Strong Loan and Deposit Growth
Average loans grew by $9 billion year over year, and average deposits increased by $11 billion year over year. Primary bank relationships grew by 3% in consumer and 4% in business banking over the previous year.
Robust Fee Revenue Increase
Fee income increased over 6% year over year, led by payments, wealth, and capital markets.
Improved Capital Levels
Adjusted CET1 grew by 20 basis points from the prior quarter to 8.9%. A $1 billion multiyear share repurchase authorization was approved.
Significant Revenue and PPNR Growth
10% year over year revenue growth and 24% year over year PP and R growth. Earnings per common share of $0.34 and ROTCE at 16.7% for the quarter.
Continued Credit Performance
Net charge-offs decreased four basis points in the quarter. Allowance for credit losses was 1.87%.
Successful Execution on Strategic Initiatives
Investments in new verticals and geographic expansion in North and South Carolina and Texas contributed significantly to growth.