Slide start on good morning, results and with our Thank you, five. financial summary I'll everyone. Roger,
which we income As billion, XX% net lower was of reported $X.X year-over-year. indicated, Roger
two items. However, I'd call like to out
we our would loss in the to for $X.XX a that the these, quarter last our this million gain had million second Adjusting compared been is in earnings first of year, quarter. quarter. The investments on per a $XX have $XXX unrealized current equity share
to in due million a loan year prior a year. million build the build driven the increased receivables. The current $XXX primarily from was in prior reserve $XXX release compared provision for to reserve the quarter by reserve Second, quarter current credit losses higher the
would profit year-over-year. our tax items, have two and XX% reserves these of before up impact the been Excluding
into by offset Slide X. the the robust promotional sales was which new receivables On rate margin XX%, points the XX.XX%, quarter, to partially driven Net year. improved interest payment the the basis a In than average and higher year-over-year prime and year interest Receivable the funding and NIM and from sequential both higher pre-pandemic $XXX Moving up income net above XX prior net up driven basis growth was sequentially. remains from reflects million and rate XX mix, last higher by growth points basis, increased and basis card, margin. balances or funding strong points X favorable and in XX% level. account year-over-year and by was increase costs. increased basis XXX increased more this year points interest
competitively some product pricing relative in marketing, reflecting expect modest view reflecting loans quarters, our we We and originations. several normalization payment will return the approach growth solid half to Personal year through continue XXXX. rate originators. continue non-bank Organic loans this increased to underwriting We this particularly a we that validation to the and student and will positioned a over past to are this believe were back X%, in as of X%, of be grow, of the to growth. up
our up year-over-year sequentially. the mix, in deposit terms of savings in balances flat Increases X% higher-cost customer run-off our funding balances CDs. and In offset were
the funding asset as XX% over to continue growth to cause vary our strong deposit target of may to mix, XX% Our deposits medium funding proportion a but we term.
Looking at Slide on other revenue X.
or million favorable Sales strong and the million offset sales investments increased categories. mix, and This by interchange higher Excluding driven up net detailed XX%, reflecting was of partially impacts non-interest $XXX by higher equity which up XX%. most across $XX income with XX% was growth revenue, year-over-year sales rewards. were earlier, discount or
sales our half compared year. between inflation the this of estimate basis figure. expense and also XX%. rewards sales We that For the drove XXX contributed first higher to to growth was prior the points XXX Strong year,
factors: increased this quarter. rate aligning included reflecting year-over-year, basis with X needs gas rewards standard X% Our points customer category two our
in growth the of over the Second, year accounts past cash-back our the substantial new match. cost increased
was half late points However, $XX first basis on with income to driven through This was consistent X is rate points XX%, up the basis Loan rewards cost reward up X of million of year. basis, up annual basis primarily X the the a expectations in X and fee increase of our or sequential an fee point increases. instances. by
next through prior of and salary consumer or higher and Moving to expenses investments our in increased last to will grew and speaks in expenses the up strength quarter. likely average X. Slide are X% as our growth and of invest into primarily year's for Marketing to Compensation flat we wage from organizations, operating the quarter. salaries. from were year. costs This $XX slightly continue XX% banking year-over-year continue products. this year balance benefits analytics. Like due of million we headcount brand, and on many seeing card our of value proposition, the new which XX% increased the in targeting expenses second We year-over-year, the to up relevance our pressure, were accounts by Total card
economic about track and our This through-the-cycle approach and investing closely about to and brand our we to discussed, in Roger remain approach confidence conditions, disciplined As contributes underwriting. competitive acquisition. we
million Total net the points the net line the prior $X nine. slide $XX up points X for and with credit lower down card million. in credit prior Net continued basis or net Total XX sequentially. year XX rate the increased million performance on charge-offs from quarter. up and were In the low XX year and X.X%, to were prior basis Moving from portfolio, $XX sequentially remain points basis charge-offs charge-off than normalization. charge-off expectations were dollars
are point. we evidence receivables, our this of at seeing at credit Looking stress not emerging
half, into consistent are our steady expect for delinquencies And virtually from is while unchanged in outlook quarter. we first back XXXX. credit the normalization some this delinquencies the Our over increases with
past to balances. on we $XXX quarter, the million, discussion our receivable our higher of to allowance due by slide allowance increased This largely XX. Turning
dropping X.X%. to Our basis XX reserve rate points to decline, continued however,
life our losses. our As a expectation reminder, reserves based on of loan are of
we macroeconomic risk the for to Fed the slowdown from balance potential shifted view, resulting of economic policy has include On an the believe actions.
most us, significant of conditions. loss employment changes For to the driver is
and still current healthy. the number unemployment remained of low, unemployed current as conditions number but market mentioned, up. people -- labor Roger to started the creep labor the unemployment remains openings the And As of have claims rate job exceeds examples,
of unemployment and of range macroeconomic our the process, reserving consider part higher As of scenarios. we prospects a
Looking at slide XX.
during X our preliminary The stress stock lowers position results, underscored the capital a the quarter on which lowest Based CETX equity We to capital minimum by above our per for CCAR's points, $X.XX period our recent the Concluding test. $XXX common effectively of basis ratio. well required our Tier was stress ratio decrease the of possible strength Our dividend should XXX share. common declared repurchased CCAR's common regulatory and on of is XX. by XX.X%, the buffer quarterly million XX.X% X%, target. slide
look favorable. into back we year, of As perspectives the remains for XXXX half our this
are We elements our improving expectations. some of
and growth sales our second through revising this to are teens, confidence new view view There We support NIM. strong change account continued our our in acquisitions low to outlook. is on loan quarter on no the
of XX for We the full year quarter XX.XX%. points basis continue to see first relative to X level to of the upside
expenses for costs by expenses with last versus still single-digits. low in non-marketing mid-single-digit levels, increase remain above growth come expect XXXX expectations to year. Our at We marketing to
intend demonstrate summary, manage the accelerated to approach We to at disciplined strong full while strong. brand improving for are I'm account to growth continued operating turn and open appropriate that net well for benefited in Katie, account return we sheet expect as capabilities are economic are remained year Credit now sales to to charge-offs line robust credit resiliency our from reflecting integrated conditions. digital our and I'll to X.X% call the for investing share confident that, We our balance and back repurchases capital time results banking and solid, and Q&A. an the growth outlook. we be of payments digital through of We and the profitable loan the in X.X% operator, our positioned we management. With underwriting performance a range position and new future. credit and model, and expenses our acquisition, In acquisition. between The
