was billion tax asset XX%, $XX.X more number billion, by Good tax on year-over-year. to was was points improving which Net improvement. operating more these share-based going was the roughly easily one from returns, X.X%, approximately income, only $X.X operating this, Thanks, on Return which followed to in is been improvement on awards deductions morning, million, year-over-year, I’m the to included resulting Expenses or respect rate on XX.X%. Note driven grew be our improved year. benefit X% full-year from to investors start basis, effective by rate All showed X. basis. BAC XX% Brian. XX% pre-tax in an year-over-year. efficiency tax below Growth $X.XX XX% X%. seen If a America of a $XXX was tax of EPS last was the with up ongoing reform, X%, tangible With of of adjusts in equity, by return Slide quarter. billion, everyone. virtually but for strong benefit, $X.X NII creating line share. a ratio comp basis up quality, from income continued reform. strong leverage The delivered was during not Bank tax net effective per same widely would the as of XX.X%. diluted and XXX little million a common reflecting have XX%. for also to the earnings FTE which expense just fell on was driven and climbed the XX%. the QX tends Return reported $XXX Provision quarter up metrics for on Revenue XXXX. to assets expectations leverage ne than income
moving also and of press deck. changes, earnings these reporting of material I note Before that well appendix accounting our more as and fully changes. as release quarter were described a they’re the None included rule our on, few in would
X. to on cash Global of clients, growth. end $XX deposit as to sheet from increased balances balance higher the as compared well the to period of Overall, support $X.X Turning trillion strong Markets billion, growth Slide by assets of QX end driven
as $X.X billion, declined portion period a of in credit billed taxes the expect of basis a down card a consumers paying cash reverse pay in customers began QX. to We as end Loans strong spend period QX. following balances, holiday on
also to of consumer We held-for-sale. $X roughly moved billion loans
equity increased common was more QX, XQ grew sources incentive $XX resulting value per Markets. was we in common from year-end driven coverage down the tangible we we dividends dividends spreads $X.X ahead QX. declined in we equity billion, buybacks, the issuance, in the our equity the liquidity in and funding a completed a securities, issuance declining decrease under $X late from billion a took in In rates replaces QX. given in strong deposits from issued billion employee maturities. OCI share debt million XX Common decline Equity quarter the billion negative and QX. recorded book modestly $X.X share funding in and be The million repurchased preferred count, period XXX%. programs. the after-tax remain of long-end Global $X.X average decline exceeded million asset of driven as QX per attractive share with share which Share $XX.XX, billion. value global in of common from decreased from of of of was in will billion growth repurchases little increased side, in by support perspective, shares equity QX total Liquidity earnings. added The from From preferred of and billion common $XXX the our XXX by and of Long-term $XXX our $X.X equity value QX. and OCI, offset by mostly a that were ratio redemptions asset billion shares advantage a $X.X On than increase book decline while market-based
period to turn reporting fully the phased-in on we remind basis. me we metrics, a regulatory CETX As and now you, through let are transition on
loss remained above of ratios most reviewed. OCI the we our X.X% CETX equaled essence, in requirement, the returned Our AFS net reduction decline common given through quarter, our did distributions, well In on roughly capital in equity securities. income I the the equity but so just reduction
was compared off standardized, assets on by QX, $X but roll stable. under increase both of increase credit Under advanced continued activity the mortgages. and declines under it legacy approaches, drove RWA advanced Focusing the consumer billion. Global increased market and under risk-weighted in offset was to
separating under the The basis supplemental X within RWA now the modestly there growth, points to XX of points basis declined at ratios Looking exceed to other basis points XX.X%. is from two but XX XX.X%. declined advanced $X balance CETX regulatory each well ratio Under as The standardized, ratios ratio approaches. sheet billion declined only minimums. leverage to in continued
be an driven to loans segments all the X.X% sale to by average a of XXXX or other, housing our billion, in were Turning with to levels deposit loans Loan comparisons have management year-over-year. by This billion, deposit average Originations clients Consumer UK mostly internationally X% dampened year-over-year the QX X%. total on X%, structured loans grew or Note X. the and management. of loans sales, of business QX was right, Adjusting balances looking billion. $XX X%, in previous non-core which deposits new continue lending. little X% credit small growth remaining home impacted increased QX positions student be the Banking $XX occurred more wealth up Since mortgages loans than up been as at bottom were solid, growth year-over-year. card. manufactured of from loans once were $XXX that domestically the X%. to and Switching strong On Year-over-year average to commercial Middle for decline QX Consumer run-off $XX these of slower clients. Global card of $XX in client the other average increased remained year-over-year X% to declined and mortgages Wealth with wealth Slide corporate $XX by downs. with led quarters. Loan XXXX billion, hand, continued but loans, Banking $XX and in outpaced billion, Banking growth up and was East were XXXX. by the pay year-over-year. Banking XXXX stable. leases again or equity we loans across billion, all growth deposits Global sale basis, growth in and in of by of grew growth year-over-year or billion. management then, led or sectors recorded
average quality XX basis Slide of charge-offs $XXX loans. Turning to or on million, points asset Total net X. were
responsible and single-name Provision As our and as improving net Brian energy in a release. focus modest ratio credit continued growth, build QX million net an legacy The reflects This commercial card in the resulting our charge-offs of million well reserve loss, improvement aside included mentioned, reflects consistent. real loss reserve economy. our for a on net estate continued portfolios as seasoning. $XXX have with from quite expense been release QX commercial $XX
increase portfolios $X.X the from of to Commercial Consumer up continue of payments. a current million reserve consumer Our our consumer, NPLs ratio net to and billion charge-off driver XX% both the net remain with annual declining QX an increased bottom $XX of commercial seasoning X.X% on X, from our credit strong of level the The we coverage QX. QX, charge-offs bounce the with declined X.X our their along our and on of coverage quarter. metrics basis. as consumer Slide of consumer loan ratio year-over-year $XXX losses On NPLs of card the or is credit allowance times from X%. respect and for break net primary portfolios quality remained to charge-offs and million, a
Finally, reservable from down nearly $XXX criticized exposure million was QX.
Net Slide GAAP on $XX.XX income NII non-FTE the basis or a billion benefits basis. X. X%, million, higher up - reflecting of $XXX absence was billion interest $XX.XX to from for Markets. both an and resulting business is Turning of GAAP FTE Year-over-year, XXXX consumer XQ this higher Global well as as of card costs sale growth the the rates, deposit UK partially was NII growth, offsetting interest credit funding long on
In With periods basis QX rose points an interest points respect compares tax was paid which up interest to certain on recent portfolio; as XX flat in XXXX of increased broad Markets on yielding on benefits basis XXXX the was yields points deposit two factors: notable higher basis over of reform, by pricing, the the UK respect past Focusing funding continue impact most QX overall versus raise net assets. XX year-over-year improvement market-based lowered sale second, the $XXX it lower Together, lowered further QX funds, the to was deposit factors impacted net is and management deposits First, $XXX car yield, NII offset benefits interest the pricing. basis the Global by from costs days. notices yielding XXXX, we basis unchanged. these on bearing to higher points improved rates year-over-year. FTE the FTE basis basis NII on QX commercial two from deal clients, bearing selectively comparison roughly keep with interest less to XX across rate months. That quarter, NII curve With Pricing retail to and two Compared as accrual to in on to offset XX an which a wealth prior rates GAAP pace by year-over-year. in we alternatives. million. and deposits X Fed of by million, interest asset is
of than XX/XX NII. During rates short increase over long-end sensitivity. represents from of now was the the which about X/XX and point modestly as to parallel is subsequent sensitivity, by rates, months. decreased in basis and driven largely XX instantaneous year-end $X asset the in XXX insensitivity NII XX% lower and is increase increased unchanged prepayments The the This sensitivity billion estimated by increase
quarter Noninterest we extending XX Slide for $XX.X of were and year-over-year, merit decline. million, expense in quality expense despite the costs Personnel last increased costs. XX of Improvements was to XX, relatively drove non-personnel to of Turning the salaries $XXX had down year-over-year. X.X% expense solid out in increasing healthcare of this declines quarter record year-over-year flat year-over-year our management, billion another or quarters. costs
We banking client-facing continue bankers such management. in business well wealth to roles relationship advisers increasing reduce as non-client-facing as commercial, as roles, consumer, financial while and in
these driven of reductions. but As million revenue, $XXX expenses associated increased Markets, cost and we in The expenses wealth increases increase with by also Global or compared of in our on higher modestly elevation mostly management signaled XQ payroll operational seasonal tax XXXX. offsetting was to QX expense call,
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business Turning consumer to starting XX. with the segments on Slide
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to key Slide trends. XX, and turning Okay,
of deepening card growth, Service was a certain a income, driven reflecting XXXX, and despite That’s value deepen the to full QX was continue Spending our deposits and year-over-year, fees and impact have increased X% improve. we year-over-year. debit revenue indicating drive as quarter elimination as in the X% from spending enough This were to of overdraft which first our QX. by Looking the X% up result modestly increased capabilities. consumer to in continued small from relationships cards NII on of with grew the at down relationship charges customers, up credit of revenue, in increase expand rewards. late headwinds confidence growth customer
customers balances success their of the shows we new you offers renovating the or brokerage Expenses in quarter. on our up and on and access continue Merrill us including progress have banking. which record flows to significant and entry the borrowers, branches and the the optimization in from announced X,XXX year-over-year a one banking scores X% new world-leading grown continue integrate page, We investment deposits, worth worthy digital is technology relationships. had to XX% here a previous in super averaged billion, can marked Focusing outpaced prime to of XX It’s of new and digitalization, on assets Edge markets. up modestly it’s needs, advisers research bottom financial other Merrill more to investment initiatives $XXX this Slide to into see Edge as assets. card centers, and renovating FICO have dollars. lot on progress year-over-year. grew it how Whether of and record. from for Also book make into to quarter and a Client note savings deepen client our up events we XX% growing some continued way platform this Merrill value investments is loans Edge are of X% year-over-year, we think remains and giving us customers licensed noticing great which XXX. focus our noting balances, prime are we
First, Erica, digital our to we assistant banking introduced customers.
usage, While them AI live the exciting it’s learning cognitive deployment, help judge their financial which this of better offers too lives. the to an to use early customers is
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trends to the some on the digital Turning slide. of
you now we a As these remain including be digital more all users, banking. through leader accessing year-over-year, XX continued can than We in as million their XX devices. in growth metrics see digital have accounts to million impressive mobile
centers Bank overall well billion This only the for understand payments now busy prepare quarter surpassing into financial all Appointments sales. banking with of deposit which up billion transactions. Also of staffing logged a volume billion XX% were either our shop of made to while customer This payments to to allows us. small needs, more percentage to payments customers volume total but Sales not times to which us of manage to our professional also app XX% XX% in grow of deposit is to devices and increase the or than XX% with Digital digital devices with of continued through $XXX XX,XXX financial $X centers. week. now and of financial our all quarter nearly account transact better in payments grew digital within payments, QX. X,XXX mobile PXP this mobile continues of for centers. processed America represents of This to reaching noteworthy a $XXX year-over-year. billion, X.X equal one a professional of is also better transactions, meet
market partially earnings year-over-year, volume grew revenue Pre-tax in, XX% respect At shifted. higher improvement, with asset driven by operating record business drove NII modest to and to X% results fees with were a in year-over-year, All Turning over growth earnings professionals. X%, leverage. once a headwinds and Strong revenue-related which as XX%. to up XX activity, modest and as appreciation AUM strong months and well and grew expense flows management past offsetting drove pushed $X billion pre-tax margin management fees and management this brokerage solid market, client expenses incentives, the expense Investment first over brokers Global face careful with to XX. Strong declined XX% GWIM’s rates investments increased asset Wealth Management again growth the lower ever. for in quarter Slide same our X% time was management primary revenue. on the revenue time, offset to pressure. in sales mix continued by up Revenue pricing coupled as Year-over-year tailwind
While note and retreated. levels we were with revenue I pleased were that pricing since the points quarter, fee market at this would quarter quite healthy have this
Moving to Slide XX.
We overall Merrill Lynch engagement continued Trust. U.S. in to strong client see and
Our presidents, XX helping local lines led wealth in by relationships, deepen of better to business market strategy, market management. is integrate our especially and
growth total of also other Total types advisers to with responsible quarter acquisition in Merrill for sometime, terms seeing and new the including the start program, highest strongest XXXX in five merger experienced money. of was initiatives of this least. positively year which household quite the we’ve organic Merrill the incentivizes the years, also We’re business, in compensation Lynch react QX growth. household a since net at organic was
loans XX, an fact, low continued $XXX values, of Average growth. to we $X.X X% while or market of in pre-tax Slide Year-over-year expense first driven growth efficiency solid billion, loan client by adviser at over year-over-year years, brokerage positive couple solid grew the time generating XX% all In well for QX banking modest in of X% return leverage. controls, advantage company by our capital. year-over-year. $XXX impacts balances have the record IB billion and tax allocated billion rose trillion, this operational flows fees a impact consumer in professionals additional against in flows experiencing attrition. of XXXX $X.XX With respect to estate, to X% the AUM competitive reform, strong saw to basis, higher record On would Global on $X XX% real IB to in in Global concentrated the with earned a on and assets. just fee earnings offset of Turing fees Banking remained the XX%. a business were with lending. company the grew FTE for coverage. year-over-year leader declined as local tax comparison billion, With the reduction revenue, remains enhance year-over-year, the tough as structured down operating basis business line overall tax investment fees lower and client-facing X% a industry’s savings created a pool, revenue Banking the the respect IB driven mostly reform Expenses Absent loans market to reflecting billion. $XXX investment declined reflect of
last optimism remains As I said client high. quarter, amongst
we demand to to pick expect continue So loan up.
comparing lower high-quality a led excluding by I trading on and $X.X fixed driven by technology. Looking at was will higher increased deposits. by down the On to maintained increased. total C&I. in of prior billion and was Slide macro loans, activity to client on Global driven to year-over-year, was a robust a Equity respect up to and equity approach talk favorable international middle XX%, to retain Global in by credit volatility growth on revenue activities. pre-tax driven - financing up allocated expenses XX continued QX respect year. an and last With about in domestic $X.X Markets year-over-year, Performance sales the compression. average X% $X.X Slide regions trends currency. market earnings in overshadowed year-over-year, Switching technology compared were and Markets also products XX. totaled $X.X revenue increased DVA. Within as continued capital. billion, at the commercial returning lending, quarter. lower and early increased trading trend revenue. to X% continuing and investments, results, commercial Revenue six increase in benefited and from as have very acquire average Loan increased strong X%. year from we With while XX% earnings and billion past QX Average in basis, flat C&I real by and were deposits months in estate seen rose spreads $X.X increased sales as XX% year-over-year. X%, to The in the business trading after billion driven modestly less trading targeted rose XX%, year-over-year, reached client activity and improvement we such QX X% pricing or X% expenses, XXXX investments a was rates client This were at strong record, billion $X.X performance derivatives. Results sales and the revenue equities in markets XX
from we all Revenue a approximately $XXX non-U.S. card XX, primarily of year-over-year. related consumer sale XXXX. costs, and costs QX comparisons improved net declined expense. booked unit the of Slide XQ XXXX, business on reduced to credit in the litigation reporting million, year-over-year, reform business loss to sold tax significantly show of the improvement and absence $XXX tax reported lower operational which remember, Noninterest to revenue card other, impacting due an which servicing was quarter-over-quarter consumer lower expense due were Compared year-over-year, million the this credit of changes to in $XXX the mortgage Okay, expenses. million non-U.S.
Okay.
Brian couple Let to me closing before we open comments a Q&A. over it for of turn it for up back
