In contrast, credit card balances were up 13% year-over-year, largely due to higher client spending, particularly in restaurants and travel.

Mar 1, 2023 / CFO / receipt, needs a key / Nadine Ahn, CFO | earnings call 2023-03-01 | transcript 72abb521-7790-4250-bdf8-49abb45c9972 | chars 6057-6197 | segment 6

Inflationary pressures combined with costs to support client acquisition and relationships resulted in higher marketing and travel costs.

Nov 30, 2022 / CFO / receipt, needs a key / Nadine Ahn, CFO | earnings call 2022-11-30 | transcript 6d9fa957-6b58-4d1e-840b-949de7f0a10c | chars 19544-19681 | segment 20

We've also seen an upward trend in revenue-related business development costs with this travel, as we look to meet the complex needs of our clients across our businesses.

Aug 24, 2022 / CFO / receipt, needs a key / Nadine Ahn, CFO | earnings call 2022-08-24 | transcript a8423c6b-56f0-4dde-ba7b-065ee373b13c | chars 17240-17410 | segment 17

We also saw an increase in marketing and travel costs compared to levels in the first half of 2021.

Feb 24, 2022 / CFO / receipt, needs a key / Nadine Ahn, CFO | earnings call 2022-02-24 | transcript 467df526-91e6-4f98-8b9f-1520cecb510e | chars 16398-16497 | segment 16

Higher card service revenue in Canadian banking reflected Canadians' increased spending on travel and entertainment heading into the holiday season.

Dec 1, 2021 / CFO / receipt, needs a key / Nadine Ahn, CFO | earnings call 2021-12-01 | transcript 25c6d362-8124-406a-ac35-069251b8d4bd | chars 18410-18558 | segment 18

However, corporate travel costs are expected to remain below pre-pandemic levels in the near term.

Dec 1, 2021 / CFO / receipt, needs a key / Nadine Ahn, CFO | earnings call 2021-12-01 | transcript 25c6d362-8124-406a-ac35-069251b8d4bd | chars 19982-20080 | segment 20