“If you think about the way we manage the expense base, we generally expect VCE to grow a bit faster than revenue as a result of the mix shift towards premium products and the investment we make in products to drive acquisition, engagement, and strong credit outcomes.”

In context

“card member spending. The reason that NII has grown faster than volumes is because we've increased the margin generated on these balances. We have achieved that margin expansion by improving pricing for risk, by rolling out more lending features, especially across our historically painful charge card products, and by growing our deposit business. Now most importantly, we've achieved this growth while maintaining very low credit risk. In fact, widening the gap to peers. And looking ahead, we believe we have a long runway for growth in our premium lending business. Sum up our revenue performance, we feel good about the momentum we have halfway through the year. With the overall revenue growth tracking in line with our full-year guidance. Let's turn to expense performance on slide eighteen. If you think about the way we manage the expense base, we generally expect VCE to grow a bit faster than revenue as a result of the mix shift towards premium products and the investment we make in products to drive acquisition, engagement, and strong credit outcomes. At the same time, we look to drive the leverage from marketing and OpEx over time as we generate efficiencies and economy of scale. That continues to be how you should think about our expense base for the full year. In Q2, VC expenses grew a bit faster than revenue and marketing grew in the mid-single digits. OpEx, excluding a solidify, was up 9% in the quarter, a bit higher than our expectation coming into the year. The year-over-year growth is predominantly driven by investment in our enterprise risk management capabilities, and technology as the company scales. Looking ahead, for the full year, we expect OpEx growth to be in the mid-single digits versus last year except certified. Predominantly driven by the weaker dollar. As you think about the ability of our business model to drive e”