“We remain on track to deliver the full $2.5 billion of announced synergies.”

In context

“king net charge off rate for the second quarter increased 24 basis points from the sequential quarter to 0.53%, The commercial criticized-performing loan rate was 4.4% down 55 basis points compared to the linked quarter. The criticized-nonperforming loan rates was down 8 basis points to 1.32%. In closing, second quarter results continued to reflect solid top line growth and strong credit performance. We are now 14 months into our planned 24-month integration of Discover, and integration is going well. with the successful completion of converting Capital 1's debit customers to the Discover network. Second quarter results include the full quarterly run-rate debit revenue synergies. Our results also include about 1 third of the quarterly run-rate of the announced operating expense synergies. We remain on track to deliver the full $2.5 billion of announced synergies. For years, we have been working backwards from the dramatic transformation of the business marketplace with modern technology data, and AI. We are in the 14th year of our technology transformation from the bottom of the tech stack up. We are way down that path, and we continue to invest in some very powerful foundational capabilities as well as AI infrastructure and specific AI experiences. We also continue to invest in growing our heavy spender franchise at the top of the market, including rewards, lounges, unique access to experiences, and breakthrough digital capabilities. And we continue to lean in to our unique quest to organically build a digital first full service national bank. Many of our opportunities are enhanced by the Discover acquisition, which, of course, also brings the ne”