“We continue to see attractive opportunities to grow our Domestic Card business and our growth opportunities are enhanced by our technology transformation. We continue to lean into marketing to drive growth and build our Domestic Card franchise.”

In context

“e year-over-year credit performance enabled us to recognize a higher proportion of finance charges and fees in fourth quarter revenue. Credit results remain strikingly strong. The Domestic Card charge-off rate for the quarter was 1.49%, a 120 basis point improvement year-over-year. The 30-plus delinquency rate at quarter end was 2.22%, 20 basis points better than the prior year. On a linked quarter basis, the charge-off rate was up 13 basis points and the delinquency rate was up 29 basis points. Noninterest expense was up 24% from the fourth quarter of 2020. The biggest driver of noninterest expense was an increase in marketing. Total company marketing expense was $999 million in the quarter. Our choices in Domestic Card marketing are the biggest driver of total company marketing trends. We continue to see attractive opportunities to grow our Domestic Card business and our growth opportunities are enhanced by our technology transformation. We continue to lean into marketing to drive growth and build our Domestic Card franchise. At the same time, we're keeping a watchful eye on the competitive environment, which is intensifying. Pulling up, our Domestic Card business continues to deliver significant value as we invest to grow and build our franchise. Moving to Slide 12. Strong loan growth in our Consumer Banking business continued in the fourth quarter. Driven by auto, fourth quarter ending loans increased 13% year-over-year in the Consumer Banking business. Average loans also grew 13%. Fourth quarter auto originations were up 32% year-over-year. Our digital capabilities and deep dealer relationship strategy continued to drive year-over-year growth in our auto business. In the fourth quarter, we saw a pickup in competitive intensity in the marketplace. On a linked quarter basis, auto originations were down 16%.”