Roger Thanks our everyone. X. afternoon, addressing by begin on good financial results and I’ll summary Slide
higher of statement growth was Looking growth a income this at the revenue driven net the margin. loan interest elements key and at by solid XX% quarter
supply three losses in the roughly normalization was credit driven loan X% of the consumer remaining loan the Looking reflecting at of for the XX% quarters provision continued driven with by the the seasoning increase growth industry.
in were due at in expense and with compensation up higher year-over-year support XX% of effective our capabilities. rate growth expectations the quarter new investments for Operating to tax line The XX%. was and expenses
card prior total in credit year increased receivables. led X% X, the Slide to by Turning X% growth loans over
As balances primary merchandized higher yielding increase. of the driver were the Roger standard noted,
level less the XX decrease several to promotional While a the quarters. the from XX contribution factor activity year decision basis to quarter from of points prior promotional points decelerate. over and down reflecting as growth last continued were Compared this dropped balances sequentially balances basis to promotional it of the was our
to was products, were primary given mentioned while balances student increased our X% year-over-year student which our private we slowdown lending X% have loan Turning other previously. total loan X%. the to loans in portfolio organic expectations Personal with our up line increased originations in which
X% payment proprietary PAY year products prior see Partners incremental as X% driven was Moving can In to the movements. issuers well existing on Slide from over new by issuers, the and increased up volume as prior over segment, the BIM. that results volume in foreign by unfavorable our Club X% on e-commerce. the year-over-year. of X volume PULSE the impacted from payment side volume you right-hand Revit exchange year network driven Express PULSE PULSE up primarily was growth our been Network having XX% as was by Diners volume up such PINless services,
in balances in discount on year and Total market Slide to a interest million primarily in by million revenue up increase non-interest year-over-year volume sales were increased in interchange prior driven higher $XXX the increase by Rewards bit flat cost rates. up lower increase income gross revenue. offset the The which also and in or and volume, was by sequentially primarily from increased discount Moving was net X, driven income increased year sales net X% ago increases loan XX% by utilization in the $XX XX% interchange driven rotating X% category. reflecting a X%. revenue to
Just groceries significant rewards a which the quarterly the attract is rotating spending shifts to that highest impact remind you, rate sales of can in we level and first on the category featured the have a in volume. both and category quarter X%
year-over-year well X, days Slide as XXXX mix partially cycle rate quarter, promotional and the second and consumer, from offset March, and the charge higher additional deposit last of a for promo interest benefits increases mix two Compared the in and costs shown mostly higher to year, favorable cost As points were shift direct by up consumer our brokered net XX.XX% basis quarter balance in deposits. the first offset funding XX accrued brokered quarter of on in and June higher to sequentially. in and as margin direct favorable balance were prime the by of December Relative benefit the a a one in was both basis interest. offs mix point rate net revolve the shift
more driven and Looking strong loan points margin basis forward, XX.XX% around and in increase XX from XXXX point a it’s XX Total of guidance. yield a and higher partially increased a primarily mix, basis yields student a in margin said, the net of continued favorability spoke in level increase rate interest year interest rate against to increase will net set uncertainty card we offset outlook increases about biased card balanced say in revolve performance Prime an degree when lower charge it’s year led that That interest XX private loan in full basis by by reflects yield points ago of looking likely timing in yield. a provided portfolio to we actions. promotional favorability the an balances evidence of fair bit level our offs. for of credit upside that
of had ago in a points reflecting yielding As mix loan lower driven card growth balances [indiscernible] interest we impact as rate. activity and from which earlier, a portfolio in a by higher promotional the year-over-year from yields on over variable noted slowdown The primarily increase the NIM. year student decreased XX% is was XX positive the short-term at basis overall of rates yield slightly
effective now five On reflects the points half and of deposit basis basis Consumer deposits more continued cost consumer points balance rose up the year-over-year. funding. in sheet, our XX and growth rates side make strong liability attracting average funding. XX% focus increasing of grew over and consumer total the stable The quarter sequentially during on deposits
to deposits see cumulative below norms. betas We historic continue
As feds we funds consider rate. potential cuts in the
costs. mostly sensitive three completely X% expect results trimming and by been roughly to yields offset asset of the of third end quarters our sensitivity down to the but We’ve be lower that expect We loan in by funding in decline the would not quarter. asset be
investment compensation up million as minimum included in driven of related million increased collection in rose X, our the and were costs May, well Employee average increased Slide as impact the primarily operating capabilities. wage reflecting processing implemented $XX we quarter hourly benefits fees prior to the due Information capabilities. $XX to higher to expenses Professional recoveries and $XX total continued higher by in increased the in million costs Turning year. higher analytic new from XXXX. investments which infrastructure salaries
and year-over-year credit charge points trend moderate. charge fact a perspective loan points and XX driven offs from by sequential growth the this offs X. year. were From Now our the to primarily results as slowing a years that offs in reflects net in higher few basis quarter the past offs card to of in continues I’ll The basis extent XX supply net seasoning the prior normalization was year-over-year. consecutive on seventh be driven discuss charge rose Slide to of continues Credit the normalization. card credit Total increases charge lesser increase
reflecting by sequentially Personal points The year points can gains points efficiency credit plus delinquency performance was credit with basis the XX plus also see were basis points to personal collections. up and basis and you in performance points year-over-year The and continues sequentially. delinquency basis XX XX offs in be basis disciplined management sequentially. Credit delinquency. credit decreased charge points business points solid and both aided reflected very basis down offs student down both improvements sequentially. the prior XX XX loan in year-over-year loan strong continues year-over-year was basis to card seven up Private rate from basis rate performance two existing to our card XX in down loan XX charge-offs portfolio in remains accounts. which sequential the charge in and approach stabilize points new and Credit net five up the net
common on as balances loan XX points XX, grew. our equity at sequentially ratio capital basis Slide Tier X decreased Looking
that to quarters. has were plan remind repurchases planned announced four the by common approved dividend well XXXX quarters was I’ll June of in CCAR ratio XXXX recently $X.XX for over to $X.XX will Directors increase last billion we for XX, our for months not our of and plan share which Board Our was to stock as the [indiscernible] payout share submitted Directors capital per four up our but We approved Board you the ending quarterly includes XX as require subject that new capital our regulators. XX%.
the XX, and and on XX% dividends always, capital we quarter on repurchases. loan we up on asset remain total equity. To share X% returning growth via and As profitable committed growth by focusing capital our Slide disciplined to and excess shareholders deploying return efficiency generated sum
With we’re lending continuing our Our both levels. expectations conditions last returns and on consumer targets. rates across our loan and least, capital growth bring but of to return our performance products respect while in year-over-year. strong our loan charge points credit growth trends off helping and remains while our execute growth deposit XX with deposit capital to increased a plan with ratio to as not consistent rates XX% have business normalized reflects credit, saw And seasons positive closer increased basis to our target capital
so and was concludes growth, solid the us open our our the [ph] performance this by operator very to back returns. a for receivables turn to continued formal credit conclusion, remarks, In Q&A. for terrific strong quarter Erica That characterized I��ll call line
