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 $9.1 billion and EPS of $2.68 on record revenue of $30.1 billion with a return on tangible common equity of 18%. Underlying performance continue to be strong with highlights including client investment assets in Consumer Banking, up 13%; strength in our consumer lending businesses, in particular on higher origination volume in Home Lending and Auto; and healthy growth in sales and outstandings in Card; number one in global IB fees year-to-date with over 9% wallet share and record growth IB revenues in middle market; and in Asset & Wealth Management, we saw record AUM and client assets. Overall, for the firm, total loans were flat year-on-year, which includes continued mortgage loan sales. SC sales loans were up 3% on healthy growth in Card and AUM. Total deposits were up 5%, with strength across wholesale and retail. And credit performance remained strong across business. On to Page 2 and some more detail about our third quarter results.
Record revenue of $30.1 billion was up $2.2 billion or 8% year-on-year as net interest income was up $293 million or 2% on balance sheet growth and mix, partially offset by higher deposit pay rates. Noninterest revenue was up $1.9 billion year-on-year or 14%, driven by strong performance across Fixed Income Markets and consumer lending, which included a gain on mortgage loan sales of approximately $350 million. Expenses of $16.4 billion were up 5% on volume and revenue-related expenses as well as continued investments, partially offset by lower FDIC charges. Credit remains favorable with credit costs of $1.5 billion, reflecting modest net reserve build and charge-offs in line with expectations.
And as we mentioned last quarter, we do not see any signs of broad-based deterioration across our portfolios, both consumer and wholesale. Now on the balance sheet and capital on Page 3. We ended the third quarter with a CET1 ratio of 12.3%, up about 10 basis points versus last quarter. The firm distributed $9.6 billion of capital to shareholders in the quarter, including $6.7 billion of net repurchases and a common dividend of $0.90 per share. Now on to Page 4 for a look at our businesses, starting with Consumer & Community Banking. CCB generated net income of $4.3 billion and an ROE of 32% with continued deposit growth and total loans down 4% year-on-year. Revenue of $14.3 billion was up 7% year-on-year. In Consumer & Business Banking, we saw strong deposit and investment growth year-on-year with deposits up 3% and client investment assets up 13%, reflecting continued growth across both physical and digital channels.
Revenue was up 5%, driven by higher NII on deposit growth and margin expansion as well higher noninterest revenue on higher transaction volumes. And even though the deposit margin is higher year-on-year, not surprisingly, it is down 13 basis points quarter-on-quarter given the current rate environment. Home Lending revenue was up 12% on higher production volumes and margins, partially offset by lower NII on lower balances, which were down 12%, reflecting loan sales. With regards to these loan sales, it's important to note the net impact to Home Lending revenue is minimal with the gain on sale being offset by a funding charge from Corporate. And in Card, Merchant Services & Auto, revenue was up 9%, driven by higher card NII on loan growth and margin expansion as well as the impact of higher auto lease volumes. Card loan growth was 8% with sales up 10%, and merchant processing volume was up 11%. Expenses of $7.3 billion were up 4% year-on-year, driven by continued investments and higher auto lease depreciation, partially offset by expense efficiencies and lower FDIC charges.
On credit, starting with reserves. This quarter, CCB had a net reserve build of $50 million, which included a build in card of $200 million, largely offset by releases of $100 million in Home Lending and $50 million in Business Banking. The build in Cards is primarily driven by mix as the newer vintages naturally season and become a larger part of the portfolio. Net charge-offs were $1.3 billion, largely driven by Card and consistent with expectations.
Now turning to the Corporate & Investment Bank on Page 5. CIB reported net income of $2.8 billion and an ROE of 13% on revenue of $9.3 billion. Investment Banking revenue of $1.9 billion was up 8% year-on-year in a market that was down.
It was a record third quarter for investment banking fees, driven by strong performances in debt and equity underwriting, partially offset by lower advisory. Year-to-date, we continue to rank number one in overall IB wallet and gain share across products and regions, benefiting from our leadership position in technology and health care sectors. In advisory, we were down 13% year-on-year, reflecting lower deal activity compared to a strong prior year. However, we continue to gain wallet share, driven by our strategic investments.
In debt underwriting, we were up 17% year-on-year in a market that was down. Here, we benefited from our participation in some large transactions and increased activity in investment-grade bonds. In equity underwriting, we were up 22% year-on-year, significantly outperforming the market, driven by our strong performance in IPOs and convertibles. And for both the quarter and on a year-to-date basis, we ranked number one in wallet share for overall ECM and IPOs. We expect fourth quarter IBCs to be down both sequentially and year-on-year driven by strong performances in the third quarter and prior year. However, the pipeline remains healthy as strategic dialogue with clients is constructive, equity markets remain receptive to new issuance and the lower rate environment has made debt issuance more attractive.
Moving to Markets. Total revenue was $5.1 billion, up 14% year-on-year.
Fixed Income Markets was up 25%, a good result, which also benefited from a comparison to a somewhat quiet quarter in the prior year. This quarter was characterized by strong client activities across the board with outperformance in agency mortgage trading and improved flows in rates and commodities. Equity Markets was down 5% against a very strong third quarter last year. Equity derivatives performance was challenged by lower client activity and unfavorable market conditions, but prime remained strong and cash outperformed relative to the prior year.
Treasury Services and Securities Services revenues were $1.1 billion and $1 billion, down 7% and 2% year-on-year, respectively. The rate environment remains a relative headwind, primarily from the funding basis compression we've been talking about, which is largely firm-wide neutral, and to a lesser extent, client-specific repricing in Treasury Services. But importantly, the organic growth in fees and balances continues to be strong. Expenses of $5.3 billion were up 3% compared to the prior year with investments and higher revenue-related expenses partially offset by lower litigation and FDIC charges. And finally, credit costs were $92 million, driven largely by reserve builds on select emerging market client downgrades.
Now moving on to Commercial Banking on Page 6. Commercial Banking reported net income of $937 million and an ROE of 16%. Revenue of $2.2 billion was down 3% year-on-year with lower NII, driven by lower deposit margin, partially offset by higher noninterest revenue due to strong investment banking performance. Gross Investment Banking revenues were $700 million, up 20% year-on-year on increased M&A and equity underwriting activity, and we saw revenues increase for both large deals and flow business with a record quarter in middle market. Expenses of $881 million were up 3% year-on-year as investments in the business were largely offset by lower FDIC charges. Deposit balances were up 3% year-on-year on strong client flows. Loan balances were flat year-on-year across both C&I and CRE. In C&I, while we are seeing pockets of growth in select industries, like financial institutions, technology and energy, there does continue to be significant runoff in our tax exempt portfolio. And in CRE, although there was higher origination activity in Commercial Term Lending, it was largely offset by declines in real estate banking as we remain selective given where we are in the cycle.
Finally, credit costs were $67 million with a net charge-off rate of 9 basis points. Now on to Asset & Wealth Management on Page 7. Asset & Wealth Management reported net income of $668 million with pretax margin of 25% and ROE of 24%. Revenue of $3.6 billion for the quarter was flat year-on-year as the impact of higher average market levels as well as deposit and loan growth were offset by deposit margin compression. Expenses of $2.6 billion were up 1% year-on-year on continued investments in technology and advisers, partially offset by lower distribution and legal fees. Credit costs were $44 million, driven by net charge-offs as well as reserve builds on loan growth. For the quarter, we saw net long-term inflows of $40 billion, driven by fixed income, and net liquidity inflows of $24 billion. AUM of $2.2 trillion and overall client assets was $3.1 trillion, both record, were up 8% and 7%, respectively, driven by cumulative net inflows into long-term and liquidity products as well as higher market levels. Deposits were up 4% year-on-year, driven by growth in interest-bearing products. Finally, we had record loan balances, up 7% with strength in both wholesale and mortgage lending. Now on to Corporate on Page 8.
Corporate reported net income of $393 million. Revenue was $692 million, up $795 million year-on-year, primarily due to higher net interest income driven by higher balances and balance sheet mix as well as the funding offset from the lower mortgage loan sale that I mentioned earlier, all of which was partially offset by lower rates. This quarter also included small net gains in certain legacy private equity investments compared to approximately $200 million of net losses in the prior year. And expenses of $281 million were up $253 million year-on-year, primarily due to higher investments in technology and a prior year net legal benefit. Finally, turning to Page 9 and the outlook. Our full year outlook remains in line with previous guidance. We expect net interest income to come in slightly below $57.5 billion, based on the latest implieds; and adjusted expenses to be approximately $65.5 billion. So to wrap up, the U.S. economy is on solid footing. And while global growth is slowing, the U.S. consumer remains healthy. Despite continued macro uncertainty and headwinds from the rate environment, this quarter showcases the diversification and scale of our business model. We remain well positioned to outperform in any environment, and we'll continue to strategically invest in our businesses. And with that, operator, please open the line for Q&A.