has a high income and an excellent credit
history, factors that allow us to offer low fixed rates and still produce
superior returns.
Our Capital One Business MilesOne®card serves the needs of
small-business owners, offering credit lines tailored to the enterprise,
discounts on purchases from Visa®Business Platinum partners and the
country’s best airline miles plan. Our recently introduced Small Business
Administration (SBA) loans feature low rates and are designed to
minimize the paperwork of obtaining these government-backed
loans. Capital One’s managed loans now include $3.3 billion to small-
business owners.
By marketing certificates of deposit and other savings instruments,
Capital One is attracting new customers, deepening its relationship
with existing customers and providing the Company with another
source of stable, low-cost funding. During 2003, deposits in Capital One
Bank and Capital One F.S.B. rose from $17.3 billion to $22.4 billion.
Outside the United States, the credit card market is entering an
era of tremendous opportunity. The international consumer credit
market is three times the size of the U.S. market, and credit card
lending abroad is growing three times faster than in the United States.
During 2003, our 2,200 international associates delivered their
first profits, increasing the Company’s net income by $58.6 million.
International loans outstanding reached $7.6 billion, up 43% for
the year. In the UK, Capital One is the sixth-largest card issuer, with
3 million accounts. We’re also one of the top 10 credit card
companies in Canada, where we have nearly 1 million accounts.
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