We view these results as constructive, given the NII beat and a healthy outlook. Specifically, 2025 NII guidance implies roughly 6-7% NII growth YoY , which is best-in-class vs. the other large banks under coverage (+4% on average). We see potential upside to NII over the course of the year, if either or both manifest: 1) a steeper yield curve; and/or 2) loan growth picks up more quickly. Moreover, the company continues to deliver robust expense discipline, and we see a multiyear operating leverage trend going forward. The company provided 2025 expense guidance of +2-3% YoY (vs. YoY), which we believe is fairly conservative, given that management indicated that they are factoring in an environment with 5-6% S&P 500 growth.