Capital One 2013 Annual Report Download - page 76
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CONSOLIDATED RESULTS OF OPERATIONS
The section below provides a comparative discussion of our consolidated financial performance between 2013
and 2012 and between 2012 and 2011. Following this section, we provide a discussion of our business segment
results. You should read this section together with our “Executive Summary and Business Outlook,” where we
discuss trends and other factors that we expect will affect our future results of operations.
Net Interest Income
Net interest income represents the difference between the interest income and applicable fees earned on our
interest-earning assets, which include loans and investment securities, and the interest expense on our interest-
bearing liabilities, which include interest-bearing deposits, senior and subordinated notes, securitized debt and
other borrowings. We include in interest income any past due fees on loans that we deem collectible. Our net
interest margin based on our consolidated results represents the difference between the yield on our interest-
earning assets and the cost of our interest-bearing liabilities, including the impact of non-interest bearing funding.
We expect net interest income and our net interest margin to fluctuate based on changes in interest rates and
changes in the amount and composition of our interest-earning assets and interest-bearing liabilities.
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