the bit we Well, thanks morning, trying last evening And morning after sounds a yes well. everyone. our Steve. having holiday standpoint, instead many feedback in calendar, our you timeslot as morning the worked process and good a many you, it morning a are of historical prefer the from quarter due for in we us of better And to call like it from felt the from call of timing
here it’s With that, good today. to be
in performance some time about we been for another XXXX quarter consistent quarterly delivering about now. another Let’s have of example and the solid talk
right Slide get on into our X. summary financials Let’s
of quarter revenues XX% $XX.X Second billion grew adjusted FX on basis. an
a repeating better. it As well is across future, driven to eighth of continues growth and quarter having bears of I be revenues, FX importantly And adjusted this geographies by or think customer fee mix mentioned, spend segments. growth across lend balanced the and the X% Steve straight growth of this for and revenue
most currencies to of to out would a in see we continue operate. which that year point stronger last I major the against US dollar relative we
XX%. spread our reported a adjusted X% FX see between growth revenue again So you of growth of revenue and our
you operate began against the third the we US the in currencies strengthening which year-over-year last the recall, quarter year. As of of dollar in major
assuming second the So adjusted should half XXXX. where stays and more you in growth today, dollar FX of it see other revenue the reported to is similar each roughly levels
the $X.X growth Our of X% repurchases from second up quarter. strong typical assumption $X.XX, last representing the net performance then XX% year EPS and double-digit ago level drove more over topline was EPS our quarters, aided of million, share a income of in a of four our by
of seen billed Looking I’ll of views start at the with details on X now you’ve our X. Slides performance, business, through which several
FX our growth adjusted X% for quarter in QX. the X, total was on billings Starting line Slide second with
our proprietary certain network to break As Australia out network Europe our and business to it's and billings exit we businesses. regulatory continue we due to trends growth between continue in important to think the changes,
was than remaining adjusted partnerships the quarters of XX% quarter X% an second most getting less and which adjusted is are down a from Our and closer lapping the total come of to financial an of of up X% in exiting network up business, The XX% FX proprietary in we network our decline results billings business the our our basis. Australia. on GNS, our basis. quarter which the as and billings impact FX This makes our drives overall of Union in was European prior
recall last X, saw that customers our during the the step in full to became and spending April, increase our in from Slide confidence QX to began of earnings up the of occurred segments in We impact an growth customer Turning that we call and QX in more a you our lapping evident in even XXXX will attributed existing geographies base. customer acceleration across that which of XXXX. late in in
of comment pace XXXX continuation results solid up our though growth to modest at trends, QX show this to more relative bring To XXXX. a the QX a XXXX date, steady and
our for quarter, global and large starting and QX X% commercial second FX If X customers, at basis customer-type and Slide card growth adjusted grew the in you saw then the small with US quarter, second on to the look an in with the the a SMEs billings in X% we left on or to a turn mid-sized for second enterprise by the line members quarter.
with and good growing, at about of types. XXXX. very than suggest growth feel of that our modest continued discussed, the leadership we Steve economic stable position both I robust levels tones saw these would We here reflective levels growth the in are the though more customer
note trends the will But seeing to consumer bit which watch time. caution this we our at closely in types commercial that perhaps continue not of a seeing are we determine spending customer in also are to these whether segment commercial we two
growth SME, FX XX% in International our quarter. however, the type second highest adjusted with growth customer remains
the in this given operate higher of we small products long we segment, Day, believe have a the segment. we and top growth we where continue penetration in Investor opportunity levels growth highlighted During have we international low this the business for to long-term countries runway in
of solid continued company’s on Moving part to of and in which the second XX% consumers. performance X%, up reflecting underlying solid quarter, spend from in the acquisition existing growth billings US general, consumer and up growth billings were of made customers, the strong
Moving right, the remained adjusted growth basis. XX% FX consumer an international at the to teens in on
of in growth the and in Japan, XX% to We XX% and countries business Australia for and proprietary continue our growth respectively. with have Mexico growth UK and widespread across double-digit key
of mentioned I impact the regulation by network down as exiting an and basis, Global where our Finally, driven X% Services in are on was FX Australia we adjusted the business. the European right, Network earlier, process far on the Union in of
the in network and X% you an European on are the GNS Australia, billings up of if Although basis. portion adjusted down Union FX regions, exclude to was were remaining these
the and Overall, across the continue good to opportunities of growth customer we geographies of about segments which breadth feel and in billings we the see we operate. our range
to next loan Turning Slide X. performance on
that by a We customer’s continued, have unique behaviors the now, as our our of faster own card-based industry opportunity than the years creates. to historical borrowing under we taking of for grow advantage little penetration
that over And the year. growth XX% right from the the basis second existing in relative of points interest customers. see hand with Slide was yield quarter, our that of side Total XX coming up XX.X%, to X, net XX% growth loan on you was prior
going saying pricing our we’ve While for were from been we from increasing to is and mix for continued yield time risk. some still that increases moderate, these are impacts yield pleased year-over-year that
Slide strategy. credit of implications our X then shows the you
left can the you that the first up year write-off the X.X% On rate lending see XX with the and basis quarter, quarter. the in from second in points was line prior
points as right, the see that can the XX charged write-off was year, quarter. down you the as rate, prior the GCP X.X%, well basis On excluding for prior
You’ll net the delinquency ratio trends. GCP also see and loss
reached recent have we conclusion same the to lead these in quarters. of All
portfolio in consumer commercial a that credit side. suggest both environment, still our do would the on anything not the in change We significant see and
these year. In expected of than this we far better portfolios fact, performing are so all
given see X%, up the XX%. expense and you Slide So loans, was earlier, as up these provision said while loan quarter, volume I metric the on trends, second just credit million can were in X $XXX
over about of this accounts higher we’re the relationship, for we premium position forums create management few number of you of changes, evolving a a fee-based remind below have that risk on we new future provision the a cost the original As you the things the we that have about [ph] would to and in our driving margin These environment economic stable coupled products, talked year our downturn. safety with how past think on side, are well percentage acquiring a expectations. to be greater doing I us potential any are and been fact
range about think growth call expected our you mid-XX% during we in in we the the said XXXX. As full provision first year, quarter earnings
XX% the half with year. now full provision underlying have of first seen the do trends for I we year, growth Given to positive in would expect the below this, than better the
we’re January provision, on progress of efforts, and work before X our CECL. talk the step results though let left a there minutes away me implementation subject is to While year. our of of on good made on a take from about few implementation lot We've next
XX%. work in by estimate our short by estimate our far, that we this quarter, of reserves, on would life increase total a charge XX% significantly card receivable. to to roughly Based card includes current lower billion XX% CECL we if a reserves implemented of to so offset $X.X increase reserve, lending This roughly due charge somewhat extremely XX% the
the clear, our judgments and date, the To modeling. be and impact adoption off will compositions, factors as depend on we including as remaining well of as other forecast finish the portfolio loan management the receivable ultimate conditions macroeconomic
I would with leave three on you important CECL takeaways. though
portfolio underlying portfolios. of CECL that no represents the accounting estimated of driven ultimate First, view is losses. acceleration in risk to remember change the an There our or losses our economics, expected the
model, will plus return very sheet, strong balance Second likely the of reserves on for the manageable. increase XX% one-time equity impact implementation given in our capital us be and spend-centric
Third, while that our majority is will is be [Technical the of provision of The attention to it in important impact course getting going heavily to date, impact an have of the ultimate will forward. the mind CECL on impact keep expense Difficulty] implementation
expense for been coupled result in industry, CECL the which current However, loans, under incremental methodology. with the has increased in requirement to lending our the growth higher likely very reserve accounting than the portfolio, relative will provision
to So now let’s results. get back our
growth see focus least we basis working. on quarters evidence investing strong straight that on being and adjusted In relevance of revenue that X%, our growth see FX scale Slide share as of at of adjusted is an terms our revenue in on FX XX, XX% the you eighth
driven and see And this can is spend XX. on across broad-based growth Slide growth lend revenues by fee as you
X% reported on discount an Importantly, X% at next portion coming with in the to was which come in FX roughly second fees revenue history. from back up on slide. of adjusted was our basis, recent up quarter, on the remained a Discount and I’ll and revenue line the basis revenue XX% the
our outcome This the our strong products the and about given that And on the of unique Net talked good driven net and quarter. breadth Net the to disciplined the maintain in growth loans products that net refreshment, in to ability at remarks. driving feel in card our fees this by value momentum. our financial focus grew is second growth income growth yield. quarter to Steve approach propositions, product about in card are his we in interest accelerated XX% XX% fees opening of second fee-based
that companies, for were of rates, projections lower that know the are rate at what than means the are outlook of focused interest on beginning financial latest that I bit year. for many Now the and you various a given the they
modest that fairly impact in of I rates would remind for the muted. us, is you changes
does sheet liability Our but sensitive, portfolio balance manage funding we stack a range. is sizable that sensitivity charge our mean in keep that to our a bit
over that look the in - basis at year. XX-K quarter a XX-Q disclosures, me, excuse our point recent basis account a size. else decrease a the run a on point impact EPS it would line rate would deposit a of ensuing beta implies basis rates latest All $X.XX XX about in similar you including us in be on with increase cost XX history, our If of equal,
impact direction a current changes on the rate have impact our I interest in itself. XXXX together, opposite expect rate results. a rate expectations don’t to economy Keep would mind the in our that course, is today’s that outlook overall which well is a of as tend modestly by weaker, caused view to material lower in of the bit move all results Putting this
to revenue, revenue. largest Turning discount of now our to the Slide component cover XX
at billings an discount as average FX line seventh growth of strategy grew the this making in revenue on driving continued see with the consecutive evidence discount X% not this that quarter quarter focusing adjusted the discount revenue X%. second the on working. On basis, discount with that in you rate above We is right see our strong revenue
are on on our more versus in start year, with up to revenue. strong customer drive to billion let’s a XX% Moving things the you XX now second than quarter, the $X cost, our doing see revenue Slide were growth, bit we last which engagement can
as promotional you banks marketing business X% partner GNS co-brand Turning certain business development, I’d costs components, remind our at clients, as primarily expenses, the well and bottom marketing partners, line and Marketing up has we this with corporate two partners. make and that traditional were to development payments in QX. and
offsetting to mention slide. There are two this impacts on
First, in spending as growth global quarters our year. quarter quarter, second marketing quarter in XXXX, the over distributed launch will more the we last four marketing across development our of in campaign brand in to be evenly and the business grow lower driving first the of the relative second
million Offsetting increase business marketing with this partnership. enterprise-wide quarter the is three [ph] spread be QX driven XX extension second signed we will our impact results. in $XXX across by quarters expected impact Delta this in quarter and the our beginning development, This of
for rewards was in expect to our Continuing and pleased line fee-based we of expense, as of customer as on this lounge prior second benefits can X% our to the up broadly we we engagement such others be our Member help line engagement Member acquisition to access it components services. fastest see Card our that level on many other are you the support we billed believe for continue quarter, Card onto see product. replicate, growth. business seen XX% were travel strong as costs and value propositions, benefits Moving airport Overall, as in relative services and we with sometime continue expense up with premium you differentiated difficult line growing seeing and are to and have includes year the to proprietary services, with the which
on then was brings in That us Slide expense the up the which to line operating X% quarter. XX,
this in this seen in the growth of quarter-to-quarter, more line that variability servicing cause performance, I is there for force, see will strong say some and have digital revenue some us to OpEx than premium would year in drivers While sales our we years. in capabilities growth recent of always
have confident so. we a we slowly expense we operating record have are said, do to than track That and of long getting that continue revenues, to OpEx runway by more a leverage long growing
the of Turning Slide the capital. in to of $X range On billion to of our ratio capital CETX second and XX% end our top to shareholders. we our was XX quarter XX% target at returned XX%
release As the at Since a chose the previous this to year years, of you we CCAR the to subject release plan. announcing we CCAR June. process know not in process we’ve in were a press end press not capital our issue issued
our maintaining forward distribution As primary as we’ve XX% our said, capital is focus the our the capital XX% plans. ratio within target CETX our on governor reality is going to range of
Now maintaining we’ve that returning aggressively philosophy. should to our historically expect strength, and been on excess you continue shareholders, capital capital while us very focused to
what this talked of same means this year. terms In have going all reiterate forward, philosophy the I’d about we
of industry generate our that is remember our tremendous First, capital a In each capital means was ROE, quarter, straightforward. amount philosophy this this leading deploying which XX% year. we
You expect to dividend grow with historically. earnings in roughly it as line can the has
the that $X.XX approval, declaration and noticed Consistent with today you board $X.XX may in intend our beginning press payable release with in subject ‘XX. ‘XX in we QX, from dividend this, to increase to to our have QX,
of a organic remainder our XX to portion support shareholders, the target We’ll And the the of continue XX% managing months, and we growth our look modest acquisition. capital last the CETX to to will our return then our capital within if you range. to at use generated small while occasional XX%
share scale for performance year growth. revenue To steady sum and our strategy and consistent levels your focused high relevance, the call open up and delivering EPS in growth questions, our of solid half before the of first investment reflects on the we
and of earnings range revenue are $X.XX. For our having having X% to growth reaffirming the we XX% adjusted our the in full year guidance between share be $X.XX and per XXXX, to
significant the some said there slowdown Investor there, call if relative end our of range in During earnings we lower economic EPS XXXX. in more Day is March, the and to is that January
see quite XXXX robust we XXXX stable growth to Halfway through continue our the we XXXX put of and growing economy, though we together. at levels as a not plan saw in
addition to you a results a we for we in which business marketing Delta renewal, beginning have significantly, for more our to performance million and the expectation. changes initial direction, to and we've year. saw regional In second the the favorable development going $XXX have the relative other our had few outlook Most increase quarter our in credit relative from
today, where line full Given are EPS the guidance I expect with original year would our range. we results middle to in be more our of part
Rosie. With I’ll the that, to call turn over back
