Thank you, operator. Good morning, everyone. I'll take you through the presentation, which as always, is available on our website, and we ask that you please refer to the disclaimer at the back. Starting on page 1, the firm reported net income of $4.7 billion, EPS of $1.38 and record revenue of $33.8 billion with a return on tangible common equity of 9%. Included in these results are a number of significant items. First, a credit reserve build of $8.9 billion, and then approximately $700 million of gain in our bridge book and $500 million of gains in credit adjustments and other, both of which represent reversals of some of the losses we took in the first quarter. As we continue to navigate this challenging and uncertain environment, this quarter's performance once again demonstrates the benefit of the diversification and scale of our platform. So, I'll just touch on a few highlights here.
CIB reported its highest quarterly revenue on record with IB fees up 54% and markets revenue up 79% year-on-year, each representing record performances with strength across the board. We saw record consumer deposit growth of 20%, up over $130 billion year-on-year and firm-wide average deposits were $1.9 trillion, up about 25% year-on-year and 16% quarter-on-quarter. Average loans were up 4% year-on-year and quarter-on-quarter, largely reflecting the COVID-related loan growth that we saw in March. However, on an end-of-period basis, loans were down 4% quarter-on-quarter due to revolver pay downs as well as lower balances in Card and Home Lending, partially offset by the impact of $28 billion of PPP loans. And lastly, we increased our CET1 ratio by approximately 90 basis points in the quarter after building approximately $9 billion of reserves and paying nearly $3 billion of common dividends.
As you'll recall, we started the second quarter on the back of unprecedented levels of business activity in March. On the following pages, I'll give you an update on some of those key activity metrics we looked at last quarter and share what we're seeing today. So with that, let's turn to page two.
Starting with wholesale on the top of the page, we saw record levels of debt and equity issuance in the quarter as clients bought to pay down the majority of the revolver draws for March and continued to shore up liquidity while market conditions were receptive, supported by extraordinary central bank actions. The surge in investment grade debt issuance seen in March continued throughout the second quarter. And as high yield markets reopened, U.S. issuance volumes increased by 90% compared to the first quarter. In ECM as markets rebounded to pre-COVID levels, May and June together were our two busiest months for equity issuance ever, driven by converts and follow-ons. Moving to consumer spending behavior on the bottom left.
Debit and credit sales volume, while overall still down has consistently trended upward since the trough in the second week of April to down just 4% year-on-year in the last two weeks of June. T&E and restaurant spend continued to be down meaningfully but we have seen some improvement, especially on the back of higher levels of restaurant spend. The most significant improvement we saw was in retail with a strong recovery in card-present volume in the second half of the quarter, and consistently strong growth in card-not-present volume throughout the quarter. More recently, we've seen the improvement in overall sales growth across the country flatten out, notably in both states with increasing cases and states with decreasing cases. We continued to see larger year-on-year declines in states that remain partially closed, particularly those in the Northeast and Mid-Atlantic regions. In terms of consumers' demand for credit, we observed similar recovery trends. In auto, April saw the lowest level of loan and lease origination since the financial crisis, but activity rebounded sharply in May and June, and in fact, June ended up the best month for auto originations in our history. And in Home Lending, retail purchase applications after reaching a low in April recovered to well above pre-COVID levels in June, due to a strong and broad market recovery. Continuing on the topic of consumer behavior, let's turn to page three for an update on what we're seeing around our customer assistance programs. Relative to the peak levels we observed at the beginning of April, we've seen a significant decline in new requests for assistance over the quarter. To date, we have provided customer assistance for nearly 1.7 million accounts, representing $79 billion of balances across both our owned and service portfolios, and of those accounts, a large percentage, having made at least one payment while in the forbearance period, just over 50% in both Card and Home Lending. In terms of early reenrollment trends, in cards, only a small portion of our customers have completed both the initial 90-day deferral period and reached the payment date, but the majority of those customers resumed payments with less than 20% of accounts requesting additional assistance. And then, in Home Lending, of those whose forbearance period expired in June, most have either been extended at a customer's request or auto-enrolled into new three-month forbearances with approximately 40% of the extensions still current. And so, while we're following this data closely, it's still too early to draw any conclusions. Now, moving on to page four for some more detail about our second quarter results.
We recorded revenue of $33.8 billion, which was up $4.3 billion or 15% year-on-year. While net interest income was down approximately $600 million or 4% on lower rates, mostly offset by higher market NII and balance sheet growth, non-interest revenue was up $4.9 billion or 33%, predominantly driven by CIB markets and IB fees. Expenses of $16.9 billion were up approximately $700 million or 4% year-on-year on revenue related expenses, partially offset by continued reduction in structural expenses. This quarter, credit costs were $10.5 billion, including a net reserve build of $8.9 billion and net charge-off of $1.6 billion. Let's turn to page five for more detail on the reserve builds. Our net reserve build of $8.9 billion for the quarter consists of $4.6 billion in wholesale and $4.4 billion in consumer, predominantly card.
The reserve increase in the first quarter was predicated on an acute but short-lived downturn with a solid recovery in the second half of the year. And while we have seen some positive momentum in the economy over recent weeks, there does continue to be significant uncertainty around the path of the recovery. At the bottom of the page, you can see our updated base case, but remember this is just one of five scenarios we use to derive our allowance for credit losses. Our build is based on the weighted outcome of these scenarios and assumes a more protracted downturn with a slower GDP recovery and an unemployment rate that remains in the double digits through the first half of 2021. In addition to the obvious impact on consumer, its protracted downturn is expected to have a much more broad-based impact across wholesale sectors that we've seen in the first quarter. Given the increased uncertainty of the macroeconomic outlook, how customer payment behavior will play out and the future of government stimulus and its ultimate effectiveness as it relates to both, consumers and wholesale clients, we've put more meaningful weight on the downside scenario this quarter.
And so therefore, we're prepared and have reserved for something worse than the base case. And given CECL covers life of loan, if our assumptions are realized, we wouldn't expect meaningful additional reserve builds going forward.
Now, moving to balance sheet and capital on page six. WE ended the quarter with the CET1 ratio of 12.4%, which is over 100 basis points above our new SCB base minimum of 11.3%. And just to touch on SLR, while our reported ratio is 6.8%, it's worth noting that we're not going to rely on temporary relief and so without that our ratio is 5.7%. As we said in late June, unless things change meaningfully, the Board intends to maintain the $0.90 dividend in the third quarter. Given the wide range of potential outcomes going forward, I'd like to spend a few minutes on why we're comfortable saying that including the value of our strong and steady earnings stream as well as how we're managing our capital through this crisis. So, with that, let's go to page seven.
It's an obvious point, but it's worth a reminder that since 2018, our average quarterly PPNR of over $13 billion has been generating over 60 basis points of new CET1 capacity per quarter, even after having made meaningful investments in our businesses. This powerful earning stream allows us to grow the franchise and serve our customers and clients when they need it most.
And it provides us the capacity to absorb losses and quickly replenish capital in times of stress. While over the last two and a half years, we've paid out approximately 100% of cumulative earnings, distributing nearly $75 billion of excess capital, we're now building a significant amount of capital since we suspended our share repurchases. And we believe our capital base remains strong even in more severe scenarios, which you can see on page eight. Standing here today, we have $34 billion of reserves and $191 billion of CET1 capital, of which $16 billion is excess over and above our regulatory buffers. Our 3.3% SCB translates to $51 billion of capital that is available to free from stress at any time. And on top of that, our 3.5% GSIB surcharge translates to another $54 billion, all that so our $69 billion regulatory minimum is never touched.
And as you know, we prepare for and manage our capital to a number of scenarios, and one of them is Extreme Adverse scenario that Jamie discussed in his shareholder letter earlier this year. We've updated this analysis and it now assumes an even deeper contraction to GDP, down nearly 14% at the end of 2020, versus 4Q19 and reported unemployment ending the year at nearly 22%. Even under this scenario, we estimate that we would end the year with a CET1 ratio above 10% and we would be bound by advanced. So, our regulatory minimum would be 10.5%. While we are not likely to voluntarily dip into any of our regulatory buffers, this scenario would require us to do so, but notably only to a small extent. It's also worth noting that based on the limited information provided from the Fed about their U and W scenarios, we believe that our Extreme Adverse scenario simulates an even worse path for the economy over the next 12-months. And even if we get this wrong and our losses are twice as high, we still wouldn't use the entire SCB.