on begin slide everyone. addressing our I'll Thanks, results six. good Roger financial summary by and afternoon,
ongoing acceptance and Looking at key has interest and growth driven margin. investments due growth and expenses of of slightly the increased for that rose seasoning normalization driven of global credit combination to new income elements as this result higher of by industry. of supply loan includes Roger This support X% incentive talked payments statement, revenue initiatives a capabilities. of growth support of Provision was growth a the higher earlier. strong level loan about the merchant in consumer loan Operating the the in quarter net in loss the year-over-year, made X%
to in Turning X% prior lesser year, total led the loans card a over X% in slide balances Growth of much by increased merchandise drove credit growth increase, seven, standard with receivables. in decline this to contribution card. standard mix to the from and promotional for modestly balances growth the balance expect in balances. continue primary be engine promotional We for currently to merchandise XXXX
rose Payment to issuers Services, that Payment the hand drive right share segment, Moving PULSE year-over-year. the XX% to of you proprietary slide X% well our In driven continues volume results issuers. side the prior growth, seven, on compared and the year. both of lion can volume from with volume was both up new Growth by from existing incremental as as volume to see
million basis eight, primarily X%, income. sales Sales revenue of growth last income net volume Total processing increase by X% driven Adjusted on day increased $XXX or from adjusted grew a the loan have in modest by a income higher NIM by interest would members. X% to loan year from X% grew driven expansion. on a Moving slide fee days, ago XX%, for XX% is non-interest from balances quarter. down which been and card in growth principally number active
increase in to mix, was category rate, in points feature slightly year-over-year. clubs our toward X% basis Our points, up product rewards the It due XXX with X average decision its the continues the the which is basis quarter higher warehouse well rewards as This both rate for quarter. to portfolio Discover shift as to fourth fourth
to up quarter, sequential As the of a net for of shown both the basis basis. higher an offs. interest impact year-over-year on the on costs nine, promotional slide was increase interest in the the the net X expiration and charge to fourth interest our quarter the higher benefit balances, of offset XX.XX% higher points surcharge rate were Relative prior third the year, and FDIC of margin the increase the and rate, margin securities. quarter, in deposit a yield liquidity Relative from basis Total of prime the cash ago prime expiration a increase a XX the loan -- mix yield increases promotional in from XX basis mix balances our Prime increase a increased by surcharge a yield. and a rate to the driven reflected partially primarily and XX.XX%, higher, FDIC portfolio investment by shift in of to card mix higher year points offset and in led points higher rate revolve card higher modest charge-offs. by
and the though On deposits on to increasing as the side of points year-over-year. better XX deposit cumulative sheet, funding. sources betas basis XX and grew be increased, rose continue points consumer norms. effective we liability cost to than during of XX% Consumer have sequentially rates continue stable historic deposit more quarter basis betas the focus balance
$XX incentive global rose to in were from expenses $XX other the operating by Roger increase acceptance quarter. of million up $XX due and the These which that agreements merchant with acceptance, XX, million, December. anticipated a as quickly in to new as of brand than activity. achieved result we In payments well fourth were advertising new the existing partners as in greater digital the and level some In earlier to Turning prior Goldman in investments with were partners year, expenses Conference at slide up milestones signed territories. were marketing, had about previewed higher almost cases, contributed spoke their and driven expenses more of million the that
of information in slide analytic costs. prior XX and of normalization net be drivers investments XX infrastructure basis in processing points slowing now loan the quarter charge-offs on the sequential XX points continue plus rate in delinquency consecutive Credit results the From XX from total discuss ongoing The years basis few fifth the points perspective driven represented year-over-year sequentially. past basis The increase increase I'll charge was for card from credit quarter and primary seasoning of XX, this growth increases year-over-year. to credit capabilities Finally, the a rose supply basis year-over-year our points net Card credit offs the rose and charge-offs. accounted year. XX up charge-offs. encourage year-over-year
new plus Personal delinquency business. and with managing sequentially, points year-over-year in expected. the The has points basis charge-offs to the better basis XX net also approach solid rate credit performance X and prior XX was and points sequentially. we'd points continued XX charge-offs basis credit loan and down XX basis Private XX points XX loan basis card student basis performance has very from both up disciplined to Our credit points year XX to accounts led strong, existing up XX year-over-year net been slightly with points sequentially. than the basis were
basis Capital our common XX sequentially points loan at Tier X Looking as ratio decreased on equity slide balances XX, grew.
for a and XX% total growth the months return slide we XX, To loan equity. the ratio XX%. X% payout on was last on sum quarter up XX Our generated
trends With year-over-year. total Our or XX%, over to growth deposit rate execute loan student posted in consumer ratio credit, and positive charge-off robust deposits capital card and to points growth loans. our rates business bring reflects to capital on just our helping finally, increased and strong continuing our X% we're underlying basis respect to also while returns levels. target XX closer company plan And capital
to the growth. believe XX, gears year shift of and returns term to want to contribute to for Turning I as review another continue that we'll we factors longer we even slide key invest a strong
First, the case adopts view consensus XXXX macroeconomic our remain that conditions base for stable.
of employment the simply, growth in credit manageable. are is our consumer consumer see degree a and remains growing, turn Very contemplate data to lender, a does indication wages growing. us we of any importance Of as cycle. the don't margin, Although in particular the the of tightening leverage a economy plan and
will Second, in recognized which profitable attributes exceptional products brand, These core strong invest trust customer consumers other growth particularly as to and to associate well. consumer with and brand has remain continue a driving value, card. awareness we our for in Discover widely and very service, banking
by allow to better, advanced make benefit threat we deployment that in but collections. experience. account competitive that of analytics introducing able acquisition, efficiencies is servicing, faster decisions ourselves features a our to supporting been value. live will recognize environment, automation. weaves leaves all course, in We us Third, highly that customer and we drive This will relentless in And and we've operational continue the on technology, focus the fraud invest and this to together of customers’ distinguish
growth strong to customer that, Our consistently move let's slide guidance returns. on on has centric our XX. With approach been to fundamental XXXX and
macro-economic If base a meaningful XXXX be moment conditions, wrong a economic our continuation in and said charge-offs. back for growth increase all I environment. pull of to we would, assumption in on current As is likelihood, the this proves see and an experience we deterioration in ago,
would rewards Of would degree of course, expenses, flexibility provide a and have mitigation. which operating in we also managing costs
elements. guidance specific Looking at the
a allow we've discipline First, to loan continue on to will profitable loan established opportunities target we us X% X% growth growth. driving based that range of believe
be range have we mentioned. $X.X expenses well billion. initiatives of of expenses to rewards, continuing $X.X higher I the come to levels higher points growth shift modest rate XXX we average largely in base product to It product. the all to operating business, expect as This new predecessor in in investments to expenses, With originate in Moving ongoing the that and increase, to and billion mix, platform, between basis the in the respect for as rates than has expect which a from a rewards reflects Roger XXXX, the as card accounts on XXX a slightly Discover resulting of our we support
increases NIM year to NIM in contribute rate to to in outlook we last net year the to XX.X%, margin, come bias upside. XXXX. a around full the for prime Moving our from will The positively with interest expect
We offsetting would promotional benefit pressure, wholesale deposit from also pricing of spreads interest balances. benefits a funding wider modestly mix these higher charge-offs. NIM a lower modest anticipate be Potentially and
we in range a terms of net of X.X% charge-off credit expect In total rate X.X%. to the year this be to costs,
as the As seasoning driven supply of though normalization. continued a well result growing moderating as portfolio a credit of
line a of One the Relations as Noelle we're up, Investor publicly in several to want the we things sum to outstanding Whitehead business. turn the continued year momentum remarks, to a leadership assuming the student last years. in formal call So and final our for open our will XXXX service Cilicia operator forward opportunity announced her performance I to concludes the role That ahead. our with pleased team over for that so in thank to internally member I'll back take her Q&A. today Earlier lending be this comment. to our look
