Capital One Financial Corporation

Welcome to the Capital One third quarter 2020 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer period. If you would like to ask a question during this time, simply press the star key, then the number one on your telephone keypad. If you would like to withdraw your question, please press the star key, then the number two. Thank you. I would now like to turn the call over to Mr. Jeff Norris, Senior Vice President of Global Finance. Sir, you may begin.

Thanks very much, Keith, and welcome everybody to Capital One's third quarter 2020 earnings conference call. As usual, we are broadcasting live over the Internet. To access the call on the Internet, please log in to Capital One's website at CapitalOne.com and follow the links from there. In addition to the press release and financials, we've included a presentation summarizing our third quarter 2020 results. With me virtually today are Mr. Richard Fairbank, Capital One's Chairman and Chief Executive Officer, and Mr. Scott Blackley, Capital One's Chief Financial Officer. Rich and Scott will walk you through this presentation. To access a copy of the presentation and the press release, please go to Capital One's website, click on Investors, and click on Quarterly Earnings Release. Please note that this presentation may contain forward-looking statements. Information regarding Capital One's financial performance and any forward-looking statements contained in today's discussion and the materials speak only as of the particular date or dates indicated in the materials. Capital One does not undertake any obligation to update or revise any of this information, whether as a result of new information, future events, or otherwise. Numerous factors could cause our actual results to differ materially from those described in forward-looking statements. And for more information on these factors, please see the section titled Forward-Looking Information in the earnings release presentation and the Risk Factors section in our annual and quarterly reports, accessible at the Capital One website and filed with the SEC. Now I'll turn the call over to Scott.

Thanks, Jeff, and good afternoon, everyone. I'll start on slide three of today's presentation, where you can see Capital One earned $2.4 billion, or $5.06, per diluted common share in the third quarter. Included in EPS for the quarter were three adjusting items, which are outlined on the slide. Net of these adjusting items, earnings per share in the quarter, was $5.05 per share. In addition to the adjusting items, we had a couple notable items in the quarter. We recorded a gain of $470 million or $0.79 per share related to an equity stake in Snowflake, which recently priced its initial public offering.