Capital One Financial Corporation (NYSE:COF) shares were trading around 4% lower Wednesday afternoon, despite the company’s reported strong Q4 results, with EPS coming in at $5.41, beating the consensus estimate of $5.33. The sell-off may likely be a result of the company’s comments related to the probable increase in tech-labor costs.

Analysts at RBC Capital provided their comments on the company following the results, stating they believe if payment rates revert to the company's normalized pre-COVID trend line, loan growth for the domestic cards could reach over 10% year-over-year.

As COVID reserve releases wane, and loan growth materializes, even as PPE can grow between 2021-2023, normalizing credit and reserve builds related to growth could actually impact net income on a downward trajectory through 2023, according to the brokerage.