“So despite payment rates remaining elevated, the investments we have been making contributed to growth in interest earning balances of 9% in branded cards and 7% in Retail Services, and we expect to continue to grow these balances in the fourth quarter.”

In context

“ation particularly in Retail Services. Overall, we continue to see strong credit performance across portfolios. Average loans grew 5%, driven by strong growth across branded cards, Retail Services and Retail Banking. Average deposits grew 1%, driven by growth across Retail and Wealth, partially offset by foreign exchange translation, and PBWM delivered an ROTCE of 9.7%. On slide 13, we show PBWM revenues by product, as well as key business drivers and metrics. Branded cards revenues were up 10%, driven by higher net interest income. We continue to see strong underlying drivers with new account acquisitions up 10%, card spend volumes up 14% and average loans up 12%. Retail Services revenues were up 12%, also driven by higher net interest income, partially offset by higher partner payments. So despite payment rates remaining elevated, the investments we have been making contributed to growth in interest earning balances of 9% in branded cards and 7% in Retail Services, and we expect to continue to grow these balances in the fourth quarter. Retail Banking revenues were up 2%, primarily driven by interest rates and deposit growth. Wealth revenues were down 2%, as investment fee headwinds and particularly in Asia more than offset net interest income growth. Excluding Asia, revenues were up 4%. Client advisers were up 5% and we are seeing net new investment inflows and strong new client acquisitions across our Wealth business, with new clients in ultra-high net worth and wealth work of 7% and 27%, respectively, for the quarter. And we are also leveraging our Retail network, which has driven almost 50,000 Wealth referrals so far this year. While the environment continues to remain challenging, we are seeing strong underlying business drivers as we execute against our strategy. On slide 14, we show results for legacy franchise. R”