Capital One Financial Corporation (NYSE:COF) shares drop more than 4% on Friday following the company’s reported Q2 results, with EPS of $4.96 coming in worse than the street estimate of $5.10. Revenue was $8.2 billion, compared to the Street estimate of $8.3 billion.

Q2 year-over-year card loan growth was up 20.1%. The company is investing heavily in its national brand, high-end card transactions, and other initiatives.

The company has a track record of spurring loan growth after such initiatives, yet during this current initiative, it's likely total efficiency gains could be more limited than some expected.