“While we will talk more about our expectations for net interest income later on the call, we expect modest net interest margin compression in the third quarter broadly in line with second quarter's decline from the first quarter before stabilizing the fourth quarter.”

In context

“est bearing deposits as well as continued growth in our markets business. The success we are having growing interest bearing deposits deepens our relationships with clients in the commercial bank and the Corporate and Investment Bank and gives us the opportunity to attract noninterest bearing deposits in the future And as Charles mentioned, while financing balances in the markets business are lower spread, they have good returns and profitability and position us to grow other activities with those clients. We see it in our results, including total revenue in the markets business growing 24% from a year ago as well as returns starting to increase along with our market share. I would also note that even with the NIM compression, we grew net interest income versus last year and last quarter. While we will talk more about our expectations for net interest income later on the call, we expect modest net interest margin compression in the third quarter broadly in line with second quarter's decline from the first quarter before stabilizing the fourth quarter. Moving to Slide 7. Average loans increased $110 billion or 12% from a year ago, driven by growth in commercial and industrial loans as well as growth across our consumer portfolios except for residential mortgage loans. Turning to deposits. Average deposits increased $134 billion or 10% from a year ago, with growth across our consumer and commercial businesses as well as higher corporate deposits. Average deposits declined 1 basis point from a year ago and were up 8 basis points from the first quarter driven by growth in interest bearing deposits. Turning to Slide 8. We had broad based growth in noninterest income, up $1.2 billion or 13% from a year ago. We generated over $10 billion in noninterest income in the quarter with growth across most fee categories. We had strong performance fro”