Capital One

Capital ratios and liquidity are strong. CET1 was 14.4 percent at September 30, 2025, above management’s long-term 11 percent assessment for the combined firm, and the 2025 SCB is a manageable 4.5 percent. Deposits are large and diversified across direct bank channels, and management resumed capital returns with a sizable repurchase authorization.

Credit reserves remain high with a total allowance coverage ratio of roughly 5.2 percent at Q3 2025. We view the balance sheet as resilient against a moderate downturn, with stress testing and SCB adding discipline.