Revenue and profitability metrics (USD):
- Revenue: $2,307,000,000; YoY change: -0.35%; QoQ change: +0.87% (from CECL-period and mix effects).
- Gross Profit: $1,629,000,000; YoY -11.42%; QoQ +2.13%; Gross profit margin: 70.61%.
- Operating Income: $625,000,000; YoY -14.15%; QoQ +34.70%; Operating margin: 27.09%.
- Net Income: $501,000,000; YoY -13.77%; QoQ +36.14%; Net income margin: 21.72%.
- Earnings Per Share (basic/diluted): $0.52; Weighted-average shares outstanding: ~917 million (diluted ~918 million).
- EBITDA: $666,000,000; EBITDA margin: 28.87%.
- Net Interest Income (NII) and non-interest income (NIR) trends discussed in call note: NII remained resilient; fee revenue declined modestly versus Q1 2024.
- Efficiency/expense: General and administrative and other operating costs totaled $1,004,000,000; adjusted non-interest expenses declined 6% QoQ; full-year 2024 adjusted non-interest expenses guided to $4.15–$4.20 billion; nominal operating losses guidance around $100 million for 2024.
- Balance sheet (selected): Total assets $154.052 billion; cash and cash equivalents $8.480 billion; total loans approximately stable with modest sequential growth; deposits ended modestly lower (ending deposits down ~2% QoQ, reflecting tax-seasonality).
- Capital and liquidity: Estimated common equity tier 1 (CET1) ~10.4%; share repurchases $87 million in the quarter; common dividends paid $220 million; quarterly dividend per share raised to $0.25 (4% QoL); Basel III stress capital buffer (SCB) remaining at 2.5% for the period Q4 2024–Q3 2025.
- Liquidity and cash flow: Net cash provided by operating activities $161 million; free cash flow $154 million; cash at end of period $8.479 billion; year-to-date cash flow dynamics supported by debt issuance and securities repositioning executed in Q2.