Non-interest revenue increased $7 million from the second quarter a year ago to $1,846 million. Adjusted non-interest revenue increased $78 million or 4% to $1,836 million. Adjusting items in non-interest revenue relate to the run-off of structured credit activities, which are reflected in trading revenues recorded in Corporate Services. There was an improvement in adjusted trading revenues, primarily due to increased revenue from interest rate activities. There was good growth in mutual fund revenues and lending fees. There were declines in Insurance revenues, primarily due to unfavourable movements in long-term interest rates, and underwriting and advisory fees, due to lower new issuance volumes in the current quarter and the closing of several particularly large advisory transactions in the prior year.
Relative to the first quarter, non-interest revenue decreased $19 million or 1%, and adjusted non-interest revenue decreased $21 million or 1%. Underwriting, lending and advisory fees declined from the high levels of the first quarter. Insurance revenues were appreciably lower, primarily due to unfavourable movements in long-term interest rates relative to the prior quarter. The above reductions were offset in part by increases in most other types of non-interest revenue.
Year to date, non-interest revenue increased $73 million or 2% to $3,711 million. Adjusted non-interest revenue increased $284 million or 8% to $3,693 million. There was strong growth in trading revenues, mutual fund revenues, lending fees including fees in the U.S. business, and underwriting and advisory fees.
Non-interest revenue is detailed in the unaudited interim consolidated financial statements.
Adjusted results in this section are non-GAAP amounts or non-GAAP measures. Please see the Non-GAAP Measures section.
Non-interest expense increased $69 million or 3% from the second quarter a year ago to $2,568 million. Adjusted non-interest expense increased $45 million or 2% to $2,402 million primarily due to higher employee-related costs including higher revenue-based costs in select businesses, in line with revenue growth, increased operating costs due to recent acquisitions and select initiative spending. These factors were partially offset by savings from a continued focus on productivity. The stronger U.S. dollar increased adjusted expense growth by $21 million or 1%.
Relative to the first quarter, non-interest expense decreased $22 million or 1%. Adjusted non-interest expense decreased $62 million or 2%, primarily due to fewer days and employee compensation costs in respect of employees that are eligible to retire, which are expensed each year in the first quarter. These factors were partially offset by increased professional fees, and communication and premises costs. The stronger U.S. dollar increased adjusted expense growth by $18 million or 1%.
Year-over-year operating leverage on a reported basis was negative 3.2% and adjusted operating leverage was negative 1.0%. Adjusted quarter-over-quarter operating leverage was essentially break even.
Non-interest expense for the year to date increased $105 million or 2% to $5,158 million. Adjusted non-interest expense increased $131 million or 3% to $4,866 million, primarily due to higher employee-related costs including higher performance-based compensation, in line with higher revenues in select businesses. The stronger U.S. dollar increased adjusted expense growth by $6 million.
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