美國銀行在首席執行官布萊恩·莫伊尼漢 (Brian Moynihan) 和首席財務官阿拉斯泰爾·博思威克 (Alastair Borthwick) 主持的電話會議上討論了第二季度業績。該銀行報告淨利潤為 69 億美元,非利息收入的成長抵消了淨利息收入的下降。演講強調了公司負責任的成長策略、資本實力以及為股東創造長期價值的承諾。
討論內容包括降息、NII 績效、資產負債表管理、存款定價策略以及 NIM 和信用卡沖銷的潛在改進。該公司強調有機成長、收入成長以及對不同業務部門未來成長的投資。他們也提到維持目標資本水準、股利、回購和管理波動性。
使用警語:中文譯文來源為 Google 翻譯,僅供參考,實際內容請以英文原文為主
Operator
Operator
Good day, everyone and welcome to the Bank of America earnings announcement. (Operator Instructions) Please note this call may be recorded. I'll be standing by if you should need any assistance. It is now my pleasure to turn the conference over to Lee McEntire of Bank of America.
大家好,歡迎來到美國銀行的財報公告。 (操作員說明)請注意,此通話可能會被錄音。如果您需要任何幫助,我會隨時待命。現在我很高興將會議交給美國銀行的 Lee McEntire。
Lee McEntire - Senior Vice President, Head of Investor Relations
Lee McEntire - Senior Vice President, Head of Investor Relations
Good morning. Welcome. Thank you for joining the call to review our second quarter results. Our earnings release documents are available on the Investor Relations section of the bankofamerica.com website, and they include the earnings presentation that we will make reference to during the call. I hope everyone has had a chance review those documents. Our CEO, Brian Moynihan will make some opening comments before Alastair Borthwick, our CFO discusses the details of the quarter.
早安.歡迎。感謝您參加審查我們第二季業績的電話會議。我們的收益發布文件可在bankofamerica.com 網站的投資者關係部分獲取,其中包括我們將在電話會議期間參考的收益演示。我希望每個人都有機會查看這些文件。我們的執行長 Brian Moynihan 將在我們的財務長 Alastair Borthwick 討論本季的細節之前發表一些開場評論。
Let me just remind you that we may make forward-looking statements and refer to non-GAAP financial measures during the call. Forward looking statements are based on management's current expectations and assumptions that are subject to risks and uncertainties. Factors that may cause our actual results to materially differ from expectations are detailed in our earnings materials and SEC filings available on our website.
我只是提醒您,我們可能會在電話會議期間做出前瞻性陳述並參考非公認會計準則財務指標。前瞻性陳述是基於管理階層目前的預期和假設,這些預期和假設受到風險和不確定性的影響。我們網站上提供的獲利資料和 SEC 文件中詳細介紹了可能導致我們的實際結果與預期有重大差異的因素。
Information about non-GAAP financial measures, including reconciliations to US GAAP, can also be found in our earnings materials that are available on our website. So with that, let me turn the call over to Brian. Thank you.
有關非公認會計原則財務指標的信息,包括與美國公認會計原則的調節,也可以在我們網站上提供的收益資料中找到。那麼,讓我把電話轉給布萊恩。謝謝。
Brian Moynihan - Chairman of the Board, Chief Executive Officer
Brian Moynihan - Chairman of the Board, Chief Executive Officer
Thank you, Lee, and good morning, and thank all of you for joining us today. Before I begin today, I just want to reflect a second on the horrible events this weekend. We at Bank of America are clear that there's no place for political violence in our great country and we continue to wish the former President Trump a speedy recovery. And our thoughts, of course, go out to the victims and their families and others impacted by this terrible event.
謝謝李,早安,謝謝大家今天加入我們。在今天開始之前,我只想回顧一下本週末發生的可怕事件。美國銀行明確表示,我們偉大的國家容不得政治暴力,我們繼續祝福前總統川普早日康復。當然,我們對受害者及其家人以及其他受到這可怕事件影響的人表示同情。
With that, let's turn our attention to the results for the second quarter of 2024 Bank of America Corporation. This quarter, we achieved success at a number of areas underscoring the benefits of our diversity and the dedication of our team to deliver responsible growth. Our organic growth engine continues to add customers and activity to all our businesses, even as we see the drop in net interest income this quarter.
接下來,讓我們將注意力轉向美國銀行公司 2024 年第二季的業績。本季度,我們在多個領域取得了成功,凸顯了我們多元化的好處以及我們團隊致力於實現負責任成長的奉獻精神。儘管我們看到本季淨利息收入下降,但我們的有機成長引擎繼續為我們所有業務增加客戶和活動。
I'm starting on slide 2. Our net income for the quarter was $6.9 billion after tax or a $0.83 in diluted EPS. Attesting to the balance in our franchise, the earnings were split evenly, half in our consumer and GWIM businesses which serve people and the other half in our institutional-focused business, global banking and markets.
我從幻燈片 2 開始。為了證明我們特許經營權的平衡,收入被平均分配,一半分配給我們的消費者和 GWIM 業務,為人們服務,另一半分配給我們以機構為中心的業務、全球銀行和市場。
We grew revenue from the second quarter 2023, as improvement in non-interest income overcame the decline in net interest income. Fees grew 6% year over year and represented 46% of total revenue in the quarter.
由於非利息收入的改善克服了淨利息收入的下降,我們從 2023 年第二季開始實現了收入成長。費用年增 6%,佔本季總收入的 46%。
Our strong fee performance was led by a 14% improvement in asset management fees in our wealth management businesses. We grew investment banking fees, 29% year over year, inside sales and trading revenue increase 7%. Global markets had its ninth consecutive quarter of year-over-year growth in sales and trading revenue, a good job by Jim DeMare and his team.
我們強勁的費用表現得益於我們財富管理業務的資產管理費用提高了 14%。我們的投資銀行費用年增 29%,內部銷售和交易收入成長 7%。全球市場的銷售和交易收入連續第九個季度同比增長,吉姆·德馬爾 (Jim DeMare) 和他的團隊做得很好。
Car and Service charge revenue also grew by 6% year over year in our consumer business. Much of this fee growth is a result of our intensity around organic growth and is a testament to the diversity of our operating model.
我們的消費者業務的汽車和服務費收入也較去年同期成長 6%。費用成長很大程度上是我們大力推動有機成長的結果,也證明了我們營運模式的多樣性。
Now on to slide 3. Organic growth has been driven by several key factors. First, we focus on our customers. We continue to place them at the center of everything we do. Consumer led the way in delivering solid organic growth with high quality accounts and engage clients. For the 22nd consecutive quarter, we had significant net new consumer checking accounts. We expand our customer base and our market share. Specifically, we added 278,000 net new checking accounts this quarter, which brings our first six months of 2024 to more than 500,000.
現在轉到投影片 3。首先,我們關注我們的客戶。我們繼續將它們置於我們所做的一切的中心。消費者透過高品質的帳戶和吸引客戶,引領了實現穩健的有機成長。我們連續第 22 季擁有大量淨新增消費者支票帳戶。我們擴大客戶群和市場份額。具體來說,本季我們淨新增了 278,000 個支票帳戶,這使得 2024 年前六個月的帳戶數量超過 50 萬個。
In wealth management, we added another 6,100 new relationships this quarter and our commercial businesses, we added thousands of small businesses and hundreds of commercial banking relationships. This has led to now managing $5.7 trillion in client balances, loans, deposits, and investments across the consumer and wealth management client segments. In those areas, we saw flows of $58 billion in the past four quarters.
在財富管理方面,本季我們又增加了 6,100 個新關係,而我們的商業業務則增加了數千個小型企業和數百個商業銀行關係。這使得目前在消費者和財富管理客戶領域管理著 5.7 兆美元的客戶餘額、貸款、存款和投資。在過去四個季度中,我們在這些領域看到了 580 億美元的資金流動。
Our emphasis on personalized financial solutions and superior customer service has strengthened customer loyalty, attracting new clients across all our businesses. Our focus on providing liquidity and risk management solutions to our institutional clients positions to continue to gain more share of the wallet as well.
我們對個人化金融解決方案和卓越客戶服務的重視增強了客戶忠誠度,吸引了我們所有業務的新客戶。我們專注於為機構客戶提供流動性和風險管理解決方案,以繼續獲得更多的錢包份額。
Second, we continue to deliver innovative digital solutions. One of the primary contributors of both attracting retaining customers to our platforms is our digital banking capabilities for our clients across all of businesses. Our fully Integrated Consumer Banking Investment app drives the utility for our customers across the investment and consumer accounts.
其次,我們持續提供創新的數位解決方案。我們的平台吸引留住客戶的主要因素之一是我們為所有企業的客戶提供的數位銀行能力。我們完全整合的消費者銀行投資應用程式為我們的客戶提供了投資和消費者帳戶的實用性。
Our user stats are strong proof points. Our second language capabilities in our consumer businesses further enhance our customers capabilities. You can see the continued digital growth in the slides on pages 26, 28 and 30 in the appendix.
我們的用戶統計數據是強而有力的證據。我們在消費業務中的第二語言能力進一步增強了我們的客戶能力。您可以在附錄第 26、28 和 30 頁的幻燈片中看到數位化的持續成長。
A couple of highlights. Our consumer mobile banking app now serves more than 47 million active users, day logins, 3.5 billion times this quarter. We also committed to continue to see more sales through use of our digital properties. Digital sales represented 53% of our total sales in the past quarter in our consumer businesses.
有幾個亮點。我們的消費者行動銀行應用程式目前為超過 4,700 萬活躍用戶提供服務,本季日登入次數為 35 億次。我們也致力於透過使用我們的數位資產繼續實現更多銷售。上一季度,數位銷售額占我們消費業務總銷售額的 53%。
23 million consumers are now using Zelle. They send money on Zelle at nearly 2.5x the rate they write checks. And in fact, more Zelle transactions -- send transactions take place than a combination of customer ATM transaction and cash withdrawal and tellers. Simply put, Zelle has become their dominant way to move money.
目前有 2,300 萬消費者在使用 Zelle。他們在 Zelle 上匯款的速度幾乎是開支票的 2.5 倍。事實上,Zelle 交易——發送交易的發生量比客戶 ATM 交易和現金提取以及櫃員的組合還要多。簡而言之,Zelle 已成為他們轉移資金的主要方式。
And in our wealth management business, we are seeing more bank accounts being opened to complement the investment business those clients do with us. Importantly, as clients are also recognized the ease of our digital banking capability, 75% of our new accounts in our mail teammates were opened digitally. 87% of our global banking clients also are digitally active.
在我們的財富管理業務中,我們看到越來越多的銀行帳戶被開設,以補充客戶與我們進行的投資業務。重要的是,由於客戶也認識到我們數位銀行功能的易用性,我們的郵件團隊成員中 75% 的新帳戶都是以數位方式開設的。我們 87% 的全球銀行客戶也活躍於數位化領域。
We have innovated the significantly streamlined service requests by enabling clients directly initiate and track transaction increase within our awarded CashPro platform, using AI to accomplish that.
我們對顯著簡化的服務請求進行了創新,使客戶能夠在我們獲獎的 CashPro 平台內直接發起和追蹤交易成長,並使用人工智慧來實現這一目標。
Third, we continue to make core strategic investments in our businesses. We're not complacent with the success you see on this page. We continue to strategically invest in our core businesses. A few examples: while we have the leading retail deposit share in America, we continue to invest and have opened 11 new financial centers this quarter in this first half year and renovated another 243. This is an investment in both our expansion markets and our growth markets.
第三,我們持續對業務進行核心策略投資。我們對您在此頁面上看到的成功並不自滿。我們繼續對核心業務進行策略性投資。舉幾個例子:雖然我們在美國擁有領先的零售存款份額,但我們繼續投資,在今年上半年本季度開設了11 個新的金融中心,並翻新了另外243 個。成長的投資市場。
In wealth management, we continue to invest in our advisor development program. It's grown to 23,00 teammates, allowing us to continuously add more than -- teammates to our 18,000 strong best in class financial advisory force across our wealth management businesses.
在財富管理方面,我們持續投資顧問發展計畫。它的團隊成員已增至 23,00 名,這使我們能夠持續為我們的財富管理業務中 18,000 名一流的財務諮詢團隊增加更多的團隊成員。
We're also adding teams of experienced advisors strategically in areas across the country. In our banking teams, we continue to add our regional investment -- to our regional investment banking team. We now have more than 200 regional bankers across the country to better serve our commercial clients and they complement our industry coverage to our corporate clients.
我們也在全國各地策略性地增加經驗豐富的顧問團隊。在我們的銀行團隊中,我們繼續增加我們的區域投資—我們的區域投資銀行團隊。我們現在在全國擁有 200 多名區域銀行家,以便更好地服務我們的商業客戶,他們補充了我們對企業客戶的行業覆蓋範圍。
In our global markets business, we continue to extend balance sheet to our clients and adding expertise and talent to continue to lead our market share improvements seen in the last several years. We also have increased our technology initiatives spend and expect to spend nearly $4 billion on technology initiatives this year.
在我們的全球市場業務中,我們繼續向客戶擴展資產負債表,並增加專業知識和人才,以繼續引領我們過去幾年的市場份額提高。我們還增加了技術計劃支出,預計今年將在技術計劃上花費近 40 億美元。
We have focused projects around artificial intelligence enhancements with both clients and our teammates. A recent example of our use of AI is our adviser and client insights tool. We have delivered more than 6 million insights here today to our financial advisors, providing them to proactively engage with clients. AI has moved from cost savings ideas to enhancing the quality of our customer interactions.
我們與客戶和團隊成員共同開展了圍繞人工智慧增強的專案。我們最近使用人工智慧的一個例子是我們的顧問和客戶洞察工具。今天,我們已向我們的財務顧問提供了超過 600 萬條見解,使他們能夠主動與客戶互動。人工智慧已經從節省成本的想法轉變為提高客戶互動的品質。
Fourth, our organic growth is driving integrated flows across our business. We invest heavily in each line of business that compete in the markets based on their particular customer segment. But importantly, also invest across our lines of business to knit them together and gain market share in the local markets. It's a differentiated advantage for us. Our banking leadership position across our businesses and our nationwide franchise.
第四,我們的有機成長正在推動整個業務的整合流程。我們對根據其特定客戶群參與市場競爭的每條業務線進行大量投資。但重要的是,也要對我們的業務線進行投資,將它們結合在一起,並在當地市場獲得市場份額。這對我們來說是一個差異化優勢。我們在業務和全國範圍內的特許經營中處於銀行業領先地位。
For example, we leverage our franchise by connecting business customer [with] wealth management teams. Our teams across all our businesses have made 4 million referrals to other businesses in the first six months of this year. Next, we drive efficiency and effectiveness, and that's for our operational excellence platform. We continue to invest heavily in the future of our franchise and growth while we also have to manage expense day-to-day.
例如,我們透過將商業客戶與財富管理團隊聯繫起來來利用我們的特許經營權。今年前六個月,我們所有業務的團隊已向其他業務推薦了 400 萬次。接下來,我們提高效率和效益,這就是我們卓越營運平台的目標。我們繼續大力投資我們的特許經營權和成長的未來,同時我們也必須管理日常費用。
Our folks on operational excellence has enabled us to hold our expense growth up to 2% year over year, well below the inflation rates, while we continue to work to achieve operating leverages as NII stabilizes and begins to grow again.
我們的卓越營運人員使我們能夠將費用同比增長保持在 2% 以內,遠低於通貨膨脹率,同時隨著 NII 穩定並開始再次增長,我們將繼續努力實現營運槓桿。
As you look at it and I'll also explain later, a fair portion of the year over year increase in expenses due to the formulaic incentives and wealth management due to the key growth in that business. And last, our capital strength allows us to deliver for all stakeholders. Our capital remains strong as we held our CET1 ratio at 11.9% this quarter.
正如您所看到的,我稍後也會解釋,由於該業務的關鍵增長導致的公式化激勵和財富管理,費用同比增長的相當一部分。最後,我們的資本實力使我們能夠為所有利害關係人提供服務。我們的資本依然強勁,本季我們的 CET1 比率維持在 11.9%。
We grew loans, increased our share repurchases of $3.5 billion and paid $1.9 billion in dividends. Average diluted shares dropped below 8 billion shares outstanding. In addition, we also announced our intent to increase our quarterly dividend 8% upon Board approval. Totaled 11.9% CET1 ratio remain a solid excess capital position of both of other current regulatory requirements and the increase requirement to 10.7% beginning October as a result of the recent CCAR exam.
我們增加了貸款,增加了 35 億美元的股票回購,並支付了 19 億美元的股息。平均稀釋後流通股數降至 80 億股以下。此外,我們也宣布,經董事會批准,我們打算將季度股利提高 8%。總計 11.9% 的 CET1 比率仍然是穩健的超額資本頭寸,既符合其他當前監管要求,也符合最近 CCAR 考試從 10 月份開始提高至 10.7% 的要求。
Let's turn to slide 4. A couple of things to note here. First, we've noted for several quarters that the second quarter NII would be the trough for this rate cycle. We expect NII to grow in the third quarter and fourth quarter this year. Alastair is going to provide you some points in detail about the path forward.
讓我們轉向幻燈片 4。首先,我們幾個季度以來都注意到第二季的NII 將是本次利率週期的低谷。我們預計今年三季和第四季NII將實現成長。阿拉斯泰爾將為您提供有關前進道路的一些詳細觀點。
One important contributors that changed is the part of behaviors of our customers. On slide 4, you'll note that average deposits grew 2% year over year and increased modestly within quarter. The second quarter in reality is typically a heavy outflow quarter. We have a lot of customers who pay a lot of taxes in that quarter.
改變的一個重要因素是我們客戶的行為。在投影片 4 上,您會注意到平均存款年增 2%,並在季度內小幅增長。實際上,第二季通常是資金大量流出的季度。我們有很多客戶在該季度繳納了大量稅款。
Quarter over quarter increases in rates paid continue to slow again this quarter across all businesses, except for wealth management. And we show you that on this page slide 4 by line of business. While wealth business deposit rates moved higher with continued rotation, we expect those rates to begin to stabilize and the rate of quarterly change decrease going forward.
除財富管理業務外,本季所有業務的利率季增幅持續放緩。我們在本頁投影片 4 上以業務範圍向您展示。儘管財富業務存款利率隨著持續輪換而走高,但我們預計這些利率將開始穩定,並且未來季度變化率將下降。
Turning to slide 5. In previous calls, many of you asked questions or comments upon the question about consumer net charge-offs and when that would they stabilize in the second half of 2024. That expectation we have remains unchanged as well. This quarter's net charge-offs were 59 basis points. For context, this is stabilization of the rate. I would just remind you, prior to this quarter, I have to go all the way back to 2014 to see a charge-off rate of that high. And that's we're going to -- we're still emerging from the financial crisis.
轉向投影片 5。本季的淨沖銷為 59 個基點。就上下文而言,這是利率的穩定。我只想提醒您,在本季度之前,我必須追溯到 2014 年才能看到如此高的沖銷率。這就是我們要做的事——我們仍在擺脫金融危機。
On slide 4, we highlight the 30 to 90-day-plus credit card delinquency trends, which should delinquencies have plateaued for the second consecutive quarter. This should lose lead to stabilize net credit losses in credit card in the second half of the year.
在投影片 4 上,我們重點介紹了 30 至 90 天以上的信用卡拖欠趨勢,拖欠率應該已連續第二季趨於穩定。這應該會導致下半年信用卡淨信用損失的穩定。
At the bottom of page, note a couple of facts. First on the payment rates. This is the rate of pay down of balances in a given month remain 20% above index to the pre-pandemic levels even while our card customers have plenty of capacity to borrow. And importantly, because of our relation-based businesses, look at the right-hand slide on the bottom of page 5.
在頁面底部,記下一些事實。首先是付款率。即使我們的信用卡客戶有足夠的借貸能力,指定月份的餘額還款率仍比大流行前的指數高出 20%。重要的是,由於我們的業務是基於關係的,請查看第 5 頁底部的右側幻燈片。
There you can see our deposit investment balances of our customer who also have a card with us, remain 25% above their pre-pandemic levels, illustrating continued health of these customers. So, if you think about consumer credit, the card charge-offs drive it, and they flattened out in terms of delinquencies we expect to improve in the second half.
在那裡,您可以看到我們也擁有銀行卡的客戶的存款投資餘額仍比疫情前的水平高出 25%,這表明這些客戶的持續健康狀況。因此,如果你考慮消費信貸,信用卡沖銷推動了這一趨勢,並且拖欠率趨於平穩,我們預計下半年會有所改善。
With regard to commercial real estate, our usual CRA credit exposure slide is included in our appendix. We continue to aggressively work through our loans in our modest CRA office portfolio. We saw a decrease in all the categories, a decrease in reservable criticized loans, a decrease in NPLs, and a decrease in net charge-offs. This supports our previous expectation that net charge-offs in the second-half of 2024 will be lower than the first half of 2024.
關於商業房地產,我們通常的 CRA 信用風險幻燈片包含在我們的附錄中。我們繼續積極透過我們適度的 CRA 辦公室投資組合中的貸款來開展工作。我們看到所有類別均有所減少,可保留的批評貸款減少,不良貸款減少,淨沖銷減少。這支持了我們先前的預期,即 2024 年下半年的淨沖銷將低於 2024 年上半年。
Our second quarter performance highlights Bank of America's ability to generate strong sustainable growth through a combination of customer-centric strategies, innovation, strategic investments and a commitment to a strong, balance of risk and reward. We call that responsible growth. We're confident that focused approach will continue to drive long-term success and create value for you, our shareholders.
我們第二季的業績凸顯了美國銀行透過以客戶為中心的策略、創新、策略投資以及對風險與回報的強勁平衡的承諾相結合,實現強勁可持續成長的能力。我們稱之為負責任的成長。我們相信,專注的方法將繼續推動長期成功,並為您(我們的股東)創造價值。
With that now, I will turn it to Alistiar for additional results.
現在,我將把它交給 Alistiar 以獲取更多結果。
Alastair Borthwick - Chief Financial Officer
Alastair Borthwick - Chief Financial Officer
Thank you, Brian. And, I'm going to start on slide 6 of the earnings presentation. I'll touch on more highlights noted on slide 6 as we work through the material. But I just wanted to say upfront that we delivered strong returns with return on average assets of 85 basis points and a return on tangible common equity of nearly 14%.
謝謝你,布萊恩。我將從收益簡報的第 6 張投影片開始。當我們研究這些材料時,我將談到幻燈片 6 中提到的更多亮點。但我想說的是,我們取得了強勁的回報,平均資產回報率為 85 個基點,有形普通股回報率接近 14%。
So let's move to the balance sheet on slide 7, where you can see we ended the quarter at $3.26 trillion of total assets, relatively unchanged from the first quarter. And not much to note here, apart from a mix shift of lower securities balances, mostly offset by an increase in reverse repo and modest loan growth as well as global markets client activity.
讓我們看一下投影片 7 上的資產負債表,您可以看到本季末的總資產為 3.26 兆美元,與第一季相比基本上沒有變化。除了證券餘額下降的混合變化之外,這裡沒有什麼值得注意的,這主要被逆回購的增加和適度的貸款成長以及全球市場客戶活動所抵消。
On the funding side, deposits declined $36 billion on an ending basis, reflecting, typical seasonal customer payments of income taxes. And as Brian noted, average deposits were still modestly higher. Liquidity remains strong with $909 billion of global liquidity sources that was flat compared to the first quarter.
在資金方面,存款期末減少了 360 億美元,反映了典型的季節性客戶繳納所得稅的情況。正如布萊恩所指出的,平均存款仍略有上升。流動性依然強勁,全球流動性來源為 9,090 億美元,與第一季持平。
Shareholders' equity was also flat compared to Q1, as earnings were offset by $5.4 billion in capital distributed to shareholders and a $1.1 billion redemption of preferred stock in the quarter. The $5.4 billion of capital contributions included $1.9 billion in common dividends and the repurchase of $3.5 billion in shares.
與第一季相比,股東權益也持平,因為收益被分配給股東的 54 億美元資本和本季 11 億美元的優先股贖回所抵銷。 54億美元的出資包括19億美元的普通股股利和35億美元的股票回購。
AOCI improved modestly in the quarter and tangible book value per share of $25.37 rose 9% from the second quarter of last year. In terms of regulatory capital, our CET1 level improved to $198 billion, and the CET1 ratio was stable at 11.9%. This 11.9% ratio remained well above our current 10% requirement as well as our new 10.7% requirement as of October 1, 2024.
AOCI 本季略有改善,每股有形帳面價值為 25.37 美元,較去年第二季成長 9%。監理資本方面,我們的CET1水準提升至1,980億美元,CET1比率穩定在11.9%。截至 2024 年 10 月 1 日,這一 11.9% 的比率仍遠高於我們目前的 10% 要求以及新的 10.7% 要求。
Risk-rated assets increased modestly, and that was driven by lending activity. Our supplemental leverage ratio was 6%, versus our minimum requirement of 5% and that leaves plenty of capacity for balance sheet growth. And our $468 billion of TLAC means, our total loss absorbing capital ratio remains comfortably above our requirements.
風險評級資產小幅增長,這是由貸款活動推動的。我們的補充槓桿率為 6%,而我們的最低要求為 5%,這為資產負債表成長留下了足夠的空間。我們 4,680 億美元的 TLAC 意味著我們的總損失吸收資本比率仍然遠高於我們的要求。
Brian already covered deposit trends. So let's turn the balance sheet focus to loans, and we'll look at average balances on slide 8. You can see e see average loans in Q2 of $1,051 trillion. They improved 1% year over year, driven by 5% of credit card growth and modest commercial growth. The modest improvement in overall commercial loans included a 2% increase in our domestic commercial loans and leases, partially offset by a 4% decline in commercial real estate.
布萊恩已經介紹了存款趨勢。因此,讓我們將資產負債表的重點轉向貸款,我們將查看投影片 8 上的平均餘額。在信用卡成長 5% 和商業適度成長的推動下,它們年增 1%。整體商業貸款略有改善,其中國內商業貸款和租賃增長了 2%,但部分被商業房地產下降 4% 所抵消。
Middle market lending saw an uptick in the quarter, and we saw a good demand in our wealth businesses from customer lending. These areas of growth were largely offset by continued paydowns from our larger corporate clients on interest rate sentiment. Consumer growth was driven by credit card borrowing, and while home lending balances were flattish, originations picked up a bit this quarter. Lastly, and on a positive note, loan spreads continued to widen.
本季中間市場貸款增加,我們的財富業務對客戶貸款的需求良好。這些成長領域在很大程度上被我們的大企業客戶因利率情緒而持續支付的費用所抵消。消費者成長是由信用卡借貸推動的,雖然房屋貸款餘額持平,但本季貸款發放略有回升。最後,從積極的方面來看,貸款利差繼續擴大。
As we turn our focus then to NII performance and slide 9, note that we moved to slide we typically used to talk about excess deposits to the appendix on slide 22, so you can see that there. Our excess deposit levels above loans remained high at $850 billion and continue to be a good source of value for shareholders. 52% of our excess liquidity is now in short-dated cash and available for sale securities.
當我們將注意力轉向 NII 性能和幻燈片 9 時,請注意,我們轉到了通常用來談論幻燈片 22 附錄中的超額存款的幻燈片,因此您可以在那裡看到這一點。我們高於貸款的超額存款水準仍高達 8500 億美元,並繼續成為股東的良好價值來源。我們 52% 的過剩流動性現在是短期現金和可供出售的證券。
The longer-dated, lower yielding, hold to maturity book continues to roll off and we reinvested again this quarter in higher yielding assets. The blended yield of cash and securities continue to improve in the quarter and is now 160 basis points above our deposit rate paid.
期限較長、收益率較低、持有至到期的帳簿持續減少,本季我們再次對收益率較高的資產進行再投資。本季現金和證券的混合收益率持續改善,目前比我們支付的存款利率高出 160 個基點。
Regarding NII, on a GAAP -- (technical difficulty)
關於NII,在GAAP上-(技術難度)
Operator
Operator
(Operator Instructions)
(操作員說明)
Alastair Borthwick - Chief Financial Officer
Alastair Borthwick - Chief Financial Officer
-- will materialize. And this might includes three interest rate cuts starting September, another in November, and one more in December and the [water falls] shows an estimated impact of those rate cuts to our quarterly NII.
——即將實現。這可能包括從 9 月開始三次降息,11 月再次降息,12 月再降息一次,[瀑布] 顯示了這些降息對我們季度 NII 的估計影響。
The next couple of categories are a result of natural management interest rate risk in a balance sheet mixed with fixed-rate assets and variable-rate assets, and our balance sheet is split roughly half and half. So we take in liquidity from customers that we use to fund our assets. And then, we store excess liquidity in cash and securities. We have fixed assets that mature and pay down, and those supply cash that then gets put back to work on the balance sheet and reprices over time.
接下來的幾個類別是固定利率資產和浮動利率資產混合的資產負債表中自然管理利率風險的結果,我們的資產負債表大約分為兩半。因此,我們從客戶那裡獲取流動性,用於為我們的資產提供資金。然後,我們將多餘的流動性儲存在現金和證券中。我們擁有到期並償還的固定資產,這些資產提供現金,然後重新投入到資產負債表上,並隨著時間的推移重新定價。
And then we have two basic categories of fixed assets that mature and pay off and those are securities and loans. On securities, you can see we've got about $10 billion a quarter of cash coming off of our securities portfolio and we gain roughly 300 basis points of improvement on those assets when we put that money back on the balance sheet. On loans, between [resi] mortgage, and auto, we've got another roughly $10 billion which reprices with a little less yield improvement than securities.
然後,我們有兩個基本類別的到期並還清的固定資產,即證券和貸款。在證券方面,您可以看到我們每季從證券投資組合中獲得約 100 億美元的現金,當我們將這些資金重新納入資產負債表時,這些資產的改善約為 300 個基點。在貸款方面,在 [resi] 抵押貸款和汽車方面,我們還有大約 100 億美元的貸款,其重新定價的收益率提高幅度略低於證券。
And between the securities and loans, we expect a fixed-rate asset repricing adds about $300 million to our quarterly rate of NII as we get to the fourth quarter.
在證券和貸款之間,我們預計到第四季度時,固定利率資產重新定價將使我們的 NII 季率增加約 3 億美元。
On the variable rate asset side and to protect from down moves in rates, we hedge some of that with cash flow swaps. And those typically roll off in any given quarter and get replaced over time. So included in the cash flow hedges is an impact of cessation of BSBY as an alternative rate.
在可變利率資產方面,為了防止利率下跌,我們透過現金流掉期來對沖其中的一部分。這些通常會在任何特定季度內消失,並隨著時間的推移而被替換。因此,現金流量避險中包含了停止使用 BSBY 作為替代利率的影響。
If you recall, we took a charge in the fourth quarter of â23. It was $1.6 billion and we said that it would come back to us through time. And beginning in November, we start to see the benefit coming back into NII, and in Q4, that's about $200 million. That Q4 partial quarter benefit will grow by a slightly smaller sequential NII benefit in Q1 â25 and then it begins to taper off heading into 2026.
如果您還記得的話,我們在 2023 年第四季進行了收費。這是 16 億美元,我們說隨著時間的推移它會回到我們身邊。從 11 月開始,我們開始看到 NII 重新獲得收益,到第四季度,收益約為 2 億美元。第 4 季的部分季度收益將在 2025 年第 1 季以略小的連續 NII 收益成長,然後開始逐漸減少,進入 2026 年。
In addition, we've got about $150 billion of received, fixed cash flow hedges, protecting us from short rate moves moving over. Most are hedging floating rate commercial loans and the cost of those hedges is reported as contra revenue in commercial loan interest income. These hedges have a weighted average life of just over two years, and they've got an average fixed rate of approximately 250 basis points.
此外,我們還有約 1500 億美元的已收固定現金流對沖,保護我們免受短期利率波動的影響。大多數都是對沖浮動利率商業貸款,這些對沖成本被報告為商業貸款利息收入中的對沖收入。這些對沖的加權平均壽命只有兩年多,平均固定利率約 250 個基點。
So starting in the second half of 2025, we begin to get some additional NII tailwind because the cash flow hedges with lower fixed rate likes when we receive, those will begin to roll off and will likely replace those at higher current market rates at the time.
因此,從 2025 年下半年開始,我們開始獲得一些額外的 NII 順風,因為當我們收到固定利率的現金流對沖時,這些現金流將開始滾動,並可能取代當時較高的當前市場利率。
The actual size of the tailwind we'll get from the expiration of those swaps will obviously be highly dependent on the level and the shape of the yield curve at the time of those maturities, and that stretches out over the course of the next four years.
我們從這些互換到期時獲得的實際順風大小顯然將高度依賴這些互換到期時殖利率曲線的水平和形狀,而這種情況將持續到未來四年。
Okay. A couple other points to make. You'll note we don't expect much movement around our modestly liability sensitive global markets NII activity. And lastly, our forward view has an expectation of low single-digit growth in loans, low single-digit growth in deposits with continued slowing of rate paid movement through the back half of 2024. And you can see our expectation of the combined impact here as well.
好的。還有幾點要說明。您會注意到,我們預計我們對責任適度敏感的全球市場 NII 活動不會發生太大變化。最後,我們的前瞻性觀點預計,到2024 年下半年,貸款將出現低個位數成長,存款將出現低個位數成長,且支付利率變動將持續放緩。對綜合影響的預期以及。
This last element is the one that has the most potential variability, and obviously, it will depend upon actual deposit and loan growth and pricing and rotation.
最後一個因素是最具潛在可變性的因素,顯然,它將取決於實際存款和貸款成長以及定價和輪調。
Okay, let's turn to expense and we'll use slide 11 for the discussion. We reported $16.3 billion of expense this quarter. And that's more than $900 million lower than Q1, which included $700 million for the FDIC special assessment. Not including the FDIC assessment, expenses were lower than Q1 by $229 million, driven by seasonally lower payroll tax expense. Compared to Q2 â23, we're up less than 2%, and that increase is equal to the incentives paid for improved fee revenue.
好的,讓我們轉向費用,我們將使用幻燈片 11 進行討論。我們報告本季的支出為 163 億美元。這比第一季減少了 9 億多美元,其中包括 FDIC 特別評估的 7 億美元。不包括 FDIC 評估,由於工資稅支出季節性下降,支出比第一季減少了 2.29 億美元。與 2023 年第二季相比,我們的增幅不到 2%,而且這一增幅等於為提高費用收入而支付的激勵措施。
Incentives for our GWIN business alone are up $200 million year over year. And that's obviously an expense we're happy to pay when we have a 14% improvement in fees for assets under management.
光是 GWIN 業務的激勵措施就比去年增加了 2 億美元。當我們管理的資產費用提高 14% 時,這顯然是我們樂意支付的費用。
Our second quarter headcount number included welcoming a diverse class of nearly 2,000 summer interns we hope will join us over the course of the next year or two upon their graduation. And absent those interns, our headcount fell by nearly 2,000.
我們第二季的員工人數包括歡迎近 2,000 名暑期實習生,我們希望他們畢業後能在未來一兩年加入我們。如果沒有這些實習生,我們的員工人數就減少了近 2,000 人。
In the third quarter, we expect to add approximately 2,500 college graduates for full time, and that's from more than 120,000 applications received, showing that we remain an employer of choice for talented young people. Expense levels for the rest of 2024 are expected to bounce around this second quarter level, given the higher fee revenue and investments made for growth.
第三季度,我們預計將增加約 2,500 名全職大學畢業生,這是從收到的 120,000 多份申請中得出的,這表明我們仍然是有才華的年輕人的首選雇主。鑑於費用收入和成長投資的增加,預計 2024 年剩餘時間的費用水準將在第二季水準左右反彈。
So let's now move to credit and we'll turn to slide 12. There was little change in our asset quality metrics this quarter. Provision expense was $1.5 billion. That was $189 million higher than Q1, driven by a smaller reserve release in Q2.
現在讓我們轉向信貸,我們將轉向幻燈片 12。撥備費用為 15 億美元。由於第二季準備金釋放規模較小,比第一季增加了 1.89 億美元。
Net charge offs of $1.5 billion were left unchanged with a small increase in credit card, mostly offset by lower commercial real estate office charge offs. On a weighted basis, we remain reserved for an employment rate of nearly 5% by the end of 2025, compared to the most recent 4.1% rate reported. The net charge off ratio was 59 basis points, largely unchanged for Q1.
15 億美元的淨沖銷維持不變,信用卡小幅增加,但大部分被商業房地產辦公室沖銷減少所抵銷。在加權基礎上,我們仍然預計到 2025 年底就業率將接近 5%,而最近報告的失業率為 4.1%。淨沖銷率為 59 個基點,第一季基本沒有變動。
On slide 13, we highlight more credit quality metrics for both our consumer and commercial portfolios. Consumer net charge-offs increased by a modest $31 million versus the first quarter from the flow through of higher late-stage credit card delinquencies from Q1. Highlighting the change in direction of delinquencies, consumer 90 day-plus delinquencies declined in 2Q by $57 million. Commercial net charge-offs were relatively flat as lower commercial real estate losses were mostly offset by a small increase in other commercial loans.
在投影片 13 上,我們重點介紹了消費者和商業投資組合的更多信用品質指標。由於第一季後期信用卡拖欠率增加,消費者淨沖銷額較第一季小幅增加 3,100 萬美元。第二季消費者 90 天以上的拖欠額下降了 5,700 萬美元,凸顯了拖欠方向的變化。商業淨沖銷相對平穩,因為商業房地產損失的減少大部分被其他商業貸款的小幅增加所抵消。
Our office losses went from $304 million in Q1 to $226 million in Q2. Other commercial real estate loan losses were simply one [hotel].
我們的辦公室虧損從第一季的 3.04 億美元增至第二季的 2.26 億美元。其他商業房地產貸款損失只是其中之一[酒店]。
Okay, let's move to the various lines of business and some brief comments on their results and I'll start on slide 14 with consumer banking. For the quarter, consumer earned $2.6 billion on continued strong organic growth and reported earnings declined 9% year-over-year as revenue declined from lower deposit balances, compared to the second quarter of last year.
好的,讓我們轉向各個業務領域以及對其結果的一些簡短評論,我將從第 14 張投影片開始討論消費者銀行業務。本季度,消費者因持續強勁的有機成長而獲得了 26 億美元的收入,與去年第二季度相比,由於存款餘額下降導致收入下降,報告收益同比下降 9%。
Customer activity showed another strong quarter. Net new checking growth, another strong period of card openings and investment balances for consumer clients, which climbed 23% year-over-year to a new record $476 billion. That included 12 months of strong flows at $38 billion in addition to market appreciation over the time.
客戶活動又呈現強勁的季度表現。新支票淨增長,消費者客戶開卡和投資餘額的另一個強勁時期,年增 23%,達到 4,760 億美元的新紀錄。其中包括 12 個月的 380 億美元強勁資金流入以及一段時間內的市場升值。
As noted earlier, loans grew nicely year over year from credit card, as well as small business, where we remained the industry leader. The team held expense flat year over year, reflecting good work with continued business investments for growth, offset by the operational excellence work to improve processes and move more of our transactions to digital. And as you can see on the appendix page 26, digital adoption and engagement continue to improve and customer satisfaction scores remain near record levels, illustrating customer appreciation of our enhanced capabilities due to our continuous investment.
如前所述,來自信用卡和小型企業的貸款逐年增長良好,我們在這些領域仍然處於行業領先地位。該團隊的支出與去年同期持平,反映出持續業務投資的良好表現,以促進成長,但被改善流程和將更多交易轉向數位化的卓越營運工作所抵消。正如您在附錄第 26 頁上看到的那樣,數位化採用和參與度持續提高,客戶滿意度得分保持在創紀錄的水平附近,這表明客戶對我們因持續投資而增強的能力表示讚賞。
Moving to wealth management on slide 15, we produced good results. And those included good organic client activity, market favorability and strong AUM flows. And this quarter also saw good lending results. Our comprehensive suite of investment and advisory services, coupled with our commitment to personalized wealth management planning and solutions has enabled us to meet the diverse needs and aspirations of our clients.
轉到投影片 15 上的財富管理,我們取得了良好的成果。其中包括良好的有機客戶活動、市場青睞度和強勁的資產管理規模流量。本季也出現了良好的貸款業績。我們全面的投資和諮詢服務,加上我們對個人化財富管理規劃和解決方案的承諾,使我們能夠滿足客戶的多樣化需求和願望。
Net income rose 5% from the second quarter of last year to a little more than $1 billion. In Q2, we reported revenue of $5.6 billion, growing 6% over the prior year. As Brian noted, a strong 14% growth in fee revenue from investment and brokerage services overcame the NII headwind. Expense growth reflects the fee growth and other investments for future.
淨利潤較去年第二季成長 5%,略高於 10 億美元。第二季度,我們報告營收為 56 億美元,比上年成長 6%。正如 Brian 指出的那樣,來自投資和經紀服務的費用收入強勁增長了 14%,克服了 NII 的不利因素。費用成長反映了費用成長和未來的其他投資。
The business had a 25% margin, and it generated a strong return on capital of more than 22%. Average loans were up 2% year over year, driven by strong growth we're seeing in custom lending and a pickup in mortgage lending.
該業務的利潤率為 25%,資本回報率高達 22% 以上。受客製化貸款強勁成長和抵押貸款回升的推動,平均貸款年增 2%。
Both Merrill and the Private Bank continue to see good organic growth and they produced strong assets under management flows of $58 billion since last year's second quarter, which reflects a mix of new client money as well as existing clients putting more of their money to work. I also want to highlight the continued digital momentum in this business, and you can find that on slide 28.
美林和私人銀行都繼續保持良好的有機成長,自去年第二季以來,它們在管理流量下產生了580 億美元的強勁資產,這反映了新客戶資金以及現有客戶投入更多資金的混合情況。我還想強調該行業持續的數位化勢頭,您可以在幻燈片 28 中找到這一點。
On slide 16, we turn to Global Banking results. And here, the business produced earnings of $2.1 billion, down 20% year over year as improved investment banking fees and treasury services revenue overcome by lower net interest income and higher provision expense. Revenue declined 6%, driven by the impact of interest rates and deposit rotation. The diversified revenue across products and regions reflects the strength of our Global Banking franchise.
在投影片 16 上,我們轉向全球銀行績效。在這裡,該業務產生了 21 億美元的利潤,年減 20%,因為投資銀行費用和資金服務收入的改善被淨利息收入的下降和撥備費用的增加所克服。受利率和存款輪調影響,收入下降 6%。跨產品和跨地區的多元化收入反映了我們全球銀行業務的實力。
In our GTS business, fees for managing the cash of clients offsets a lot of the NII pressure from higher rates. And clients are accessing the capital markets for their capital needs instead of borrowing. Investment banking had a strong quarter, growing fees 29% year over year to nearly $1.6 billion, led by debt capital markets fees mostly in leveraged finance and investment grade. And we finished the quarter strong, maintaining our number three investment banking fee position globally.
在我們的 GTS 業務中,管理客戶現金的費用抵銷了較高利率帶來的 NII 壓力。客戶進入資本市場是為了滿足他們的資本需求,而不是藉款。投資銀行業務季度表現強勁,費用年增 29%,達到近 16 億美元,其中債務資本市場費用主要為槓桿融資和投資等級。我們在本季表現強勁,維持了全球第三大投資銀行費用排名。
A solid start to 2024 has left us in a good position, with top three rankings now in North America, Latin America, and EMEA, and number six in APAC, and we're seeing strong performance in important industry groups as well.
2024 年的良好開局使我們處於有利位置,目前在北美、拉丁美洲和歐洲、中東和非洲地區排名前三,在亞太地區排名第六,而且我們在重要行業群體中也看到了強勁的表現。
An increase in provision expense from last year was driven by the commercial real estate net charge-offs I discussed earlier. And expense increased 3% year-over-year, including continued investment in the business.
撥備費用比去年增加是由我之前討論的商業房地產淨沖銷推動的。費用年增 3%,其中包括對業務的持續投資。
Switching to Global Markets on slide 17, I'll focus my comments on results excluding DVA as I normally do. The team had another terrific quarter as we generated good revenue growth and achieved operating leverage and continued to deliver a solid return on capital. Earnings of $1.4 billion grew 19% year over year and return on average allocated capital was 13%. Revenue, and again, this is ex-DVA, improved 10% from the second quarter of '23.
切換到幻燈片 17 上的全球市場,我將像往常一樣將評論重點放在不包括 DVA 的結果上。團隊又度過了一個出色的季度,我們實現了良好的收入成長,實現了營運槓桿,並繼續提供穩健的資本回報。獲利 14 億美元,年增 19%,平均分配資本報酬率為 13%。再次強調,這是不包括 DVA 的收入,較 2023 年第二季成長了 10%。
Focusing on sales and trading, ex-DVA, revenue improved 7% year over year to $4.7 billion and that's the highest second quarter in over a decade. FICC was down 1% while equities increased 20% compared to Q2 '23. FICC revenues remained strong and versus Q2 '23, they were modestly lower, driven by a weaker macro trading quarter in FX and rates, and that was largely offset by better commodities and mortgage trading.
專注於銷售和交易,扣除 DVA 後,營收年增 7% 至 47 億美元,這是十多年來第二季的最高收入。與 2023 年第二季相比,FICC 下跌 1%,而股票上漲 20%。 FICC 收入仍然強勁,與 2023 年第二季度相比,由於外匯和利率宏觀交易季度疲軟,收入略有下降,但大宗商品和抵押貸款交易的改善在很大程度上抵消了這一影響。
Equities was driven by strong trading results in derivatives and cash equities. Year over year expenses were up 4% on revenue improvement and continued investment in the business.
衍生性商品和現金股票的強勁交易結果推動了股票市場的發展。由於收入改善和對業務的持續投資,費用年增 4%。
Finally, on slide 18, all other shows a loss of $0.3 billion, and that was little changed year over year, as lower expense was offset by lower provision costs as a result of reserve changes. Our effective tax rate for the quarter was 9%, and excluding discrete items and the tax credits related to investments in renewable energy and affordable housing, the effective tax rate would have been 25%.
最後,在投影片 18 上,所有其他項目都顯示虧損 3 億美元,而且這種情況同比變化不大,因為準備金變化導致的撥備成本降低抵消了費用的降低。我們本季的有效稅率為 9%,不包括離散項目以及與再生能源和經濟適用房投資相關的稅收抵免,有效稅率將為 25%。
And with that, I think we'll stop there, and we'll jump into questions.
說到這裡,我想我們就到此為止,然後開始提問。
Lee McEntire - Senior Vice President, Head of Investor Relations
Lee McEntire - Senior Vice President, Head of Investor Relations
All right, Alistair and Brian, I just wanted to -- I did hear some feedback that maybe the audio from the call got interrupted for a moment. So at the point at which it got interrupted, I just want to reiterate a couple of points that Alistair was making. If you go back to slide 9 where I think we lost the audio, was where we started beginning a discussion about the performance from Q1 to Q2 of net interest income that was driven by higher funding costs and the rotation of deposits seeking higher yield alternatives. And while higher again in Q2, both the rotation and the rate paid increases did continue to slow down.
好吧,阿利斯泰爾和布萊恩,我只是想——我確實聽到了一些反饋,也許通話的音訊被中斷了一會兒。因此,在它被打斷的時候,我只想重申阿利斯泰爾提出的幾點。如果你回到幻燈片9,我認為我們丟失了音頻,我們開始討論第一季到第二季淨利息收入的表現,這是由較高的融資成本和尋求更高收益替代方案的存款輪換推動的。儘管第二季再次走高,但輪換率和薪資增幅確實繼續放緩。
On the slide 10, I think the only points that I would make that Alistair began to discuss there was, we are just reiterating our expectation that quarter two would be the bottom for the NII in the rate cycle that we have been in, and our trajectory remains the same. The belief that our NII will begin to rise in Q3 compared to Q2 and then rise again in Q4.
在投影片 10 上,我認為 Alistair 開始討論的唯一要點是,我們只是重申我們的預期,即第二季將是我們所處利率週期中 NII 的底部,並且我們的軌跡保持不變。我們相信,與第二季度相比,我們的NII將在第三季度開始上升,然後在第四季度再次上升。
We provided the range of expectations that Alistair covered and we expect Q4 NII to be around the $14.5 billion level, plus or minus. That would be approximately 4% to 5% higher than this quarter's NII. And he began that discussion by making sure that you know that we pick up an extra day of net interest income in the Q3, providing about $125 million of additional NII that also carries through into Q4. You see that on the slide.
我們提供了 Alistair 所涵蓋的預期範圍,我們預計第四季度的 NII 將在 145 億美元左右的水平(上下浮動)。這將比本季的 NII 高出約 4% 至 5%。他在討論開始時確保大家知道我們在第三季度獲得了額外一天的淨利息收入,提供了約 1.25 億美元的額外 NII,這些收入也延續到了第四季度。你在幻燈片上看到了這一點。
It also assumes that the current forward curve will materialize. Those -- that says that interest rate cuts will start in September. We will expect another one in November and December in the curve. And the waterfall includes an estimated impact of those rates to quarterly net interest income. And so then we started the discussion -- he began the discussion on the fixed asset repricing, which then I think is where the audio picked back up again. And so we're happy to answer some questions on that. I know you'll have questions, but just wanted to recover those points for you.
它還假設當前的遠期曲線將會實現。那些——說降息將於九月開始。我們預計 11 月和 12 月的曲線中還會出現另一次。瀑布包括這些利率對季度淨利息收入的估計影響。然後我們開始討論——他開始討論固定資產重新定價,我認為這就是音訊再次恢復的地方。因此,我們很高興回答一些相關問題。我知道您會有疑問,但只是想為您恢復這些積分。
Operator
Operator
(Operator Instructions) Glenn Schorr, Evercore.
(操作員說明)Glenn Schorr,Evercore。
Glenn Schorr - Analyst
Glenn Schorr - Analyst
Hi, thanks very much. Hello there. And definitely appreciate slide 10 a lot. I know you would have given us the 2025 NII guide if you wanted to give us one. So feel free to give that if you want, but that's not my question. My question is, given all the pieces of the puzzle that you gave us, expectations for modest loan and deposit growth and slowing deposit-seeking behavior.
你好,非常感謝。你好呀。並且非常欣賞幻燈片 10。我知道如果您想給我們一份 2025 年 NII 指南,您會給我們一份。因此,如果您願意,請隨意提供,但這不是我的問題。我的問題是,考慮到您向我們提供的所有難題,對貸款和存款溫和增長以及吸收存款行為放緩的預期。
If you get that 4% pickup from 2Q to 4Q this year that you're expecting, right now or at least recently, consensus had NII looking flattish with that fourth quarter number and that doesn't make a lot of sense given all the pieces. So maybe if you can just comment directionally if you don't want to give the number of, does it make sense to you that we'd collectively be expecting flat NII with your higher fourth quarter number?
如果你今年第二季到第四季的成長率達到你預期的 4%,那麼現在或至少最近,人們普遍認為 NII 與第四季的數字持平,考慮到所有的情況,這沒有多大意義。因此,如果您不想提供具體數字,那麼您可以直接發表評論,那麼我們集體預期NII 持平且您的第四季度數字較高,這對您來說有意義嗎?
Alastair Borthwick - Chief Financial Officer
Alastair Borthwick - Chief Financial Officer
So, Glenn, you're right. We're probably not going to give guidance around 2025 for all the reasons that you would expect. What we're trying to do here is reinforce for everyone what we've been saying from the beginning of the year, and that is we think Q2 is the trough, and we believe from this point we're in a good position to grow.
所以,格倫,你是對的。出於您所期望的所有原因,我們可能不會在 2025 年左右提供指導。我們在這裡試圖做的是向每個人強化我們從今年年初就一直在說的,那就是我們認為第二季度是低谷,我們相信從現在開始我們處於增長的有利位置。
Now, when you look at some of the elements of this bridge, you'll draw your own conclusions with respect to fixed-rate asset pricing -- it is going to persist for some period of time, and you'll be able to draw your own conclusions. But I just want to point out we've been pretty clear on our guidance for Q1 and Q2. We've always felt like this would be the trough. We feel like Q3 and Q4 are likely to be better. You can see our work here. We've laid it all out. Nothing's really changed in terms of that.
現在,當您查看這座橋樑的一些要素時,您將得出關於固定利率資產定價的自己的結論 - 它將持續一段時間,您將能夠得出自己的結論。但我只想指出,我們對第一季和第二季的指導非常明確。我們一直覺得這會是低谷。我們認為第三季和第四季可能會更好。您可以在這裡看到我們的工作。我們已經把一切都安排好了。就這一點而言,一切都沒有真正改變。
And the most important thing I think for everybody here is we feel like 2024 is a really foundational year. It's this twist period where we just got to get through the last of the deposit rotation, and we're establishing a foundation for growth from here. So that's what we're trying to convey.
我認為對這裡的每個人來說最重要的是我們覺得 2024 年是真正具有基礎性的一年。在這個曲折時期,我們剛剛度過了最後一次存款輪換,我們正在為成長奠定基礎。這就是我們想要傳達的訊息。
Glenn Schorr - Analyst
Glenn Schorr - Analyst
Maybe I could just ask a follow-up on deposits within the wealth business. You have $4 trillion of client assets. I'm curious if you break out the split between brokerage and advisory accounts.
也許我可以詢問財富業務中存款的後續情況。您擁有 4 兆美元的客戶資產。我很好奇你是否能區分經紀帳戶和諮詢帳戶之間的差異。
Do you hear me okay? I'm hearing tons of feedback. Sorry. Okay.
你聽到我說話好嗎?我聽到了大量的回饋。對不起。好的。
Alastair Borthwick - Chief Financial Officer
Alastair Borthwick - Chief Financial Officer
You can talk.
你可以說了。
Glenn Schorr - Analyst
Glenn Schorr - Analyst
Okay so $4 trillion in client assets -- great, $4 trillion in client asset in wealth. I'm curious if you can give us the split between brokerage and advisory. And the reason I'm asking is, I'm curious how you've been handling rate paid on cash and advisory accounts and whether we should expect any behavioral changes following the recent wealth news. Thanks a lot. Sorry for the feedback.
好吧,4 兆美元的客戶資產——太棒了,4 兆美元的客戶財富資產。我很好奇您能否告訴我們經紀業務和諮詢業務之間的差異。我問的原因是,我很好奇你們如何處理現金和諮詢帳戶的利率,以及我們是否應該預期在最近的財富新聞之後我們會出現任何行為變化。多謝。抱歉反饋。
Alastair Borthwick - Chief Financial Officer
Alastair Borthwick - Chief Financial Officer
Look, Glenn, I'm not sure that distinction would be the distinction I'd look to. We've gone through a massive change in cash infused in the economy and withdrawn now under monetary policy. And so as we stabilize, our instructions to our team are to grow our deposit base a little bit faster than economy. That means you have to price across the board to achieve that.
聽著,格倫,我不確定這種區別是我想要的區別。我們經歷了向經濟注入現金並在貨幣政策下撤回現金的巨大變化。因此,當我們穩定下來時,我們對團隊的指示是讓我們的存款基礎成長得比經濟成長快一點。這意味著您必須全面定價才能實現這一目標。
And what -- if you look at the slide 4 or 5 where I showed you sort of the change, what you see is the wealth management business takes a little bit longer because those clients have more investment cash with us. Not what you're thinking investment accounts puts in their money. How they think about cash, they don't need for daily cash flow, and they move that around. That largely is over.
如果你看一下投影片 4 或 5,我向你展示了一些變化,你會發現財富管理業務需要更長的時間,因為這些客戶在我們這裡有更多的投資現金。不是你想像的投資帳戶投入的資金。他們如何看待現金,他們不需要日常現金流,並且可以將其轉移。這基本上已經結束了。
And if you look in the last four or six weeks, we're seeing those deposits in that business bounce around the $280 billion level, not a lot of movement. And it'll keep moving in and out depending on customers paying down their income taxes, taking more risk in the market and all those things, but the deposit pricing changes that we made to ensure that they were at a platform they could grow, having been as high as $350 billion down to $280 billion were made in the quarter and all through the P&L.
如果你看看過去四到六週的情況,我們會發現該業務的存款在 2800 億美元左右反彈,但變動不大。它將繼續進出,具體取決於客戶繳納所得稅、在市場上承擔更多風險以及所有這些事情,但我們所做的存款定價變化是為了確保他們處於可以增長的平台上,本季度以及整個損益表的獲利高達3500 億美元至2800 億美元。
Glenn Schorr - Analyst
Glenn Schorr - Analyst
Okay. (technical difficulty) on advisory. Thanks.
好的。 (技術難度)請諮詢。謝謝。
Alastair Borthwick - Chief Financial Officer
Alastair Borthwick - Chief Financial Officer
Sure.
當然。
Operator
Operator
Jim Mitchell, Seaport Global.
吉姆·米切爾,海港全球公司。
Jim Mitchell - Analyst
Jim Mitchell - Analyst
Hey, good morning. Maybe just a quick follow up, and I don't need to beat a dead horse on NII. But can you just help us think through the puts and takes on -- you have rate cuts at the end of the year. Forward curve implies more next year. As that cumulative impact starts to hit next year. I guess, what gives you confidence that this is sort of a trough? What are all the puts and takes that we should think about in how we model the NII for next year when we think about the forward curve and that impact?
嗨,早安。也許只是快速跟進,我不需要在 NII 上擊敗死馬。但你能否幫助我們思考看跌期權和承擔期權——年底你會降息。遠期曲線意味著明年會有更多。隨著這種累積影響明年開始顯現。我想,是什麼讓你相信這是一個低潮?當我們考慮遠期曲線和影響時,我們在如何為明年的 NII 建模時應該考慮哪些看跌期權和看跌期權?
Alastair Borthwick - Chief Financial Officer
Alastair Borthwick - Chief Financial Officer
Jim, I think this bridge probably is all the right inputs for any given year. I mean, we've chosen to do it for 2024. We've always resisted going out too far for the very simple reason that there's so many variables and they start to multiply with one another. If you think about even the rate cut one here, we're using the three cuts, September, November, December. If I did this as of Wednesday of last week, there would have been two. Earlier in the year, there were six.
吉姆,我認為這座橋對於任何一年來說可能都是正確的輸入。我的意思是,我們選擇在 2024 年做到這一點。如果你考慮這裡的降息,我們會使用三次降息,即 9 月、11 月和 12 月。如果我從上週三開始這樣做,就會有兩個。今年早些時候,有六個。
So, since we don't know what that path looks like, it's very challenging then to provide guidance for '25 at this stage. What we're laying out here is, these are the component parts. We're going to get some benefit from fixed rate asset pricing over time. We're going to get some benefit in the immediate term from the BSBY cessation and that leading back into the P&L.
因此,由於我們不知道這條路徑是什麼樣的,因此現階段為 25 世紀提供指導非常具有挑戰性。我們在這裡列出的是,這些是組成部分。隨著時間的推移,我們將從固定利率資產定價中獲得一些好處。我們將在短期內從 BSBY 的停止中獲得一些好處,並重新計入損益表。
As that rolls off, we'll get benefit from cash flow hedges repricing. And then we use the forward curve same as you do for the rate cuts. We benefit a little bit from global markets liability, sensitivity. And then that final piece is the piece that we're trying to drive in terms of organic growth. We're trying to drive this loan growth, we're trying to drive the deposit growth.
隨著這種情況的發生,我們將從現金流對沖重新定價中受益。然後我們使用遠期曲線,就像降息時一樣。我們從全球市場的責任感和敏感度中受益匪淺。最後一個部分是我們試圖推動有機成長的部分。我們正在努力推動貸款成長,我們正在努力推動存款成長。
And as Brian pointed out, it's been a pretty unusual period in history, where we've had an enormous change in the rate structure, and in the fiscal stimulus and the effects now fading away to something more normal. But that last box will come down to your assumptions versus our assumptions. And we will update you as we go through the next couple quarters, and we'll give you a better sense towards the end of the year.
正如布萊恩所指出的那樣,這是歷史上一個非常不尋常的時期,我們的利率結構、財政刺激措施和效果都發生了巨大變化,現在逐漸消失,變得更加正常。但最後一個方框將取決於您的假設與我們的假設。我們將在接下來的幾季向您通報最新情況,並在年底時讓您有更好的了解。
Jim Mitchell - Analyst
Jim Mitchell - Analyst
Okay, that's all fair. And maybe just on the growth piece, maybe deposits, seem to have bottomed for you guys in the second quarter of last year, you've had good growth, I think Brian pointed out, even with the tax headwind this quarter, you grew sequentially.
好吧,這很公平。也許只是在成長方面,也許是存款,去年第二季你們的成長似乎已經觸底,你們有很好的成長,我想布萊恩指出,即使本季有稅收逆風,你們也連續成長。
So good performance, but still pretty modest. How are you thinking about the growth trajectory from here, I guess, as we think about -- does it accelerate with rate cuts in your view? What are the dynamics are you thinking about that's returning to the historical kind of mid single-digit deposit growth within BofA and the industry?
如此出色的表現,但仍相當謙虛。我想,正如我們所思考的那樣,您如何看待從這裡開始的成長軌跡——在您看來,成長是否會隨著降息而加速?您認為美國銀行和整個產業的存款成長恢復歷史中個位數成長的動力是什麼?
Alastair Borthwick - Chief Financial Officer
Alastair Borthwick - Chief Financial Officer
Well, I think Brian covered that top left chart gives a sensor for what's going on with the growth. It's average growth over time there. There is four quarters in a row, so feel good about that part. Q2 does than to be a slower quarter just with all the tax payments. So we think deposits will do better over time, particularly as we get past peak Fed funds.
嗯,我認為布萊恩介紹了左上角的圖表,它為增長的情況提供了一個感測器。這是隨著時間的推移的平均增長。連續有四個季度,所以對這部分感覺良好。就所有稅款而言,第二季確實是一個較慢的季度。因此,我們認為隨著時間的推移,存款會表現得更好,特別是當我們過了聯邦基金的高峰之後。
We feel like the pricing and rotation is, you can sort of see and our numbers, they are slowing. So we are getting towards the end there. We are getting towards the end of Q3, so we are not quite finished on all of those things yet. I'd be careful about getting too excited about deposit growth, but we feel like we are doing okay so far, and we just got to keep driving that.
我們覺得定價和輪換是,你可以看到我們的數字,它們正在放緩。所以我們已經接近尾聲了。第三季即將結束,所以我們還沒有完成所有這些事情。我會小心不要對存款成長過於興奮,但我們覺得到目前為止我們做得還不錯,我們必須繼續推動這一點。
Jim Mitchell - Analyst
Jim Mitchell - Analyst
Okay, thanks for taking my questions.
好的,謝謝你回答我的問題。
Operator
Operator
Mike Mayo, Wells Fargo securities.
麥克梅奧,富國銀行證券公司。
Mike Mayo - Analyst
Mike Mayo - Analyst
Hi, I'll start with a simple question. You mentioned loan spreads have improved. Why is that? Where's that? Do you expect that to continue?
你好,我將從一個簡單的問題開始。您提到貸款利差有所改善。這是為什麼?那是哪裡?您預計這種情況會持續下去嗎?
Alastair Borthwick - Chief Financial Officer
Alastair Borthwick - Chief Financial Officer
Loan spreads have improved for us, Mike, over the course of the past -- I think it's now eight or nine quarters. It's primarily in the commercial businesses. And it's largely because we have to price the balance sheet for the returns that our shareholders expect. And that's true, I think, for the industry. And we've been quite purposeful in that regard.
麥克,在過去的過程中,我們的貸款利差有所改善——我認為現在是八個或九個季度。它主要是在商業領域。這主要是因為我們必須根據股東期望的回報來對資產負債表進行定價。我認為對於這個行業來說確實如此。我們在這方面一直都非常有目的。
So we've tried to balance price, spread and growth over the course of time, but it's primarily a commercial phenomenon at this point. And I would expect that to continue for the foreseeable future, but it's a competitive environment, we've got to see.
因此,隨著時間的推移,我們試圖平衡價格、價差和成長,但目前這主要是一種商業現象。我預計這種情況將在可預見的未來持續下去,但我們必須看到這是一個競爭環境。
Mike Mayo - Analyst
Mike Mayo - Analyst
Okay. You gave us slide 10. A lot of details there. You talked about September rate cuts, the fixed asset repricing, securities repricing, loans repricing, mortgage and auto, swaps maturing, November, we see fixed cash swaps and whole litany of stuff. But I think when you put it all together, what it's led to is a net interest margin of only 1.93%. In fact, I think your yield on your assets is below Fed funds right now. So would you agree that you're under-earning with that NIM of 1.93%?
好的。您給了我們幻燈片 10。您談到了 9 月份的降息、固定資產重新定價、證券重新定價、貸款重新定價、抵押貸款和汽車、掉期到期,11 月份,我們看到了固定現金掉期和一長串的東西。但我認為,當你把所有這些放在一起時,你會發現淨利差只有 1.93%。事實上,我認為你的資產收益率目前低於聯邦基金。那麼,您是否認為淨利差為 1.93% 的情況下您的收入較低?
And I know I've asked this question before, but you always have to mark to market. What is a normal NIM? I mean, you were 2.5% in 2017, you were 3% in 2004. And I know the composition has changed and everything, but what's a normal NIM? And what do you think is a normal return on tangible common equity through the cycle? Thanks.
我知道我以前問過這個問題,但你總是必須盯市。什麼是普通 NIM?我的意思是,2017 年為 2.5%,2004 年為 3%。您認為整個週期中有形普通股的正常報酬率是多少?謝謝。
Alastair Borthwick - Chief Financial Officer
Alastair Borthwick - Chief Financial Officer
So I'd say right now, in terms of the 1.93%, we feel like we are under earning. We feel like that number is going to go up over time. It'll go up as net interest income goes up. But additionally, I think the balance sheet is likely to stay kind of flattish here. So the numerator is going to grow, the denominator is going to stay pretty tight here.
所以我現在想說,就 1.93% 而言,我們覺得我們的收入低於預期。我們覺得這個數字會隨著時間的推移而上升。隨著淨利息收入的增加,它會增加。但此外,我認為資產負債表可能會保持穩定。所以分子會成長,分母會保持相當緊。
So we think we're under-earning there. We think through a cycle -- we got to get back to a more normal number like 2.30-ish over time. That takes a while. It's a grind, Mike, quarter-after-quarter, so that's where we're headed.
所以我們認為我們在那裡的收入不足。我們思考了一個週期——隨著時間的推移,我們必須回到一個更正常的數字,例如 2.30 左右。這需要一段時間。麥克,一個季度接著一個季度,這很辛苦,所以這就是我們的前進方向。
And in terms of return on allocated capital, right now we're right around that 14%. We want to be 15% or higher for our shareholder. A lot of it is because we've accrued an awful lot of capital over the time. Over the course of time, in advance of any potential capital changes. And the other final thing I'll just remind you is, we're a little different than some of the regional banks in that we've got an enormous global markets business. And that obviously makes an impact on the headline NIM number.
就分配資本回報率而言,目前我們的水平約為 14%。我們希望股東的股份達到 15% 或更高。很大程度上是因為我們多年來累積了大量資本。隨著時間的推移,在任何潛在的資本變化之前。我要提醒您的最後一件事是,我們與一些區域銀行略有不同,因為我們擁有龐大的全球市場業務。這顯然對整體淨利差數據產生了影響。
Mike Mayo - Analyst
Mike Mayo - Analyst
Okay. It wasn't clear. You said net charge off in second half should be less than the first half, and I wasn't sure if that -- if it is related to cards or I wasn't sure what you meant by charge off.
好的。目前還不清楚。你說下半年的淨沖銷應該少於上半年,我不確定這是否與卡片有關,或者我不確定你所說的沖銷是什麼意思。
Brian Moynihan - Chairman of the Board, Chief Executive Officer
Brian Moynihan - Chairman of the Board, Chief Executive Officer
Mike, that was me. And basically what I'm saying is, if you plateaued in terms of the delinquencies, which means the second half is pretty well determined, as you know, because it's just a march from [36 to 90 in to 180]. And it'll be -- that charge off rate will be flattish. We're kind of back to normal 3.80% or so. We underwrite to actually have a higher charge off rate, quite frankly, in that intolerance, but that's 3.80% is kind of where we see it since, 3.80%.
麥克,那是我。基本上我想說的是,如果你的拖欠率趨於穩定,這意味著下半年已經確定,正如你所知,因為這只是從 [36 到 90 到 180] 的進步。沖銷率將會持平。我們已經恢復到 3.80% 左右的正常水準。坦白說,在這種不容忍的情況下,我們承保實際上有更高的沖銷率,但我們看到的就是 3.80%,因為 3.80%。
Mike Mayo - Analyst
Mike Mayo - Analyst
Okay, so credit card charge off should flatten or decline in the second-half relative to the first half?
好的,那麼下半年的信用卡沖銷額應該會比上半年持平或下降嗎?
Alastair Borthwick - Chief Financial Officer
Alastair Borthwick - Chief Financial Officer
Exactly. Yes, remember, if you think about all the charge offs, that's the dominant part of it on the consumer side by a lot. And then the commercial, we spoke to the question of CRE office, which has been dropped quarter to quarter. We expect the second-half to be better also.
確切地。是的,請記住,如果您考慮所有沖銷,那麼這在很大程度上是消費者方面的主導部分。然後是廣告,我們談到了CRE辦公室的問題,這個問題逐季下降。我們預計下半年也會更好。
Mike Mayo - Analyst
Mike Mayo - Analyst
All right, thank you.
好吧。
Operator
Operator
Steven Chubak, Wolfe Research .
史蒂文‧丘巴克,沃爾夫研究中心。
Steven Chubak - Analyst
Steven Chubak - Analyst
Hi, good morning.
早安.
Alastair Borthwick - Chief Financial Officer
Alastair Borthwick - Chief Financial Officer
Good morning, Steve.
早安,史蒂夫。
Steven Chubak - Analyst
Steven Chubak - Analyst
Good morning, guys. So I wanted to ask just on -- just building on some of the NIM questions from earlier. A lot of that's been focused on asset repricing, both loans and securities. I was hoping you could speak to the opportunity to potentially optimize some of your higher cost funding. And just given multiple sources of NIM improvement, looking beyond â24, how should we think about the pace of NIM build as we -- I know it's a longer timeline to get to the 2.30 to 2.40, but just how to think about the expectations around the NIM trajectory beyond â24?
早上好傢伙。所以我想繼續提問——只是以之前 NIM 提出的一些問題為基礎。其中許多都集中在資產重新定價上,包括貸款和證券。我希望您能談談可能優化一些成本較高的資金的機會。考慮到 NIM 改進的多個來源,展望 24 年後,我們應該如何考慮 NIM 構建的步伐——我知道達到 2.30 到 2.40 的時間線較長,但如何考慮圍繞 NIM 軌跡超過 24 點的預期是什麼?
Alastair Borthwick - Chief Financial Officer
Alastair Borthwick - Chief Financial Officer
Well, your first point is a question of can we pay down some of the higher cost securities? The answer to that is yes. And that would be an expectation of ours as part of this. We've got some shorter dated CDs that can roll off. We can replace those or not. We have shorter dated debt. We've taken our long-term debt footprint down as we've continued to build the strength of the company.
嗯,你的第一點是我們可以付一些成本較高的證券嗎?答案是肯定的。作為其中的一部分,這將是我們的期望。我們有一些日期較短的 CD 可供轉售。我們可以替換它們,也可以不替換它們。我們的債務期限較短。隨著我們繼續增強公司實力,我們已經減少了長期債務足跡。
So there's a lot of different ways. It doesn't have to be securities reinvestment. It can be paying down higher cost liabilities as well. So we've got a lot of different ways that we can use, quote, and reinvestment, if you like, around the fixed rate.
所以有很多不同的方法。它不一定是證券再投資。它還可以償還更高的成本負債。因此,如果您願意的話,我們有很多不同的方式可以圍繞固定利率使用、報價和再投資。
And then what was the second -- the second question was over what time period we expect to build?
那麼第二個問題是什麼——第二個問題是我們預計在什麼時間內建造?
Steven Chubak - Analyst
Steven Chubak - Analyst
It's really about the NIM trajectory beyond â24?
這真的與 24 點之後的 NIM 軌跡有關嗎?
Alastair Borthwick - Chief Financial Officer
Alastair Borthwick - Chief Financial Officer
Yes. So, look, we're obviously on it right now. We feel like this is the trough. We're trying to build it from here. We'll make meaningful strides on that through 2025. That's where we're going.
是的。所以,看,我們現在顯然正在做這件事。我們感覺這就是低谷了。我們正在嘗試從這裡開始建立它。到 2025 年,我們將在這方面取得有意義的進展。
Steven Chubak - Analyst
Steven Chubak - Analyst
Great, thanks for taking my questions.
太好了,感謝您回答我的問題。
Operator
Operator
Betsy Graseck, Morgan Stanley.
貝特西‧格拉塞克,摩根士丹利。
Betsy Graseck - Analyst
Betsy Graseck - Analyst
Hi good morning.
早安.
Brian Moynihan - Chairman of the Board, Chief Executive Officer
Brian Moynihan - Chairman of the Board, Chief Executive Officer
Good monrning, Betsy.
早安,貝特西。
Betsy Graseck - Analyst
Betsy Graseck - Analyst
So, yes, another question on NII. Alastair, I did, I think, hear you correctly when you said that as you go into the second-half of â25, there's going to be incremental benefits coming from swap roll-offs. Did I hear that right?
那麼,是的,還有一個關於 NII 的問題。阿拉斯泰爾,我想,當您說進入 25 世紀下半年時,互換滾存將會帶來增量收益,我想我沒有聽錯。我沒聽錯吧?
Alastair Borthwick - Chief Financial Officer
Alastair Borthwick - Chief Financial Officer
Yes, that's correct. Second-half '25. So as we get closer, we'll be able to give you some kind of bridge like this that allows you to see what that looks like. But it's just -- it's a year out right now.
對,那是正確的。 25 年下半場。因此,當我們越來越接近時,我們將能夠為您提供某種類似這樣的橋樑,讓您能夠看到它的樣子。但現在已經過去一年了。
Betsy Graseck - Analyst
Betsy Graseck - Analyst
Yeah, for sure. But I'm just wondering is there anything have -- I guess what I just would like to understand a little better is how the swath book is impacting slide 10? And then is it gradual into the second half of '25 or is it a switch on in 3Q? Just understanding how the swap book is playing into this thing.
耶,當然了。但我只是想知道是否有什麼——我想我只是想更好地了解這本書是如何影響幻燈片 10 的?那麼它是在25年下半年逐漸出現還是在第三季開始?只需了解交換簿如何發揮作用即可。
Alastair Borthwick - Chief Financial Officer
Alastair Borthwick - Chief Financial Officer
Yeah, so the part that's important for slide 10 around the second half of this year is just the BYBY piece. It's not from cash flow swaps. Any cash flow swaps we have that roll off in the course of the next 12 months really, they're all kind of curved coupon-ish because ending that we did there was to do with LIBOR cessation or whatever. And so, they all got re-coupons. So I wouldn't worry about that.
是的,今年下半年幻燈片 10 中最重要的部分就是 BYBY 部分。它不是來自現金流掉期。我們在接下來的 12 個月內進行的任何現金流掉期實際上都是一種彎曲的優惠券,因為我們這樣做的結束與倫敦銀行同業拆借利率 (LIBOR) 的終止或其他什麼有關。所以,他們都得到了重新優惠券。所以我不會擔心這個。
And the second half and onwards, some of the older longer dated things, they've got the lower components. So that's when the BSBY number over time will disappear and in the second half of '25, the cash flow number will be getting to up here. And we will give you a sense for what that looks like overti me, Betsy.
下半年及以後,一些較舊的、過時的東西,它們有較低的組件。因此,隨著時間的推移,BSBY 數字將會消失,而在 25 年下半年,現金流量數字將會達到這裡。我們會讓你了解這是什麼樣的,貝特西。
Betsy Graseck - Analyst
Betsy Graseck - Analyst
Okay, got it. And then on the far right-hand side of slide 10, you've got the yellow box, $50 million to $200 million. Could you just give us a sense as to what's the inputs to the $50 million versus the $200 million, just so we can be able to track it as we go through the rest of the next two quarters?
好,知道了。然後在幻燈片 10 的最右側,有黃色方框,5000 萬至 2 億美元。您能否讓我們了解一下 5000 萬美元和 2 億美元的投資分別是多少,以便我們能夠在接下來的兩個季度的剩餘時間內對其進行追蹤?
Alastair Borthwick - Chief Financial Officer
Alastair Borthwick - Chief Financial Officer
Yeah. We're essentially using four variables. We're thinking, what will the loan growth be? What will the deposit growth look like? What will be the rotation between non-interest bearing and interest-bearing? And what will be any pricing changes we need to make, right? Then rotation pricing are pretty closely interlinked, that you could even call them the same thing.
是的。我們本質上使用四個變數。我們在想,貸款成長會是多少?存款成長情況如何?無息和有息之間的輪換是怎樣的?我們需要進行哪些定價調整,對吧?那麼輪換定價是緊密相連的,你甚至可以稱它們為同一件事。
If you use more conservative numbers, you get towards the lower end. If you use slightly more constructive numbers, you get towards the higher. I think the point we're trying to convey is this last part, this yellow box is always the unknowable at the beginning of the quarter, where we're projecting. The pieces in the green, we kind of feel like we know what those look like. That's pretty predictable at this point, but we've got a little more certainty around that.
如果您使用更保守的數字,您會得到較低的結果。如果你使用稍微更有建設性的數字,你就會達到更高的目標。我認為我們想要傳達的觀點是最後一部分,這個黃色方框在我們預測的季度初始終是不可知的。綠色的部分,我們感覺我們知道它們是什麼樣子。目前這是可以預見的,但我們對此有了更多的確定性。
So, the teams, we got 213,000 people, who are working really hard to try and make that dotted yellow box at the higher end. But obviously, it depends on our assumptions and it depends on our actions.
所以,我們的團隊有 213,000 人,他們正在非常努力地嘗試製作高端的黃色虛線框。但顯然,這取決於我們的假設,也取決於我們的行動。
Betsy Graseck - Analyst
Betsy Graseck - Analyst
Thank you so much for the color.
非常感謝你的顏色。
Operator
Operator
Erika Najarian, UBS.
艾莉卡·納賈里安,瑞銀。
Erika Najarian - Analyst
Erika Najarian - Analyst
Hi, good morning. Just my first question is trying to square, what you're telling us on the net interest income trajectory in the setup versus your disclosure. So, Alastair, you told us about -- as a response to Glenn's question, the benefit from fixed asset repricing, cash flow hedges repricing in the second half of '25. And when I look at table 40 from your queue, in both a parallel shift and a steepener scenario, down 100 is negative to net interest income?
早安.我的第一個問題是試圖將您所告訴我們的設定中的淨利息收入軌跡與您的揭露進行比較。因此,阿拉斯泰爾,作為對格倫問題的回應,您告訴我們固定資產重新定價和現金流對沖在 25 年下半年重新定價的好處。當我查看隊列中的表 40 時,在平行移動和陡峭場景中,下降 100 對淨利息收入是否為負?
Is it because this is a 12-month look and like you pointed out, in the second half of '25, you have underwater cash flow hedges that are rolling off? In other words, as we go through 2025, do you get less asset-sensitive? And additionally, what is the notional on those cash flow hedges that you're talking about?
是因為這是 12 個月的情況,就像您指出的那樣,在 25 年下半年,您的水下現金流對沖正在滾動?換句話說,當我們進入 2025 年時,您對資產的敏感度是否會降低?此外,您所說的現金流對沖的概念是什麼?
Alastair Borthwick - Chief Financial Officer
Alastair Borthwick - Chief Financial Officer
Yeah. So the asset sensitivity that we disclose is meant to give a sense for what happens if nothing changes; it's totally static. So that's one difference. Number two, it's off of the future curve. So it's a 100 above whatever or below whatever the future curve is.
是的。因此,我們披露的資產敏感性旨在讓人們了解如果沒有任何變化會發生什麼;它是完全靜態的。所以這是一個區別。第二,它脫離了未來的曲線。所以它比未來曲線高出 100,或低於未來曲線 100。
So, I think it's a really helpful thing for sort of short-term moves and rates. Like take, for example, that orange box on page 10, it's helpful for something like that. But it's less helpful in terms of a predictor of where 2025 NII would be, because there's so many other inputs, Erika, over time.
因此,我認為這對於短期走勢和利率確實很有幫助。以第 10 頁的橘色框為例,它對類似的事情很有幫助。但就 2025 年 NII 的預測而言,它的幫助不大,因為隨著時間的推移,還有很多其他輸入,Erika。
Erika Najarian - Analyst
Erika Najarian - Analyst
And just what's the notional of the cash flow hedges that you're referring to?
您所指的現金流對沖的概念是什麼?
Alastair Borthwick - Chief Financial Officer
Alastair Borthwick - Chief Financial Officer
Over time? Let's say, about $150 billion -- about $150 million.
隨著時間的推移?比方說,大約 1500 億美元——大約 1.5 億美元。
Erika Najarian - Analyst
Erika Najarian - Analyst
And how much of that starts rolling off in the second half of 2025?
其中有多少會在 2025 年下半年開始實施?
Alastair Borthwick - Chief Financial Officer
Alastair Borthwick - Chief Financial Officer
Well, I think about it like this. You can almost think about it like it's like $10 billion or so every quarter. It's just that the ones that roll off for the first -- next 12-months, they're all kind of current coupons. So they won't really have any impact. Once you get into the second half of 2025, they're a little bit lower rated. So that's when you begin to get some benefit there. And then I think probably Lee can give you more of the details following.
嗯,我是這樣想的。您幾乎可以將其想像為每季約 100 億美元。只是那些在第一個——接下來的 12 個月內滾動的,都是當前的優惠券。所以它們不會真正產生任何影響。一旦進入 2025 年下半年,它們的評級就會稍微低一些。所以那時你就開始在那裡獲得一些好處。然後我想李可能可以向您提供以下更多詳細資訊。
Erika Najarian - Analyst
Erika Najarian - Analyst
Got it. And if I could just slide in one more question on the normalized NIM, Q3 and Q4 clearly is much higher than where you are now. Alastair, you mentioned we should assume a flattish balance sheet, but I think I had conversations with the company before. In that, half of that path between [19-ish to 2.3 to 2.4] has to do with balance sheet efficiency. And I'm wondering if you could carry out the balance sheet efficiency with and keep your balance sheet flattish?
知道了。如果我能再提出一個關於歸一化淨利差的問題,第三季和第四季顯然比現在高得多。阿拉斯泰爾,您提到我們應該假設資產負債表平坦,但我想我之前與該公司進行過對話。其中,[19-ish 到 2.3 到 2.4] 之間的路徑的一半與資產負債表效率有關。我想知道您是否可以提高資產負債表效率並保持資產負債表平坦?
In other words, you know, obviously what the market is going to do is take your earning assets today and you know, apply two, three, five and say, okay, over time, whether it's â26 or â27, this is what BofA can earn under a normalized curve? I'm wondering if that's the right math to do, or should we expect some shrinkage of the balance sheet if you can -- that's part of the path (technical difficulty) for?
換句話說,你知道,顯然市場要做的就是拿走你今天的獲利資產,你知道,應用兩個、三個、五個然後說,好吧,隨著時間的推移,無論是 26 還是 27 ,這就是美國銀行在標準化曲線下能賺到的錢嗎?我想知道這是否是正確的數學計算,或者如果可以的話,我們是否應該預期資產負債表會有所收縮——這是路徑(技術難度)的一部分?
Alastair Borthwick - Chief Financial Officer
Alastair Borthwick - Chief Financial Officer
Yeah. I think what will happen is the underlying growth of the company will still be there. But we have some things that we know, just like Steve asked that question, is there any higher rate, shorter-dated stuff you'd like to pay off? Yes, there will be overtime. So I think we've got some ability to almost like self-fund the first $100 billion, $150 billion of growth in terms of earning assets. So that's why we're saying that'll keep the denominator down while we're growing the numerator.
是的。我認為將會發生的是公司的潛在成長仍然存在。但我們有一些我們知道的事情,就像史蒂夫問的問題一樣,您是否想還清利率更高、期限更短的東西?是的,會有加班。因此,我認為我們有能力為第一批 1000 億美元、1500 億美元的獲利資產成長提供自籌資金。這就是為什麼我們說在增加分子的同時會降低分母。
Erika Najarian - Analyst
Erika Najarian - Analyst
Okay, thank you.
好的謝謝。
Operator
Operator
Ken Usdin, of Jefferies.
傑富瑞 (Jefferies) 的肯‧烏斯丁 (Ken Usdin)。
Ken Usdin - Analyst
Ken Usdin - Analyst
Hey, thanks. Good morning. Hey, Alastair, I just wanted to ask you a little bit more on the securities portfolio side because you also have $180 billion or so of pay-fixed swaps on the AFS book. And so, we know about the HFS -- HTM maturity schedule. But how do you look at that AFS book and how much are those pay-fixed swaps currently in the money and kind of like how you're just thinking about that side of the portfolio as well? Thanks.
嘿,謝謝。早安.嘿,阿拉斯泰爾,我只是想多問你一點關於證券投資組合方面的問題,因為你的 AFS 賬簿上還有大約 1800 億美元的付費固定掉期。因此,我們了解了 HFS——HTM 成熟度時間表。但是,您如何看待 AFS 帳簿以及這些支付固定掉期目前在貨幣中的金額是多少,以及您如何看待投資組合的這一方面?謝謝。
Alastair Borthwick - Chief Financial Officer
Alastair Borthwick - Chief Financial Officer
Yeah. Just remember, those are received fixed. So remember that there -- remember that is when we put the AFS in our portfolio. It's so that we've got a group of securities that are sitting there. They're typically treasuries. We swap them to floating so that they look like they're cash as far as we're concerned. We don't have to worry about, in fact, then to regulatory capital flowing through. And they just -- to us, they just look like cash equivalents. So that's how we think about it, Ken.
是的。請記住,這些都是固定的。所以請記住,那是我們將 AFS 納入我們的投資組合的時候。這樣我們就有一組證券坐在那裡。它們通常是國庫券。我們將它們換成浮動貨幣,這樣就我們而言,它們看起來就像是現金。其實我們不用擔心接下來的監理資金流向。對我們來說,它們只是看起來像現金等價物。這就是我們的想法,肯。
Ken Usdin - Analyst
Ken Usdin - Analyst
Okay. And then just how do you manage that going forward with regards to, like the rate forecasts? Do those come off as the securities book matures or?
好的。那麼您如何管理未來的情況,例如利率預測?這些會隨著證券帳簿的成熟而消失嗎?
Alastair Borthwick - Chief Financial Officer
Alastair Borthwick - Chief Financial Officer
Well, I mean, it's less of an interest rate call for us. It's more of going back to this concept of we've got $1.9 trillion of deposits, and we've got $1.05 trillion of loans. So we've got $850 billion of excess. So when the excess comes in, we can do a variety of different things. We'd love to put it in loans, but that's always our first -- that's our first love.
嗯,我的意思是,這對我們來說並不是一個加息的要求。更多的是回到這個概念:我們有 1.9 兆美元的存款,我們有 1.05 兆美元的貸款。所以我們有 8500 億美元的過剩資金。因此,當多餘的東西進來時,我們可以做各種不同的事情。我們很樂意將其用於貸款,但這始終是我們的第一次——那是我們的初戀。
But in the absence of that, we're going to put it in cash or we're going to put it in available for sale, probably swap to floating for the most part. And we can choose to put things in hold to maturity if we choose to. But obviously, right now, we feel like we want hold the maturity just continuing to pay down. That's what's been happening over the course of the past 11 quarters. We're just going to keep going with that. So no particular changes to our philosophy around available for sale.
但在沒有這種情況的情況下,我們將把它以現金的形式投入,或者我們將把它投入出售,可能大部分都會轉為浮動。如果我們願意的話,我們可以選擇將事情擱置到成熟。但顯然,現在我們覺得我們希望持有到期日並繼續還款。這就是過去 11 個季度所發生的情況。我們將繼續這樣做。因此,我們關於可售的理念沒有特別的改變。
Ken Usdin - Analyst
Ken Usdin - Analyst
Okay. And a quick one on expenses. I believe you said that costs are kind of hang in here at around the $16.3 that was reported. And so just kind of any color on puts and takes here, just is that better kind of revenue-related comp against your ongoing efficiencies? And just how do you think about longer-term expense growth again? Thank you.
好的。以及關於費用的快速介紹。我相信您說過成本在報告的 16.3 美元左右。因此,這裡的看跌期權和索取期權有什麼顏色,這種與收入相關的比較是否與您持續的效率相比更好?您又如何看待長期支出成長?謝謝。
Brian Moynihan - Chairman of the Board, Chief Executive Officer
Brian Moynihan - Chairman of the Board, Chief Executive Officer
Sure, Ken. I think honestly, the second quarter is sort of emblematic. If you think about last year's second quarter and this year's second quarter. We went from -- we went up by $300 billion -- $300 million, excuse me. As Alastair said, $200 million was just wealth management incentive comp and other growth was really other incentive comp.
當然,肯。老實說,我認為第二季度具有像徵意義。如果你想想去年第二季和今年第二季。對不起,我們從——我們增加了 3000 億美元——3 億美元。正如阿拉斯泰爾所說,2億美元只是財富管理激勵補償,其他成長實際上是其他激勵補償。
So the idea, the pressures we face now are really more due to fee growth in the businesses, which typically have a tighter correlation between fees and expenses and incentive comp related to those fees.
因此,我們現在面臨的壓力實際上更多是由於業務費用的增長,這些業務通常在費用和支出以及與這些費用相關的激勵補償之間具有更緊密的相關性。
So that, as Alastair said, that's a good expense growth is what you want. It does grow and it grows at a good rate. Headcount is basically been bounced around relatively flat. We're 212 this quarter and even adding a bunch of summer teammates. We were 215 last year. This quarter, the same summer teammates included.
因此,正如阿拉斯泰爾所說,支出的良好成長正是你所希望的。它確實在成長,而且成長速度很快。員工人數基本上相對平穩地反彈。本季我們的人數為 212 人,甚至增加了一些夏季隊友。去年我們215歲。本季度,同樣的夏季隊友也包括在內。
So managing headcount, redeploying people, we have the huge -- the cleanup stuff going on. We have the new initiatives going on or freeing up work and moving it over. So we feel good about managing the company and that's against inflation rate wages at 3% or 5% going on inflation in all the services we buy in the third-party markets, obviously, that the world experiences.
因此,管理員工人數,重新部署人員,我們正在進行大量的清理工作。我們正在進行新的舉措,或釋放工作並將其轉移。因此,我們對管理公司感覺良好,而且這與我們在第三方市場購買的所有服務中 3% 或 5% 的通貨膨脹率工資相比,顯然,全世界都經歷過這種情況。
So we feel good about how we're managing expenses. The key is pretty simple. As you -- all the revenue side equation that, yes, Alastair has been talking about their colleagues on NII and stuff is that lifts and expenses stay relatively flat, you start moving towards positive operating leverage. We were minus 1% or something like that this quarter, kind of hanging in there. And we'll expect that to go back to the five-year track we had all the way up until the pandemic hit and things got thrown in the sun.
因此,我們對管理費用的方式感到滿意。關鍵很簡單。當你——是的,阿拉斯泰爾一直在談論他們的 NII 同事的所有收入方面等式是,電梯和費用保持相對平穩時,你開始轉向積極的營運槓桿。本季我們的成長率為負 1% 或類似的水平,有點堅持下去。我們預計這將回到五年來的軌道,直到大流行來襲,事情被拋在陽光下。
Ken Usdin - Analyst
Ken Usdin - Analyst
Thanks, Brian.
謝謝,布萊恩。
Operator
Operator
Gerard Cassidy, RBC.
傑拉德·卡西迪,加拿大皇家銀行。
Gerard Cassidy - Analyst
Gerard Cassidy - Analyst
Hi, Brian. Hi, Alastair.
嗨,布萊恩。嗨,阿拉斯泰爾。
Brian Moynihan - Chairman of the Board, Chief Executive Officer
Brian Moynihan - Chairman of the Board, Chief Executive Officer
Hi, Gerard.
嗨,傑拉德。
Alastair Borthwick - Chief Financial Officer
Alastair Borthwick - Chief Financial Officer
Hi, there.
你好呀。
Gerard Cassidy - Analyst
Gerard Cassidy - Analyst
Brian, you talked -- and Alastair, both of you talked about the excess deposits. I think it was slide 22 you pointed to. Can you share with us as you go forward and assuming the Federal Reserve does cut interest rates, I know you put, I think, free Fed fund rate cuts in your slide 10. But as we go out into the end of '25, the forward curve is calling for obviously more rate cuts. Could you tell us how you expect to price your deposits as rates continue to follow? With this excess deposit level, can you be more aggressive in lowering your deposit costs?
布萊恩,你們談到了——還有阿拉斯泰爾,你們倆都談到了超額存款。我想你指的是第22張投影片。您能否與我們分享一下,假設美聯儲確實降息,我知道您在幻燈片 10 中添加了自由聯邦基金利率下調。您能否告訴我們,隨著利率繼續上漲,您預計如何為存款定價?有了這樣的超額存款水平,您能更積極地降低存款成本嗎?
Brian Moynihan - Chairman of the Board, Chief Executive Officer
Brian Moynihan - Chairman of the Board, Chief Executive Officer
Yeah. I think that's very business and more importantly, customer-specific views, Gerard. So we think of our deposit strategies in the context of how our customers utilize our services. And so, if you think about the parts that priced up in Global Banking or the investment-related cash in the Consumer business and Wealth Management, that will come back down as rates come, because the short-term equivalents come down, some is absolutely mechanical because it's actually priced to meet a money market fund equivalent, that will happen.
是的。我認為這是非常商業化的,更重要的是,這是針對客戶的特定觀點,傑拉德。因此,我們會根據客戶如何使用我們的服務來考慮我們的存款策略。因此,如果你考慮全球銀行業中價格上漲的部分或消費者業務和財富管理中與投資相關的現金,隨著利率的上升,這些部分將會回落,因為短期等價物下降,有些絕對是機械的,因為它的定價實際上符合貨幣市場基金的同等水平,這種情況將會發生。
And so, yes, I think if you think about us being all in, if you look on that slide at 203 basis points, there'll be some pickup as rates come down, in those higher things. The zero interest balance accounts are low-interest checking. You know, they don't really move because there's zero interest or low interest, so they'll be kind of static, but they're still extremely valuable in the current context.
所以,是的,我認為,如果你考慮到我們全力以赴,如果你看看203個基點的幻燈片,隨著利率下降,那些更高的事情將會回升。零利息餘額帳戶是低利息支票。你知道,它們並沒有真正移動,因為零利率或低利率,所以它們會是靜態的,但它們在當前背景下仍然非常有價值。
So when you think of all the consumer, I think 60 odd basis-points or something, that's driven by the fact that we have $40-odd million transactional primary checking accounts that is growing at $1 million a year, meant, multiple years in a row, $900,000 a million a year that are maturing from $3,000 up to $7,000 or $8,000 in balances as people mature the relationship with us. That's where the tremendous value in the deposit base this company goes.
因此,當你考慮到所有消費者時,我認為有60 多個基點之類的,這是由於我們擁有40 多萬美元的交易主要支票帳戶,並且每年以100 萬美元的速度增長,這意味著,多年來,這一事實推動了這一增長。這就是該公司存款基礎的巨大價值。
And so if you think about $1.91 trillion having grown $100 billion almost from the trough, you think about it growing linked-quarter, multiple quarters in a row, you think about even as we look now to buy the balances above that amount. Yeah, those are good dynamics. So we think about it. But it will move. But if you remember, part of our deposit pricing is never going to move to zero.
因此,如果你想到 1.91 兆美元幾乎從低谷增長了 1000 億美元,你會想到它是連環增長、連續多個季度增長的,你會想到即使我們現在尋求購買高於該金額的餘額。是的,這些都是很好的動態。所以我們考慮一下。但它會移動。但如果你還記得的話,我們的部分存款定價永遠不會降至零。
Gerard Cassidy - Analyst
Gerard Cassidy - Analyst
Right. No doubt. And those are the golden deposits. And one other question on slide 10 and also, I think if I recall your first quarter queue, you guys indicated you were asset sensitive. I would assume that this slide 10 also shows that with the three rate cuts. Alastair, what would it take to move to a more neutral position on the balance sheet or even a liability-sensitive position should the Fed really get into a rate-cutting environment?
正確的。毫無疑問。這些就是黃金礦床。第 10 張投影片上的另一個問題,我想,如果我記得你們第一季的隊列,你們就表明你們對資產敏感。我認為這張投影片 10 也顯示了三次降息的情況。阿拉斯泰爾,如果聯準會真的進入降息環境,如何在資產負債表上轉向更中性的立場,甚至轉向對負債敏感的立場?
Alastair Borthwick - Chief Financial Officer
Alastair Borthwick - Chief Financial Officer
Yeah. So this shows that we're asset sensitive. That's why the red box. Obviously is bigger than the green box. It's the market specifically that's liability sensitive. So we're still asset-sensitive, Gerard. What it would take for us is either we can have a lot more rotation into interest bearing or we could buy some short-dated duration, fixed rate. So those are the two alternatives.
是的。所以這表示我們對資產敏感。這就是紅框的原因。顯然比綠色盒子大。尤其是市場對責任敏感。所以我們仍然對資產敏感,傑拉德。對我們來說,要嘛我們可以有更多的利息輪換,要嘛我們可以購買一些短期、固定利率的債券。所以這是兩個選擇。
And if you look at the course of time, if you were to go back to our queues over time, you'd see that we've become less and less rate sensitive overtime. We've really narrowed the corridor of whether rates go up by 100 or down by 100. What could that outcome look like? Narrowed that pretty substantially over time because we're trying to lock in rates here, recognizing that NII is up $4 billion or $5 billion over the course of the past several years per quarter.
如果你看看時間的推移,如果你隨著時間的推移回到我們的隊列,你會發現我們對加班費率的敏感度越來越低。我們確實縮小了利率上漲 100 倍還是下降 100 倍的範圍。隨著時間的推移,我們正試圖鎖定利率,並認識到 NII 在過去幾年中每季增加 40 億或 50 億美元,因此大幅縮小了這一範圍。
Brian Moynihan - Chairman of the Board, Chief Executive Officer
Brian Moynihan - Chairman of the Board, Chief Executive Officer
Yeah. The last thing I'd say, Gerard, for a person who's been around this business as many years as you have, this has been a very abnormal rate environment for the last 15 years or so. And if you get to where you have a one Fed funds rate 3.5, which is what our experts predict, it sort of stops out at the ability to bring the asset sensitivity tighter and tighter is there because you actually have room to move down without hitting zero floors and stuff.
是的。 Gerard,我要說的最後一件事是,對於像你一樣在這個行業工作多年的人來說,在過去 15 年左右的時間裡,這是一個非常不正常的利率環境。如果聯邦基金利率達到 3.5,正如我們的專家所預測的,那麼它就會因將資產敏感性變得越來越緊而停止,因為實際上有空間在不觸及目標的情況下下降。類的。
So there's stability during time periods of which the rate environment doesn't flip around. And then secondly, a higher nominal rate environment allow you to manage to that outcome because part of the other outcome for us is just as the rate structure is nominally very low is the zero floors kick-in and that creates an amount of sensitivity that over time will go away if rate structure is higher, if that makes sense to you.
因此,在利率環境不會改變的時期內,存在著穩定性。其次,較高的名目利率環境使您能夠實現這一結果,因為對我們來說,另一個結果的一部分是利率結構名義上非常低,即零下限啟動,這會產生一定程度的敏感性如果利率結構更高(如果這對您有意義的話),時間就會消失。
Gerard Cassidy - Analyst
Gerard Cassidy - Analyst
Yes. No, it does. Thank you. And just Brian or Alastair, one last quick question. I noticed in slide 25, your home equity loan balance has actually increased. I think that's the first time in maybe over two years or three years. Was there a new program or what are you seeing that drives that? And that, and should that or can that continue as we go forward into '25? Thank you.
是的。不,確實如此。謝謝。最後一個簡單的問題是布萊恩或阿拉斯泰爾。我在投影片 25 中註意到,您的房屋淨值貸款餘額實際上有所增加。我認為這可能是兩年或三年來的第一次。是否有新計劃或您看到什麼推動了這項計劃?當我們進入 25 世紀時,這種情況是否應該或可以繼續下去嗎?謝謝。
Brian Moynihan - Chairman of the Board, Chief Executive Officer
Brian Moynihan - Chairman of the Board, Chief Executive Officer
Yeah, I think it just reflects that the people have locked in low-rate loans and now that they want to borrow. It's an expensive view because they've got a fixed-rate mortgage loan and they've got a home equity sitting on top of, why wouldn't they use it? I like it for it was only two years. It's been four years or five years since that balance went from $30 billion started declining, so it's good to see.
是的,我認為這只是反映出人們已經鎖定了低利率貸款,現在他們想要藉錢。這是一個昂貴的觀點,因為他們有固定利率抵押貸款,而且他們還有房屋淨值,為什麼他們不使用它?我喜歡它,因為它只有兩年。自從該餘額從 300 億美元開始下降以來已經過去了四年或五年,所以很高興看到這一點。
I'll note at the bottom of that page, if you look at year over year mortgage production, $5.7 billion and $5.9 billion and you look at home equity line production, which is new originations in the boxes, solid. But it is nice to finally see that the actual balances have stabilized, and we'll see -- they're kind of flattish, they're not really growing, but it's nice to see them not just keep coming down and hopefully, they'll start to be utilized.
我會在該頁的底部指出,如果你看看逐年抵押貸款生產,分別為 57 億美元和 59 億美元,再看看房屋淨值線生產,這是盒子裡的新起源,很可靠。但很高興最終看到實際餘額已經穩定下來,我們會看到——它們有點平淡,並沒有真正增長,但很高興看到它們不只是持續下降,希望它們將開始被利用。
Our expectation would be, they will be as consumers over time want to take out part of the equity in their home at a rate that is reasonable but doesn't require to refinance the whole first.
我們的預期是,隨著時間的推移,消費者希望以合理的利率取出部分房屋淨值,但不需要先為全部房屋進行再融資。
Gerard Cassidy - Analyst
Gerard Cassidy - Analyst
Great. Thank you, again, Brian.
偉大的。再次感謝你,布萊恩。
Operator
Operator
Vivek Juneja, JPMorgan.
維韋克·朱尼賈 (Vivek Juneja),摩根大通。
Vivek Juneja - Analyst
Vivek Juneja - Analyst
Hi, thanks for the questions. Just a little color on non-interest-bearing deposits. When you look at an average basis, the decline has clearly slowed sharply. Period end was down at a faster rate. Is that just the noise around end of 1Q? Or what are you seeing as you look sort of month by month? Is that truly slowing? And talk to it a little bit by customer segment, if you can, please?
你好,謝謝你的提問。只是無息存款的一點色彩。當你觀察平均基礎時,下降幅度顯然已大幅放緩。期末下降速度較快。這只是第一季末的噪音嗎?或是當你逐月觀察時,你看到了什麼?這真的是在放緩嗎?如果可以的話,請按客戶群稍微談談一下?
Alastair Borthwick - Chief Financial Officer
Alastair Borthwick - Chief Financial Officer
Yeah. I think, Vivek, you're catching two things. First one is it is slowing, that rotation is slowing, and we would expect that because at the end of the day, this is mostly cash in motion, it's transactional accounts, that's why it's non-interest bearing.
是的。我想,Vivek,你明白了兩件事。第一個是它正在放緩,輪換正在放緩,我們預計,因為歸根結底,這主要是流動現金,是交易帳戶,這就是為什麼它不計息。
And the answer why it's a little different this quarter is because of the seasonality of tax payments. For anyone who has a big tax payment due, they frequently just allow it to. They may pull it out of their brokerage account, they may put it into their non-interest-bearing and then they're wiring it out from there. So that's, again, an example of money in motion, but that's what's going on this quarter.
本季情況略有不同的原因是納稅的季節性。對於任何需要繳納大額稅款的人來說,他們通常只是允許這樣做。他們可能會將其從經紀帳戶中取出,也可能將其存入無息帳戶,然後從那裡將其匯出。這又是資金流動的一個例子,但這就是本季發生的情況。
Vivek Juneja - Analyst
Vivek Juneja - Analyst
A quick one, Visa B derivative gains, did you have anything in your equity derivatives trading revenue this quarter?
快說一下,Visa B 衍生性商品收益,您本季的股票衍生性商品交易收入有多少嗎?
Alastair Borthwick - Chief Financial Officer
Alastair Borthwick - Chief Financial Officer
Nothing to highlight, nothing to note. That's a position we sold years ago and anything that's happened with Visa would just unwind on the balance sheet. We've recycled it, so it shouldn't have any impact to revenue.
沒有什麼值得強調的,也沒有什麼需要注意的。這是我們幾年前出售的頭寸,Visa 發生的任何事情都會在資產負債表上減少。我們已經回收了它,所以它不會對收入產生任何影響。
Vivek Juneja - Analyst
Vivek Juneja - Analyst
Thank you.
謝謝。
Operator
Operator
Matt O'Connor, Deutsche Bank.
馬特‧奧康納,德意志銀行。
Brian Moynihan - Chairman of the Board, Chief Executive Officer
Brian Moynihan - Chairman of the Board, Chief Executive Officer
Good morning, Matt.
早安,馬特。
Matt O'Connor - Analyst
Matt O'Connor - Analyst
Good morning. How are you guys thinking about kind of targeted capital levels going forward? Obviously, we're still waiting for final rules. Maybe there's a little more volatility in your SCB than you would have thought, but you still got a nice buffer?
早安.你們如何考慮未來的目標資本水準?顯然,我們仍在等待最終規則。也許您的 SCB 波動性比您想像的要大一些,但您仍然有很好的緩衝?
And then I guess one last piece I was thinking is the remixing of the balance sheet that's been commented kind of throughout this call over time probably causes a little creep in RWAs, right, like loans higher than, say, securities. So lots of excess capital, but some puts and takes and how are you thinking about it between now and when we get final guidelines?
然後我想我想到的最後一個問題是資產負債表的重新組合,隨著時間的推移,在整個電話會議中都對此進行了評論,這可能會導致RWA 出現一些波動,對吧,比如貸款高於證券等。如此多的過剩資本,但有一些看跌期權和看跌期權,從現在到我們獲得最終指導方針,您對此有何看法?
Brian Moynihan - Chairman of the Board, Chief Executive Officer
Brian Moynihan - Chairman of the Board, Chief Executive Officer
The first thought, I think we always want to use the capital to grow the business. So if we need to use it to support RWA growth for loans or something, that's a good outcome and that's what we want to do first. Second, we maintain the 11.9% quarter-to-quarter with a little bit RWA increase, I think that would be emblematic.
第一個想法是,我認為我們總是想利用資本來發展業務。因此,如果我們需要用它來支持貸款等 RWA 的成長,這是一個很好的結果,也是我們首先要做的。其次,我們維持 11.9% 的季度環比成長,但 RWA 略有增加,我認為這具有像徵意義。
And we bought $3.5 billion, paid out $1.9 billion in dividends. So you'd expect that kind of to continue on in terms of that basic idea of we don't need a lot of capital to grow because the RWA demands are met with a fairly straightforward amount. We're earning a nice amount of dollars, and we'll deploy it back in the dividend and the buybacks.
我們買了 35 億美元,支付了 19 億美元的股息。因此,您會期望這種情況會繼續下去,因為我們不需要大量資本來實現成長,因為 RWA 的需求可以透過相當簡單的金額來滿足。我們賺了很多錢,我們將把它用在股息和回購中。
Well, our view is we will maintain a 50 basis points type of management buffer to whatever the requirements are. The volatility -- well, there's a whole different discussion on that in terms of the wisdom of that. But the reality is the volatility is absorbable, because you have time to plan into it and get done within a race we've seen. So whether we agree with the volatility or not, we've easily absorbed it and the new rule is coming out.
嗯,我們的觀點是,無論要求是什麼,我們都將維持 50 個基點類型的管理緩衝。波動性——嗯,就其智慧而言,對此有完全不同的討論。但現實是波動是可以吸收的,因為你有時間計劃並在我們已經看到的比賽中完成。因此,無論我們是否同意這種波動性,我們都很容易吸收它,並且新規則即將出台。
We'll see what happens and we'll adjust. But just think of this as basically a requirement of 10.7% under the new SCB plus [50] is 11.2%. Maybe you get a little tighter if you feel you got great insight to what happens next year.
我們會看看會發生什麼,然後進行調整。但只要將此視為新 SCB 下 10.7% 的基本要求,再加上 [50] 為 11.2%。如果你覺得自己對明年會發生什麼有深入的了解,也許你會變得更緊一點。
And then I think the finalization of all the three will come through and we'll see what that is and see how that all correlates to the various aspects. But we feel good about where we are and expect that all current earnings are basically available to support the growth we're talking about in the current economic environment. That's relatively modest need, but really the rest of it just goes plowing back to you.
然後我認為這三者的最終確定將會完成,我們將看看這是什麼,並看看這一切與各個方面有何關聯。但我們對目前的狀況感到滿意,並預計當前的所有收益基本上都可以支持我們在當前經濟環境下談論的成長。這是相對較小的需求,但實際上剩下的只是回饋給你。
Matt O'Connor - Analyst
Matt O'Connor - Analyst
Okay. And then just to summarize that, I mean, do you think about bringing down the 11.9% to 11.2% kind of in the near term or to make it obvious, like, wait -- that's a little bit more theoretical and wait for the capital rules to play out?
好的。然後總結一下,我的意思是,你是否考慮在短期內將 11.9% 降低至 11.2%,或者使其變得明顯,比如,等等——這有點更理論化,等待資本玩出什麼規則?
Brian Moynihan - Chairman of the Board, Chief Executive Officer
Brian Moynihan - Chairman of the Board, Chief Executive Officer
I think we need to see how the next 60, 90, 120 days play out. We heard a lot of discussion about the timing of a re-proposal or not, et cetera. So we had a lot of flexibility, but we continue to focus on shareholder value creation and all of that. But I think we're in a critical spot for the industry in terms of learning the outcome of a lot of these things over the next short period of time here.
我認為我們需要看看接下來的 60、90、120 天會如何發展。我們聽到了很多關於重新提案的時機等的討論。因此,我們有很大的靈活性,但我們繼續專注於股東價值創造等。但我認為,我們正處於行業的關鍵時刻,需要在接下來的短時間內了解許多這些事情的結果。
Matt O'Connor - Analyst
Matt O'Connor - Analyst
Okay. Thank you.
好的。謝謝。
Operator
Operator
That concludes our question-and-answer session for today. I'd be happy to return the call to Brian Moynihan for closing comments.
我們今天的問答環節到此結束。我很樂意回電給 Brian Moynihan 以徵求結束意見。
Brian Moynihan - Chairman of the Board, Chief Executive Officer
Brian Moynihan - Chairman of the Board, Chief Executive Officer
Thank you, operator. Thank all of you for joining us today. Obviously, a lot of focus on NII, and we gave you the slide 10 to give you the bridge. Alistair answered a lot of the questions. Lee's here to answer it. The key is to understand what's driving that, which is deposit performance, which is stabilized and starting to grow for like six quarters in a row now, loan growth very low, but just staying positive. Those are going to drive the value of this franchise, and that's going to grow with buyer customers.
謝謝你,接線生。感謝大家今天加入我們。顯然,NII 受到了很多關注,我們為您提供了幻燈片 10 來為您提供橋樑。亞歷斯泰爾回答了很多問題。李老師來解答。關鍵是要了解推動這一趨勢的因素,即存款表現,現已穩定並開始連續六個季度增長,貸款增長非常低,但仍保持正值。這些將推動該特許經營權的價值,並將隨著買家客戶的成長而成長。
That's coupled with strong fee performance this quarter in terms of wealth management fees, investment banking fees, consumer fees, even growing global payment services fees and of course, the great work done by our markets team.
再加上本季財富管理費用、投資銀行費用、消費者費用,甚至不斷增長的全球支付服務費用的強勁費用表現,當然還有我們市場團隊所做的出色工作。
So that leveled with flattish expenses gives us a chance to start driving operating leverage again in the company. And that generates a lot of earnings, a lot of excess capital, and we put that back in your hands. So thank you for your time and attention. We look forward to talking next quarter.
因此,在費用持平的情況下,我們有機會再次開始提高公司的營運槓桿率。這會產生大量收益和大量過剩資本,我們將其重新交還給您。感謝您的時間和關注。我們期待下個季度的討論。
Operator
Operator
This does conclude today's Bank of America earnings announcement. You may now disconnect your lines. And everyone, have a great day.
今天的美國銀行收益公告到此結束。現在您可以斷開線路。祝大家有美好的一天。