“The elevated level of Advanced RWA is temporary and is expected to reduce to approximately $30 billion in the near term.”

In context

“arter with a standardized CET1 ratio of 14.5%, down 30 basis points versus the prior quarter as net income was more than offset by capital distributions and higher RWA. This quarter's higher standardized RWA is driven by increases in lending across both wholesale and retail including the Apple Card purchase commitment, which contributed about $23 billion of standardized RWA partially offset by lower market risk RWA. You'll see that sequentially, the advanced RWA is up more significantly than standardized. And as you know, our SCB is now at the two and a half percent floor which makes advanced RWA more relevant, so we have added it to the page. The Apple Card transaction's advanced RWA contribution about $110 billion based on the sum of expected drawn balances and undrawn lines on closing. The elevated level of Advanced RWA is temporary and is expected to reduce to approximately $30 billion in the near term. Moving to our businesses. DCP reported net income of $3.6 billion or $5.3 billion excluding the reserve build for the Apple Card portfolio. Revenue of $19.4 billion was up 6% year on year, predominantly driven by higher NII on higher revolving balances in card, and a higher deposit margin in banking and wealth management. A few points to highlight. Consumers and small businesses remain resilient. We continue to monitor leading indicators for any signs of stress. And despite weak consumer sentiment, trends in our data are largely consistent with historical norms and we are not currently seeing deterioration. Cross income groups, debit and credit sales volume continued to perform well, up 7% year on year. For the full year, we had strong growth in our franchise with 1.7 million net new chec”