“are tracking with our expectations for variable customer engagement costs to run at around 42% of total revenues on a full year basis.”

In context

“our loan balances to continue to recover at higher growth rates, the rising rate environment will likely cause our net interest income growth rate to slow given our sizable non-interest-bearing charge balances. To sum up on revenues on Slide 16. We're seeing continued strong results and sustained momentum across the board. So looking forward, we now expect to see revenue growth of 23% to 25% for the full year of 2022. So the revenue momentum we just discussed has been driven by the investments we've made in our brand, value propositions, customers, colleagues, technology and coverage. And those investments show up across the expense lines you see on Slide 17. Starting with variable customer engagement expenses, these costs came in as expected, at 42% of total revenues for the quarter, and are tracking with our expectations for variable customer engagement costs to run at around 42% of total revenues on a full year basis. On the marketing line, we invested $1.5 billion in the second quarter. We feel really good about the strong demand for new card acquisitions , as we showed on Slide 14. More importantly, we feel good about the spend, credit and revenue profiles of the customers we are bringing in to American Express membership, which continue to look strong relative to what we saw pre-pandemic. I would now expect to spend a little over $5 billion on marketing in 2022. Moving to the bottom of Slide 17 brings us to operating expenses, which were $3.3 billion in the second quarter. There's often some quarterly volatility in this number due to the varied timing of certain accruals and entries. This quarter, for example, we see the impact of the prior year including a sizable benefit from net mark-to-market ga”