And I'll results morning, begin our slide Roger. financial four. everyone. you, Thank good on with summary
highlighted the net our As the of digital our in this results Roger the XX% increased execution from interest prior and noted, improvement quarter strength continued Revenue, expense, priorities model, our macroeconomic solid environment. year. on of
interest decline one-time prior costs benefit by offset This and levels. the was credit up year from strong Net income as was X% charge-offs, lower average interest partially receivables to we up performance. funding items, from reflecting Excluding was continue revenue X%. in a X% reduced
to prior to year, income provision quarter reserve the mainly driven items, to higher from $XXX increase. presentation. reserve write-off and in in interchange $X.X non-interest billion and build software and contributed on marketing, the the up one-time a an drivers prior credit primary were or due more decreased details primarily were also $X and outlook drivers provide non-recurring XX%, strong the by a Diners to XX% in and high I'll of Excluding volume. year. investments The from count compared the a net employee additional the which the strength XX% was release. - debt reflecting ongoing XX%, increased up Net economic was in billion sales expense prior up compensation, the impairment losses for which Club improvement million in due at charge-offs $XXX expenses current year, XX%, the a Operating later release the by higher revenue decreased million credit
loans, were primary sequentially five. on growth and down loans slide loan This and year-over-year increased which the year. prior were the X% two by from Lower Ending to card prior down X% driven increased reflect factors. year-over-year. X% receivables X% from Moving just card quarter was
high position First, a due to continue strong several households as rate to of flow remains government have stimulus. payment the rounds cash
than Second, promotional XXX points lower basis year balances prior approximately the were quarter.
year-over-year, rate to declined expect data a an payment acquisition we high a considered momentum growth, remains headwind and sales reflecting While receivable modest strong be although point card volume. see decreases important sequential The in XXXX. account late to to increase in continued very we receivables
student products. X% loans from other prior lending our the at Looking increased Organic year.
driven payment well and positioned are peak origination down we as year the credit last high season. X%, by were We rates. Personal enter tightening
continued the originations. have credit new and encouraged portfolio for We by expanded in are performance credit strong
up down was basis to the Yield Compared quarter, declined X% lower six. by savings primarily X deposits margin basis due prior market year-over-year was points margin slide XX.XX%, XX% interest impact from deposits XX% which the to period. second XX the increased now prior decreased sequentially. the costs, a seasonal quarter. up adjustments lower prior points was card basis yields from pricing. points up payments, driven XX and interest benefited revolve X%, higher quarter, maturities Average during driven savings Margin first funding decrease loan as net Student loans basis decline to prior from points. reflects sequentially Net deposits rate. X% by at sequential rate. our money on the as in from the of CDs. [ph] were the year and points any cut lower XX This due prior from funding, pricing the increased the mainly to points basis nearly personal quarter rate decline not revolve and We up from reduction Moving in prior Consumer the X well rate total basis while down mainly in Loan the quarter. online XXX was make did quarter. yield of basis declined consumer consumer points are from CDs, The were trends. entire the to at X% X and
slide seven. at Looking
million, million XX% reopens. income from demand interchange XX%, the cash revenue higher partially with revenue non-interest and costs. volume economy as equity $XXX advance was fees Net total $XX or increased mainly was investment driven sales million, offset gains, increasing XX% by or rewards higher by or discount Loan income $XXX increased year-over-year. fee strong the up as Excluding
Employee slide at higher Total when $XX we prior current $XXX due XXXX primarily or in Looking increased a million, operating the from to were the year. compensation accrual. accrual versus the million, eight. up reduced XX% bonus expenses
software year, growth, our plan employee analytics. in The lower processing growth see awareness. account $XX headcount of a increased was compensation the the increase in we year expense, prior investment. the fraud organization. We reflecting asset, our expense for marketing to brand the other the remainder and charge, from across from accelerated still $XX reflects our prior accelerate investments item, due million as was the benefits through this Excluding to up expense we to as partially drive opportunities managed acquisition down data the a we and spend million intangible of and significant this was some Information offsetting million $XX from write-off. Diners year, Marketing
$XX plus and delinquency also another XX were quarter points points the Total second and net down year's sequentially. rate points charge-off had We down was than points The year-over-year net Credit XX X.X%, year nine. through and XX were of very versus our $XXX improved quarter XXX XX points points slide and basis prior basis XXX loans was prior card basis The credit sequentially. the million from charge-off to million rate Moving quarter. dollars lower student remained last net XX strong the down personal year performance. quarter charge-offs down basis loans lower The basis in sequentially. and X.XX%, private basis sequentially. X.XX%,
Moving credit XX. slide for allowance the losses on to
sustained improvement released were the by sequential increase in $XXX million delinquency continued partially credit factors, X% we performance lower offset strong to reserves with losses. and three environment, These from quarter, This the improving a loans. macroeconomic due trends in key
Embedded the year are these and rate by assumptions X.X% economic and within physical approximately growth include the an expanded from current in X%. GDP of late the end childcare infrastructure package credits beginning tax assumptions XXXX. Our unemployment of benefit
XX. Looking at slide
a points XX.X%, Our ratio XX.X%. well target our internal level of above XX common Tier basis equity X increased sequentially to
mix. our continue buyback we in increasing As having XX% make recent Roger goal are to towards and deposits On committed funding, payouts approval returning noted, progress Board of to that. we of XX% dividend capital. The to our our reflect
XX. slide to Moving
XXXX we see to growth. perspective Our evolve, as drive profitable continue additional to on opportunities
rates. in for growth increasing payment outlook confidence higher our loan sales growth have offset and our XXXX, new We in as modest account strong should the
expect funding a to anticipate we variability some yields relatively a and range We We to will quarter. in similar variability coupon the with with this the remain levels from higher quarter revolve affected deposit benefit XX%, narrow compared rate. NIM optimized of what an maturities slight quarterly in experienced by first mix,
ratio. to and commitment changed, management Our not efficiency focused expense positive remain and disciplined on has we improving operating an generating leverage
the over closely recovery. we be up expenses economic year, expect this now The to is increase year, the reflecting recovery expense compensation slightly categories in tied to prior higher use and For accruals the non-marketing the fees.
of is than have some lower supporting For high losses. consumer with but recoveries them, These are more the costs level elevated example, liquidity recoveries. by associated credit offset
Regarding resources into will more up marketing marketing. this we the account deploy and we expect second significantly further brand of XXXX, step half expenses, in as acquisition
With the shift in compared in will to continued material that is and the performance, current economic timing the this our losses environment a be year of losses. down change improvement credit expectation could XXXX. Naturally, magnitude credit
returning Lastly, and summary, another by to as increase shareholders. new authorization, committed evidenced we In quarter. capital we our to dividend repurchase very share had remain strong
deliver investing discipline opportunity. maintained to remains dividends. the our strong, positive I'll line well-positioned buybacks back topline and given to returns, trajectory that, turn extraordinarily operating call continues expenses, account improve. our outlook Difficulty] returning while We and growth are a the organic for trends continue economic growth. finally, We sales the for on allowing Credit new operator our we With for enhanced [Technical to high And and Q&A. open to
