“We plan to continue to return to shareholders the excess capital we generate, while supporting our balance sheet growth.”

In context

“growth of 22% this quarter, it is also important to note that we see an impact from the prior year, including a sizable benefit from net mark-to-market gains in our Amex Ventures strategic investment portfolio, while this year we saw a modest impairment charge. More generally, we continue to see operating expenses as a key source of leverage moving forward, and we'd expect to have far less growth in OpEx than revenues in our ambitious growth plan. Turning next to capital on Slide 19. We returned $1 billion of capital to our shareholders in the third quarter, including common stock repurchases of $600 million and $391 million in common stock dividends on the back of strong earnings generation. Our CET1 ratio was 10.6% at the end of the third quarter, within our target range of 10% to 11%. We plan to continue to return to shareholders the excess capital we generate, while supporting our balance sheet growth. That then brings me to our growth plan and 2022 guidance on Slide 20. With each quarter of this year, we have demonstrated consistent progress against our 2022 guidance and our long-term growth aspirations of delivering sustainable high levels of revenue and EPS growth. For the full year 2022, we are reaffirming our reported revenue growth guidance of 23% to 25%. Although I would point out, as I said earlier, that I would expect our FX adjusted revenue growth to be above that range. And we now expect to be above our original EPS guidance range of $9.25 to $9.65. And uncertainty in the level of our final EPS for the year remains the possible impact on credit reserves and how the macroeconomic outlook evolves in the fourth quarter, while I expect our actual credit performance and metrics to”