we're helping our Charlie and everyone. on morning, Good X. Charlie. how customers Thanks, Slide summarized communities
with start our third-quarter income results X. the for $X.XX was share. on common to going Net for X.X financial am I the or billion So Slide quarter
continuing Pretax, in was from decline pre-provision driven a than included allowance lower ago reflective as results revenue a the the lower year economic by credit of by net profit in Our income offset the expenses. losses. X.X interest in and billion credit performance for grew recovery. more This a decrease is improvement
to Non-interest from stable initiatives, our in And which million due equity venture income ago. have Charlie losses $XXX expense Within private declined XXX We a from enforcement that, predominantly rate. was year ago, year as associated equity the our third the capital helped million September gains quarter, OCC quarter second improve continue but a and to the increased affiliated run with businesses. from execute operating relatively the action. included on highlighted, efficiency
We areas, and mortgage asset-based were by investment increase also corporate deposit-related, more from a than increases other lower fees banking had offset These revenue other in as in revenue advisory card, banking an fees. investment and banking. in and investment ago, lower including markets declines in well as year
the rate Our XX.X%. tax was quarter effective income third in
quarter we repurchased Our billion common the declined to CETX in ratio as of stock. XX.X% third X.X
will of be As a minimum lower capital a G SIB the surcharge. reminder, first quarter regulatory X.X% our in reflecting - XXXX,
risks other under able in included -related billion to our flexibility including to depending conditions And if period, buffer framework, capital factors, the will distributions. stress we plan the repurchase capital the possible, on have four-quarter market XX capital than and increase Additionally, we COVID be risks. the more over
Turning net second declined net points credit million to loan The estate portfolio quality charge-off and real improvement ratio was improve liquidity on X, modest and our XX loan improve broad-based Slide recoveries retail has was continued recovery performance properties our quarter XX well. quarter. included from energy and real continued charge-offs valuations. estate. The the Commercial net credit in the and basis reflected X to basis points. in and in commercial commercial hotel perform increased portfolio The in to to
for improve to above homes quarter Consumer from reserves result and take out. While plans continued loan play return any as XX or points. widespread office, sector working office will also to to basis with and closely charge-offs million values declined a autos levels.Net impact cash strong a in not remaining to time and that the seen any second believe to watch the we have we performance stress XX pre-pandemic collateral hybrid this continue consumer credit of
quarter, the lower to have or largest was Non-performing recoveries across auto real the portfolios back We commercial with prices. types. the second credit given significant card on from and in commodity losses declined by our net X% XXX declines non-accruals continue fundamentals of in and driver, all estate asset assets higher in both energy consumer declined. The million driven improvement
estate. the uncertainties continuing the releases. economic continued at Our The we and to level credit in our the growth On reflected from consumer the the for Average commercial commercial grew deposits first of of mortgage quarter we credit loans industrial since targeted a XX.X portfolios. offset highlight to relatively corporate we're time in decline commercial billion by consumer -- Total continued from and billion and declines real our additional asset trends still would investment end economic recovery growth continue, card, the in auto, remain. up other quarter treasury, reflecting largely ago manage quarter or quarter offset strong X% residential loans deposits. and from modest XXXX If of current of first with loans, and have the with XX.X by growth increased stable commercial and partially Average and loans Slide corporate with allowance a our the third most in and banking and in in X, cap. year were consumer banking, expect period-end loans under businesses second performance. reserve actions second
on third a And we long-term our net end the interest balances the purchased loan billion impact next of the billion the these mortgage-backed grew decline At Slide end the second quarter. also under yields on from PPP offset mortgage-backed EPBOs the premium was we XXX driven We The the loans outstanding. quarters and million securities X, million steadily XX quarter, the by of do the a and was interest loan over out had and amortization end substantially earning third securities. and net or of the a loans or had balances we from year. lower EPBO partially to from several quarter, These down XXXX. decline X% to loans from to contribute by by of X to billion expect end X% and decline expect on we in at interest ago. lower next income Turning X.X assets, of income of of income second to be by billion balances quarter down debt lower ago decrease net XXX or year a year the
level be We to continue of the XX.X billion for range bottom XXXX near to of X% initial guidance to down full net interest of the from income expect fourth our the flat annualized year. quarter
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specific some we're provide on of me the Now some progress let initiatives. examples of the making
to up to on to the continuing mobile costs which consumer reducing The work in quarter continues pandemic run logons a our ago. are business. We underlying the banking accelerated digital, XX% from third customer with migration year
to While and year were have were than they pre-pandemic transactions ago, as from teller flat XX% over levels a migrated ATMs transactions lower mobile.
by headcount our the number X% reduced branches banking $XXX of Over year, lower by and we've or and branch XX%. past
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quarter. first As This million a losses outlook operating million assumptions be includes full-year fact of year. outlook we for X the the than the incurred assumes year. operating the approximately of mentioned, our billion to operating of at the in expect the approximately that losses our months dollars fourth $XXX XXX beginning higher accounts during of losses the And
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estate XX, by deposit increase balances, ago. higher a by to expenses. to year This our year XX% from loans grew revenue a by banking, Slide results. commercial and salaries year declined expense assets average expenses, corporate made a occupancy XX% year from by from commercial to Client valuations. The on were the securities-based driven year markets investment lower Wealth by revenue lower due lower continued ago, was a a the primarily non-revenue-related from investment reduce market ago, from our due and partially primarily due student ago The and in asset-based activity increased non-interest asset due trading from from by driven under driven taken in conditions. net to portfolio in and valuations. XX% Turning decline total classes underwriting portfolio. income, balances to declined sale results XX higher year higher growth the sale year on XX% Commercial gains by lower predominantly a in of earlier higher an of and in ago. on expense across to fees in due ago, than loan interest highlighted deposits highlights non-interest due lower momentum primarily market market from revenue XX% lending. affiliated our gains private by grew $XXX initiatives. Slide Average revenue the up advisory to and actions included OCC lower income Non-interest driven primarily increased by were gain And capital a XX% the management higher fees, corporate Revenue to take will more on September. that, from a the due banking we manage equity and ago, in equity businesses. loan loan a offset Revenue-related lower, was interest million in we've origination cap. Slide driven venture by asset a from driven servicing revenue to associated our to efficiency in compensation equity initiatives and decline driven drove questions. driven higher sale efficiency balances increased real progress interest the expenses reduced with X% rates quarter stronger and capital income, margins your net the action year securities I ago, investment from and ago loss enforcement income declined expense primarily XX offset X% lower market's With increase a operating second now operations year year primarily most in including fees. from ago, volumes
