Ally Financial Inc (ALLY) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q2 2025 Ally Financial Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Sean Leary, Head of Investor Relations. Please go ahead.

您好，感謝您的支持。歡迎參加 2025 年第二季 Ally Financial 收益電話會議。（操作員指示）請注意，今天的會議正在錄音。現在，我想將會議交給今天的發言人、投資者關係主管 Sean Leary。請繼續。

Thank you, Daniel. Good morning, and welcome to Ally Financial's Second Quarter 2025 Earnings Call. This morning, our CEO, Michael Rhodes; and our CFO, Russ Hutchinson, will review Ally's results before taking questions. The presentation we'll reference can be found in the Investor Relations section of our website, ally.com. Forward-looking statements and risk factor language governing today's call are on Page two.

謝謝你，丹尼爾。早安，歡迎參加 Ally Financial 2025 年第二季財報電話會議。今天上午，我們的執行長 Michael Rhodes 和首席財務長 Russ Hutchinson 將在回答問題之前審查 Ally 的表現。我們將參考的簡報可在我們網站 ally.com 的「投資者關係」部分找到。前瞻性聲明和與今日電話會議相關的風險因素在第二頁。

GAAP non-GAAP measures pertaining to our operating performance and capital results are on Slide three. As a reminder, non-GAAP or core metrics are supplemental to and not a substitute for US GAAP measures. Definitions and reconciliations can be found in the appendix. And with that, I'll turn the call over to Michael

與我們的經營業績和資本結果有關的 GAAP 非 GAAP 指標在第三張投影片。提醒一下，非 GAAP 或核心指標是對美國 GAAP 指標的補充，而不是替代方案。定義和對帳可以在附錄中找到。現在，我將把電話轉給邁克爾

Thank you, Sean. Good morning, everyone, and thank you for joining us for our second quarter earnings call. Let's begin on Page four, I'll start by saying that I'm encouraged and energized by the progress we've made as an organization over the first half of the year. Our sound strategic positioning and disciplined execution are contributing to an improved financial trajectory, which is clearly reflected in our second quarter results.

謝謝你，肖恩。大家早安，感謝大家參加我們的第二季財報電話會議。讓我們從第四頁開始，首先我要說的是，我們組織在今年上半年所取得的進步讓我感到鼓舞和振奮。我們良好的策略定位和嚴格的執行有助於改善財務軌跡，這在我們第二季的業績中得到了清晰的體現。

In the second quarter, Ally delivered adjusted earnings per share of $0.99 and core pretax income of $418 million. We achieved double digit year-over-year growth in both metrics, underscoring the benefits of a more focused, streamlined and purpose-driven institution. Net interest margin, excluding core OID, was 3.45%, expanding 10 basis points quarter-over-quarter. That's more than offsetting the 20 basis points drag related to the sale of the credit card business.

第二季度，Ally 調整後每股收益為 0.99 美元，核心稅前收入為 4.18 億美元。我們在這兩個指標上都實現了兩位數的同比增長，凸顯了更專注、精簡和目標驅動的機構的優勢。不包括核心OID的淨利差為3.45%，較上季擴大10個基點。這足以抵銷因出售信用卡業務而造成的 20 個基點的拖累。

We continue to run off low-yielding mortgages and securities. And add higher-yielding retail auto and corporate finance assets funded by high quality, stable and low-cost deposits. This structural remixing of the balance sheet sets the foundation for continued margin expansion going forward. Our first half trajectory reinforces my conviction in our ability to deliver compelling and sustainable returns over time.

我們繼續拋售低收益的抵押貸款和證券。並增加由高品質、穩定和低成本的存款資助的收益更高的零售汽車和企業金融資產。資產負債表的結構性重組為未來利潤率的持續擴大奠定了基礎。我們上半年的發展軌跡增強了我的信念，即我們有能力隨著時間的推移實現令人信服且可持續的回報。

We delivered a core ROTCE of 13.6% in the quarter. But as you know, AOCI reduces the ROE denominator, excluding that benefit, we generated core ROTCE of 10%. I'm pleased with the progress we've made, and I'm even more encouraged by the momentum we're building.

本季我們的核心 ROTCE 為 13.6%。但如你所知，AOCI 降低了 ROE 分母，除去該收益，我們產生了 10% 的核心 ROTCE。我對我們所取得的進展感到高興，而我們正在建立的勢頭更讓我感到鼓舞。

We recognize there is significant opportunity ahead, and we are well positioned to capitalize on it. As I reflected in the quarter, there are three key takeaways that I will expand on. First, our sharp strategic focus is transforming Ally into a stronger, more profitable institution. Second, the Ally brand continues to resonate deeply with our customers. building loyalty and trust.

我們認識到未來存在著巨大的機遇，並且我們已準備好去利用它。正如我在本季度所反思的那樣，有三個關鍵要點我將進行闡述。首先，我們的策略重點是將 Ally 轉變為更強大、更有利可圖的機構。其次，Ally 品牌持續與我們的客戶產生深刻共鳴，建立忠誠度和信任。

And third, our customer-centric culture remains one of our greatest differentiators. Our strategy remains clear and is being executed with discipline by our over 10,000 colleagues across the organization. Our three core franchises are meaningfully differentiated with tremendous runway and scale. The new business we're putting on the balance sheet today is expected to generate mid-teens return over its life.

第三，以客戶為中心的文化仍然是我們最大的差異化因素之一。我們的策略依然清晰，並由全組織 10,000 多名同事嚴格執行。我們的三個核心特許經營權具有顯著的差異化，擁有巨大的發展空間和規模。我們今天在資產負債表上列出的新業務預計在其整個生命週期內將產生十五六倍的回報。

In Dealer Financial Services, we're booking new fixed rate retail auto loans at nearly 10%, funded by core deposits below 4%, with expected annual losses between 1.6% and 1.8%. DFS also continues to benefit from strong fee revenue, driven by our pass-through and smart auction adjacencies. Our insurance business continues to benefit from natural auto-related synergies, lead to robust written premium growth and investment revenue. In Corporate Finance, our portfolio has attractive floating rate yields, and we continue to see healthy fee income from syndications.

在經銷商金融服務方面，我們預定的新的固定利率零售汽車貸款接近 10%，資金來自低於 4% 的核心存款，預計年損失在 1.6% 至 1.8% 之間。在我們的直通和智慧拍賣鄰接的推動下，DFS 也持續受益於強勁的費用收入。我們的保險業務持續受益於自然的汽車相關綜效，帶來強勁的保費成長和投資收入。在企業融資方面，我們的投資組合具有具有吸引力的浮動利率收益率，並且我們繼續從銀團貸款中獲得健康的手續費收入。

This business continues to deliver strong returns across different credit cycles, anchored by seasoned leadership and disciplined underwriting. Altogether, these businesses, backed by strong deposit franchise, are positioned to deliver mid-teens returns.

在經驗豐富的領導層和嚴謹的承保能力的支撐下，該業務在不同的信貸週期中繼續帶來強勁的回報。總而言之，這些業務在強大的存款特許經營權的支持下，有望實現中等水平的回報。

And now to our brand. Whether through strategic partnerships, impactful marketing or deep community partnerships, the Ally name stands as a brand that is synonymous with trust and purpose. Our net promoter score remains well above industry averages, reflecting the strength of the relationships we've built. Our customers are our greatest brand advocates. Roughly 15% of new deposit clients are sourced from us refer a friend program.

現在來談談我們的品牌。無論是透過策略夥伴關係、有影響力的行銷還是深度的社群合作夥伴關係，Ally 這個品牌都代表著信任和目標。我們的淨推薦值仍然遠高於行業平均水平，反映了我們所建立的關係的強度。我們的客戶是我們最偉大的品牌擁護者。大約 15% 的新存款客戶來自我們的推薦朋友計畫。

A strong trusted brand is a powerful growth multiplier, and we are seeing that every day through efficient customer acquisition, strong retention and deeper engagement. And finally, a few reflections on our culture. Do it right is more than a slogan. It's a shared ethos that shapes how we serve our customers, support our teammates and show up in the communities we serve. We invest deliberately in nurturing our culture, and our results are clear.

一個強大的值得信賴的品牌是一個強大的成長倍增器，我們每天都透過高效的客戶獲取、強大的保留和更深入的參與看到這一點。最後，對我們的文化進行一些反思。把事情做好不只是一句口號。這是一種共同的精神，它塑造了我們如何服務客戶、支持我們的隊友以及如何在我們所服務的社區中展現自己。我們刻意投資培育我們的文化，並且取得了顯著的成果。

In fact, just last week, our latest employee engagement survey ranked us in the top 10% of all companies for the sixth consecutive year, 8 points above the financial services industry benchmark. Beyond attracting and retaining top talent, this level of engagement fuels performance. It accelerates change and enhances the customer experience, which is reflected in our customer service satisfaction rating which is holding strong around 90%.

事實上，就在上週，我們最新的員工敬業度調查顯示，我們連續第六年位列所有公司前 10%，比金融服務業基準高出 8 個百分點。除了吸引和留住頂尖人才之外，這種程度的參與還能提高績效。它加速了變革並增強了客戶體驗，這反映在我們的客戶服務滿意度評級上，並保持在 90% 左右。

And with that context in place, let's turn to Page five to dive into operational results and performance trends this quarter. Within our Auto Finance business, consumer originations of $11 billion were driven by 3.9 million applications, marking our highest quarterly application volume ever for the second consecutive quarter.

在了解了這些背景之後，讓我們翻到第五頁，深入了解本季的營運成果和業績趨勢。在我們的汽車金融業務中，390 萬份申請推動了 110 億美元的消費者貸款發放，連續第二季創下季度申請量最高紀錄。

This sustained momentum of application flow speaks to the strength of our dealer relationships and the scale of our franchise and reinforces our position as the top bank auto lender in the country. Our scale enables us to be highly selective in the loans we book, optimizing both pricing and credit decisioning. Origination yields of 9.82% were up slightly versus the prior quarter. And down 77 basis points from the prior year.

申請流量的持續成長反映了我們與經銷商的良好關係和特許經營的規模，並鞏固了我們作為國內頂級銀行汽車貸款機構的地位。我們的規模使我們能夠在貸款預訂方面具有高度選擇性，從而優化定價和信貸決策。發起收益率為 9.82%，較上一季略有上升。比上年下降了77個基點。

Notably, this decrease was more modest than a decline in benchmark rates, highlighting the relative strength in our pricing position. 42% of our originations come from the highest credit quality tier, which will continue to support strong risk-adjusted returns moving forward. This quarter marks the ninth consecutive with over 40% S-tier mix in new origination volume.

值得注意的是，這一降幅比基準利率的降幅要小，凸顯了我們定價地位的相對優勢。我們 42% 的貸款來自最高信用品質層級，這將繼續支持未來強勁的風險調整回報。本季是新發起量中 S 級組合連續第九個季度超過 40% 的季度。

As we've outlined in previous calls, we expect our origination mix to normalize gradually over time. Our ability to dynamically adjust both price and risk appetite gives us the flexibility to evolve alongside market conditions. Let's turn to insurance where our average dealer inventory exposure rose by 23% year-over-year, driven by new relationship wins and tight integration with our auto finance business.

正如我們在先前的電話會議中所概述的那樣，我們預計我們的發起組合將隨著時間的推移逐漸正常化。我們能夠動態調整價格和風險偏好，從而靈活地隨著市場情況而發展。讓我們轉向保險，由於新的合作關係的建立以及與汽車金融業務的緊密結合，我們的平均經銷商庫存敞口同比增長了 23%。

We have 3.9 million active policies outstanding, an increase of 1 million since our IPO. Our insurance team supports 7,000 dealers across the United States and Canada and with access to a broader network, we see meaningful opportunity to grow our footprint. I'm pleased with the strong performance and the alignment between our auto and insurance businesses, which enhances the value proposition we offer our dealer customers.

我們擁有 390 萬份未償付的有效保單，自首次公開募股以來增加了 100 萬份。我們的保險團隊為美國和加拿大的 7,000 家經銷商提供支持，透過連接更廣泛的網絡，我們看到了擴大業務範圍的重大機會。我對我們的汽車和保險業務的強勁表現和協調感到滿意，這增強了我們為經銷商客戶提供的價值主張。

In Corporate Finance, we delivered another strong quarter, generating a 31% ROE. Our long-standing relationships with financial sponsors have supported solid growth with attractive returns, all while maintaining disciplined risk management. We continue to see opportunities for prudent organic growth within our current verticals and are actually exploring new products and solutions to generate incremental accretive business.

在企業融資方面，我們又一個季度表現強勁，淨資產收益率達到 31%。我們與金融贊助商的長期合作關係支持了穩健的成長和可觀的回報，同時保持了嚴格的風險管理。我們繼續看到當前垂直領域內審慎有機成長的機會，並且正在探索新產品和解決方案以產生增量增值業務。

Turning to our digital bank. We remain focused on delivering best-in-class digital experiences that empower customers to save, invest and spend with confidence with no hidden fees, an award-winning mobile app, nationwide ATM rebates and 24/7 access to live customer care, our customer-first approach sets us apart. This commitment earned us multiple accolades again this quarter for customer satisfaction.

轉向我們的數位銀行。我們始終專注於提供一流的數位體驗，使客戶能夠自信地儲蓄、投資和消費，無需支付任何隱藏費用，我們提供屢獲殊榮的行動應用程式、全國範圍內的 ATM 折扣以及全天候的現場客戶服務，我們的客戶至上的方法使我們與眾不同。這項承諾使我們在本季度再次贏得了客戶滿意度方面的多項讚譽。

Our robust suite of digital tools is driving deeper engagement, fueling customer loyalty, and reducing rate sensitivity. We proudly serve an all-time high of 3.4 million customers, marking 65 consecutive quarters of net customer growth. We ended the quarter with balances of $143 billion, reinforcing our position as the nation's largest all-digital bank.

我們強大的數位工具套件正在推動更深入的參與，增強客戶忠誠度，並降低利率敏感度。我們自豪地服務了創紀錄的 340 萬客戶，標誌著連續 65 個季度實現淨客戶成長。本季末我們的餘額為 1,430 億美元，鞏固了我們作為全國最大全數位銀行的地位。

Overall, deposit balances were down approximately $3 billion quarter-over-quarter. Now this is aligned with our April guidance, largely due to seasonal tax outflows. For the year, we continue to expect relatively flat balances, which is sufficient to support the asset side of our balance sheet. At the end of June, we lowered liquid savings pricing an additional 10 basis points, representing a cumulative 70% beta since the start of Fed easing cycle in the second half of 2024.

總體而言，存款餘額環比下降約 30 億美元。現在這與我們四月份的指導一致，主要是由於季節性稅收流出。對於今年，我們繼續預計餘額將相對平穩，這足以支撐我們資產負債表的資產方。6 月底，我們將流動性儲蓄定價進一步下調 10 個基點，相當於自 2024 年下半年聯準會寬鬆週期開始以來的累積貝塔值達到 70%。

Deposits are the foundation of our funding profile, representing nearly 90% of total funding and 92% are FDIC insured, demonstrating both strength and stability of our deposit base. Now before I turn it over to Russ, I'd like to leave you with this.

存款是我們資金結構的基礎，佔總資金的近 90%，其中 92% 由聯邦存款保險公司 (FDIC) 承保，證明了我們存款基礎的實力和穩定性。現在，在我把話題交給拉斯之前，我想先告訴你們這一點。

If there's one thing to take away from today's call is that Ally's focused strategy is working, and you're starting to see it in our results. We have three market-leading franchises with tremendous runway backed by an industry-leading brand and a culture that sets us apart. And with that, I'll turn it over to Russ.

如果從今天的電話會議中可以得出一個結論，那就是 Ally 的重點策略正在發揮作用，而且您已經開始在我們的結果中看到這一點。我們擁有三個市場領先的特許經營權，擁有巨大的發展空間，並以行業領先的品牌和獨特的文化為後盾。接下來，我將把發言權交給拉斯。

Thank you, Michael, and good morning, everyone. Let's turn to Page six and walk through second quarter performance. Our financial results for the quarter reflect the closing of the sale of our credit card business on April 1. Accordingly, comparisons to both prior quarter and prior year impacted, excluding core OID, net financing revenue totalled approximately $1.5 billion, consistent with both the prior year and the prior quarter.

謝謝你，邁克爾，大家早安。讓我們翻到第六頁，看看第二季的表現。我們本季的財務表現反映了我們於 4 月 1 日完成的信用卡業務出售。因此，與上一季和前一年相比，不包括核心 OID，淨融資收入總計約為 15 億美元，與上年度和上一季持平。

We're seeing strong momentum in our core franchises, led by continued yield expansion in our retail auto portfolio, strategic remixing of the balance sheet towards higher-yielding asset classes and the ongoing optimization of deposit pricing. On a quarter-over-quarter basis, this momentum more than offset the lost revenue from the sale of credit card.

我們的核心特許經營業務發展勢頭強勁，主要得益於零售汽車投資組合收益率的持續擴大、資產負債表向高收益資產類別的策略性重組以及存款定價的持續優化。與上一季相比，這一成長動能足以抵銷信用卡銷售收入的損失。

Turning to adjusted other revenue, which totalled $531 million, results were approximately flat year-over-year as the removal of fee income from credit card and the wind down of our direct to consumer mortgage origination platform was offset by growth from insurance, smart auction and our pass-through programs. Adjusted provision expense of $384 million was down 23% to the prior quarter and down 16% year-over-year, primarily driven by the sale of credit card.

調整後的其他收入總計 5.31 億美元，業績與去年同期基本持平，因為信用卡費用收入的取消和直接面向消費者的抵押貸款發放平台的關閉被保險、智能拍賣和我們的直通計劃的增長所抵消。調整後的撥備支出為 3.84 億美元，較上一季下降 23%，較去年同期下降 16%，主要受信用卡銷售的影響。

In retail auto, the NCO rate declined 6 basis points year-over-year to 1.75%. We are encouraged by the trends within the portfolio as vintage dynamics and servicing strategy enhancements continue to drive an improvement in losses. However, we remain mindful of macroeconomic uncertainty. I'll speak more about credit performance in a moment.

在零售汽車領域，NCO率較去年同期下降6個基點至1.75%。我們對投資組合內的趨勢感到鼓舞，因為復古動態和服務策略的增強繼續推動損失的改善。然而，我們仍然關注宏觀經濟的不確定性。我稍後會詳細談論信用表現。

Adjusted noninterest expense was $1.3 billion, down 4% sequentially and 2% to the prior year. Notably, controllable expenses, which exclude insurance losses, commissions and FDIC fees were down for the seventh consecutive quarter, underscoring our commitment to cost discipline.

調整後非利息支出為 13 億美元，季減 4%，年減 2%。值得注意的是，可控支出（不包括保險損失、佣金和聯邦存款保險公司費用）連續第七個季度下降，凸顯了我們對成本控制的承諾。

We do not expect a year-over-year decline in controllable expenses next quarter driven by nonrecurring benefits recorded in 2024. However, we remain committed to prudent expense management going forward. In the quarter, we recognized tax expense of $84 million, resulting in an effective tax rate for the quarter of 19%.

我們預計，受 2024 年記錄的非經常性收益的影響，下個季度可控費用不會出現同比下降。然而，我們仍致力於審慎的費用管理。本季度，我們確認的稅費為 8,400 萬美元，導致本季有效稅率為 19%。

This rate was favourably impacted by a recent state law change that drove a revaluation of certain tax credits. Looking ahead, we continue to expect the normalized effective tax rate in the range of 22% to 23%. However, discrete items may cause the effective rate to differ in any given quarter. On a GAAP basis, we generated earnings per share of $1.04 for the quarter. Adjusted earnings per share for the quarter was $0.99.

該稅率受到最近州法律變化的積極影響，該變化促使對某些稅收抵免進行重新評估。展望未來，我們繼續預期正常化有效稅率將在 22% 至 23% 之間。然而，離散項目可能會導致任何特定季度的有效利率有所不同。根據 GAAP 計算，本季我們的每股盈餘為 1.04 美元。本季調整後每股收益為 0.99 美元。

Turning to Page seven. Net interest margin, excluding OID, was 3.45%, an increase of 10 basis points from the prior quarter. Margin expanded 30 basis points, excluding the impact from the credit card sale, which was an approximate 20 basis points headwind in the quarter. On a quarter-over-quarter basis, NIM expansion was driven by the following, organic yield expansion in the retail auto loan portfolio, normalization in retail auto lease yields following a loss on lease terminations in 1Q, the benefit of securities repositioning transactions executed in March.

翻到第七頁。不包括OID的淨利差為3.45%，較上一季增加10個基點。利潤率擴大了 30 個基點，不包括信用卡銷售的影響，信用卡銷售在本季造成了約 20 個基點的不利影響。與上一季相比，淨利差的擴大受到以下因素的推動：零售汽車貸款組合的有機收益率擴大、零售汽車租賃收益率在第一季租賃終止損失後恢復正常、以及 3 月份執行的證券重新定位交易帶來的好處。

Deposit repricing across liquid savings and CDs and continued portfolio remixing to higher-yielding retail auto and corporate finance assets. Some of these factors that are now embedded in our run rate NIM will not contribute to additional NIM expansion going forward. The normalization of lease gains and execution of securities repositioning transactions added 8 basis points to the linked quarter margin expansion in 2Q, but are not expected to contribute to additional NIM expansion from here.

對流動儲蓄和存單進行存款重新定價，並持續將投資組合重新混合到收益更高的零售汽車和企業金融資產。目前嵌入我們運行率 NIM 中的一些因素不會促進未來的 NIM 進一步擴張。租賃收益的正常化和證券重新定位交易的執行使第二季的環比季度利潤率擴張增加了 8 個基點，但預計不會為此後的淨息差擴張做出貢獻。

Also, we saw benefits from elevated securities runoff as well as higher auto prepayments, particularly in lower-yielding loans likely tied to the pull forward of new vehicle sales. We expect to see continued margin expansion from liquid savings and CD repricing going forward, albeit at a slower pace than we saw in 2Q. In retail auto, excluding the hedge, portfolio yield expanded 8 basis points quarter-over-quarter to 9.19%, as the lower-yielding back book rolls down, we expect the portfolio yield to migrate towards originated yield over time.

此外，我們還看到證券流失增加以及汽車預付款增加的好處，特別是可能與新車銷售提前相關的低收益貸款。我們預計未來流動性儲蓄和存單重新定價將持續帶來利潤率的擴大，儘管其速度將低於第二季。在零售汽車領域，不包括對沖，投資組合收益率環比擴大 8 個基點至 9.19%，隨著低收益期末帳簿的滾動，我們預計投資組合收益率將隨著時間的推移轉移到原始收益率。

Turning to our retail auto lease portfolio. Overall yield increased 119 basis points sequentially as lease remarketing gains normalized in line with our expectations. On the liability side, 2Q results reflected the full impact of reductions in liquid savings rates in the first quarter.

轉向我們的零售汽車租賃組合。由於租賃再行銷收益依照我們的預期正常化，總收益率較上季成長 119 個基點。在負債方面，第二季的業績反映了第一季流動儲蓄利率下降的全部影響。

In late June, we lowered liquid rates by 10 basis points to 3.5%, notably ahead of any upcoming Fed action, bringing cumulative liquid beta to 70%. Also in the quarter, we continued to benefit from a natural tailwind in CD repricing with $11 billion in maturities this quarter with strong retention and renewal rates. We're pleased with the momentum of the franchise, stability of the portfolio and the pricing power today.

6 月底，我們將流動性利率下調 10 個基點至 3.5%，尤其是在聯準會即將採取任何行動之前，使累計流動性貝塔係數達到 70%。此外，在本季度，我們繼續受益於存款證重新定價的自然順風，本季到期存款證金額為 110 億美元，保留率和續存率均較高。我們對特許經營的發展勢頭、投資組合的穩定性以及目前的定價能力感到滿意。

As we've covered previously, Ally is liability sensitive over the medium term, but asset sensitive in the very near term, driven by floating rate commercial loan and pay fixed hedge exposure. As a result, reductions in Fed funds, particularly material reductions like we saw in late 2024 are a headwind to margin expansion in the near term.

正如我們之前所述，Ally 在中期內對負債敏感，但在短期內對資產敏感，這是由浮動利率商業貸款和支付固定對沖風險敞口驅動的。因此，聯邦基金的減少，尤其是像我們在 2024 年底看到的大幅減少，將在短期內阻礙利潤率的擴大。

I'll cover the outlook in more detail later, but we remain confident in our ability to deliver a full year NIM of 3.4% to 3.5%. More importantly, we maintain conviction in our ability to achieve a sustainable margin in the upper 3s over the medium term.

我稍後會更詳細地介紹前景，但我們仍然有信心實現 3.4% 至 3.5% 的全年淨利息收益率。更重要的是，我們堅信我們有能力在中期內實現可持續的 3% 以上的利潤率。

Turning to Page eight. Our CET1 ratio of 9.9% represents more than $4 billion of excess capital above our SCB minimum. On a fully phased-in basis for AOCI, CET1 for the period would have been 7.6%, an increase of 80 basis points from the prior year. Both measures include the 20 basis points of capital generated from the closing of the credit card transaction on April 1, a transaction that contributed 40 basis points of capital in total and enabled us to reposition a portion of the securities portfolio last quarter.

翻到第八頁。我們的 CET1 比率為 9.9%，比我們的 SCB 最低標準高出 40 億多美元。在 AOCI 全面實施的基礎上，該期間的 CET1 將為 7.6%，比前一年增加 80 個基點。這兩個指標都包含了 4 月 1 日信用卡交易結束後產生的 20 個基點的資本，該交易總共貢獻了 40 個基點的資本，並使我們能夠在上個季度重新配置部分證券投資組合。

While we did not execute a credit risk transfer transaction in the quarter, we continue to view CRT as an efficient way to generate excess capital, that we will likely leverage in the second half of the year. Our capital management priorities remain unchanged. We are deploying capital to drive accretive growth in our core franchises while continuing to move our stated and fully phased-in CET1 levels higher.

雖然我們在本季度沒有執行信用風險轉移交易，但我們仍然認為 CRT 是產生過剩資本的有效方式，我們可能會在今年下半年利用它。我們的資本管理重點保持不變。我們正在部署資本來推動核心特許經營的增值成長，同時繼續提高我們既定的和全面實施的 CET1 水準。

In terms of capital distributions, earlier this week, we announced a quarterly dividend of $0.30 per share for the third quarter of 2025, consistent with the prior quarter. Buying back shares, particularly at the current valuation remains a key capital management priority. The combination of higher CET1 levels, improved returns and consistent organic capital generation are key factors that will determine the appropriate time to repurchase shares.

在資本分配方面，本週早些時候，我們宣布 2025 年第三季的季度股息為每股 0.30 美元，與上一季一致。回購股票，尤其是在目前估值下，仍是資本管理的重要重點。更高的 CET1 水準、更高的報酬率和持續的有機資本產生是決定回購股票適當時機的關鍵因素。

Turning to book value at the bottom of the page. Adjusted tangible book value per share of $37 increased 12% from the prior year. Excluding the impacts of AOCI, adjusted tangible book value per share of $48 is up over 125% from 2014. We remain focused on growing tangible book value per share and driving shareholder value through disciplined capital management in the years ahead.

翻到頁面底部的帳面價值。調整後每股有形帳面價值為 37 美元，較上年增長 12%。排除 AOCI 的影響，調整後的每股有形帳面價值為 48 美元，較 2014 年成長 125% 以上。未來幾年，我們將繼續致力於提高每股有形帳面價值，並透過嚴格的資本管理來推動股東價值。

Turning to Page nine. Credit quality trends across all our lending portfolios remain encouraging. The consolidated net charge-off rate was 110 basis points, a decline of 40 basis points to the prior quarter and a decrease of 16 basis points to the prior year. This quarter's consolidated net charge-off rate reflects the impact of the card sale, which contributed to the year-over-year improvement.

翻到第九頁。我們所有貸款組合的信用品質趨勢依然令人鼓舞。合併淨沖銷率為 110 個基點，較上一季下降 40 個基點，較上年下降 16 個基點。本季的綜合淨沖銷率反映了信用卡銷售的影響，有助於實現年比改善。

In retail auto, the net charge-off rate was 175 basis points, down 37 basis points sequentially and 6 basis points year-over-year. This marks the second consecutive quarter of year-over-year improvement, reflecting strong performance from recent vintages and continued enhancements to our digital servicing capabilities. That said, we remain mindful of the elevated level of uncertainty that we are currently navigating.

在零售汽車領域，淨沖銷率為 175 個基點，較上一季下降 37 個基點，比去年同期下降 6 個基點。這是連續第二個季度實現同比增長，反映了近期的強勁表現以及我們數位服務能力的持續增強。話雖如此，我們仍然意識到我們目前正在經歷的高度不確定性。

Moving to the top right of the page, 30-plus day all in delinquencies of 4.88% represents the first year-over-year improvement in delinquency rates since 2021, a positive inflection point for credit performance. Since delinquency trends are a leading indicator of charge-offs, this improvement reinforces our constructive view on the near-term loss trajectory.

移至頁面右上角，30 天以上拖欠率為 4.88%，這是自 2021 年以來拖欠率首次同比改善，這是信貸表現的積極拐點。由於拖欠趨勢是沖銷的領先指標，這種改善強化了我們對近期損失軌蹟的建設性看法。

Vintage level delinquency performance trends are included in the supplemental section of the earnings presentation and are also disclosed in our 10-Q and 10-K. We continue to observe stable and consistent delinquency performance trends across the 2022 and 2024 vintages and added the 2025 vintage to the disclosure.

復古水準的拖欠表現趨勢包含在收益報告的補充部分中，並且也在我們的 10-Q 和 10-K 中揭露。我們繼續觀察到 2022 年和 2024 年拖欠表現趨勢穩定且一致，並將 2025 年拖欠表現添加到揭露中。

As we noted last quarter, the benefit of vintage rollover is clearly playing out in actuals. Looking holistically at credit measures, we remain encouraged by the performance of the portfolio and the effectiveness of our servicing strategies but remain cautious of macroeconomic uncertainty going forward.

正如我們上個季度所指出的，老式債券展期的好處顯然在實際上發揮了作用。從整體來看，信貸指標表明，我們仍然對投資組合的表現和服務策略的有效性感到鼓舞，但對未來的宏觀經濟不確定性仍持謹慎態度。

Turning to the bottom of the page on reserves. Consolidated coverage increased 1 basis point this quarter, while the retail auto coverage rate remained flat at 3.75%. As we guided last quarter, the increase in the consolidated coverage rate was due to mix dynamics. Our retail auto coverage levels continue to balance the favourable credit trends we're seeing namely improved delinquency rates and recent turnover in the portfolio to higher quality vintages against an uncertain macroeconomic outlook and the expectation of worsening unemployment.

翻到頁面底部的儲備內容。本季綜合覆蓋率增加了 1 個基點，而零售汽車覆蓋率保持不變，為 3.75%。正如我們上個季度所指出的，綜合覆蓋率的提高是由於混合動態。我們的零售汽車保險水準繼續平衡我們所看到的有利信貸趨勢，即拖欠率的改善和投資組合近期向更高品質年份的周轉，以應對不確定的宏觀經濟前景和失業率惡化的預期。

As we've consistently said, we do not forecast reserve releases, and they are not incorporated into our mid-teens return guidance. Moving to our Auto Finance segment on Page 10. Pretax income of $472 million was $112 million lower year-over-year, primarily driven by lower lease gains and a decline in commercial auto balances. Our lease remarketing performance improved quarter-over-quarter to approximately breakeven versus a loss in 1Q.

正如我們一直所說的那樣，我們不會預測儲備釋放，而且它們也不會納入我們的中期回報指導中。轉到第 10 頁的汽車金融部分。稅前收入為 4.72 億美元，較上年同期減少 1.12 億美元，主要原因是租賃收益減少和商業汽車餘額下降。我們的租賃再行銷業績較上季改善，與第一季的虧損相比，基本上達到收支平衡。

Going forward, we expect remarketing performance to be less of a factor given the reduced volume of terminating units not covered by residual value guarantees. Commercial floor plan balances reflect industry trends and inventory levels, partly influenced by tariffs that likely pulled forward consumer demand.

展望未來，我們預計，鑑於未受剩餘價值擔保覆蓋的終止單位數量減少，再行銷績效將不再是重要因素。商業樓層平面圖餘額反映了行業趨勢和庫存水平，部分受到可能拉動消費者需求的關稅的影響。

That said, while dealer inventory levels remain lower, increased sales activity and the financing of leaner inventories have continued to support overall dealer health and profitability. As illustrated on the bottom left, retail auto portfolio yields, excluding the impact from hedges, increased 8 basis points quarter-over-quarter.

儘管如此，儘管經銷商庫存水準仍然較低，但銷售活動的增加和精簡庫存的融資繼續支持經銷商的整體健康和盈利能力。如左下角所示，不包括對沖影響的零售汽車投資組合收益率季比增加 8 個基點。

As we noted, the portfolio yield will continue to migrate towards originated yields through time. originated yield of 9.82% was up 2 basis points quarter-over-quarter, with 42% of our retail volume coming from our highest credit tier.

正如我們所指出的，投資組合收益率將隨著時間的推移而繼續轉向起源收益率。起源收益率為 9.82%，環比上升 2 個基點，其中 42% 的零售量來自我們的最高信用等級。

Turning to our insurance business on Page 11. We recorded a core pretax loss of $2 million as higher losses more than offset strong growth in premiums and investment revenue. Total written premiums of $349 million were up $5 million year-over-year and down $36 million on a sequential basis. As a reminder, our annual excess of loss policy renews each April.

第 11 頁介紹我們的保險業務。我們的核心稅前虧損為 200 萬美元，因為虧損增加超過了保費和投資收入的強勁成長。總承保保費為 3.49 億美元，年增 500 萬美元，季減 3,600 萬美元。提醒一下，我們的年度超額損失保險每年四月更新。

This year's renewal came at a higher cost as we increased coverage levels in response to growth in the business. The associated premium paid for this policy is recognized as a reduction in written premium, which impacted results for the current period.

由於我們為了應對業務成長而提高了覆蓋範圍，因此今年的續約成本更高。為該保單支付的相關保費被確認為已承保保費的減少，這影響了本期的表現。

Excluding the impact of excess of loss, written premiums increased 6% year-over-year. We continue to see great momentum across the business. The year-over-year increase in losses was primarily driven by an increase in exposure. Inventory exposure increased by $9 billion or 23% to the prior year. But importantly, our weather loss ratio remains in line with the five-year historical second quarter average our reinsurance program continues to materially reduce weather exposure within the book.

剔除超額損失的影響，已承保保費較去年同期成長6%。我們繼續看到整個業務的強勁發展勢頭。損失年比增加主要是由於風險敞口增加所致。庫存風險比前一年增加了 90 億美元，即 23%。但重要的是，我們的天氣損失率與五年歷史第二季平均值保持一致，我們的再保險計劃繼續大幅降低帳簿中的天氣風險。

Looking ahead, our focus remains on leveraging relationships in auto finance and growing earned premiums over time. This remains a key driver of our long-term capital efficient other revenue expansion. Corporate Finance results are on Page 12. Core pretax income of $96 million reflected another strong quarter and translated to a 31% return on equity.

展望未來，我們的重點仍然是利用汽車金融領域的關係並隨著時間的推移增加保費收入。這仍然是我們長期資本高效其他收入擴張的關鍵驅動力。公司財務結果在第 12 頁。核心稅前收入 9,600 萬美元，反映了另一個強勁的季度，並轉化為 31% 的股本回報率。

Net financing revenue of $108 million was up $4 million quarter-over-quarter and down $4 million year-on-year, with the annual decline driven by lower amortized fee income. End-of-period HFI loans ended at $11 billion, an increase of $1.3 billion year-over-year, reflecting our focus on prudently growing the business. We had no new nonperforming loans and recorded no new specific reserves, a leading indicator of stable credit.

淨融資收入為 1.08 億美元，季增 400 萬美元，年減 400 萬美元，年減是由於攤銷費用收入下降所致。期末 HFI 貸款達到 110 億美元，年增 13 億美元，反映了我們對審慎發展業務的關注。我們沒有新增不良貸款，也沒有新增專案儲備，這是信用穩定的領先指標。

Criticized assets and nonaccrual loan exposures were 10% and 1% of the total portfolio near historically low levels. The team has leveraged its long-standing relationships with financial sponsors, along with the strategic expansion of our product suite to drive accretive responsible loan growth even in a competitive market.

受批評的資產和非應計貸款風險敞口分別佔總投資組合的 10% 和 1%，接近歷史最低水準。該團隊利用與金融贊助商的長期關係以及我們產品套件的策略擴展，即使在競爭激烈的市場中也能推動負責任貸款的增值成長。

Turning to Page 13. I'll close with a brief update on our financial outlook. We're pleased with the execution in our core franchises. Our financial performance through the first half of the year has been in line to better than we expected in January. On net interest margin, we have maintained our prior guidance range of 3.4% to 3.5%. We see a path to the upper half of that range based on current trends.

翻到第 13 頁。最後，我將簡要介紹我們的財務前景。我們對核心特許經營權的執行感到滿意。我們上半年的財務表現比我們一月份的預期要好。對於淨利差，我們維持先前的指導範圍 3.4% 至 3.5%。根據目前的趨勢，我們看到了一條通往該範圍上半部的路徑。

Of course, the timing and magnitude of rate cuts will influence the exit rate given our near-term asset sensitivity, but we remain confident that full year results will align with our guidance across a variety of interest rate scenarios. Turning to credit, we are narrowing the range of our retail auto net charge-off guidance by 10 basis points to a range of 2% to 2.5%, and which results in a full year consolidated net charge-off outlook of 1.35% to 1.45%.

當然，考慮到我們的短期資產敏感性，降息的時間和幅度將影響退出利率，但我們仍然相信，全年業績將符合我們在各種利率情境下的指導。談到信貸，我們將零售汽車淨沖銷率指引範圍縮小 10 個基點，至 2% 至 2.5% 之間，這使得全年合併淨沖銷率預期為 1.35% 至 1.45%。

We're encouraged by the strong trends year-to-date and a solid 2Q delinquency exit, which together give us incremental confidence in near-term portfolio behavior. That said, we continue to approach credit with caution and discipline given the current macroeconomic backdrop.

我們對今年迄今為止的強勁趨勢和第二季度穩健的拖欠率退出感到鼓舞，這些因素共同增強了我們對近期投資組合行為的信心。儘管如此，鑑於當前的宏觀經濟背景，我們仍將謹慎、自律地對待信貸。

Moving to average earning assets. We now anticipate balances to decline by around 2% year-over-year. Through the first half of the year, commercial floor plan balances have been lower than expected due to tariff-related announcements following our January guidance. Dealer inventory trends are choppy and difficult to predict, However, lower floor plan balances are supporting healthier dealer fundamentals, reinforcing our confidence in the credit quality of the portfolio.

轉向平均收益資產。我們現在預計餘額將年減約 2%。由於我們一月指導意見之後發布的關稅相關公告，今年上半年商業樓盤餘額低於預期。經銷商庫存趨勢波動較大且難以預測，然而，較低的樓層平面圖餘額支持了更健康的經銷商基本面，增強了我們對投資組合信用品質的信心。

So in total, some moving pieces to our full year financial guidance but we're on track or ahead of our performance expectations for the year.

因此，總體而言，我們的全年財務指導有一些變動，但我們的業績仍處於正軌或超出了今年的業績預期。

With that, I'll turn it back to Michael for a wrap-up.

就此，我將把話題交還給麥可進行總結。

Thank you, Russ. Before we turn to Q&A, I'd like to close by highlighting a few key points on our strategic positioning. We have taken deliberate and decisive actions to fortify the foundation of this institution. This includes solidifying our capital and liquidity positions and reducing interest rate risk and credit risk. We maintained over $4 billion in excess capital above our regulatory minimum and stress capital buffer.

謝謝你，拉斯。在進入問答環節之前，我想最後強調一下我們策略定位的幾個關鍵點。我們已採取深思熟慮和果斷的行動來鞏固該機構的基礎。這包括鞏固我們的資本和流動性狀況，降低利率風險和信用風險。我們維持了超過監管最低限額 40 億美元的超額資本和壓力資本緩衝。

And both headline and fully phased-in CET1 are meaningfully up year-over-year. This, despite absorbing the final CECL phase-in changing the accounting method for EV tax credits and redeploying capital to reposition the securities portfolio. We bolstered our capital position through noncore business sales, including our point-of-sale lending and credit card portfolios.

整體和全面實施的 CET1 均較去年同期大幅上升。儘管吸收了最終的 CECL 階段，改變了 EV 稅收抵免的會計方法，並重新部署了資本以重新定位證券投資組合，但情況仍然如此。我們透過非核心業務銷售（包括銷售點貸款和信用卡組合）增強了我們的資本狀況。

We enhanced our toolkit with credit risk transfers, which we plan to continue to use opportunistically going forward. On the liquidity front, we maintain over $66 billion in available liquidity, representing 5.9 times uninsured balances.

我們透過信用風險轉移增強了我們的工具包，我們計劃在未來繼續利用這些工具包。在流動性方面，我們維持超過 660 億美元的可用流動性，相當於未投保餘額的 5.9 倍。

Deposits represent 90% of our interest-bearing liabilities and 92% are FDIC insured, both among the highest in the industry. These efficient stable deposits remain a key component in our strategy and overall profitability, enabling Ally to generate compelling returns.

存款占我們計息負債的 90%，其中 92% 受聯邦存款保險公司 (FDIC) 承保，這兩項比例均位居業界最高水準。這些高效穩定的存款仍然是我們策略和整體獲利能力的關鍵組成部分，使Ally能夠產生可觀的回報。

The deposits platform has created a uniquely strong funding profile as a key differentiator for Ally. We have also materially reduced interest rate risk through a combination of our hedging program, securities repositioning and continued remixing of the loan portfolio.

存款平台創造了獨特而強大的融資狀況，成為 Ally 的關鍵差異化因素。我們也透過對沖計畫、證券重新定位和貸款組合的持續重組，大幅降低了利率風險。

On the credit side, we proactively reduced risk and volatility by limiting exposure to higher risk unsecured consumer credit. Within retail auto, we made targeted underwriting enhancements to strengthen credit performance while preserving strong yields and risk-adjusted returns. These steps position us well to navigate potential headwinds, from tariff-related affordability pressures to the resumptions of student loan repayments and broader consumer health dynamics.

在信貸方面，我們透過限制高風險無擔保消費信貸的風險敞口，主動降低風險和波動性。在零售汽車領域，我們採取了有針對性的承保改進措施，以增強信貸業績，同時保持強勁的收益率和風險調整後的回報。這些措施使我們能夠很好地應對潛在的阻力，從與關稅相關的負擔能力壓力到恢復學生貸款償還以及更廣泛的消費者健康動態。

We also made significant investments in our collection strategies, introducing targeted digital capabilities that improve customer engagement and payment behaviours. Through it all, we remain committed to a rigorous cost discipline with controllable expenses declining for seventh consecutive quarter. At the same time, we continue to invest with intention, allocating expense dollars to areas that drive revenue growth and expand operating leverage.

我們也在收款策略上進行了大量投資，引入了有針對性的數位化功能，以提高客戶參與度和支付行為。在整個過程中，我們始終致力於嚴格的成本控制，可控費用連續第七個季度下降。同時，我們繼續有目的地進行投資，將支出資金分配到推動收入成長和擴大營運槓桿的領域。

This includes our insurance business, we are focused on driving profitable written premium growth. We're also prioritizing investments across other critical areas, enhancing cyber defenses advancing AI capabilities and developing innovative products, tools and solutions that elevate the customer experience. This focus on cost control will continue to be a core pillar of our strategy as we remain mindful of how we deploy every dollar of shareholder capital.

這包括我們的保險業務，我們專注於推動獲利性保費成長。我們也優先考慮其他關鍵領域的投資，加強網路防禦，提升人工智慧能力，並開發創新產品、工具和解決方案，以提升客戶體驗。我們始終關注如何配置每一美元的股東資本，而對成本控制的關注將繼續成為我們策略的核心支柱。

So let's pull all this together. The actions we've taken to improve returns and reduce risk have meaningfully strengthened our foundation. As a result, we believe we are in the strongest strategic position we've been in as a public company. And with that, I'd like to turn it over to Sean for Q&A.

讓我們把所有這些整合在一起。我們為提高回報和降低風險而採取的行動極大地加強了我們的基礎。因此，我們相信，作為一家上市公司，我們正處於最強大的策略地位。接下來，我想把時間交給肖恩進行問答。

Thank you, Michael. As we head into Q&A, we do ask that participants limit yourself to one question and one follow-up. Daniel, please begin the Q&A.

謝謝你，麥可。當我們進入問答環節時，我們確實要求參與者只提出一個問題和一個後續問題。丹尼爾，請開始問答。

(Operator Instructions) Sanjay Sakhrani, KBW.

（操作員指示）Sanjay Sakhrani，KBW。

Thank you. Good morning. My first question is on net interest margin. obviously, good traction there. You've had a couple of headwinds and still saw very good performance in NIM. Russ, I got sort of the guidance you gave for the second half. I'm just curious what could lead you to outperform that expectation or underperform that expectation sort of what's baked into your assumptions for the rate outlook the second half? And then just specific to the 4% NIM target, like what's the timeline now that from this point onwards to get there.

謝謝。早安.我的第一個問題是關於淨利差。顯然，這方面進展順利。您遇到了一些逆風，但在 NIM 中仍然表現出色。拉斯，我得到了你對下半場的指導。我只是好奇什麼因素可能導致您的業績超出預期或低於預期，您對下半年利率前景的假設是怎樣的？然後具體到 4% 的 NIM 目標，從現在開始實現該目標的時間表是怎樣的。

Great, thanks for the question, Sanjay. Maybe I'll start with your question around kind of things that are driving the NIM outlook or the NIM guide for the year. And as we said on the call, the second quarter expansion, particularly when you look at it excluding the headwind from the card sale was particularly strong. And we had a number of items that are now baked into our NIM at 345, that aren't expected to contribute to NIM expansion going forward. And so as we think about NIM expansion in the remainder of the year, I think you need to factor that in.

太好了，謝謝你的提問，桑傑。也許我會從你的問題開始，關於推動今年 NIM 前景或 NIM 指南的因素。正如我們在電話會議上所說，第二季的擴張尤其強勁，特別是當你排除卡片銷售帶來的不利因素時。我們有許多項目現在已納入 NIM 345，但預計不會對未來的 NIM 擴展做出貢獻。因此，當我們考慮今年剩餘時間的 NIM 擴張時，我認為你需要考慮到這一點。

So for example, we got 8 basis points from the combination of the securities repositioning that we did towards the end of first quarter, as well as the benefit we got from the recovery in lease termination performance. And there were some good guides also that we saw throughout the quarter associated with securities repayments as well as some acceleration in retail auto loan repayments that we think skewed towards higher credit, lower-yielding customers who may have been going into the dealership to get new vehicles ahead of the implementation of tariffs.

例如，我們在第一季末進行的證券重新配置以及租賃終止績效的恢復為我們帶來了 8 個基點的收益。我們也看到整個季度與證券償還相關的一些良好指引，以及零售汽車貸款償還的加速，我們認為這些指引偏向於信用較高、收益較低的客戶，他們可能在關稅實施之前前往經銷店購買新車。

So we saw some good guys in the quarter. We also saw -- we also, I would say, would continue to expect benefits from liquid deposit repricing and CD repricing going forward, but probably not as big as what we saw in the second quarter.

因此，我們在本季度看到了一些優秀的人。我們還看到——我想說，我們將繼續預期未來流動性存款重新定價和 CD 重新定價將帶來好處，但可能不會像我們在第二季度看到的那麼大。

And so as you'll recall, we had reduced rate on liquids by 20 basis points in the first quarter. We saw the full effect of that in the second quarter. We also saw the benefit of CD repricing. So we had $23 billion of CDs repriced in the first half of the year with a repricing spread of about 100 basis points. We certainly expect to continue to benefit from both repricing on liquids and CDs, but smaller.

您可能還記得，我們​​在第一季將流動資金利率降低了 20 個基點。我們在第二季度看到了其全部影響。我們也看到了 CD 重新定價的好處。因此，我們在今年上半年對 230 億美元的 CD 進行了重新定價，重新定價價差約為 100 個基點。我們當然希望繼續從流動性和 CD 的重新定價中受益，但幅度較小。

And so you saw we had about a 10 basis points reduction in liquid pricing late in the second quarter. We'll benefit from that in the third quarter. We added to the supplemental. Some of the stats around CD repricing. And so you can see the volume of CDs repricing in the second half is smaller.

因此，您會看到，第二季末我們的流動性定價降低了約 10 個基點。我們將在第三季從中受益。我們添加了補充內容。有關 CD 重新定價的一些統計數據。因此你可以看到下半年重新定價的 CD 數量較少。

But in addition, that repricing spread is also smaller as we go forward. And so we'll continue to benefit from all that, albeit at a smaller pace. As we think about the things that impact positively or negatively with respect to our guide.

但此外，隨著時間的推移，重新定價價差也會縮小。因此，我們將繼續從中受益，儘管速度較慢。當我們思考對我們的指南產生正面或負面影響的事情時。

As we've said before, we are asset sensitive in the very near term, we're liability sensitive in the medium term. And so to the extent that we see similar to what we saw last year in terms of frequent and significant cuts in the rate environment in a short period of time, that's something that's going to negatively impact us in the short term.

正如我們之前所說，短期內我們對資產很敏感，中期內我們對負債很敏感。因此，如果我們看到與去年類似的情況，即短期內利率環境頻繁地大幅下調，這將在短期內對我們產生負面影響。

As we think about what we've factored into our rate outlook, we've considered a range of different paths for rates. Our base case assumes three cuts in the back half of this year and then additional cuts early in 2026, that being said, our guide for this year for 2025 is relatively insensitive to those cuts, depending on assuming that they come late in the year. But obviously, to the extent that we see more significant cuts that could impact us certainly in the short term.

當我們思考利率前景時，我們考慮了一系列不同的利率路徑。我們的基本情況是假設今年下半年降息三次，然後在 2026 年初進一步降息，也就是說，我們對 2025 年的指導對這些降息相對不敏感，這取決於假設它們在年底到來。但顯然，如果我們看到更大幅度的削減，這肯定會在短期內對我們產生影響。

Similar to last year, we'd expect that over the medium term, we get the benefit from those cuts as we are liability-sensitive. And so as we realize our full deposit beta. And I would also point out, in the quarter, with the last cut in liquid pricing, we did realize our 70% deposit beta. And so to the extent we saw bigger cuts, then we expect that's something we benefit from next year as well (technical difficulty). Your last part of your question around the 4% guide. So post pro-forma for the sale of card or post the sale of card, we're targeting towards the high 3s right?

與去年類似，我們預計從中期來看，我們將從這些削減中受益，因為我們對負債很敏感。就這樣，我們實現了完整的存款測試版。我還要指出的是，在本季度，隨著流動性價格的最後一次下調，我們確實實現了 70% 的存款貝塔值。因此，如果我們看到更大的減產，那麼我們預計明年也會受益（技術難度）。您問題的最後一部分是關於 4% 指南的。那麼，在卡片銷售後的形式發票或卡片銷售後，我們的目標是 3 分以上，對嗎？

Remember, just taking into account that 20 basis points headwind from the card sale. We still feel very confident and comfortable with that outlook. As we've said before, we're not going to put a particular quarter on it. given that near-term asset sensitivity that we've discussed. But again, we feel great about achieving that guide, and we think the momentum that we showed this quarter and I think the confidence that's expressed in our guide for the rest of the year, I think both I'll speak to that confidence.

請記住，只需考慮信用卡銷售帶來的 20 個基點的阻力。我們對這一前景仍然充滿信心和信心。正如我們之前所說，考慮到我們討論過的近期資產敏感性，我們不會對其設定特定的季度。但是，我們再次對實現這一目標感到非常高興，我們認為本季表現出的勢頭以及我們對今年剩餘時間的指導中所表達的信心，我想我都會談到這種信心。

Thank you for the detail explanation, Michael, just one quick one for you. Obviously, credit seems better in control now with the 2022 and '23 vintages kind of performing better. I'm just curious, do you feel like it might be time to lean in a little bit more towards growth? Or do you feel pretty good where you guys are at right now? Just trying to think about if you could get an acceleration in growth as a result of the underwriting stuff that you guys have done? Thanks.

謝謝你的詳細解釋，邁克爾，我只想給你一個簡短的解釋。顯然，隨著 2022 年和 2023 年葡萄酒的表現更好，信貸現在似乎得到了更好的控制。我只是好奇，您是否覺得現在可能是時候更傾向於成長了？或者你們現在感覺很好嗎？只是想想想，你們所做的承保工作是否能加速成長？謝謝。

Yeah, Sanjay, great question. And this is overall in credit, the phrase I would use is we're encouraged by the trajectory in terms of what we're seeing. Clearly, delinquency performance on a year-over-year basis, and you look at the individual buckets. You look at some of our roll rate trends, where used car values are holding up.

是的，桑傑，這個問題問得好。總體而言，就信貸而言，我會使用的短語是，我們對所看到的軌跡感到鼓舞。顯然，與去年同期相比，拖欠情況表現良好，您可以查看各個類別的情況。您可以查看我們的一些滾動率趨勢，其中二手車價值保持穩定。

It's all point of something encouraging, that being the case, I think you've heard us say before, we're going to be very disciplined and prudent when it comes to unwinding and the curtailment that we've undertaken. And so we're going to be a bit data informed. There's still a lot of uncertainty in the environment, and we're you can never get perfect clarity on a go-forward basis. I know that. But we're going to be prudent to be data-informed as the way I would view it.

這一切都是令人鼓舞的，既然如此，我想你以前就听我們說過，在解除和削減我們所採取的措施時，我們將非常自律和謹慎。因此我們將獲得一些數據資訊。環境中仍然存在著許多不確定性，我們永遠無法在未來獲得完美的明確判斷。我知道。但我認為，我們會謹慎地利用數據。

And so nothing to call right now, but if and when we make the changes, we'll certainly be transparent about that.

所以現在還沒有什麼可說的，但如果我們做出改變，我們肯定會對此保持透明。

Jeff Adelson, Morgan Stanley.

摩根士丹利的傑夫·阿德爾森。

Hey, good morning, thanks for taking my questions. I just wanted to circle back on your credit trends. They certainly seem to be improving and inflecting here. I know, Michael, you just talked about some of the roll rates and used car prices. But I guess just affordability concerns aside over the longer medium term. Should we be expecting used car prices to continue to help credit over the back half of the year.

嘿，早上好，感謝您回答我的問題。我只是想回顧一下你的信用趨勢。他們確實似乎在這裡不斷進步和轉變。我知道，邁克爾，你剛剛談到了一些滾動率和二手車價格。但我想，從中長期來看，我們只需要考慮負擔能力問題。我們是否應該預期二手車價格在今年下半年繼續幫助信貸成長？

And I guess, I think you are still evaluating whether you want to maybe pare back the S-tier a little bit more and get some more yield. But what would be the consideration at hand or the benchmarks you'd look at before you decide you want to lean a little bit back more into that below year tranche.

我想，您仍在評估是否想要進一步削減 S 級並獲得更多收益。但是，在您決定稍微傾向於年內部分之前，您會考慮什麼或參考什麼基準呢？

Thanks, Jeff and good morning. There's a lot in there to dissect in terms of that question. And so maybe I'll just start generally with our overall outlook around credit. And you mentioned used car prices -- as we've said in prior discussions, you think about credit in terms of kind of the given year in terms of really kind of three kind of broad variables.

謝謝，傑夫，早安。對於這個問題，有很多內容需要剖析。因此，我可能只是從我們對信貸的整體展望開始。您提到了二手車價格——正如我們在之前的討論中所說的那樣，您會根據給定年份的三種大體變數來考慮信貸。

Our overall delinquency rate our flow to loss and then, of course, as you pointed out, used car prices. And I'd say all three of those things play into our expectations for a given year. And as Michael and I pointed out on the call, delinquencies have improved, but we'd still characterize them as elevated. And so that's certainly something that factors into how we think about the outlook going forward.

我們的整體拖欠率是我們的損失流量，當然，正如您所指出的，還有二手車價格。我想說，這三件事都符合我們對某一年的預期。正如邁克爾和我在電話中指出的那樣，拖欠率有所改善，但我們仍然認為拖欠率較高。因此，這肯定是影響我們思考未來前景的因素。

Our flow to loss rates, obviously, coming out of last year in the fourth quarter so far this year have been really solid, and that's something that gives us a lot of encouragement. And we think that's reflection of kind of the servicing strategy changes that we've made as well as the vintage rollover to the newer vintages kind of the '23, '24 and now the '25 vintages and then as you pointed out, used car pricing has been strong.

顯然，從去年第四季到今年為止，我們的虧損流轉率一直非常穩定，這給了我們很大的啟發。我們認為這反映了我們所做的服務策略變化，以及年份轉換到較新的年份，例如 23、24 和現在的 25 年份，然後正如您所指出的，二手車價格一直很強勁。

Part of that may in fact be related to the broader macro and tariffs, in particular. But as we think about our credit guide for the year, we're kind of looking at really all three of those variables. And we've seen some encouraging signs over the last six months and the fourth quarter of last year in terms of all of those. And I'd say if we're looking forward to kind of continuation of improvement in strong photo loss and used car prices, and those things give us a lot of confidence with the guide that we have in front of us.

事實上，部分原因可能與更廣泛的宏觀因素，尤其是關稅有關。但當我們思考今年的信用指南時，我們實際上會考慮所有這三個變數。就所有這些方面而言，我們在過去六個月和去年第四季看到了一些令人鼓舞的跡象。我想說的是，如果我們期待照片損失和二手車價格繼續大幅改善，這些因素會讓我們對眼前的指南充滿信心。

As Michael pointed out, as we look at kind of real-time decisions around how we underwrite in terms of new originations, it's very much it's data-driven. We're looking at recent vintage performance, and we're looking at it at a really granular level. in terms of places where we kind of open and close and widen our approach on a micro segment basis.

正如邁克爾指出的那樣，當我們考慮如何承保新業務的即時決策時，它很大程度上是由數據驅動的。我們正在觀察近期的表現，並且從非常細微的層面來觀察它。就我們在微觀層面上打開、關閉和擴大我們的方法而言。

Okay. Great, thanks for that. And if I could just sort of talk about capital return or ask about capital return. You've talked about the higher CET1 levels and consistent organic capital generation is a key factor in determining a return to share repurchase here. It does look like you're very close to that 10% CET1, which is a nice buffer from where you targeted historically.

好的。太好了，謝謝。如果我可以談論資本回報或詢問資本回報的話。您談到了更高的 CET1 水準和持續的有機資本產生是決定股票回購回報的關鍵因素。看起來您已經非常接近 10% 的 CET1，這與您的歷史目標相比是一個很好的緩衝。

I know you still have that AOCI hit to deal with, but we've been asked by investors if next year's stress test is sort of the right barometer we be thinking about for capital return. Is that necessarily a gating factor you think about? Or maybe just talk a little bit about how you're thinking about capital return over the medium term here?

我知道您仍然需要應對 AOCI 的衝擊，但投資者問我們，明年的壓力測試是否是我們考慮資本回報的正確晴雨表。這一定是您所考慮的限制因素嗎？或者您能簡單談談您對中期資本回報的看法嗎？

Sure. Look, I think the increase in our capital ratios over the course of the last year has been really encouraging. And as you pointed out, seeing real progress both in terms of our stated CET1 as well as our fully phased-in CET1 which gives us a lot of encouragement. We're clearly moving in the right direction. And that, combined with just improvement in our overall margins and earning profile and our ability to generate capital organically, give us a lot of confidence around kind of getting to the point where we can look at share repurchases.

當然。看，我認為去年我們的資本充足率的成長確實令人鼓舞。正如您所指出的，我們看到我們在既定的 CET1 以及全面實施的 CET1 方面都取得了真正的進展，這給了我們很大的鼓勵。我們顯然正朝著正確的方向前進。再加上我們整體利潤率和獲利狀況的改善以及我們有機創造資本的能力，讓我們對實現股票回購充滿信心。

And as you know, that's a priority for this team. It's a priority for this company. As you think about the timing of that, we don't really think about it in terms of the stress test. I mean if you look at our capital level now at 9.9% CET1 versus our CCAR requirement at 7.6%. We carry a considerable amount of excess capital related to that.

如你所知，這是這個團隊的首要任務。這是該公司的首要任務。當你考慮這個時機時，我們實際上並沒有從壓力測試的角度來考慮它。我的意思是，如果你看看我們現在的資本水平，CET1 為 9.9%，而我們的 CCAR 要求為 7.6%。我們持有與此相關的大量過剩資本。

And so we don't see that as a gating item. And so we're really looking towards our fully phased-in CET1 ratio and our organic capital generation just based on the strength of our earnings. Those are really the two things that we're looking at in terms of kind of getting to the point where we can repurchase shares.

因此，我們並不認為這是一個限制因素。因此，我們真正期待的是全面實施 CET1 比率，並根據我們的獲利實力實現有機資本生成。就我們可以回購股票而言，這確實是我們正在考慮的兩件事。

Ryan Nash, Goldman Sachs.

高盛的瑞安·納許。

Hey, good morning, Michael. Good morning, Russ. Maybe just a follow-up on credit. So it was good to see delinquencies, better delinquency performance. They're now down year-over-year. I guess sort of a two part question, like, Russ, what we need to see? Or what would it take to actually move the charge-off rate range down.

嘿，早上好，麥可。早安，拉斯。也許只是對信用的跟進。因此，看到拖欠情況有所改善，拖欠表現有所改善，這是件好事。目前，這一數字已逐年下降。我想這個問題可以分成兩個部分，例如，拉斯，我們需要看到什麼？或如何才能真正降低沖銷率範圍。

And last quarter, you talked about shifting seasonality. Maybe just help us think about seasonality for the back half of the year on losses. Thank you.

上個季度，您談到了季節性變化。也許只是幫助我們思考下半年損失的季節性。謝謝。

Sure. Thanks for the question, Ryan. And maybe kind of building on my answer to Jeff's question earlier. We've talked about this kind of three variables, the kind of delinquency rates, the photo loss and used car prices. And just to get your question directly in terms of what would we need to see to get to.

當然。謝謝你的提問，Ryan。這可能基於我之前對 Jeff 問題的回答。我們討論了這三個變量，即拖欠率、照片損失和二手車價格。直接回答你的問題，我們需要看到什麼才能達到目的。

Maybe I'll characterize it, what would we need to see to get to the low end of our range. I'd say, look, we'd have to see continued improvement in delinquency levels, continued strong flow to loss rates and continued strong used car prices, really a continuation of what we've been seeing so far this year that being said, we have a guide that we have actually taken some of the high end of the guide off the table this quarter, but we do have a guide and that guide entertains a range of potential outcomes.

也許我會描述一下，我們需要看到什麼才能達到我們範圍的低端。我想說，看，我們必須看到拖欠率持續改善，損失率持續強勁，二手車價格持續走強，這實際上是今年迄今為止我們所看到的狀況的延續，話雖如此，我們有一個指南，實際上我們已經將本季度指南中的一些高端內容拿掉了，但我們確實有一個指南，並且該指南考慮了一系列可能的結果。

And the way I would characterize that is even with the improvement we've seen in delinquency this quarter, we're still operating at elevated delinquencies. We're entering an environment where the general expectation is for unemployment to worsen.

我對此的描述是，即使本季拖欠率有所改善，但我們的拖欠率仍然很高。我們正進入一個普遍預期失業率將會惡化的環境。

And so as we look forward, we think about a range of potential outcomes depending on kind of what could transpire in terms of delinquency, how flow to loss behaves and all that in the context of macro that could weaken in particular, with respect to unemployment, which is an important variable for us. So a lot that goes into kind of how we think about that guide.

因此，展望未來，我們會考慮一系列潛在的結果，這取決於拖欠情況、損失流如何表現以及宏觀經濟背景下可能出現的所有情況，特別是失業率，這對我們來說是一個重要變數。因此，我們對該指南的看法有很多不同。

But again, we've taken 10 basis points off the top end of that. And so you should take that as an encouraging sign in terms of our building confidence around credit. On your question on seasonality, I think you're right to point out seasonality has been changing post pandemic with kind of higher payments with the cumulative effect of inflation over the last few years, we are seeing changes in seasonality.

但同樣，我們已將最高利率降低了 10 個基點。因此，就我們建立信用信心而言，您應該將此視為一個令人鼓舞的信號。關於您關於季節性的問題，我認為您指出季節性在疫情後一直在發生變化，隨著支付金額的增加以及過去幾年通貨膨脹的累積效應，我們看到了季節性的變化。

And I'd characterize it as seasonality is muted now relative to how it looked pre-pandemic. We see kind of smaller dips moving from first quarter to second quarter in terms of NCO rates and our expectation is to see smaller pickups as we move from second quarter through the back half of the year. And so we've taken that into account. we've updated our own models in terms of how we think about seasonality internally, and that's something that is baked into our NCO guidance for the remainder of the year.

我認為，與疫情前相比，現在的季節性已經減弱。我們看到，從第一季到第二季度，NCO 率的下降幅度較小，而我們預計，從第二季到下半年，NCO 率的上升幅度將較小。因此，我們已經考慮到了這一點。我們已經根據內部對季節性的思考更新了我們自己的模型，這也是我們今年剩餘時間的 NCO 指導中考慮的內容。

Got it. And maybe as a follow-up, we saw a seasonal declines in the deposit book, but we obviously had really nice repricing. Maybe just talk about the strategy on deposits from here. I know that there's been remixing within the portfolio? And are there further opportunities to optimize? And how are you thinking about the trade-off between growth and price as we look to further easing that could be coming in the back half of the year? Thank you.

知道了。也許作為後續行動，我們看到存款帳簿出現季節性下降，但我們顯然進行了非常好的重新定價。也許只是從這裡談論存款策略。我知道投資組合內有重新混合？還有進一步優化的機會嗎？當我們展望今年下半年可能出現的進一步寬鬆政策時，您如何看待成長與價格之間的權衡？謝謝。

Sure. Look, I'd characterize the quarter as kind of going exactly as expected. There's kind of really nothing notable that I would point to you in the way the deposit book performed in the quarter and I say it just reflects really solid performance across the board. So in terms of balances, as you pointed out, natural seasonality.

當然。瞧，我認為本季的進展完全符合預期。在本季存款帳簿的表現中，我實在沒有什麼值得注意的地方，我認為這只是反映了整體上非常穩健的表現。因此，就平衡而言，正如您所指出的，存在自然季節性。

As you know, this year, similar to 2024, we're managing for kind of full year flattish on deposits, which could be plus or minus $1 million or a couple of billion dollars. But we're managing towards flat, similar to last year. And similar to last year, we saw very similar outflows during the second quarter. It's seasonality driven. It's a lot to do with the tax season.

如您所知，今年與 2024 年類似，我們的全年存款將保持平穩，可能上下浮動 100 萬美元或數十億美元。但我們正在努力實現持平，與去年類似。與去年類似，我們在第二季也看到了非常相似的資金流出。這是受季節影響的。這與納稅季節有很大關係。

And so we look at that deposit balance performance as being very much consistent with what we're trying to do from a business perspective in terms of managing towards flat. On the pricing side, we feel pretty good about where we are from a pricing perspective. As we pointed out on the call, we achieved the 70% beta we targeted off of the Fed's rate cuts in the back part of last year. And so very much in line with our expectations. And I'd say the competitive environment has pretty much behaved pretty much accordingly.

因此，我們認為存款餘額表現與我們在業務角度上努力實現的持平目標非常一致。在定價方面，我們對目前的定價狀況感到非常滿意。正如我們在電話會議上指出的那樣，我們在去年下半年聯準會降息後實現了 70% 的目標貝塔值。這非常符合我們的預期。我想說競爭環境基本上已經表現出了相應的變化。

And so I'd say the quarter in terms of how we look at the performance in terms of both balances as well as in terms of pricing is very much behaving consistently with the strategy that we've been executing this year as well as last year that being said, as you also pointed out, we have seen some shift and it's continued shift in terms of our deposit book, where we've seen a shift perhaps away from some of our more rate-sensitive customers and towards what we would characterize as our more engaged customer base.

因此，我想說，就本季度的餘額和定價表現而言，我們表現得與我們今年和去年一直在執行的戰略非常一致，正如您所指出的，我們已經看到了一些轉變，而且這種轉變還在繼續，就我們的存款賬簿而言，我們已經看到了一些轉變，從一些對利率更敏感的客戶轉向了我們更具參與度的客戶群。

We think that's a good thing in terms of the migration of the book and points towards kind of greater deposit stability as we think about the book going forward.

我們認為，就帳簿的遷移而言，這是一件好事，當我們考慮帳簿的未來發展時，這將帶來更大的存款穩定性。

Moshe Orenbuch, TD Cowen.

Moshe Orenbuch，TD Cowen。

Great, thanks. And I think the improvement in capital that you've shown has been pretty notable. I guess I'm kind of -- maybe you still talk about using these CRT transactions. I guess it's not clear to me, what those would do for you at this point, given that they have a revenue cost. It seems like the alternative might be to try and continue to chip away at the AOCI and maybe you could talk about how you're thinking about those tools as getting you closer to the point at which you could buy back stock.

太好了，謝謝。我認為你們所展現的資本改善非常顯著。我想我有點——也許你仍然在談論使用這些 CRT 交易。我想目前我還不清楚，考慮到它們有收入成本，它們會為你帶來什麼。看來，另一種選擇可能是嘗試繼續削減 AOCI，也許您可以談論您如何看待這些工具讓您更接近可以回購股票的點。

Yeah, so maybe I'll start with CRTs, and you know. So maybe I'll start with CRTs. And what the CRTs effectively do is we're basically transferring credit risk related to a portion of the portfolio. generally skewed towards kind of higher credit quality loans within the portfolio to the capital markets. In exchange for that, we're able to lower the risk weighting on those loans.

是的，也許我會從 CRT 開始，你知道的。因此我可能會從 CRT 開始。CRT 的有效作用是，我們基本上將部分投資組合相關的信用風險轉移至資本市場，一般傾向於將投資組合中信用品質較高的貸款轉移至資本市場。作為交換，我們能夠降低這些貸款的風險權重。

And so the benefit there is lower risk weighting, which effectively translates into a pickup in terms of CET1, both on a stated basis as well as on a fully phased-in basis. It's a very cost-effective source of capital, if you kind of think about that CET1 pickup versus the cost of the effective capital markets insurance that we're picking up. We think it's a mid-single-digit cost of capital type venture.

因此，這樣做的好處是降低風險權重，這實際上轉化為 CET1 的回升，無論是在規定的基礎上還是在完全分階段的基礎上。如果您考慮 CET1 的增加與我們正在獲得的有效資本市場保險的成本，那麼這是一個非常具有成本效益的資金來源。我們認為這是一項中等個位數資本成本類型的投資。

And so we think that's an economically attractive way of building capital and managing our book and preserving our capacity to both grow organically and to ultimately repurchase shares. And so we like the CRT, it's a tool that, again, as we said on the call, we expect to deploy over the back half of this year, and we think it will help us in terms of adding more to our CET1 ratios moving forward.

因此，我們認為這是一種具有經濟吸引力的方式來累積資本、管理我們的帳簿並保持我們有機成長和最終回購股票的能力。因此，我們喜歡 CRT，它是一種工具，正如我們在電話會議上所說的那樣，我們預計將在今年下半年部署，我們認為它將幫助我們在未來進一步提高 CET1 比率。

As far as additional securities repositioning transactions, as we said coming out of the first quarter, we've done two securities repositioning transactions. We feel like we took out the low-hanging fruit within our portfolio in terms of balancing what we were trying to achieve in terms of reducing our rate risk going forward and also getting some NIM pick up. And so we feel pretty good about what we have done, and we don't anticipate doing any more securities repositioning transactions certainly in the near term.

至於額外的證券重新定位交易，正如我們在第一季所說的那樣，我們已經完成了兩項證券重新定位交易。我們感覺，在平衡我們試圖實現的目標（即降低未來利率風險和獲得一些淨利差回升）方面，我們已經摘取了投資組合中唾手可得的果實。因此，我們對所做的事情感到非常滿意，我們預計短期內不會再進行任何證券重新定位交易。

Got it. And -- sorry for this next one not being or being so kind of technically oriented. But maybe, Russ, could you talk a little bit more about the insurance business and what the renewal kind of means for profitability of the insurance business over the next year? How can you recover that in pricing? And how we should kind of think about that? Thanks.

知道了。而且——抱歉，下一個不是或說不那麼注重技術。但是，拉斯，您能否再多談談保險業務，以及續約對明年保險業務的獲利能力意味著什麼？您如何在定價中恢復這一點？我們該如何思考這個問題？謝謝。

Yeah, I know, No, it's a great question. as you'd expect, the renewal terms tightened on the back half of the experience that we saw in the last reinsurance cycle. And so effectively, the pricing is similar to last year, albeit at kind of higher deductibles or attachment points. And so that's something that we've baked into how we think about the insurance business going forward.

是的，我知道，不，這是一個很好的問題。正如您所預料的那樣，在上一個再保險週期中，續保條款在後半段變得更加嚴格。因此，實際上，定價與去年相似，儘管免賠額或附加點較高。這就是我們對未來保險業務發展的思考中融入的因素。

The great thing about the insurance business is that those policies on the floor plan side, which is where we get impacted by weather, we repriced those annually. And so we're able to factor in kind of how we think about pricing and terms that we offer our dealers more broadly kind of based on what we're seeing in the reinsurance market on a very real-time basis. And so we continue to be very bullish on the insurance business.

保險業務的偉大之處在於，我們每年都會重新定價平面圖方面的保單，這些保單會受到天氣的影響。因此，我們能夠根據我們在再保險市場上即時看到的情況，更廣泛地考慮我們如何考慮向經銷商提供的定價和條款。因此，我們繼續非常看好保險業務。

That's a business we're going to continue to invest in. It's accretive to our returns, and it's a valuable source of noninterest revenue for us. And so we're going to continue to invest in it, and we think the returns there are very robust and very stable moving forward. So that's a business we just -- again, we continue to be very bullish on.

我們將繼續投資這項業務。它增加了我們的回報，並且是我們寶貴的非利息收入來源。因此，我們將繼續對其進行投資，我們認為未來的回報將非常強勁且非常穩定。因此，我們仍然非常看好這項業務。

John Pancari, Evercore.

約翰‧潘卡里 (John Pancari)，Evercore。

Good morning. Just wanted to go back to the asset growth topic. I wanted to just ask a bit more about the current limitations on growth. I mean I hear you regarding you're going to be selective about when you scale back your curtailment and your overall risk appetite. And then we know you have the mortgage loan runoff as headwinds as well.

早安.只是想回到資產成長話題。我只是想多問一些關於當前成長限制的問題。我的意思是，我聽說您將會選擇性地減少削減量和整體風險偏好。然後我們知道你也面臨抵押貸款流失的阻力。

But we're still seeing some solid auto origination activity. The backdrop still seems conducive for auto growth. So could you remind us what are the greatest limitations as you look at the coming quarters, the greatest limitations on growth. Is it still the risk profile? Or is it the focus on returns over growth? Or is it your capital considerations? Thanks.

但我們仍然看到一些穩定的自動發起活動。目前的背景似乎仍然有利於汽車業的成長。那麼，您能否提醒我們，展望未來幾個季度，最大的限制是什麼，成長的最大限制是什麼。這仍然是風險狀況嗎？還是更注重回報而不是成長？還是你的資本考量？謝謝。

Great. Maybe I'll start. I imagine, Michael, you're going to want to comment on this as well. So I'll try and keep it brief. Look, I'd say as you look at that, the second quarter, you saw the growth very much aligned with our focused strategy.

偉大的。也許我會開始。我想，邁克爾，你也會想對此發表評論。所以我會盡量簡短地講。看，我想說，當你看到第二季的成長時，你會發現它與我們的重點策略非常一致。

And so you saw auto originations at $11 billion, pick up from a year ago, strong pickup from our first quarter origination levels Similarly, you saw growth in our corporate finance book at $11 billion, up about $1.3 billion from prior year. And so again, you see growth focused exactly aligned with our strategy. And as you pointed out, we continue to see runoff in the mortgage book.

因此，您會看到汽車貸款金額達到 110 億美元，比一年前有所回升，比我們第一季的貸款金額水準強勁回升。同樣，您會看到我們的公司財務帳簿成長到 110 億美元，比上年增加了約 13 億美元。因此，您再次看到，成長重點與我們的策略完全一致。正如您所指出的，我們繼續看到抵押貸款餘額的減少。

We continue -- obviously, we saw the divestiture of the card business and the assets associated with that -- and at the same time, you also saw our commercial floor plan balances somewhat muted. And that's really the main driver of the change in our guidance is kind of what we're seeing on the lot in terms of commercial floor plan balances.

我們繼續——顯然，我們看到了信用卡業務和與之相關的資產的剝離——與此同時，您也看到我們的商業樓層平面圖餘額有些低迷。這確實是我們指導方針變化的主要驅動力，也是我們在商業平面圖平衡方面所看到的情況。

They've been muted. Certainly, with tariffs, with all the activity on the dealer lots in the first half of the year, that's been helpful to the dealers in terms of their overall health but it's hit the balances somewhat. We're not concerned about that. In fact, again, it's a good thing in terms of dealer health, and it actually contributes to their profitability as well. as they don't have to carry around these large floor plan balances.

他們已被靜音。當然，由於關稅，加上今年上半年經銷商的所有活動，這對經銷商的整體健康狀況有幫助，但也在一定程度上影響了平衡。我們並不擔心這個。事實上，從經銷商的健康角度來看，這是一件好事，而且實際上也有助於提高他們的盈利能力，因為他們不必承擔這些大額的平面圖餘額。

So we feel good about it overall, but it has caused us to make this adjustment to our earning assets outlook for the year. And so again, I'd say what we saw in the quarter was very consistent with our focus on growing the retail auto loan and corporate finance books.

因此，我們總體上對此感覺良好，但這導致我們對今年的獲利資產前景做出調整。因此，我再次強調，我們在本季看到的情況與我們專注於增加零售汽車貸款和公司財務帳簿的重點非常一致。

And I would characterize that strategy as being one of prudent growth. And so with retail auto loans, in particular, you saw it in terms of S-tier continue to be north of 40%, the originated yield at 9.82%, again, very strong. And so you kind of see that kind of prudence. And so I'd say capital is not, at this point, what I would characterize as a limiting factor.

我認為該策略是審慎成長策略之一。因此，特別是對於零售汽車貸款，您會看到 S 級貸款的收益率繼續保持在 40% 以上，起始收益率達到 9.82%，同樣非常強勁。所以你可以看到這種謹慎。因此我想說，就目前而言，資本並不是我所說的限制因素。

I'd say it's more about being prudent about growing with an eye towards both credit as well as return and kind of getting the risk-adjusted returns that we like.

我想說的是，更重要的是謹慎地發展，同時專注於信用和回報，並獲得我們想要的風險調整回報。

Yeah, Maybe, Russ, maybe I'd just wrap up with sort of doubling down this notion of being quite disciplined in terms of what we're doing. If I ladder off, but just if you take a look at the quarter. And I'd say that we're very pleased with the quarter results and are encouraged by the trajectory that we're seeing, if you look at what we've delivered this quarter, I think it's really demonstrated this focused strategy and disciplined execution are working.

是的，拉斯，也許我只是想加倍強調我們所做的事情的嚴謹性。如果我脫下梯子，但只要你看一下這個季度。我想說，我們對本季度的業績非常滿意，並對我們所看到的軌跡感到鼓舞，如果你看看我們本季度所取得的成果，我認為這確實證明了這種專注的戰略和嚴格的執行正在發揮作用。

You've probably heard over and over again, we've talked about three things that we're really focused on is net interest margin reducing auto credit losses and being disciplined in our expenses and our use of capital. We delivered against all of those this quarter, and I think the trajectory on a go-forward basis is attractive.

您可能已經聽過很多次了，我們談論過三件事，我們真正關注的是淨利差、減少汽車信貸損失以及嚴格控制我們的支出和資本使用。本季我們實現了所有這些目標，我認為未來的發展軌跡很有吸引力。

Look, with growth, we're going to be very prudent, but I keep on anchoring back those three things that we're really focused on, and we're quite pleased with the performance that we've seen with those.

你看，隨著成長，我們會非常謹慎，但我會繼續鞏固我們真正關注的三件事，我們對所看到的表現感到非常滿意。

Got it. Okay. I appreciate it. And just one quick follow-up, just on competition. You saw the solid 9.8% retail origination yield. What's your expectation there in terms of the origination yield? And a lot of banks and other players are back in the auto game here. So what do you see in terms of implications for origination yield as you consider that?

知道了。好的。我很感激。還有一個關於競爭的快速後續問題。您看到了穩定的 9.8% 零售發起收益率。您對起源收益有何期望？許多銀行和其他參與者都重返汽車遊戲。那麼，您認為這對發起收益有何影響？

Yeah, I'd say we did see banks coming in a little stronger during the quarter. We saw the overall kind of bank market share increase, we've seen some of the banks that have reported already. Talk about their auto businesses specifically, and a few of them have shown significant pickups in terms of origination volume during the quarter that being said, and as you pointed out, John, we had a great quarter.

是的，我想說我們確實看到銀行在本季表現得更強勁。我們看到銀行市佔率總體增加，一些銀行已經發布了報告。具體談談他們的汽車業務，其中一些業務在本季度的起源量方面顯示出顯著的回升，正如你所指出的，約翰，我們度過了一個很棒的季度。

We had record application volume, we had a strong yield, actually up a couple of basis points from the first quarter, and we continue to see strong originations in the S-tier. And so we feel really great about where we play in the market. We think we're differentiated in terms of our relationships with dealers.

我們的申請量創下了紀錄，收益率很高，實際上比第一季上升了幾個基點，而且我們繼續看到 S 級市場的強勁增長。因此，我們對自己在市場上的地位感到非常滿意。我們認為我們與經銷商的關係有所不同。

And I think our focus on used as well as prime and kind of where we play in the market is clearly kind of resonating with dealers and gives us some support in terms of being able to continue to be disciplined and grow our business as we kind of think about things going forward.

我認為，我們對二手車和優質車的關注以及我們在市場上的定位顯然與經銷商產生了共鳴，並在我們考慮未來發展時給予我們一些支持，使我們能夠繼續保持紀律並發展業務。

Thanks, Russ. I'm showing a little past the hour here. So that's all the time that we have for today. If you have any additional questions, as always, please reach out to Investor Relations. Thank you for joining us this morning. This concludes today's call.

謝謝，拉斯。我在這裡顯示的是剛過一小時的時間。今天我們的時間就這麼多。如果您有任何其他問題，請一如既往地聯繫投資者關係部。感謝您今天上午加入我們。今天的電話會議到此結束。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。