solid FX-adjusted morning, to for start and to Thank first the a and growth you, good first $XX.X results, guidance basis, X. quarter have with XXXX. Starting with here with our our in billion, built aspirations. build are XX% our gave full financials be the about quarter with on everyone. year line It's tracking up our reflect an growth importantly, longer-term and beyond momentum to Most the which on Steve, we XXXX were and revenues great our to talk we aspiration momentum consistent slide summary
Our reported earnings quarter share billion income first $X.X per net was $X.XX. of with
of you in volatility caused due the years pandemic credit to know, the the income two been adjustments. past have comparisons over for year-over-year As challenging industry the has net that reserve
pre-tax thought disclosure That reflecting $X.X reason, that include the in number XX% up be pre-provision XXXX, we growth For billion the it was core supplemental number income. our versus in this quarter, would first comparable earnings. quarter to helpful our in a
detailed starting look let's volumes. now results, little So a more get into at our with
up February, our our business. monthly and the out better volumes look flowing of with strong Starting level of majority the slides, a as the think done I a from and mostly level network by first built longer a both FX was recent have have focus are as would in quarter built strengthening strong the acceleration further XX% and see past can January We from build seeking high slowed number And basis, our only quarters. to reporting network on towards adjusted the were and modest month growth returning driven transactions build you rates an from our over you gives in the momentum year-over-year our we Steve highest in year-over-year basis, in seen that slide growth we we objectives. the intra-quarter, maintain growth we term through in that X. momentum year-over-year volumes growth to a Total saw comparisons March, business of on the achieving impact then quarters. have momentum on away point a Omicron of to while comparison inflation. gone this XXXX view of the early that in highlighted, few back we with ever to have moving And on As we that we
early dip is this total on spending the a reflecting essentially but our card exit in And even above we've customers. slide from the T&E year-over-year. rate. commerce growth travel in growing rebounded due with month and XXX% January pent-up spending reached our and is billings, now levels the time is that tremendously, with on Omicron X reaching our did in business structural first T&E of momentum, spending XX%, XXXX demand overall and spending and you supporting on for the as to X spending show the variant, spending of year-over-year see goods it first reiterates, the down And slightly X, our and you service is seen Investor you spending kind quarter offline February start about services strongly continued see medium shift other has And growth growth consumer spending remained sized are growth growth build demonstrating small commercial early there strong slide talked suggest accelerated the online as and by enterprise of our business robust present of spending as XXXX fully. while X, a businesses, points T&E key not the spending you to strengthened, that slide I'd last month momentum begin our first trends of in pandemic and in quarter across as April. the the break continued take at a of the consumer these When do Now Day right I in portion effect from can we This slide since that into and on as few then online T&E pandemic. smaller majority the March.
First, were in from well other spending year-over-year XXXX continue customers T&E drive by our as highest millennial increasing the growth of note, first XX% above cohorts consumer Gen US. their Also of with quarter, the levels global quarter. up to our led growth and overall spending all volumes consumer in the and the Z age as growth back
up drive in to both businesses commercial international. clients growth US SME focus our XX% helping with in Second, acceleration spending, strategic overall continues businesses in the SME strong quarter and run the across on growth their first
that our would quarter in overall travel and quarter year-over-year smaller of the of point signs part of in clients growth I with rate global recovery, to XX%. this have segment, business large latter a out corporate the show growth is begun of While especially part the a our for
So our we board momentum year for overall, our expectations we see are the with with across growth is and spending long-term pleased volumes, in the our line tracking both expectations. in which for the
move to back then balances X, that our to in you this our see roughly As and momentum ending levels has on pre-pandemic you receivable growth quarter. loan slide loan brought balances
base. the below continues customer levels as and loan of course, said XXXX on you I quarter. continue as liquidity our write-off this rates see Investor our As of strength loans but remain and due also, XX, amongst Member credit and through is to and up rates delinquency to below interest-bearing did strength they still we increase balances a also portion as XX This our bit extremely down is at but Day, well turn pay evident performance. to line expectations, and with and the liquidity to quarter-over-quarter, provision pre-pandemic tick strong slides levels in Card remain credit receivables elevated
you comparable a see significant remaining pandemic, we will large for to this the released you that credit the built a the credit to of quarter, lacked As this we of capture then uncertainty reserves part turn the which precedent. performance, accounting
to recovery we reduce been reserves. sustained economic shutdowns, the have a pandemic-driven able seen have pandemic-driven we As from
these While determine clearly the we credit expected models plenty reserves capture the better to of level environment, and still uncertainty required. related today inflationary believe appropriate are to that current to our uncertainties is there CECL geopolitical of able risk to our related
write-offs expense quarter the to fully slide provision the drove first offset Our as our were for XX. the million shown combined a on low net adjustment reserve performance strong credit $XX reserves with as by benefit the release
on see our balances reserves, card of credit had slide of the As receivable first loan respectively. strong is our representing billion you XX, seen. levels reserve This pre-pandemic, well performance the with X.X% we $X.X given below ended the X.X% of quarter we've member we and balances,
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As we we've to changes to to results. on do explain our slide move I some to before revenue revenue moving need XX, on reporting made
play we between the As those role. in to a reminder, we network cards last are began first quarter volumes differentiate better reporting of year volume and issue processed versus of we a who more
other all up you moved have and then newly now which revenue, commissions, into can processed created volumes. the and against line Revenue, discount revenue we these of transparency, fees added out other of them volumes Processed match a our called associated revenues For with combined
this in year-over-year a such the have as We the see and have growth year. into recovery generated from revenue was expect one next merchants with fees And at strong revenue remaining to Day, I our driven and line business; primarily the This Revenue commissions Fees Investor foreign revenues, travel-related revenues. this by largest named loyalty growth seen FX with as tailwind and other be components fees of line This you line in the currency-related Service also those fees. as we from consolidated coalition like this and by throughout up item balances the XX% uptick conversion we being earned slide. service pandemic on Other will was quarter, said first other
Form the will in be earnings disclosures see XX-Q. definitions our changes have description release. these accompany will we You included recast key in reporting of also periods prior our and for that A terms
With lines. on across performance were first revenue revenue Total way, to beginning broad-based in of let's these slide the all revenues XX. up changes year-over-year with growth quarter actual XX% move our out the
first line, our can This year-over-year fee Net basis, services grew year-over-year spending. slide on Our T&E on can revenue FX growth see XX% on growth XX. the an with to spending were as on card XXXX of revenues driven up quarter you revenue by in in XX% largest rate see and growth FX-adjusted in sustained continued XX% growth basis, versus XX. in an adjusted you both and the reaccelerating goods as QX seen discount slide was XX% recovery
products the new propositions this value in onto existing of Investor I those growth fee-paying premium the as largely and prospects bringing both is accounts driven we've our of Day, a at and customers. As continued our propositions made said value result investments attractive to by
million acquired X high, new US our earlier, as cards fee-based consumer we especially great US products. Card of and quarter, with our for members This acquisitions record demonstrating Platinum premium business products, demand Steve noted reaching
XX, net On quarter, is lowest generally lower XXXX the it you funding by in due Moving particularly interest on today's of levels slide see in for that will our expense, cost to part rising to which interest income. time mainly our rate driven environment. increased this deposits, mix source, first surpassed
interest while revolving a XX%, be income in revenue forward, XX, our expect to XX% up, To we're of XX% the tracking see growth looking still on expectations. sum we XXXX. the for than very and in expect to full slide loan well slower to of on XXXX. our we growth First growth rebuild against of to revenues revenue as income And year strong, recovery to remains interest our growth year-over-year balances quarter lending pandemic net net so continue tailwind AR,
that value investments spending with those And strong tracking we've was the the Steve revenues in total revenues momentum, line Starting talent. coverage, year. technology discussed revenue lines. of these total and XX% discussed, In investments the total, in see are XX% engagement with making in customer the earlier just and show and first customer the driven growth expenses by you costs for right been for is driving all for costs these across engagement variable engagement the XX. around marketing, at expenses, of our customer lines to on up the growth of expense came in expectations propositions, So variable quarter slide full we
invested we really billion trending quarter, spend line, card On what as significantly good expectation the our feel XXXX. importantly, And We earlier. in around acquisitions, is revenues new we which the the our first acquisitions, saw the pre-pandemic. those billion in track to momentum marketing about $X.X with about than more $X on I higher strong talked from of about
We continue funding. are attractive across even we wide demand opportunities, beyond those our products a to for investment great see currently range of
expectation the to to of to were with tracking the first Moving a slide billion in XX. year. full bit spend bottom the billion for our expenses Operating $X.X quarter, over $XX
was While far leverage. putting impact as the any event, in less on see million might impact material any would over expenses, Ventures from positive year. the I of benefit to source I inflation to on earlier out OpEx last line. growth XX% strategic to it were revenues I that, is pressure modest but first Amex a full this we'll some compared what important portfolio is be have for $XXX mark-to-market said year-over-year OpEx in costs up to in of investment a see year, still including growing have some how OpEx operating expect in our note key In gains quarter, that having net that, is to these it and wait we the quarter of point volumes, our also
of our quarter, capital, billion to repurchases back in to billion common slide $X.X common we of returned on the generation. million the on shareholders of first including strong capital in Turning dividends, XX, $XXX $X.X next and stock stock earnings
then our we to call target XX.X% me at to We growth sheet the growth. return slide we'll of first capital open on our up to continue plan plan and XX, of quarter, ratio supporting generate to within CETX balance was XX%. the XX% for the Our That the brings end questions. range to excess while your shareholders our
year and full XXXX, XX% having between of reaffirming $X.XX the and are For share our we guidance $X.XX. earnings XX% growth to revenue of
expect core our the to amount tailwinds. the sequentially volumes, continue We throughout revenues year, by earnings to our driven strengthen pandemic and part in of recovery
uncertainty it as to As and I relates environment. inflationary current mentioned earlier, the geopolitical clearly
all investments, We sustainable uncertainty, turn to plan running of build today, the come our execution revenue we executing mid-teens first and against With As the deliver our and to company on to momentum. and strong on quarter of focus XXXX despite growth new results sit back here remain and structural number combination of strategy successful XX% a excess delivering with beyond. our have the growth growth committed that a Vivian. EPS and of in our of that, achieving our together a in growth call aspiration I'll basis over shifts
