Capital One 2009 Annual Report Download - page 191
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178
Note 25
International Activities
The Company’s international activities are primarily performed through Capital One Bank (Europe) plc, a subsidiary bank of COBNA
that provides consumer lending and other financial products in Europe and Capital One Bank—Canada Branch, a foreign branch
office of COBNA that provides consumer lending products in Canada. The total assets, revenue, income before income taxes and net
income of the international operations are summarized below.
2009 2008
2007
Domestic
Total Assets .......................................................................................................
.
$ 165,840,488 $ 161,665,713 $ 145,033,862
Revenue (1) ..........................................................................................................
.
12,282,073 12,960,673 13,322,220
Income from continuing operations before income taxes ..................................
.
1,230,621 529,211 3,686,462
Income from continuing operations, net of tax ..................................................
.
909,819 44,363 2,465,718
Loss from discontinued operations, net of tax ...................................................
.
(102,836) (130,515) (1,021,387)
N
et Income (Loss) .............................................................................................
.
806,983 (86,152) 1,444,331
International
Total Assets .......................................................................................................
.
3,805,875 4,247,739 5,556,507
Revenue (1) ..........................................................................................................
.
701,194 932,013 1,261,848
Income before income taxes ..............................................................................
.
105,481 52,408 183,094
N
et Income .........................................................................................................
.
76,798 40,154 126,001
Total Company
Total Assets .......................................................................................................
.
$ 169,646,363 $ 165,913,452 $ 150,590,369
Revenue (1) ..........................................................................................................
.
12,983,267 13,892,686 14,584,068
Income from continuing operations before income taxes ..................................
.
1,336,102 581,619 3,869,556
Income from continuing operations, net of tax ..................................................
.
986,617 84,517 2,591,719
Loss from discontinued operations, net of tax ...................................................
.
(102,836) (130,515) (1,021,387)
N
et Income (Loss) .............................................................................................
.
$ 883,781 $ (45,998) $ 1,570,332
(1) Revenue is net interest income plus non-interest income.
The Company maintains its books and records on a legal entity basis for the preparation of financial statements in conformity with
U.S. GAAP. Because certain international operations are integrated with many of the Company’s domestic operations, estimates and
assumptions have been made to assign certain expense items between domestic and foreign operations.
Note 26
Related Party Transactions
In the ordinary course of business, executive officers, directors, and principal shareholders, also known as Regulation O Insiders, of
the Company may have loans issued by the Company. Pursuant to the Company’s policy, such loans are issued on the same terms as
those prevailing at the time for comparable loans to unrelated persons and do not involve more than the normal risk of collectibility.
At December 31, 2009 the Company determined that a commercial real estate loan with outstanding principal of $37.5 million, of
which a director is an indirect member of the borrowing group, was subject to doubt as to the ability of such borrowers to comply with
the present loan repayment terms. Based on the value of the underlying collateral, which was in excess of the outstanding loan
balance, the Company determined that a specific reserve was not necessary at December 31, 2009.