“And we continue to expect that the full year 2023 annual operating efficiency ratio net of adjustments will be roughly flat to modestly down compared to 2022.”

In context

“terest expense was down about 9% from the linked quarter. Second quarter commercial credit trends were largely driven by the Commercial Office portfolio, inclusive of the movement of loans to held for sale. The commercial banking annualized charge-off rate increased to 1.62% in the second quarter. The criticized performing loan rate was 6.73%, down 58 basis points compared to the linked quarter and the criticized nonperforming loan rate increased 10 basis points to 0.89%. In closing, we continued to deliver top line growth in Domestic Card revenue, purchase volume and loans in the second quarter. We continue to lean into marketing to drive resilient Domestic Card growth that can deliver sustained revenue annuities and build our franchise and to drive growth in our national digital bank. And we continue to expect that the full year 2023 annual operating efficiency ratio net of adjustments will be roughly flat to modestly down compared to 2022. Pulling way up, Capital One is at the vanguard of a very small number of players who are investing to build and leverage a modern technology infrastructure from the bottom of the tech stack up to put themselves in an advantaged position to win as banking goes digital. Our modern technology capabilities are generating an expanding set of opportunities across our business. We are driving improvements in underwriting, modeling and marketing as we increasingly leverage machine learning at scale and our tech engine drives growth, efficiency improvement and enduring value creation over the long term. Our investments to transform our technology and to drive resilient growth, put us in a strong position to deliver compelling long-term shareholder value and thrive in a broad range of possible”