Second Quarter 2009 Results

July 23, 2009

Exhibit 99.2

2

July 23, 2009

Forward looking statements

Please note that the following materials containing information regarding Capital One’s financial performance speak only as of the particular date or

dates indicated in these materials. Capital One does not undertake any obligation to update or revise any of the information contained herein

whether as a result of new information, future events or otherwise.

Certain statements in this presentation and other oral and written statements made by Capital One from time to time are forward-looking statements,

including those that discuss, among other things, strategies, goals, outlook or other non-historical matters; projections, revenues, income, returns,

earnings per share or other financial measures for Capital One; future financial and operating results; and Capital One’s plans, objectives,

expectations and intentions; and the assumptions that underlie these matters.  To the extent that any such information is forward-looking, it is

intended to fit within the safe harbor for forward-looking information provided by the Private Securities Litigation Reform Act of 1995. Numerous

factors

could

cause

our

actual

results

to

differ

materially

from

those

described

in

such

forward-looking

statements,

including,

among

other

things: 

general

economic

and

business

conditions

in

the

U.S.,

the

UK,

or

Capital

One’s

local

markets,

including

conditions

affecting

consumer

income

and

confidence, spending and repayments; changes in the credit environment, including an increase or decrease in credit losses or changes in the

interest

rate

environment;

financial,

legal,

regulatory,

tax

or

accounting

changes

or

actions,

including

actions

with

respect

to

litigation

matters

involving Capital One; increases or decreases in our aggregate accounts or consumer loan balances or the growth rate or composition thereof; the

amount and rate of deposit growth; changes in the reputation of or expectations regarding the financial services  industry and/or Capital One with

respect to practices, products or financial condition; the risk that synergies from Capital One’s acquisitions may not be fully realized or may take

longer to realize than expected; disruptions from Capital One’s acquisitions negatively impacting Capital One’s ability to maintain relationships with

customers, employees or suppliers; Capital One’s ability to access the capital markets at attractive rates and terms to fund its operations and future

growth; losses associated with new or changed products or services; competition from providers of products and services that compete with Capital

One’s

businesses;

Capital

One’s

ability

to

execute

on

its

strategic

and

operational

plans;

any

significant

disruption

in

Capital

One’s

operations

or

technology platform; Capital One’s ability to effectively control costs; the success of Capital One’s marketing efforts in attracting and retaining

customers; Capital One’s ability to recruit and retain experienced management personnel; changes in the labor and employment market; and other

factors listed from time to time in reports that Capital One files with the Securities and Exchange Commission (the “SEC”), including, but not limited

to,

factors

set

forth

under

the

caption

“Risk

Factors”

in

its

Annual

Report

on

Form

10-K

for

the

year

ended

December

31,

2008

and

in

its

Quarterly

Report on Form 10-Q for the quarter ended March 31, 2009. You should carefully consider the factors discussed above in evaluating these forward-

looking statements. All information in these slides is based on the consolidated results of Capital One Financial Corporation, unless otherwise noted.

A reconciliation of any non-GAAP financial measures included in this presentation can be found in Capital One’s most recent Form 10-K concerning

annual

financial

results,

available

on

Capital

One’s

website

at

www.capitalone.com

under

“Investors”.

3

July 23, 2009

Capital One earned $224MM, or $0.53 per share, in the second quarter of 2009,

excluding

the impact of TARP preferred shares redeemed in the quarter

1

Includes one month of Chevy Chase

2

Includes full quarter of Chevy Chase

3

Includes

TARP

dividend

and

accounting

impact

of

June

redemption

of

TARP

preferred

shares

Revenue excl. Retained Interest & Suppression

Retained Interests Valuation Changes

Revenue Suppression

Revenue

Marketing Expense

Operating Expense

Restructuring Expense

Non-Interest Expense

Pre-Provision Earnings (before tax)

Net Charge-offs

Other

Allowance Build (Release)

Provision Expense

Operating Earnings (after tax)

Discontinued Operations

Total Company (after tax)

Available

to

Common

Shareholders

3

19

336

317

(36)

(290)

(228)

241

98

179

25

177

418

(29)

Change

445

1

(28)

Q109

1

Q209

2

4,402

4,847

(128)

(127)

(544)

(572)

3,730

4,148

163

134

1,565

1,744

18

43

1,745

1,922

1,985

2,226

1,991

2,089

17

(19)

124

(166)

2,132

1,904

(112)

224

(87)

230

(25)

(6)

$0.55 EPS

($0.23) EPS

($0.29) EPS

$0.53 EPS

($0.45) EPS

($0.65) EPS

4

July 23, 2009

Allowance as % of

Reported Loans

National Lending Allowance as % of

Reported 30+ Delinquencies

172%

208%

57%

54%

133%

150%

0%

50%

100%

150%

200%

Q208

Q308

Q408

Q109

Q209

US Card

Auto

International

6.30%

9.50%

9.20%

5.80%

4.80%

4.30%

1.60%

0.90%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

Q208

Q308

Q408

Q109

Q209

US Card

Auto

International

Total

Company:

3.33%

3.41%

3.59%

4.48%

4.84%

4.84%

Bank

We continued to increase allowance coverage ratios

5

July 23, 2009

Margins improved in the second quarter

Revenue

Margin

Net Interest

Margin

9.12%

9.38%

8.65%

8.03%

8.65%

6.43%

6.06%

6.22%

5.87%

6.17%

0%

2%

4%

6%

8%

10%

12%

Q208

Q308

Q408

Q109

Q209

Margins as % of Managed Assets

45.3%

46.3%

47.9%

42.6%

44.2%

0%

10%

20%

30%

40%

50%

60%

70%

Q208

Q308

Q408

Q109

Q209

Efficiency Ratio

6

July 23, 2009

Average cost of funds fell while asset yields remained constant

Average Earning Asset Type

Weighted Avg

Yield of Assets

9.21%

8.33%

8.33%

9.3

29.0

34.2

37.5

7.8

5.9

6.4

65.9

69.2

69.6

21.1

20.3

22.0

8.4

9.4

8.3

44.8

44.1

44.8

3.2

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

$200

Q408

Q109

Q209

Card

Auto

Int’l

Bank

$B

CCB

Securities

$182.6

$186.8

$191.8

Average Funding Mix

29%

26%

26%

9%

9%

10%

62%

65%

64%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Q408

Q109

Q209

Securitization

Deposits

Other

Other

Ending Loan/

Deposit Ratio:

1.25

Weighted Avg

Cost of Funds    

2.40%

3.52%

2.76%

1.35

1.24

7

July 23, 2009

Our low risk investment portfolio provides balance sheet flexibility

$MM

March 31, 2009

Book

Value

Net Unrealized

Gain/(Loss)

Treasuries/Agencies

$1,514

56

Agency MBS

25,908

528

Non-Agency MBS

3,533

(997)

ABS

4,475

(74)

CMBS

1,070

(121)

Other

384

(7)

Total

$36,884

$(615)

June 30, 2009

Book

Value

Net Unrealized

Gain/(Loss)

$     892

38

26,414

547

3,263

(924)

5,900

97

1,054

(56)

443

(1)

$37,966

$(299)

8

July 23, 2009

9.7%

11.3%

11.4%

0%

2%

4%

6%

8%

10%

12%

14%

Q408 Pro-forma

Q109

Q209

Our capital ratios remain strong

5.7%

4.8%

4.6%

0%

1%

2%

3%

4%

5%

6%

Q408 Pro-forma

Q109

Q209

Well

Capitalized

Tangible Common Equity to

Tangible Managed Assets

Tier 1 Capital to

Risk Weighted Assets

Other

Common

TARP

8.5%

8.5%

9

July 23, 2009

Net Income from Continuing Operations ($Millions)

Q408

Q109

Q209

National Lending

US Card

$

(175.6)

$

2.4

168.4

Auto Finance

(924.6)

71.4

97.2

International

(11.2)

2.0

5.2

SUBTOTAL

(1,111.4)

75.8

270.8

Local Banking

(6.5)

(36.2)

(0.2)

Other

(278.4)

(126.6)

(40.4)

Total Company

$

(1,396.3)

$

(87.0)

230.2

Capital

One

delivered

a

profit

from

continuing

operations

of

$230MM

$

$

10

July 23, 2009

The worsening

economy and denominator impacts drove rising

delinquency

and loss trends across most of our consumer lending

businesses

6.26%

6.13%

7.08%

5.85%

8.39%

9.23%

3.85%

4.04%

4.20%

4.78%

5.08%

4.77%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

Q108

Q208

Q308

Q408

Q109

Q209

US Card ($64.8 B)

Managed Net

Charge-off Rate

Managed 30+

Delinquency Rate

3.65%

4.88%

3.98%

3.84%

5.67%

5.00%

8.89%

7.52%

9.91%

9.32%

7.62%

6.42%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

Q108

Q208

Q308

Q408

Q109

Q209

Managed Net

Charge-off Rate

Managed 30+

Delinquency Rate

Auto Finance ($19.9 B)

International ($8.6 B)

6.07%

5.90%

5.84%

5.30%

7.30%

9.32%

5.35%

5.12%

5.24%

5.51%

6.25%

6.69%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

Q108

Q208

Q308

Q408

Q109

Q209

Managed Net

Charge-off Rate

Managed 30+

Delinquency Rate

11

July 23, 2009

0.46%

0.90%

0.76%

0.34%

1.10%

1.05%

0.88%

1.39%

1.91%

2.51%

0%

1%

2%

3%

4%

5%

Q208

Q308

Q408

Q109

Q209

Total Bank Segment ($43.7 B)

Non Performing

Asset Rate

Charge-off

Rate

Commercial & Multi Family ($13.6 B)

0.14%

0.95%

2.24%

0.62%

0.10%

1.15%

0.87%

1.06%

1.98%

1.20%

0%

1%

2%

3%

4%

5%

0.62%

0.05%

0.15%

0.07%

0.48%

1.21%

0.57%

0.43%

0.26%

0.31%

0%

1%

2%

3%

4%

5%

Middle Market ($9.8 B)

Q208

Q308

Q408

Q109

Q209

Q208

Q308

Q408

Q109

Q209

Non Performing

Asset Rate

Charge-off

Rate

Non Performing

Asset Rate

Charge-off

Rate

The worsening

economy and denominator impacts drove rising

delinquency

and loss trends across our commercial lending

businesses

12

July 23, 2009

The new law on credit card practices will bring significant change to

the industry

CARD Act

•

Repricing

•

Payment Allocation

•

Fees

•

Near Term:

–

Transitional risks

–

Potential profit pressures at the

confluence of “The Great

Recession”

and implementation

of the new law

•

Long Term:

–

Constriction of credit

–

Reduced resilience

–

Redistribution of revenue model

–

Slightly lower, but still very

attractive, returns

–

Level playing field

Potential Impacts on

US Credit Card Business

13

July 23, 2009

The “level playing field”

following the implementation of the CARD law

could create opportunities for Capital One

Capital One Share of U.S. Card

Industry Outstandings

Note: Capital One is legacy U.S. Card (excludes Small Business and IL)

*1H 2009 includes mail through March 2009

Note:

Includes

BT

and

purchase

teasers;

%

of

mail

collected

(not

projected

to

industry)

Source: Mintel Comperemedia

% of Mail with 0% Long Teasers

12 Months+

0%

20%

40%

60%

80%

100%

6.8%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

14

July 23, 2009

•

Decisive actions

–

Tightened underwriting

–

Retrenched or exited least resilient businesses

–

Increased collections intensity

–

Aggressively managing costs

–

Optimizing mix of earning assets, liabilities,

and capital

•

Balance sheet strength and flexibility

–

Historically high coverage ratios

–

Conservative investment portfolio

–

Deposit-led funding and strong liquidity

–

Strong capital

We continue to decisively and aggressively manage the company

through the downturn for the benefit of shareholders

•

Positioned to grow when the time is right

–

Shift earning assets back to higher-margin

loans as the cycle turns

–

Capital and funding provide significant

balance sheet flexibility

•

Scale and franchise value of core businesses

intact, despite cyclical volume declines and

regulatory changes

•

Great Local Banking franchises with a high-

return, sustainable credit card business

Weather the Storm

Deliver Long-Term Value