“We continue to estimate that our long-term CET1 capital need is around 11%.”

In context

“loy excess cash and securities into loan growth. The linked quarter increase in NIM was driven by an additional day to recognize revenue. Higher yields on assets in the quarter were offset by higher wholesale funding and deposit costs. Outside of quarterly day count, our NIM from here will largely be a function of the changes in our balance sheet mix, the impacts of interest rates beyond forwards, wholesale funding costs, and the impacts of competition on loan yields and deposit betas. Turning to slide eight, I will end by discussing our capital position. Our Common Equity Tier 1 capital ratio was 12.1% at the end of the second quarter, down about 60 basis points from the prior quarter. Net income in the quarter was more than offset by share repurchases and growth in risk-weighted assets. We continue to estimate that our long-term CET1 capital need is around 11%. In the quarter, the pace of our repurchases slowed to about $2 billion. The pace of any future repurchases will be driven by a number of factors, including our actual and forecasted capital earnings, growth, economic conditions and market dynamics. With that, I will turn the call over to Rich. Rich? Richard Fairbank: Thank you, Andrew, and good evening, everyone. I'll begin on slide 10 with second quarter results in our Credit Card business. Year-over-year growth in purchase volume and loans, coupled with strong revenue margin, drove an increase in revenue compared to the second quarter of 2021. Credit Card segment results are largely a function of our Domestic card results which are shown on slide 11. Our Domestic Card business posted another quarter of strong year-over-year growth in ev”