“However, if revenues were to come in above $84 billion, we would expect expenses to come in higher as well, commensurate with the increase in revenue.”

In context

“ion from our wind-down markets, largely offset by underlying growth in Banamax. Expenses increased 8%, with growth in corporate other, which included higher severance, largely offset by lower expenses in legacy franchise. And cost of credit was $374 million, largely consisting of net credit losses of $256 million, driven by consumer loans in Banamec. Turning to the full-year 2025 outlook on slide sixteen. Given the strong performance in the first half of the year, we now expect to be at the higher end of our full-year revenue range, around $84 billion, with net interest income excluding markets up closer to 4%. As it relates to expenses, as a reminder, both the level of revenue and the mix of revenue inform and impact our expense base, which we expect to be around $53.4 billion this year. However, if revenues were to come in above $84 billion, we would expect expenses to come in higher as well, commensurate with the increase in revenue. And as a reminder, currency fluctuations may impact both revenue and expenses in the balance of the year but tend to be roughly neutral to earnings. In terms of credit, given the improvement that we've seen in both delinquent and net credit loss rates in both cards portfolios, we expect net credit losses to be within the range of 3.5% to 4% for Branded Card, and 5.75% to 6.25% for retail service. And the ACL will continue to be a function of the macroeconomic environment and business volume. Now turning to capital. We remain committed to repurchasing shares each quarter under our $20 billion share repurchase program and expect to buy back at least $4 billion this quarter. That said, going forward, you should not expect us to provide precise buyback guidance. As we take a step back, the pe”