“Looking ahead, for the full year, we expect OpEx growth to be in the mid-single digits versus last year except certified.”

In context

“e 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 expense leverage, I'd note that since 2023, we've driven four points of operating leverage, with operating expenses as a percentage of revenue down from 25% in 2023 to 21% this quarter. Moving on to capital. Our CET1 ratio was 10% within our 10 to 11% target range. We returned $2 billion of capital to our shareholders including $0.6 billion of dividends and $1.4 billion of share repurchases. In Q1, we increased our dividend by 17%. Based on the CCAR results, our preliminary stress capital buffer requirement remains at 2.5%. The lowest prescribed level allowing us to continue executing our disciplined capital management strategy while returning excess capital to our shareholders. Our bu”