“We expect to increasingly lean into marketing to take advantage of these compelling market opportunities.”

In context

“r was about $1.5 billion, up 25% year-over-year driven by the addition of Discover as well as higher legacy Capital One direct marketing in our Domestic Card and Consumer Banking businesses, increased media spend and continuing investments in premium benefits. As is usually the case, first quarter marketing was seasonally low and that seasonal trend was amplified this year as the timing of some of our planned marketing investments for the year shifted out of the first quarter into the second quarter and subsequent quarters this year. Pulling up, our marketing continues to deliver strong new account originations to build an enduring franchise with heavy spenders at the top of the domestic credit card market and to grow checking accounts on a national scale in our consumer banking business. We expect to increasingly lean into marketing to take advantage of these compelling market opportunities. Slide 12 shows first quarter results in our Consumer Banking business. Global payment network transaction volume for the quarter was steady at about $174 billion as the typical seasonal decline was mostly offset by transaction volume growth related to the completion of our conversion of Capital One debit customers to the Discover Network. Auto originations were up 21% from the prior year quarter. Competitor activity in the quarter remained high, but we continue to be in a strong position to pursue resilient growth in the current marketplace. Consumer banking ending loan balances increased $8 billion or about 10% year-over-year. Average loans were up 9%. Compared to the year ago quarter, ending consumer deposits grew about 35%, driven largely by the addition of Discover deposits. Average d”