Capital One 2004 Annual Report Download - page 9

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Now bigger and stronger than ever, the U.S. Card division’s $48.6
billion in managed loans contributed $1.4 billion to Capital One’s
bottom line in 2004.
As we’ve diversified, we’ve kept our place in the forefront of the
card industry. Among the top U.S. credit card issuers, Capital One has
one of the highest returns on managed loans and one of the lowest
charge-off rates.
We’ve maintained our superior returns through excellent risk man-
agement, close attention to operating expenses and constant innovation.
For ten years we’ve been creating innovative new products to give
consumers more for their money and to simplify their financial lives.
Our no-fee No HassleSM rewards program, which allows cardholders
to fly on any airline at any time or redeem their points for cash or
merchandise, is widely recognized as best of breed.
The credit card has democratized consumer access to credit. It is
a nearly universal currency. Even though the industry’s high-speed
growth rate has moderated, the card market will remain one of the
biggest markets in consumer finance. Opportunities abound, and
Capital One’s U.S. Card business has the scale, the savvy and the financial
resources to keep on making the most of them.
We put innovation, convenience
and value into every card.
6
u.s. card
managed loans ($ in billions)
2004
$49
2003
$46
2002
$41
2001
$33
net income ($ in millions)
2004
$1,387
2003
$1,181
2002
$1,001
2001
$774