Great, thanks Meghan.
some letter going of will I read of and kind highlight the through I'm just key So just majority take CEO to parts. but it,
on to report per strong net $XXX pleased of $X.XX, we of that with of income share return earnings third are So equity quarter XX%. a and million
a execution environment, effective is performance our the and result of client Our strategy solid acquisition. robust operating against
reflect quality. continued results fee market-related core solid by credit stable gains, healthy financial excellent sheet underpinned income Our balance growth, and
Our strong at place laid growth. we’ve ecosystem global the of the demonstrate of foundation long-term which and the the power ways results financial SVB’s values innovation center in our strategy and reinforce for the
market our Our of the solve long-term and and clients environment: improve commitment enables robust X) innovators our own changing grow X) Core across to a profile securities; adapt in Credit alongside income sensitivity; and which of net the has XX% strong of take income over flexibility X) markets, their The Healthy businesses, of core to remains continues and execution us our loan target to their liquidity, maintaining QX time; current globally; understand and capital investment to fueling liquidity contributions achieved solid board and give interest We our probability in the to strong investors view strongly problems of of environment. X) the themes summarize advantage success. their X) our the are business to fee risk have following significantly from and growth stable gives and advice our improved We’re portfolio us opportunities warrants
preliminary processes systems positive, support is in the million X) next and Our provided XX XXXX strong outlook products, a growth with XXX the of future. expectation performance months; and new and position effective growth share for in to the Our our people, authorization, repurchase continued capital foundation solid the investment over
larger activity billion, was client X,XXX more billion year given investment growth consistent QX companies This client XX% healthy in new a client second than in since fewer, on for greater nearly successive XXXX. new of X,XXX investments. investment commercial the of Regarding nearly our invested and strong markets, total Venture towards a resulted pace clients. with in This $XX Capital in another easily acquisition $XXX remained of quarter year-to-date, for VC robust the new third acquisition, trend with that than reflected core is continues quarter strong net trend has the of
to as and differentiators access the Our add success likelihood us. remain clients to ability best to key the continue innovation increase for our grow their and value of they
exit via Third-quarter values the following than XX% billion the of time pent-up first year-to-date QX, crossed of strong. remained IPOs the exit flood somewhat XX% during public $XXX million IPO, for SVB venture backed $XX contributed mark a occurring approximately with Clients. in stabilized all activity warrant-related quarter. to were for industry. in but companies year-to-date the more in for XXXX another in decade, VCbacked activity of the quarter went U.S. third gains the first exits that This
from be $XX another returns reached which, this be flowing will fundraising IPOs year-to-date on VC strong of for track on billion investors the realized appears and year’s to top soon to year, match the into third private the on for system, weaker ripe in the investment U.S. pace remained a with despite backdrop. year-to-date economic back deals XXXX, to equity strong quarter of number reinvestment.
and enablement, PE growth. XXXX continue on driving This execute revenues management, our client enhancing year-to-date XXXX us, has fundraising reached already backdrop full-year scalable, of enhancing strategy provides as and healthy continued and employee we for improving our fundraising risk levels. environment of result, a a for and demand to experience, clients investment, As long-term
our grew deposit basis growth. volume on-balance adjustments to by average by pricing the X.X% $XX.X acquisition. portfolios, client growth deposits to and XX% Average client $XXX growth as to transition of by for healthy sheet products strong the our related of growth deposit by to capital total contributions funds. equity/venture X% billion, initiatives. Average markets total our reflected points, deposits increased to me to offset as interest-bearing sheet $XX.X from primarily as our our Total to well funds costs due new billion, X clients, Let private new increased were technology, strong exit balance with our billion funding success client in and international due and
of Non-interest-bearing low to remains Our now deposits cost points. by to XX% Average deposit $XX.X in billion non-interest-bearing XX constitute returned basis deposits QX. deposits, very compared total billion. to growth, XX% increasing $X at
our outlook the to We created our of liquidity full-year clients. low as are growth, initiatives the result deposit double better-than-forecast teens, deposit continued growth low our of deposit digits strong from by a momentum the increasing the and growth our
$XX.X technology capital lending, deposit Average which meet track expect majority growth products. was the to our on Bank loan now liquidity from X.X% XXXX provide to time, equity by occur full-year our billion, interest-bearing in strong driven outlook. of the We Private discipline, life call lending. of grew constitutes growth same in to continue the XX% equity the lending. growth remainder At portfolio, by of to and environment, for science loans the and to funding continued private by credit Growth in and our headwinds primarily our continued
full prepayment created as pace growth billion rates, the for to the compared driven strong well yields Loan QX, by recoveries with $XX.X of remains points the lower billion into forecast during as mix, basis the loan QX lower XX momentum to of as the going and loan interest fees borrowing pressures, track during these evidenced declined $X.X market loan environment. portfolio by our period-end quarter. QX, Despite late-quarter growth year and in quarter, on has activity by
at strongly yields remained grew income X.X% fixed billion to X.XX%. by and securities stable $XX.X Average investment
purchases a of level in flat. XXXX quarter, current X.XX% X.XX% of the new on Based from the overall, net tax-effected the expect accretive of quarter. were and X.XX% the the be basis prior Maturity remain $X.X asset but at yields could yield drive on average between our on yield nevertheless helped This the the New interest decrease interest to X.XX% represented versus for was and portfolio X.XX%. XX remainder to totaled income points and rates, investment billion lower. to we prior investments sensitivity
income due income. items. interest and by margin as this non-rate the interest strong as points during liquidity. cash growth number related quarter, to Net interest related reflected growth related directly prime of declines interest primarily to yielding were interest to basis impact in basis the lower X interest Net to client points of This balance strong growth rate our XX assets. X.XX%, deposits and bearing margin earning lower higher quality majority was sheet as but points basis balances declined the to loan of impact Moving and well XX a of well decrease margin as market and net declined net high and and rates. included categories library
impact Another interest of environment loan QX. from the X recoveries basis the came compression points of in including and yield market decline competitive
majority of curve. LIBOR the of in the to our in quarters, additional The LIBOR quarter during no forward limiting reset changes future impact assuming loans tied
interest sheet lower rates of loans, quarter, lower X.X% The rates $XX.X during were cash from in and related versus offset by partially interest swaps based $X.X by items X.X%. expect interest interest in million rate this lower NIM impact primarily fed of LIBOR index due be impact X.XX% two-thirds These rates growth including million the the strong and million decreased interest QX QX. fund remainder which the We million and of increase to decreases income. Prime related non-rate was $XX.X impact on Net to recoveries of to loans. $XXX.X lower balance contributed the rates, was an to balances decrease between income
in net outlook made are our Consistent XXXX with full-year comments QX income additional interest XXXX rates decreases interest we following and July fed the funds in September. and we in two margin our the reducing net for
We our digits outlook expect prior of growth full-year the in versus low XXXX the net interest low-double income teens.
full-year our points average We XXXX X.X%, XX X.X% than lower to NIM of basis prior outlook. expect
rate XXX manage sensitivity interest We the point more to impact scenario. shock to are no decreases in net and XX% of than succeeding efforts on our our basis income
income extension underlying strategies pricing adapting to swaps, rate primary this and securities are our market effort portfolio rates. of interest fixed deposit our continued Our
equates funds we're income impact XX% accounts. point balance strategies assets of a million continue to annualized to deposit XX% million sensitivity net lower the to of for our which XX% $XX income. pretax X% will on actively We for bearing net and interest the growth rest the primarily target. $XX of our in and This for manage beta continued each our fed between interest to reduction interest approximately estimate and and deposit our of XX basis forecasting rates XXXX, expectations Based decrease, sheet assumes
from banking warrants, During see our we securities, income growth strong QX investment and as fee investment well gains in business. lines to core as our continued
core the investment by provides income pressure welcomed year-to-date This exchange. fees, and Our offset particularly year, to core in cards from growth has foreign same downward continued credit rates. compared last periods income fee grown fee to driven client XX% a
do securities investment the SVB income and levels. Income our MNA for environments client an year-to-date clients. We've seen warrant was warrant to market-driven have out our streams are third investment are Expectations thanks while Leerink in to XXXX And markets very quarter. SVB healthy, gains will slower good that and security expect exit in funding gains help weaker to remain While year harder for as revenues we predict. match you slightly anticipate lower not been than XXXX anticipated. from for revenues the Leerink we
maintaining SVB they're However, and continues the consistent grow market market Leerink share. for to
solid have assuming We XXXX that healthy. expectations business remain markets the for in
stage decrease and to as credit, our of underlying our on loan versus related gradual of the CECL including for credit the X% only our be with to our are metrics technology to duration for the credit reflects funded change and the quality the no a high requirement remains reserve an in life earliest reflected XXXX. of loans well current private strong quarter standard. the private Based primarily commitments, as quality impact years year over risk expecting portfolio. in Moving solid improvement bank and place loans horizon reserves loan outlook to growth the in equity and as categories our third such profile, Credit our to quality of loan of to performance we in for in Adoption our reserve healthcare the high of portfolio and unfunded one the adjustment in short of
life and increase X% CECL higher will by to risk equity. due portfolios. combined our will inherent Adoption implementation increase We estimate to reserves day that the science in XX% in lifetime be reflected This technology one
for reserves volatility economic January upon track We forward on and going on continue of implementation expect and to refine in XXXX. our increased conditions forecasts. depending X, estimates We'll QX are
outlook we continued we for In even prior growth As XXXX. performance in interest opportunities preliminary solid to help we from rates. have the our without provide XXXX want expect and years for
client deterioration Our liquidity on preliminary potentially outlook based healthy stable is XXXX less in for although and expectations our credit in barring economy. quality activity, a and the robust significant
quality income decreases. expense interest the digit In These income growth single expectations and sheet to consistent core forecasting no stabilizing addition assume non-interest credit balance NIM net strong with future XXXX; fee rate growth are digits. growth, high in in is low-single we
guidance full assuming interest net and our levels. all preliminary fed income impact X.XX% of XXXX decreases of two XXXX rate year X.X% expect XXXX and For net comparable between to the and we interest in additional margin
factors certain Our actual client non-interest the to market a related variety results deposits including interest to by will the mix bearing mix of funds and be impacted of off-balance-sheet bearing of factors. deposits,
In a positive long-term performance. summary, QX outlined growth outlook Hove XXXX solid we catalysts. a posted for and
Our continued liquidity about and positive performance make in strong health business our clients a of and growth our prospects. us
with impact us rates to enable keeping better but eye might markets. rate broader and the believe that declining health lower challenges arise to flexibility area growth close regard a focus, environment. we the on of any sensitivity of of As our manage will on always, we're expense Interest our from and markets asset remain an
has Competition providers liquidity non-bank markets. banks, and is service financial from in is challenging ever the been as
every to to insights compete ongoing enhance competition. investments the We will face raise continue long globally. while products to networks our In ability will us will in approach continue capabilities differentiate in to our take opportunity unique and our the and we game our believe of run
is the we've better lowering lost are risk in impacts in an Well positioned credit and low investments believe economic lending. than of fully potential high assets because respect this people's credit in experience been on XX% minds downturn we our of quality with many our
high demonstrated advantages, provide will during a sheet experience we're of and liquid growth with foundation and downturns. enhancements quality, making long-term in believe In we resilience leverage. balance and and We that's addition systems our to our the base investments a client expansion, geographic of for operating the digital these have profitable client high people business and diversification
balance the economy and and year-after-year the at capital by and to and companies remain support We continue on meantime, we lasting competent remain innovators our that ensuring with clients diversified sheet. so the and can enjoying we most are investors, our the as grow. growth quality globally strong new and they the flexibility their innovation heart to we're see forge of best bonds In partner being enabled the focused valuable liquidity high
questions. With I'm that to open going to the call
