...A. Results: Earned $6b or $1.38 per common share. 1. Results included $1.6b decrease in allowance for credit losses as credit quality continued to outperform expectations. a. 2. Charge-offs continue to decline as economy continues to improve and customers continue to have high levels of liquidity. 3. Revenue increased vs. 1Q21. 4. While net interest income was stable, Co. had sizable gains from equity securities, and card and deposit related fees increased, reflecting increased spending. 5. Expenses declined, reflecting decline in personnel expense, which is typically highest in 1Q and progress on efficiency initiatives. 6. Looking through reserve release and outsized gains from equity securities, results continue to show progress, even though high levels of liquidity, weakness in supply chains and low interest rates remained as headwinds. 7. Economic growth was robust in 2Q, with real GDP estimated to have increased at an 8% annual rate, with especially strong gains in consumer spending....
