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Representing Prudential on today's call are Charlie Lowrey, chairman and CEO; Rob Falzon, vice chairman; Andy Sullivan, head of international businesses, and PGIM, our global investment manager; Caroline Feeney, head of US businesses; Yanela Frias, chief financial officer; and Rob Axel, controller and principal accounting officer.
Overall, 2024 started off as a tremendously successful year, taking into account our bitcoin purchases and appreciation of our bitcoin holdings year to date. Bitcoin ETPs also benefit from this, offset by the managementfees that are charged for those products. million for the quarter.
Representing Prudential on today's call are Charlie Lowrey, chairman and CEO; Rob Falzon, vice chairman; Andy Sullivan, head of the international businesses and PGIM, our global investment manager; Carolyn Feeney; head of U.S. businesses; Yanela Frias, chief financial officer; and Rob Axel, controller and principal accounting officer.
We think five-year measurement periods do a good job of demonstrating our commitment to long-term accomplishments and accountability. Our large account risk managed errors and emissions and directors and officers' lines within professional liability. We also hope that the report provides clarity as to how we measure progress.
Representing Prudential on today's call are Charlie Lowrey, chairman and CEO; Rob Falzon, vice chairman; Andy Sullivan, head of international businesses and PGIM, our global investment manager; Caroline Feeney, head of U.S. businesses; Ken Tanji, chief financial officer; and Rob Axel, comptroller and principal accounting officer.
Card outstandings were up 11% due to strong account acquisition and the continued normalization of revolve. Asset and wealth management reported net income of $1.4 And a little different than some of the other people just trading for their own account. Turning to Card Services and Auto. Expenses of $9.6 We're going to do it.
Card outstandings were up 18% year on year, which was the result of revolver normalization and strong new account growth. Asset and wealth management reported a net income of 1.1 billion was up 8% year on year, driven by higher deposit margins on lower balances and higher managementfees on strong net inflows.
Representing Prudential on today's call are Charlie Lowrey, chairman and CEO; Rob Falzon, vice chairman; Andy Sullivan, head of international businesses and PGIM, our global investment manager; Caroline Feeney, head of U.S. Businesses; Ken Tanji, chief financial officer; and Rob Axel, controller and principal accounting officer.
We will adopt the new FASB Fair Accounting Rule, which will require fair value treatment for bitcoin holdings when the rule takes effect in Q1 2025. Management uses BTC to evaluate capital allocation decisions and to measure the achievement of our strategy. A lot of companies have adopted fair value accounting this year.
And it does not take into account debt and other liabilities. Our strategy of acquiring Bitcoin in a manner we believe to be accretive to shareholders, thereby achieving Bitcoin yield, sets us apart from institutional Bitcoin investment options that charge a managementfee, and we therefore achieve a negative Bitcoin yield as we measure it.
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