Capital One 2011 Annual Report Download - page 276

CAPITAL ONE FINANCIAL CORPORATION
NOTES TO CONSOLIDATED STATEMENTS—(Continued)
NOTE 24—INTERNATIONAL OPERATIONS
Our international activities are primarily performed through Capital One (Europe) plc, a subsidiary of COBNA
that provides consumer lending in the UK, 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.
December 31,
(Dollars in millions) 2011 2010 2009
International
Total assets ..................................................... $ 9,289 $ 8,171 $ 3,806
Revenue(1) ...................................................... 1,346 1,355 701
Income (loss) before income taxes ................................... (89) 526 105
Income tax provision ............................................. (38) 150 28
Net income (loss) ................................................ $ (51) $ 376 $ 77
Domestic
Total assets ..................................................... $196,730 $189,332 $165,840
Revenue(1) ...................................................... 14,933 14,816 12,282
Income from continuing operations before income taxes ................. 4,676 3,804 1,231
Income tax provision ............................................. 1,372 1,130 321
Income from continuing operations, net of tax ......................... 3,304 2,674 910
Loss from discontinued operations, net of tax .......................... (106) (307) (103)
Net income ..................................................... $ 3,198 $ 2,367 $ 807
Total Operations
Total assets ..................................................... $206,019 $197,503 $169,646
Revenue(1) ...................................................... 16,279 16,171 12,983
Income from continuing operations before income taxes ................. 4,587 4,330 1,336
Income tax provision ............................................. 1,334 1,280 349
Income from continuing operations, net of tax ......................... 3,253 3,050 987
Loss from discontinued operations, net of tax .......................... (106) (307) (103)
Net income ..................................................... 3,147 2,743 884
Preferred stock dividends, accretion of discount and other ................ (26) 0 (564)
Net income available to common stockholders ......................... $ 3,121 $ 2,743 $ 320
(1) Revenue is net interest income plus non-interest income.
We maintain our 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 our domestic
operations, estimates and assumptions have been made to assign certain expense items between domestic and
foreign operations.
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