Bank of Montreal (BMO) 2025 Q3 法說會逐字稿

(Operator Instructions)

（操作說明）

Good morning and welcome to the BMO Financial Group's Q3 2025 earnings release and conference call for August 26, 2025. Your host for today is Christine Viau. Please go ahead.

早安，歡迎參加 BMO 金融集團 2025 年第三季財報發表會及電話會議，會議將於 2025 年 8 月 26 日舉行。今天的主持人是克莉絲汀·維奧。請繼續。

Thank you. We will begin today's call with remarks from Darryl White, BMO's CEO; followed by Tayfun Tuzun, our Chief Financial Officer; and Piyush Agrawal, our Chief Risk Officer. Also present to answer questions are our group heads Mat Mehrotra, Canadian Personal and Business Banking; Sharon Haward-Laird, Canadian Commercial Banking; Aron Levine, US Banking; Alan Tannenbaum, BMO Capital Markets; Deland Kamanga, BMO Wealth Management; and Darrel Hackett, BMO US CEO.

謝謝。今天的電話會議將首先由 BMO 執行長 Darryl White 致詞；隨後是財務長 Tayfun Tuzun 和首席風險長 Piyush Agrawal 的發言。出席並回答問題的還有我們的各部門負責人：加拿大個人及商業銀行業務負責人 Mat Mehrotra；加拿大商業銀行業務負責人 Sharon Haward-Laird；美國銀行業務負責人 Aron Levine；BMO 資本市場負責人 Alan Tannenbaum；BMO 財富管理負責人 Deland Kamanga；以及 BMO 美國首席執行官 Darrel Hackett。

(Event Instructions)

（活動須知）

As noted on slide 2, forward-looking statements may be made during this call, which involve assumptions that have inherent risks and uncertainties. Actual results could differ materially from these statements. I would also remind listeners that the bank uses non-GAAP financial measures to arrive at adjusted results. Management measures performance on a reported and adjusted basis and considers both to be useful in assessing underlying business performance. Darryl and Tayfun will be referring to adjusted results in their remarks unless otherwise noted as reported.

如投影片 2 所述，本次電話會議中可能會做出前瞻性陳述，這些陳述涉及具有固有風險和不確定性的假設。實際結果可能與這些說法有重大差異。我還要提醒聽眾，該銀行使用非GAAP財務指標來得出調整後的表現。管理階層以報告和調整後的方式衡量業績，並認為這兩種方式都有助於評估潛在的業務績效。除非另有說明，Darryl 和 Tayfun 在演講中將提及調整後的結果。

And now I'll turn the call over to Darryl.

現在我把電話交給達裡爾。

Thank you, Christine, and good morning, everyone. This morning we announced another quarter of strong earnings growth and progress against our ROE rebuild objective. Third quarter earnings per share increased 22% to $3.23 and net income of $2.4 billion was the second highest quarter on record. Pre-provision pre-tax earnings of $4 billion were up 13% with good contribution from every operating group.

謝謝你，克里斯汀，大家早安。今天上午，我們宣布了另一個季度強勁的獲利成長，並在實現 ROE 重建目標方面取得了進展。第三季每股收益成長 22% 至 3.23 美元，淨利 24 億美元，創歷史第二高季紀錄。撥備前稅前利潤為 40 億美元，成長 13%，各營運部門均做出了良好貢獻。

Credit was well managed with lower provisions compared with last year and last quarter. Our CET1 ratio of 13.5% remains strong as we continue to execute share buybacks to return excess capital to our shareholders with ample flexibility to deploy our balance sheet to support client growth.

信貸管理良好，撥備低於去年同期及上一季。我們13.5%的CET1比率依然強勁，我們繼續執行股票回購，將多餘的資本返還給股東，並擁有充足的靈活性來運用我們的資產負債表來支持客戶成長。

We continue to invest to drive sustainable growth across our businesses, including our recently announced acquisition of Burgundy Asset Management.

我們將繼續投資，以推動旗下各項業務的永續成長，包括我們最近宣布收購的勃根地資產管理公司。

Return on equity improved to 12% for the quarter. Execution against each of our ROE rebuild strategies, US P&C improvement, normalizing PCL, overall operating performance and capital optimization is driving tangible results.

本季股本回報率提高至 12%。我們對每項 ROE 重建策略、美國財產和意外傷害業務改進、PCL 正常化、整體營運績效和資本優化的執行，都帶來了切實可見的成果。

Year-to-date, revenue growth was 12% and PPPT is up 19% with strong all bank operating leverage of 4.7%. We've now delivered positive operating leverage for six consecutive quarters, and we expect continued PCL normalization to support ROE going forward. This remains our number one imperative, and Tayfun will elaborate further.

今年迄今為止，營收成長了 12%，PPPT 成長了 19%，所有銀行的營運槓桿率均達到 4.7%。我們已經連續六個季度實現了正向經營槓桿，我們預計持續的PCL正常化將支持未來的ROE。這仍然是我們的首要任務，Tayfun 將進一步闡述。

We achieved these results in what remains an uncertain economic environment. In recent months, some trade-related risks to the North American economy have eased, though the final outcome is unclear and geopolitical challenges persist.

我們在經濟環境依然不明朗的情況下取得了這些成果。近幾個月來，北美經濟面臨的一些與貿易相關的風險有所緩解，但最終結果尚不明朗，地緣政治挑戰仍然存在。

Canada's economy is navigating a period of modest growth amid shifting policy and global trade pressures. Most industries remain USMCA compliant, and government programs are beginning to roll out to support the most impacted industries, limiting the negative impact. Despite slower job growth, consumer spending has remained resilient.

在政策變遷和全球貿易壓力的雙重壓力下，加拿大經濟正經歷一段溫和增長期。大多數產業仍符合美墨加協定，政府計畫也開始推出，以支持受影響最大的產業，從而限制負面影響。儘管就業成長放緩，但消費者支出依然保持韌性。

For the US, despite headwinds from higher interest rates and tariffs, strong corporate earnings, a resilient labor market, and continued consumer spending have helped maintain resilience in the US economy and should support growth in 2026.

對美國而言，儘管面臨利率上升和關稅上漲等不利因素，但強勁的企業盈利、韌性十足的勞動力市場以及持續的消費支出，幫助維持了美國經濟的韌性，並應能支持2026年的增長。

This quarter we announced important changes to our organizational structure in US banking to accelerate our performance even further. We've brought together our US personal and business banking, commercial and wealth management businesses under the leadership of Aron Levine. Aron brings three decades of US banking experience and will lead our go to market strategy, optimizing the strength and scale of all three businesses to drive greater synergies and superior one client service.

本季度，我們宣布對美國銀行業務的組織結構進行重大調整，以進一步提升業績。我們已將美國個人和商業銀行、商業和財富管理業務整合到 Aron Levine 的領導下。Aron 擁有三十年的美國銀行業經驗，他將領導我們的市場策略，優化這三項業務的實力和規模，以推動更大的協同效應和更優質的一站式客戶服務。

We've also announced new co-leaders in Canadian PNC with Mat Mehrotra leading Canadian Personal and Business banking, and Sharon Haward-Laird leading Canadian Commercial Banking, as well as North American Integrated Solutions, including Treasury and payments, cards, and customer connect centers. These changes reflect both BMO’s deep strength in talent development and our ability to attract exceptional leaders.

我們還宣布了加拿大 PNC 的新聯合領導人，Mat Mehrotra 將領導加拿大個人和商業銀行業務，Sharon Haward-Laird 將領導加拿大商業銀行業務以及北美綜合解決方案業務，包括財務和支付、銀行卡和客戶服務中心。這些變化既體現了BMO在人才培育方面的雄厚實力，也體現了我們吸引傑出領導者的能力。

Turning now to highlights in each of our businesses, in Canadian Personal Banking, we continue to drive top tier high quality customer growth with deep relationships. BMO’s checking account growth is nearly double the industry benchmark as measured by Argus Advisory driven by strong acquisition. These results are underpinned by robust digital and branch performance fueled by the strength of our data and marketing capabilities and our commitment to real financial progress for our customers.

現在讓我們來看看我們各項業務的亮點。在加拿大個人銀行業務方面，我們透過與客戶建立深厚的聯繫，持續推動一流優質客戶的成長。根據 Argus Advisory 的測量，BMO 的支票帳戶成長幾乎是業界基準的兩倍，這主要得益於強勁的收購。這些成果得益於我們強大的數據和行銷能力，以及我們致力於為客戶帶來真正的財務進步，從而實現了穩健的數位化和分支機構業績。

For example, our market leading savings amplifier account has now surpassed $12 billion in deposits, attracting another $2 billion since last quarter. And we recently launched BMO Preferred Program for investors designed to help families build and preserve their wealth with reduced fees and personalized financial guidance.

例如，我們市場領先的儲蓄加值帳戶存款額已超過 120 億美元，自上一季以來又吸引了 20 億美元存款。我們最近推出了 BMO Preferred 計劃，旨在透過降低費用和提供個人化的財務指導，幫助家庭累積和保全財富。

This innovative program is attracting good mutual fund flows of $1.4 billion to date while deepening customer relationships and growing households.

這項創新計畫迄今已吸引了 14 億美元的優質共同基金流入，同時加深了客戶關係並擴大了家庭規模。

Canadian commercial banking had broad-based loan and deposit growth over the last year. We're seeing a pickup in conversations as clients gain greater clarity on the environment and prepare to move forward on their business plans. Client growth remains steady, supported by increased referrals between commercial wealth and capital markets, and continued momentum and digital engagement.

過去一年，加拿大商業銀行的貸款和存款均實現了全面成長。隨著客戶對市場環境有了更清晰的了解，並準備推進其商業計劃，我們看到相關對話增加。在商業財富和資本市場之間轉介增加、持續成長動能和數位化參與的推動下，客戶成長保持穩定。

Our integrated treasury and payment solutions delivered strong performance with fee revenue of 23% year-to-date across our North American platform.

我們的一體化財資和支付解決方案表現強勁，北美平台今年迄今的費用收入成長了 23%。

In US P&C, continued momentum and PPPT growth reflects strong positive operating leverage through disciplined, expense management, and balance sheet optimization. ROE is improving, and the changes to our structure I mentioned earlier will help accelerate our progress going forward.

在美國財產和意外保險領域，持續的成長動能和每千次展示利潤率 (PPPT) 的成長反映了透過嚴格的費用管理和資產負債表優化實現的強勁的積極經營槓桿作用。淨資產收益率正在提高，我之前提到的結構調整將有助於加速我們未來的發展。

We continue to see good client acquisition in US P&BB in both the Midwest and West markets, with over 90% coming from new checking clients, including 8% year over year growth in checking account acquisitions in our West markets.

我們繼續看到美國 P&BB 在中西部和西部市場獲得良好的客戶成長，其中 90% 以上的客戶來自新的支票帳戶客戶，西部市場的支票帳戶新增數量較去年同期成長 8%。

In US commercial banking, client engagement is strong even as borrowers remain cautious amid policy uncertainty. In our emerging middle markets business, one of our highest return segments, we've deployed enhanced tools for faster, more predictable loan decisioning and deeper client insights which are driving quality originations.

在美國商業銀行業，儘管政策不確定性導致借款人保持謹慎，但客戶參與度仍然很高。在我們新興的中端市場業務中，這是我們回報率最高的業務部門之一，我們部署了增強型工具，以實現更快、更可預測的貸款決策和更深入的客戶洞察，從而推動高品質的貸款發放。

One client referrals between this segment and wealth management are up 27% over last year, and fee income from treasury and payments continues to perform strongly. Our premium commercial banking franchise was again recognized by World Finance magazine as the best commercial bank in both Canada and the United States.

該業務部門與財富管理部門之間的客戶推薦量比去年增長了 27%，資金管理和支付業務的費用收入繼續保持強勁增長。我們的高端商業銀行特許經營權再次被《世界金融》雜誌評為加拿大和美國最好的商業銀行。

We were also named the best private bank in Canada for the 15 year in a row, a testament to the exceptional service and strategic expertise our teams deliver.

我們也連續15年被評為加拿大最佳私人銀行，證明了我們團隊提供的卓越服務和策略專長。

BMO Wealth Management had a strong quarter with record revenue in wealth and asset management delivered by continued growth in net new assets as we continue to strategically invest in talent and innovative products.

BMO財富管理本季表現強勁，財富和資產管理收入創歷史新高，這得益於淨新增資產的持續成長，因為我們持續對人才和創新產品進行策略性投資。

The announced acquisition of Burgundy Asset Management will further expand BMO's Wealth Management and financial planning capabilities. Upon closing, we will be adding one of Canada's most respected independent investment managers known for its high caliber team, rigorous investment process, and dedicated service to private clients, institutions, and family offices. We look forward to welcoming BMO'S teams and clients to BMO.

此次宣布收購勃根地資產管理公司將進一步擴大BMO的財富管理和財務規劃能力。交易完成後，我們將迎來加拿大最受尊敬的獨立投資管理公司之一，該公司以其高素質的團隊、嚴格的投資流程以及對私人客戶、機構和家族辦公室的專注服務而聞名。我們期待BMO的團隊和客戶加入BMO大家庭。

In BMO Capital Markets, PPPT has consistently been strong this year. The third quarter benefited for strong underwriting and advisory fees as we captured more mandates and executed on pipelines that had been building. We're winning more lead positions as we maintain a consistent focus on building talent and capabilities to support client needs.

今年以來，BMO資本市場的PPPT一直表現強勁。第三季受益於強勁的承銷和諮詢費收入，因為我們獲得了更多委託，並執行了先前一直在累積的專案。我們持續專注於培養人才和提升能力以滿足客戶需求，因此贏得了更多領先地位。

Trading revenue was strong across products driven by our ability to respond quickly to evolving market conditions and client demand. In the US we saw good momentum in mid-market investment banking activity, and we're well positioned for profitable growth in the markets where we compete.

由於我們能夠快速回應不斷變化的市場狀況和客戶需求，各產品的交易收入表現強勁。在美國，我們看到中端市場投資銀行業務發展勢頭良好，我們在所競爭的市場中已做好充分準備，以實現獲利成長。

Across our businesses, we continue to invest and deploy digital and AI capabilities to drive value in our businesses and for our clients, balancing innovation with disciplined risk management. We're seeing tangible value from AI in several areas including decisioning, customer experience, software development, and employee productivity.

在我們的各項業務中，我們持續投資並部署數位化和人工智慧能力，以推動我們自身業務和客戶的價值成長，並在創新與嚴謹的風險管理之間取得平衡。我們已經看到人工智慧在多個領域帶來了切實的價值，包括決策、客戶體驗、軟體開​​發和員工生產力。

We recently launched Lumi Assistant BMO's award winning AI powered tool that equips frontline teams with real-time simplified access to critical policy and process information to provide advice and guidance to clients.

我們最近推出了 Lumi Assistant，這是 BMO 屢獲殊榮的 AI 驅動工具，它為一線團隊提供即時簡化的關鍵政策和流程資訊訪問，以便為客戶提供建議和指導。

This quarter we also received the 2025 Celent Model Bank Award for payments innovation for five separate digital payments and client experience initiatives. Our strong performance this quarter is evidence of consistent execution on our plan to rebuild ROE while continuing to manage risk effectively. Investments we've made in the business paired with BMO's award winning culture with industry leading employee engagement are helping to power the progress we make for our clients, colleagues, and the communities we serve.

本季度，我們也憑藉五個獨立的數位支付和客戶體驗計劃，獲得了 2025 年 Celent 模範銀行支付創新獎。本季強勁的業績證明了我們在重建淨資產收益率的同時，持續有效地管理風險，並始終堅持執行計劃。我們對業務的投資，加上 BMO 屢獲殊榮的企業文化和行業領先的員工敬業度，正在幫助我們為客戶、同事和我們所服務的社區取得進步。

With that, I will turn it over to Tayfun.

接下來，我將把麥克風交給泰豐。

Thank you, Darryl. Good morning and thank you for joining us. My comments will start on slide 8.

謝謝你，達裡爾。早安，感謝各位的參與。我的評論將從第8張幻燈片開始。

Third quarter reported EPS was $3.14 and net income was $2.3 billion. Adjusting items are shown on slide 39. The remainder of my comments will focus on adjusted results.

第三季公佈的每股收益為 3.14 美元，淨利潤為 23 億美元。調整項目請見投影片 39。接下來我的評論將主要集中在調整後的結果。

We delivered strong earnings growth with adjusted EPS of $3.23 up from $2.64 last year, and net income of $2.4 billion up 21%, driven by strong PPPT growth of 13% and lower PCLs. Revenues increased 10% with broad-based growth across all businesses, including strong fee growth and wealth and capital markets and continued NIM expansion.

我們實現了強勁的獲利成長，調整後每股收益為 3.23 美元，高於去年的 2.64 美元，淨收入為 24 億美元，成長 21%，這主要得益於 13% 的強勁的按月利潤增長和較低的商品及服務稅負。收入成長了 10%，所有業務均實現全面成長，包括強勁的費用成長、財富和資本市場業務成長以及淨利差的持續擴大。

Expenses grew 7%, and we delivered positive operating leverage of 2.9%. Total PCL decreased $109 million from the prior year with lower impaired and performing provisions. Piyush will speak to this in his remarks.

支出成長了 7%，但我們實現了 2.9% 的正經營槓桿。由於減損準備和正常撥備減少，PCL 總額較上年減少 1.09 億美元。皮尤什將在演講中談到這一點。

Moving to slide 9, we are firmly advancing towards our 15% medium term ROE target for BMO and 12% target for US P&C.

翻到第 9 張投影片，我們正穩步朝著 BMO 15% 的中期 ROE 目標和美國財產及意外傷害保險 12% 的目標邁進。

Over the past three quarters, we have been executing across each of the four key initiatives, which has resulted in 130 basis points of improvement to 11.1% year-to-date.

在過去的三個季度裡，我們一直在執行四項關鍵舉措，這使得年初至今的業績提高了 130 個基點，達到 11.1%。

US P&C ROE increased to 7.5% year-to-date, driven by PPPT growth of 6% and positive operating leverage, lower impaired PCLs and progress on balance sheet optimization initiatives. The overall impaired PCL ratio continued to moderate from the peak Q4 last year, and credit migration continued to improve, supporting ROE going forward.

美國財產及意外傷害險淨資產收益率今年迄今已增至 7.5%，主要得益於 6% 的單位利潤增長、積極的經營槓桿、較低的不良資產負債表以及資產負債表優化計劃的進展。整體不良貸款率從去年第四季的高峰持續回落，信貸遷移情況持續改善，這將對未來的淨資產收益率起到支撐作用。

Operating performance has been strong across our businesses, with good PPPT growth in each of the operating groups and positive operating leverage of 4.7% year-to-date.

我們各業務的經營業績表現強勁，各經營集團的每千次展示利潤率均實現了良好的成長，年初至今的經營槓桿率為 4.7%。

And lastly, we remain diligent in our capital optimization initiatives as we continue to allocate resources to higher return businesses, including our announced acquisition of Burgundy Asset Management, while returning excess capital to our shareholders.

最後，我們將繼續認真推動資本優化計劃，並持續將資源分配給回報更高的業務，包括我們宣布收購勃根地資產管理公司，同時將多餘的資本回饋給股東。

Overall, we are pleased with the progress we are making on increasing our returns, and we will continue to provide updates across these key initiatives in future quarters.

總體而言，我們對在提高收益方面取得的進展感到滿意，未來幾季我們將繼續就這些關鍵舉措提供最新資訊。

Moving to slide 10, average loans grew 2% year over year, driven by growth in residential mortgages and commercial loans in Canada. US commercial loans declined from last year, primarily due to muted loan demand across the industry, and declined from last quarter as new originations were offset by reduced exposures in low ROE relationships.

翻到第 10 張投影片，平均貸款額年增 2%，這主要得益於加拿大住宅抵押貸款和商業貸款的成長。美國商業貸款較去年下降，主要原因是整個行業的貸款需求疲軟；較上一季也有所下降，因為新增貸款被低 ROE 貸款風險的減少所抵消。

Customer deposits were up 3% from last year, with good growth in Canadian everyday banking and commercial operating balances, partly offset by lower term deposits, as well as higher balances in wealth and capital markets. US personal deposits declined due to lower non-core customer deposits.

客戶存款較去年增長 3%，加拿大日常銀行和商業營運餘額增長良好，但定期存款減少以及財富和資本市場餘額增加部分抵消了這一增長。由於非核心客戶存款減少，美國個人存款下降。

Turning to slide 11, on an ex-trading basis, net interest income was up 9% from the prior year with good growth in all operating groups supported by continued margin expansion.

翻到第 11 張投影片，以非交易基礎計算，淨利息收入比上年增長 9%，所有營運集團均實現良好成長，利潤率持續擴張。

NIM ex. trading was up 16 basis points year over year and up 2 basis points sequentially. In Canadian P&C, NIM increased 1 basis points, reflecting higher deposit margins, partially offset by loan growth exceeding deposit growth.

扣除交易後的淨利差較去年同期上升 16 個基點，較上季上升 2 個基點。在加拿大財產和意外傷害保險領域，淨利差增加了 1 個基點，反映出存款利潤率的提高，但部分被貸款成長超過存款成長所抵銷。

US P&C NIM was flat as higher deposit margins, including the benefit from deposit optimization activity, was offset by the impact of lower deposit balances and loan margins. We anticipate continued margin stability at the all bank level in the fourth quarter, based on the current market expectations and supported by our disciplined, deposit management and asset mix improvements.

美國財產險淨利差持平，因為存款利潤率的提高（包括存款優化活動帶來的好處）被存款餘額和貸款利潤率的下降所抵消。根據目前的市場預期，以及我們嚴格的存款管理和資產組合改善措施，我們預計第四季度所有銀行的利潤率將繼續保持穩定。

Turning to slide 12, non-interest revenue was up 3% from the prior year and up 11%, excluding trading, driven by strong wealth management and underwriting and advisory fees in capital markets, as well as continued deposit fee growth in our treasury and payment solutions business. We also benefited from a gain on the sale of a non-strategic portfolio of insurance contracts during the current quarter.

翻到第 12 張投影片，非利息收入比上年增長 3%，若不計交易收入，則增長 11%，這主要得益於資本市場中強勁的財富管理、承銷和諮詢費用，以及我們財資和支付解決方案業務中存款費用的持續增長。本季度，我們也受惠於出售非策略性保險合約組合所獲得的收益。

Moving to slide 13. Expenses were up 7% from the prior year driven by higher employee-related costs, and 4%, excluding performance-based compensation. Our consistent approach to managing expenses in line with revenue growth has delivered consistent positive operating leverage and efficiency improvements.

切換到第13張投影片。受員工相關成本增加的影響，支出比前一年增加了 7%；若不計入績效工資，則增加了 4%。我們始終堅持根據收入成長來管理費用，從而持續帶來正面的經營槓桿效應和效率提升。

And while we anticipate a typical fourth quarter sequential uptick in expenses, our ongoing commitment to positive offering leverage remains intact.

儘管我們預計第四季度支出將出現典型的環比成長，但我們對積極融資槓桿的持續承諾仍然不變。

Turning to slide 14, our CET1 ratio of 13.5% remained unchanged from last quarter, reflecting good internal capital generation, offset by share repurchases and moderate growth in source currency RWA. We completed 6 million share repurchases during the quarter and 15.7 million shares to date as of August.

翻到第 14 張投影片，我們的 CET1 比率為 13.5%，與上一季相比保持不變，反映出良好的內部資本產生，但被股票回購和來源貨幣 RWA 的溫和成長所抵消。本季我們完成了 600 萬股股票回購，截至 8 月，累計回購股票達 1,570 萬股。

Given the strength of our capital position, we announced our intention to initiate a new normal course issuer bid in September, pending regulatory approval for up to an additional 30 million shares.

鑑於我們雄厚的資本實力，我們宣布計劃在 9 月啟動新的正常發行人要約收購，待監管部門批准後，最多可增發 3,000 萬股股票。

Moving to the operating groups and starting on slide 15. Canadian P&C net income was down 5% year over year as good PPPT growth of 6% was more than offset by an increase in PCLs. Revenue of $3.1 billion was up 6%, driven by higher net interest income, reflecting balanced growth in loans and deposits, and higher margins, partially offset by lower non-interest revenue. Expense growth of 7% reflected higher technology and employee-related costs.

接下來進入營運組部分，從第 15 頁開始。加拿大財產和意外險淨收入年減 5%，儘管按月付費的良好成長（6%）被財產損失增加所抵銷。營收達 31 億美元，成長 6%，主要得益於淨利息收入增加，反映了貸款和存款的均衡成長以及利潤率提高，但部分被非利息收入下降所抵消。支出成長7%反映了技術和員工相關成本的增加。

Moving to US P&C on slide 16. My comments here will speak to the US dollar performance. Net income increased by 42% with strong PPPT growth of 10%, positive operating leverage of 5%, and lower PCLs. Revenue growth was driven by higher deposit margins, more than offsetting lower deposit and loan balances, and higher deposit fee revenue in both personal and commercial banking.

第 16 頁轉到美國財產和意外傷害保險。我在這裡的評論將著重於美元的表現。淨利潤成長了 42%，其中 PPPT 成長強勁，達到 10%，營運槓桿為正值，達到 5%，且 PCL 降低。收入成長主要得益於存款利潤率的提高，足以抵銷存款和貸款餘額的下降，以及個人和商業銀行業務存款手續費收入的增加。

Expenses were lower compared with the prior year as lower technology and advertising spend was partially offset by higher employee-related costs.

與前一年相比，支出有所減少，原因是技術和廣告支出減少的部分被員工相關成本增加部分抵消。

Following the change to our US organizational structure, beginning in the fourth quarter, we will be combining the financial results from US wealth management with our US personal and commercial business.

隨著我們美國組織結構的調整，從第四季度開始，我們將把美國財富管理業務的財務表現與美國個人和商業業務的財務表現合併。

Moving to slide 17. BMO wealth management net income was up 21% from last year, driven by strong revenue and wealth and asset management, up to 11% from higher markets, continued growth in net sales, and higher loans and deposits. Insurance revenue increased due to the gain on sale on mentioned earlier. Expense growth of 8% was driven by employee-related expenses, including higher revenue-based costs.

切換到第17張投影片。BMO財富管理淨收入較去年增長21%，主要得益於強勁的收入和財富及資產管理業務，其中市場走高，淨銷售額持續增長，貸款和存款增加，淨收入增長高達11%。由於先前提到的出售收益，保險收入增加。支出成長 8% 是由員工相關支出（包括更高的收入相關成本）推動的。

Moving to slide 18. BMO Capital Market's net income was up 12%, driven by PPPT growth of 3% and lower PCLs. Revenue was up 7%, reflecting good performance in global markets, driven by increases in debt and equity insurances and higher trading revenue.

切換到第18張投影片。BMO Capital Market 的淨收入成長了 12%，主要得益於 PPPT 成長 3% 和 PCL 下降。營收成長 7%，反映出全球市場的良好表現，這主要得益於債務和股權保險的增加以及交易收入的成長。

Growth and investment and corporate banking revenue was primarily due to higher underwriting and advisory fees, as we saw good improvement in client activity during the quarter. Expenses were up 9%, mainly driven by higher employee-related expenses.

成長、投資和企業銀行業務收入主要歸功於承銷和諮詢費用的增加，因為我們在本季度看到了客戶活動的良好改善。支出增加了 9%，主要原因是員工相關支出增加。

Capital markets performance continues to align with the guidance that we gave at the beginning of the year as a moderation and trading activity has been offset by stronger underwriting and advisory fees, reflecting the strength of our diversified businesses.

資本市場表現繼續與我們年初給出的指導意見一致，交易活動的放緩已被承銷和諮詢費用的強勁增長所抵消，這反映了我們多元化業務的實力。

Turning now to slide 19. Corporate services net loss was $123 million reflecting higher revenue in the current quarter, partially offset by higher retained expenses. We expect a moderately higher corporate loss next quarter.

現在請看第19張投影片。企業服務淨虧損為 1.23 億美元，反映出本季收入增加，但部分被更高的留存支出所抵銷。我們預計下個季度企業虧損將略有增加。

In closing, we are pleased with the progress we delivered this past quarter. Revenue growth and expense management, along with further improvement in our credit performance, all continue to progress in line with the path toward our targets. The underlying fundamentals remain strong, and although the results will not always be linear, we remain firmly on track to deliver against our medium-term guidance.

最後，我們對上個季度的進展感到滿意。收入成長和費用控制，以及信貸表現的進一步改善，都在朝著我們的目標穩步前進。基本面依然強勁，雖然結果不會總是線性成長，但我們仍將穩定實現其中期目標。

As we end the year, we continue to focus on allocating resources to initiatives that will drive sustainable earnings growth while maintaining positive operating leverage. Collectively, the progress we have made so far and the future steps that we plan to execute gives us confidence in our ability to achieve our targets.

在年末之際，我們將繼續專注於將資源分配給能夠推動可持續獲利成長並維持積極經營槓桿的各項措施。總而言之，我們迄今為止的進展以及我們計劃執行的未來步驟，使我們有信心實現我們的目標。

I will now turn it over to Piyush.

現在我將把任務交給皮尤什。

Thank you, Tayfun, and good morning, everyone. Our credit performance this quarter was in line with expectations. Key credit metrics continue to normalize with slower migration rates and lower formations to watch list.

謝謝你，Tayfun，大家早安。本季我們的信貸表現符合預期。關鍵信用指標持續趨於正常化，遷移速度放緩，需要關注的機構數量減少。

Starting on slide 21. This quarter's total provision for credit losses was $797 million or 47 basis points. Impaired provisions of $773 million or 45 basis points were relatively stable compared to prior quarter.

從第21張投影片開始。本季信貸損失撥備總額為 7.97 億美元，即 47 個基點。減損撥備為 7.73 億美元，或 45 個基點，與上一季相比相對穩定。

Looking at the operating group results, Canadian personal and commercial banking impaired losses were $489 million up $13 million from prior quarter. This was driven by higher losses in the Canadian unsecured retail portfolios, reflective of unemployment and insolvency trends in Canada. We continue to take proactive measures to manage losses within these portfolios, including early engagement with customers.

從營運集團的表現來看，加拿大個人和商業銀行業務的減損損失為 4.89 億美元，比上一季增加了 1,300 萬美元。這是由於加拿大無擔保零售投資組合損失增加所致，反映了加拿大的失業和破產趨勢。我們繼續採取積極措施來管理這些投資組合中的損失，包括及早與客戶溝通。

In US personal and commercial banking, impaired losses were $240 million down $7 million by lower losses in the US commercial businesses. Capital markets impaired losses were $33 million up $5 million from prior quarter.

在美國個人和商業銀行業務中，減損損失為 2.4 億美元，比美國商業業務損失減少 700 萬美元。資本市場減損損失為 3,300 萬美元，比上一季增加 500 萬美元。

Turning to page 22, the performing provision on credit losses was a built of $24 million. While the macroeconomic outlook has become more positive vis a vis the environment after last quarter's tariff announcement, uncertainty remains around the impacts from trade policies as well as fiscal policy developments.

翻到第 22 頁，信貸損失的正常撥備已達 2,400 萬美元。儘管上一季關稅公告發布後，宏觀經濟前景相對於環境而言變得更加樂觀，但貿易政策和財政政策發展的影響仍存在不確定性。

Moreover, we continue to watch unemployment trends in Canada. All of these factors were considered in our performing allowance assessment for the quarter. With this $24 million bill, our performing allowance stands at $4.7 billion and coverage is strong at 70 basis points over performing loans.

此外，我們將繼續關注加拿大的失業趨勢。所有這些因素都已納入我們本季業績準備金評估的考量範圍。加上這筆 2,400 萬美元的帳單，我們的正常撥備金達到 47 億美元，覆蓋率比正常貸款高出 70 個基點，實力強勁。

Turning to slide 23, impaired formations of $1.8 billion were stable relative to prior quarter. Gross impaired loans increased to 3 basis points driven by higher impaired loans in Canadian commercial banking.

翻到第 23 頁，18 億美元的不良資產與上一季相比保持穩定。受加拿大商業銀行不良貸款增加的影響，總不良貸款率上升至 3 個基點。

Our impaired provisions have been trending down this year in line with our expectations. At the same time, we remain cautious of the full impact from the current tariff announcements have yet to flow through the economy, and the policy environment remains evolving. We are actively managing risks through discipline portfolio management and direct client engagement.

今年以來，我們的減損準備金一直呈下降趨勢，符合我們的預期。同時，我們仍然對目前關稅公告的全面影響尚未完全顯現到經濟中持謹慎態度，而且政策環境仍在不斷變化。我們透過嚴格的投資組合管理和直接的客戶溝通，積極管理風險。

We also expect monetary policy to be supportive. Against this backdrop, our prior guidance of high 40 basis points remains unchanged. The bank is adequately provisioned and has strong capital and liquidity levels to manage current and emerging risks.

我們也預期貨幣政策將予以支持。在此背景下，我們先前給出的40個基點以上的預期保持不變。該銀行撥備充足，資本和流動性水平強勁，足以應對當前和未來出現的風險。

I will now turn the call back to the operator for the Q&A portion of the call.

現在我將把電話轉回給接線員，進行問答環節。

(Operator instructions) Gabriel Dechaine, National Bank Financial.

（操作員指示）Gabriel Dechaine，國家銀行金融公司。

Just want to ask about the US, well, loan and revenue growth outlook. There's quite a few moving pieces in there. I know earlier in the year, the outlook was for a strong second half, but obviously, a lot of changed in the macro environment. So I'm just wondering what the updated view on loan growth would be?

我想問美國貸款和收入成長前景。這裡面牽涉的環節相當多。我知道今年早些時候，市場預期下半年會表現強勁，但顯然，宏觀環境發生了很大變化。所以我想知道目前對貸款成長的看法是什麼？

And if you can layer into that answer, the impact of I'll call it, de-banking, whatever you want to call it, because it sounds like there's some lending or client exposures that you're exiting because they don't meet your ROE targets. There was a story in the pressed last week that you're maybe looking to sell the Transportation Finance business. I don't think you want to comment specifically on that one, but may be generally. And yes, let's just go with that.

如果你能把「去銀行化」（或你想怎麼稱呼都行）的影響也考慮進去就更好了，因為聽起來你正在退出一些貸款或客戶敞口，因為它們沒有達到你的 ROE 目標。上週報紙上有一篇報導說，您可能正在考慮出售運輸金融業務。我認為你不想就此事發表具體評論，但或許可以發表一些總體看法。好的，就這麼定了。

Gabe, it's Darryl. Thanks for the question. I'll give it a start, and I might kick it over to Aaron actually and has made in voyage here to give us some perspectives as you said, a few weeks to look into these questions with us as well. So look, when you think about loan growth for us, I don't have to remind you this, but in general in the United States. We're talking more about wholesale loan growth than we are consumer loan growth.

Gabe，我是Darryl。謝謝你的提問。我先來談談，然後我可能會把它交給 Aaron，正如你所說，他已經來到這裡給我們提供了一些見解，他需要幾週時間和我們一起探討這些問題。所以你看，當我們考慮貸款成長時，我不用提醒你，但總的來說，在美國。我們現在更多是在討論批發貸款的成長，而不是消費貸款的成長。

And when I step back from it, I'm actually quite comfortable with where we are, and I'll explain to you why I say that. This has been, as you know, for a very long time for decades, one of our best businesses and one of our more competitive businesses across the US, our Commercial business and our Wholesale Capital Markets business. And we've been at this for decades. And so I've always considered this a power alley and I'm going to consider it a power alley for us as we go forward as well.

當我冷靜下來思考時，我對我們目前的處境其實相當滿意，我會向你解釋我為什麼這麼說。如您所知，幾十年來，商業業務和批發資本市場業務一直是我們在美國最優秀的業務之一，也是最具競爭力的業務之一。我們從事這項工作已經幾十年了。因此，我一直把這裡視為我們的優勢地帶，而且我也會繼續把它視為我們前進的優勢地帶。

At the present moment, I think what we're seeing is a combination of some macro factors that you referred to. But specifically for us, I see this as a really interesting and positive short-term reset. We're looking at managing our PCLs down. We're looking at optimizing through some low-return assets on the balance sheet.

我認為，目前我們看到的情況是您提到的某些宏觀因素共同作用的結果。但就我們而言，我認為這是一個非常有趣且積極的短期調整。我們正在考慮降低我們的PCL（產品控制線）數量。我們正在考慮優化資產負債表上一些低迴報資產的處置。

I would say in the meantime, it's interesting that utilizations are down a little bit. But originations are actually up underneath the cover. So that's good news and a good sign as we think about going forward. And as I go forward, I've said this to you before, all of you. My expectation for this business as we benefit from this reset that we've got right now, gets really exciting because if the market grows and we do expect it to grow as we go through the back half of this year and particularly into next year, you should watch us grow at market or better in terms of our asset growth.

同時，值得注意的是，利用率略有下降。但實際上，資金來源隱藏在幕後。所以，這對我們展望未來來說，是個好消息，也是個好兆頭。而且，正如我之前對你們所有人說過的那樣，我將繼續前進。鑑於我們目前正受益於此次調整，我對這項業務的預期變得非常令人興奮，因為如果市場成長（我們預計市場會在今年下半年，特別是明年會成長），那麼你們應該會看到我們在資產成長方面達到或超過市場平均水平。

But Aaron, why don't you jump in here on your observations?

但是亞倫，為什麼不也來談談你的看法呢？

Okay. Thanks, Darryl. Well, first, let me say I'm just extremely excited by what I found here in the first month. I spent opening month mostly listening to clients and teammates and it's really reaffirmed TWO things that I felt before I came here. One, BMO has a terrific commercial business, a lot of talented bankers, great industry expertise.

好的。謝謝你，達裡爾。首先，我想說，我對第一個月在這裡的發現感到非常興奮。在開業的第一個月裡，我主要都在聽取客戶和團隊成員的意見，這確實再次印證了我來這裡之前就有的兩件事。第一，BMO擁有出色的商業業務、眾多才華橫溢的銀行家和豐富的行業經驗。

But I'm particularly excited about the strength that BMO has in relationships across the entire spectrum of businesses, business banking, Commercial, corporate. As well as our wealth advisers have a great deal of relationships. So when you think about the significant opportunity that gives us to not only grow on the commercial asset side but also the personal loan and deposit side, that's a great foundation to work off.

但我特別感到興奮的是，BMO 在整個商業領域，包括商業銀行、商業銀行和公司銀行，都擁有強大的關係網絡。此外，我們的財富顧問還擁有廣泛的人脈關係。所以，當你想到這給我們帶來了巨大的機遇，不僅可以在商業資產方面發展，還可以在個人貸款和存款方面發展，這是一個很好的發展基礎。

I'd also point out that when you combine the scale of the Personal business, not only the strength that we have in the mid-west but now the scale that we've acquired on the West Coast and the ability to serve clients across the entire wealth spectrum, mass affluent, high net worth, ultra-high net worth, there is a huge opportunity for us to expand with our roughly 4 million clients, especially in the mass affluent segment.

我還想指出，結合個人業務的規模，不僅包括我們在中西部地區的實力，還包括我們現在在西海岸獲得的規模，以及為整個財富範圍的客戶（包括大眾富裕客戶、高淨值客戶和超高淨值客戶）提供服務的能力，我們有巨大的機會為我們大約 400 萬客戶拓展業務，尤其是在大眾富裕客戶群中。

So when you think about bringing together three lines of business, which is certainly a key mandate for me and deliver the full enterprise, and that, of course, includes our great Treasury Management platform, our global markets, our Investment Banking capabilities, the opportunity for us to win and grow. And as you see, all the things Darryl talked about with ROE optimization, working its way through, real opportunity to have the momentum start to come through our results. So very excited with the first month here, and the team is doing a great job in working together to drive us forward.

所以，當你想到要將三個業務線整合起來，這對我來說當然是一項關鍵任務，並交付整個企業，這當然包括我們強大的財務管理平台、我們的全球市場、我們的投資銀行能力，以及我們贏得和發展的機會。正如你所看到的，Darryl 談到的所有關於 ROE 優化的事情，都在逐步推進，這確實是一個機會，讓我們的業績開始展現出勢頭。第一個月過得非常令人興奮，團隊合作非常出色，帶領我們不斷前進。

Just a quick one. You're moving the US Wealth business into the segment makes sense geographically for us. Does that mean were we looking at $60 million of earnings and your 12% ROE target for the business will increase?

就簡單問一下。你們將美國財富管理業務轉移到這個領域，從地理位置上來說對我們來說是合理的。這是否意味著我們原本預期獲利6000萬美元，而您設定的12%的淨資產收益率目標將會提高？

Yes. I think the key when you think about moving the Wealth business, it's -- again, this connectivity that is so critical. The Wealth business will benefit greatly from the connection to both the Personal and the Commercial businesses, bringing the leaders together to make sure that we're serving clients and can deliver across all of the different needs of the enterprise. That's a really powerful combination.

是的。我認為，在考慮如何發展財富管理業務時，關鍵在於——再次強調——這種至關重要的互聯互通。財富管理業務將從與個人業務和商業業務的聯繫中受益匪淺，將領導者聚集在一起，確保我們能夠服務客戶，並滿足企業所有不同的需求。這真是個強大的組合。

Gabe, we're not adjusting the 12% target. The 12% target remains because it's rather a small contribution.

Gabe，我們不會調整12%的目標。12% 的目標保持不變，因為這部分貢獻相對較小。

Matthew Lee, Canaccord Genuity.

Matthew Lee，Canaccord Genuity。

Maybe on US Credit, just a bit of a surprise to see a recovery of performing this quarter. I know you had a sizable bill last year, but does the release indicate kind of a more positive view on the US economy? And maybe should we expect to see more performing releases if the economy proves resilient?

或許美國信貸市場本季出現復甦有點出人意料。我知道你們去年有一筆數額龐大的帳單，但這份報告是否顯示你們對美國經濟的看法更加樂觀了呢？如果經濟展現韌性，我們或許應該期待看到更多表現優異的影片上映？

Yes, Matt, thanks for the question. It's Piyush, I would say there's a couple of factors that we've always considered when we go through our performing process. And again, it differs because of the two different geographies. So what you're really seeing in the release in the US performing is a couple of factors.

是的，馬特，謝謝你的提問。是Piyush，我想說，我們在表演過程中一直都會考慮一些因素。同樣，由於地理位置不同，結果也會有所不同。所以，你在美國發行的這部電影的票房表現，其實是受以下幾個因素影響的。

One, the macroeconomic forecast for US has become better. Canada is improving, but the tariff uncertainty still holding things back in Canada a bit. The US economy, as you see, has been doing better. So the macroeconomic outlook is a big driver, coupled with the speed of ratings migration.

第一，美國的宏觀經濟預測有所改善。加拿大正在好轉，但關稅的不確定性仍然在一定程度上阻礙了加拿大的發展。如你所見，美國經濟情勢正在好轉。因此，宏觀經濟前景是重要的驅動因素，評級遷移的速度也不容忽視。

The portfolio quality continues to stabilize at a faster rate. And you're seeing that also in our overall impaired performance in the US, it's improved much more year-over-year in the US than it has. So it's just, again, a combination of these factors that are driving the performance -- performing provision release in the US, offset by the build you're seeing in Canada.

投資組合品質持續以更快的速度趨於穩定。而且，從我們在美國的整體業績下滑來看，美國的業績年增率也比去年同期大得多。所以，再次強調，正是這些因素的綜合作用導致了性能問題——在美國執行配置發布，而你在加拿大看到的構建則抵消了這個問題。

And as a quick follow-up, given the current economic outlook, do you think we've hit peak impaired PCLs in the US yet?

最後，鑑於目前的經濟前景，您認為美國受損的PCL是否已經達到高峰？

I would say, given everything you've seen over the last three or four quarters, the answer is yes. Things have significantly improved. We've been managing our portfolios pretty tightly. So we have a good control and a handle on what's in our watch list and what's in our impaired. So I feel reasonably confident about that.

鑑於過去三、四個季度以來你所看到的一切，我認為答案是肯定的。情況已顯著改善。我們一直在對投資組合進行嚴格管理。因此，我們對監視名單上的內容和受損人員的情況都有很好的控制和掌握。所以我對此相當有信心。

At the end of the day, the hardest part is to give you a sense of the macroeconomic assumptions as we go forward. There will be quarter-to-quarter variability. We've talked about this in these calls, one or two files can move things because of the nature of our portfolio. But generally speaking, I would give you the confidence that we have passed our high point or the peak in the US.

歸根究底，最困難的部分是讓你們了解我們未來發展的宏觀經濟假設。季度之間會有波動。我們在之前的電話會議中討論過這個問題，由於我們投資組合的特殊性，一兩份文件就可能產生影響。但總的來說，我可以向你保證，我們已經度過了美國的鼎盛時期或巔峰時期。

Ebrahim Poonawala, Bank of America.

Ebrahim Poonawala，美國銀行。

I guess just wanted to follow up on the Canada macro. So I guess maybe Darryl or Piyush. It sounds like as I put together -- I think Darryl, you mentioned client conversation Canadian P&C also picking up. So things seem to be on the improving trajectory. Would love to get your feedback around -- yes, there's tariff uncertainty. But as you look forward, are you more optimistic where growth and credit outlook within Canada is headed?

我只是想跟進一下加拿大宏觀經濟的情況。所以我猜可能是達裡爾或皮尤什。聽起來就像我整理出來的——我想達裡爾，你提到了加拿大財產和意外保險客戶談話也在增加。所以情況似乎正在好轉。很想聽聽大家的回饋——是的，關稅方面存在不確定性。但展望未來，您對加拿大經濟成長和信貸前景是否更樂觀？

And I ask this because there ongoing debate around whether the economy is still stuck in some version of a recession relative to how kind of bank stocks are priced. So I would love to get your perspective on where you think directionally, we are headed? And then can the administration in Canada increase the speed of that improvement if, in fact, you believe things are getting better?

我之所以這麼問，是因為目前存在著關於經濟是否仍處於某種衰退狀態，以及銀行股定價如何反映這一狀態的爭論。所以我很想聽聽您對我們未來發展方向的看法？那麼，如果您認為情況確實在好轉，加拿大政府能否加快這項改善速度呢？

Yes. Thanks, Ebrahim, for the question, Darryl. Look, I think where we are is we're sort of in the middle innings of this weaving through a very modest growth environment. I mean, at the end of the day, in the back half of the year, if we're in the zone of 1%, 1.5% growth, I wouldn't be surprised as we look around the economy right now. You're seeing a combination of factors where you've got impacted households, impacted industries who will do what you would naturally do when there's uncertainty, which has hit some pause buttons.

是的。達裡爾，謝謝你的提問，易卜拉欣。你看，我認為我們現在正處於一個成長非常緩慢的環境中，處於這種發展過程的中期階段。我的意思是，歸根結底，如果今年下半年經濟成長率達到 1% 到 1.5%，考慮到目前的經濟狀況，我不會感到驚訝。你會看到多種因素共同作用的結果，包括受影響的家庭、受影響的行業，他們會像在不確定時期一樣自然地採取行動，而這種不確定時期就像按下了暫停鍵。

But you've also got the fact that, as I mentioned in my prepared remarks, the vast majority of industries are USMCA compliant and are moving right along. So in this period, I'll call it, pre the USMCA renewal window, the economy is sort of moving at a pace that you'd expect. It's not neither robust nor does it feel recessionary in Canada, and you've got some segments that will naturally slow down when that happens.

但正如我在準備好的發言稿中提到的，絕大多數產業都符合美墨加協定的要求，並且正在穩步推進。所以，在這個時期，我稱之為美墨加協定續約窗口期之前，經濟正以預期的速度發展。加拿大的經濟既不強勁，也沒有衰退的跡象，當這種情況發生時，某些領域的成長自然會放緩。

As we look forward into 2026, I think, was sort of if I could paraphrase the back end of your question. I think it will depend greatly on both the macro and the trade file. And on particular initiatives that I think you're referring to. And we've definitely got a positive narrative in terms of pro-growth and pro economy policy today that I think is a welcome improvement from what we had seen in the past.

展望 2026 年，我想，如果我能轉述一下你問題的後半部的話。我認為這很大程度上取決於宏觀策略和交易文件。以及我認為你提到的那些具體舉措。如今，我們在促進經濟成長和扶持經濟發展的政策方面，無疑呈現出積極的態勢，我認為這比我們過去所看到的要好得多。

But at the same time there, we need to see actions behind words. And as we get closer to those, if I could put those two factors together, you could get yourself into a more optimistic place for 2026.

但同時，我們也需要看到言辭背後的行動。隨著我們越來越接近這些日期，如果我能將這兩個因素結合起來，你就能對 2026 年抱持更樂觀的態度。

Got it. And if I could follow up, I guess, maybe for Aaron. So one, congratulations on the new role. But just talk to us, like looking at the slide 9, I think, Aaron, you mentioned strong foundation, great customer relationships. As we think about the US P&C ROE at 8.7% headed towards 12% plus, -- it seems like the credit leverage is more or less baked in when we look at Q3 numbers.

知道了。如果我能跟進一下，我想，也許是為了亞倫。首先，恭喜你榮任新職。但請和我們談談，例如看看第 9 張投影片，我想，Aaron，你提到了堅實的基礎和良好的客戶關係。當我們考慮美國財產和意外保險的淨資產收益率從 8.7% 向 12% 以上邁進時，——當我們查看第三季度數據時，似乎信貸槓桿已經或多或少地被考慮在內了。

Just talk to us what you think in terms of identifying areas where you see the biggest bridge sort of to get that ROE improved. One, how quickly do you think it can be achieved? And does it require like tech investments, hiring of personnel to get there?

請和我們談談您認為在哪些方面最有可能提高 ROE（投資報酬率）的問題上，您有什麼想法。第一，你認為多久可以實現？要達成這項目標是否需要技術投資、人員招募等方面的投入？

Yes. Thanks, Ebrahim. I appreciate it, and thanks for the nice comment. Look, as you heard, we are doing a lot of the great work around the ROE and efficiency. So the key next piece of the puzzle is how we deliver sustainable, profitable loan and deposit growth.

是的。謝謝你，易卜拉欣。我很感激，謝謝你的好評。正如你所聽到的，我們在提高股本回報率和效率方面做了很多卓有成效的工作。因此，下一個關鍵問題是如何實現可持續的、有利可圖的貸款和存款成長。

And I think there's several things that we are already doing and in process that we can build upon. First, this idea of a unified business organization, it does allow us to accelerate the delivery of the full enterprise to clients, right? So you can see that in early results in the NIR, commercial Strategy services, capital markets activity and that ongoing pickup of how we deepen with existing clients and drive more of the enterprise to each one is a critical component.

我認為我們已經在做和正在進行的一些事情可以以此為基礎繼續發展。首先，這種統一的業務組織理念，確實能夠幫助我們加快向客戶交付整個企業服務的速度，對嗎？因此，從 NIR 的早期結果可以看出，商業策略服務、資本市場活動以及我們如何加深與現有客戶的合作，並推動更多企業資源流向每個客戶，都是關鍵組成部分。

Second, you do have to invest in the business for sure. So we have technology investments that we'll be making, obviously, investing in our branch footprint through renovations and new centers. And as I talked about and probably critically important, investing in talent. Not only have we brought in some terrific leaders from the outside, but a lot of internal promotions of top talent, and we're seeing some of those benefits already come through on wealth, new asset growth and a growth in pipeline. So as always, it's a combination of all those things.

其次，你絕對需要對這項業務進行投資。因此，我們顯然會進行技術投資，並透過翻新和新建中心來擴大我們的分支機構規模。正如我之前提到的，投資人才可能至關重要。我們不僅從外部引進了一些非常優秀的領導者，還提拔了許多內部頂尖人才，我們已經看到這些措施在財富、新資產成長和專案儲備成長方面帶來了一些好處。所以，和以往一樣，這是所有這些因素的綜合作用。

You have to invest in the business. And you've got to really drive out the opportunity to leverage what we're great at, the scale we have, the North American capabilities, our really strong treasury and capital markets platforms. And so all of those things is what makes me feel very optimistic for our ability to show growth here, and that will come through as the ROE optimization work starts to pull itself through.

你必須對這項業務進行投資。你必須真正抓住機會，利用我們的優勢，我們的規模，我們在北美的能力，以及我們非常強大的財務和資本市場平台。因此，正是這些因素讓我對我們在這裡展現成長的能力感到非常樂觀，而隨著 ROE 優化工作開始取得成效，這種樂觀情緒將會得到體現。

John Aiken, Jefferies.

約翰艾肯，傑富瑞集團。

Piyush, in terms of the formations that we saw in the quarter, commercial real estate on this side of the border had a bit of an uptick. Were there -- was this one credit? Or were there several in part of the portfolio?

Piyush，就我們在這個區域看到的格局而言，邊境這一側的商業地產略有增長。有——這是一筆學分嗎？或者投資組合中是否包含多個這樣的組合？

John, yes, so there is some new formations in the commercial real estate, as you've seen on the Canadian side. I just step back, I mean, the portfolio generally has performed very well, in fact, better than our expectations. But we've been watching it closely for the last few years. And some of the files were in the watch list so that we were tracking those. But you're right, it's one idiosyncratic file that's one developer that moved into the impaired formation.

約翰，是的，正如你在加拿大那邊看到的那樣，商業地產領域出現了一些新的模式。我只是退後一步來看，我的意思是，總體而言，該投資組合表現非常好，實際上比我們的預期還要好。但過去幾年我們一直在密切關注它。有些文件在監視清單中，所以我們一直在追蹤這些文件。但你說得對，這是一個特殊的文件，也是一個開發者轉入了受損的組織。

And it's actually a combination of projects that we've lent to within the developer where you see this impaired formation increase. But these will get resolved as we have in the past. And so while we've also taken some impaired provision, we're also seeing some positive news happen in several of those projects as we go through the appraisals and the resolution.

實際上，這是我們借貸給開發商的多個專案的組合，在這些專案中，你會看到這種受損的形成增加。但這些問題都會像過去一樣解決。因此，雖然我們也提列了一些減損準備金，但隨著評估和解決方案的進行，我們也看到其中幾個項目傳來了一些正面的消息。

And the projects, are they spread across the country? Or is there a regional concentration?

這些項目是否遍布全國各地？或者說，有區域性集中現象？

No, it's diversified. It's a developer that had some challenges. So it's multiple projects. Some are doing very well and some needed some resolution. So it's a combination of the diversity of those projects.

不，它是多元化的。這是一位遇到了一些挑戰的開發者。所以這是多個項目。有些情況做得很好，有些則需要一些解決。所以這是這些項目多樣性的綜合體現。

Doug Young, Desjardins Capital Markets.

道格楊，德斯賈丁資本市場。

Just maybe bigger picture, going back to just some of the prepared remarks. I mean, Daryl, you mentioned in yours, I think credit improving, helping driving EPS growth. And then Tayfun, I think you talked about credit migration and the benefits that should have moving forward on ROEs.

或許應該從更宏觀的角度來看這個問題，回顧一下之前準備好的一些發言稿。我的意思是，達裡爾，正如你在文章中提到的，我認為信貸改善有助於推動每股收益成長。然後，Tayfun，我想你談到了信用遷移以及它應該對 ROE 帶來的益處。

And so what I'm trying to go with this is, are you signaling basically that PCLs peak like this quarter is kind of the new high level and that we should be thinking about PCLs improving from Q3 levels over the coming year. And just trying to get a sense of that and thinking about the evolution of the impaired and the performing over that period.

所以我想問的是，你是不是在暗示本季度PCL的峰值是新的高點，我們應該期待PCL在未來一年內從第三季的水平有所提高？我只是想了解這種情況，並思考在這段時間裡，殘疾人和表演者的發展變化。

Yes. I mean, look -- It's Darryl. I'll give you a macro thought on your question, and I'll ask Piyush to come in on the PCLs particularly. But look, I was -- if you go back to page 4 of the presentation, the opening construct that I was trying to get us all in was that there are a number of factors that are contributing to the increased performance. When you go through the levers that we identified for the ROE rebuild, and I've spoken to shareholders a lot about them since the fourth quarter of last year when we called it out, we've made progress on each of them.

是的。我的意思是，你看——那是達裡爾。我會從宏觀角度思考你的問題，並請 Piyush 特別關注 PCL 部分。但你看，如果你回到簡報的第 4 頁，我當時試圖讓大家理解的開篇概念是，有很多因素促成了績效的提升。當我們回顧我們為重建 ROE 所確定的各項措施時，自從去年第四季度我們提出這些措施以來，我已經與股東們多次討論過這些措施，我們在每個方面都取得了進展。

So you've seen the PPPT growth in our US businesses. You've seen the normalization of Credit from 66 basis points at the high down to 45 today on the impaired side. You have seen some capital optimization decisions that are starting to bear some fruit.

所以你們已經看到了我們美國業務的PPPT成長。你已經看到信貸正常化，從高點的 66 個基點降至如今受損信貸的 45 個基點。您已經看到一些資本優化決策開始發揮成效。

And of course, you've seen the total bank operating leverage, which sits at [4.7%] year-to-date. So it's the formula really that's driving the outcome to get us to 12% today, and that gives us the confidence. And I'd say probably increased confidence that we'll get to the target that we identified for you at the total bank level at the 15% as we continue to push on this journey. PCLs are one input into that formula, not the only one.

當然，您也看到了銀行的總經營槓桿率，今年迄今為 4.7%。所以，真正推動我們今天達到 12% 的，是這個公式，這也給了我們信心。而且我認為，隨著我們繼續推進這項事業，我們有信心實現我們為你們設定的全行15%的目標。PCL 是該公式中的一個輸入參數，但不是唯一輸入參數。

So did you want to comment on the PCL side?

那麼，您想對PCL方面發表一些評論嗎？

Sure. Thanks, Darryl. Doug, it's Piyush. So I would say, when you look back at where we were three quarters ago, we've made tremendous progress overall across all of our portfolios to get to our 45 basis points, and we're very pleased. This is -- there's tremendous progress on a turnaround from our 24 story to where we are.

當然。謝謝你，達裡爾。道格，我是皮尤什。所以我想說，回顧三個季度前的情況，我們所有投資組合都取得了巨大的進步，達到了 45 個基點的目標，我們對此非常滿意。這意味著──從我們24歲時的境況到現在，我們已經取得了巨大的進步。

The way I think about PCLs is the two pieces. First is the improvement in credit performance in line with what we expected when we provided guidance at the end of last year, using the then consensus economic outlook. And the answer is yes.

我對PCL的理解是將其分為兩個部分。首先是信貸表現的改善，這與我們去年底根據當時的普遍經濟前景提供指引時的預期一致。答案是肯定的。

Our projections in our credit performance and fundamentals are intact. And that's what you see in the metrics as you're seeing in this third quarter performance. But the second piece also important is what's the incremental impact from the revised macroeconomic outlook and the tariff environment.

我們對信貸表現和基本面的預測依然有效。而這正是你在第三季業績指標中看到的。但第二點也很重要，那就是調整後的宏觀經濟前景和關稅環境會帶來哪些增量影響。

And here, I would say, while we have an excellent handle on the portfolio, externally, there are puts and takes whether it's trade policies and goods not covered by the USMCA or the timing of implementation of our federal funding programs or even changes in interest rates, all of this has an impact on the business investment both in Canada and the US, more importantly, business sentiment. And then ultimately, on the macroeconomic variables, most importantly, unemployment, and unemployment in Canada is still high at between 6.8% and 7%.

我想說，雖然我們對投資組合的掌控非常出色，但外部形勢瞬息萬變，無論是貿易政策、美墨加協定未涵蓋的商品，還是聯邦資助計劃的實施時間，甚至是利率的變化，所有這些都會對加拿大和美國的商業投資產生影響，更重要的是，還會影響商業信心。最後，就宏觀經濟變數而言，最重要的是失業率，加拿大的失業率仍然很高，介於 6.8% 到 7% 之間。

And so it's going to take a while for that to show up in some of these metrics. As they go down, there's a three to six month lag to show up in our overall PCL metrics. So net-net, when I sum it all up, it'll be plus-minus where we are in the current environment, but I'll give you better guidance as we go through the next quarter with hopefully more certainty and more resolution in the next three months.

因此，要讓這些變化反映在某些指標上，還需要一段時間。當它們的下降時，需要三到六個月的時間才能在我們的整體 PCL 指標中反映出來。總而言之，就目前的情況來看，結果有好有壞，但隨著我們進入下一個季度，我希望在接下來的三個月裡能有更大的確定性和更明確的答案，並給大家提供更好的指導。

And just one is, one follow-up. It sounds like you're seeing even some if this is right, you seem more confident in the US versus Canada. Is that a fair interpretation?

只有一個後續問題。聽起來你似乎也看到了這一點，如果這是真的，你似乎對美國比對加拿大更有信心。這種解讀是否合理？

I'm confident about the quality of our books in both North and South. It's the economic uncertainty that just needs a little bit more resolution, especially for Canada.

我對我們南北兩地書籍的品質都很有信心。尤其對加拿大而言，目前最需要解決的是經濟上的不確定性。

Paul Holden, CIBC.

Paul Holden，加拿大帝國商業銀行。

I want to talk about the operating leverage a bit. Obviously, a very good result as you've highlighted year-to-date positive 4.7%. Wondering how we should think about that going forward? I know your medium-term objective is roughly 2 points a year. So you're running ahead of objective this year. Does that mean any of the forward benefit or opportunity has been pulled forward? Or can we still expect sort of 2 points a year in future periods?

我想稍微談談經營槓桿。顯然，正如您所強調的，這是一個非常好的結果，今年迄今的成長率為 4.7%。想知道我們今後該如何看待這個問題？我知道你的中期目標大約是每年提高 2 分。所以你今年的進度已經超額完成了目標。這是否意味著未來的收益或機會已提前？或者我們還能期待未來幾年每年能成長2個百分點左右嗎？

Paul, it's Tayfun. No, there is really no pull forward relative to our expectations, and we continue to watch revenue trends. We continue to adjust our expenses accordingly to achieve that positive operating leverage. Our commitment is very firm to continuing to operate with positive operating leverage. We would like our efficiency ratio to come down further from where it is today. So as such, our plans remain intact and we aim to achieve positive operating leverage as we look ahead towards that 15% ROE target.

保羅，我是泰豐。不，目前的情況並沒有超出我們的預期，我們將繼續關注營收趨勢。我們將繼續相應地調整支出，以實現積極的經營槓桿效應。我們堅定致力於持續保持積極的經營槓桿作用。我們希望我們的效率比率能夠比現在進一步降低。因此，我們的計劃保持不變，我們的目標是在實現 15% 的 ROE 目標的同時，實現正向經營槓桿。

Okay. Good. And then Piyush, you've made a number of interesting comments. One that particularly caught me was when you're talking about the US business and the speed of credit migration and improvement there has been better than expected.

好的。好的。Piyush，你也提出了一些有趣的觀點。其中有一點尤其讓我印象深刻，那就是談到美國企業時，信貸遷移和改善的速度比預期的要好。

So we've spent a lot of time talking about the macro factors. Maybe you can talk a little bit about that speed and to what extent that's related to specific actions taken by BMO or maybe the specific lending credits? And if that's really just US or also we're seeing improvements in other geographies as well because of -- be more specific factors?

所以我們花了很多時間討論宏觀因素。或許您可以談談這種速度，以及它在多大程度上與 BMO 採取的具體行動或具體的貸款發放有關？如果這種情況真的只發生在美國，還是說其他地區也有改善？具體原因是什麼？

Thanks, Paul. So broadly speaking, we said on these calls and meetings, our risk appetite has always been strong, our risk culture has always been strong. We've made tweaks around some of the underwriting and the hold sizes and more approvals. And those are beginning to show results as we've gone through our portfolios. The US is just benefiting again from a better environment at the moment than Canada is.

謝謝你，保羅。總的來說，我們在這些電話會議中表示，我們的風險偏好一直很強，我們的風險文化也一直很強。我們對一些承保條款、持有規模和審批流程進行了調整。隨著我們對投資組合的分析，這些措施開始顯現成效。目前，美國再次受益於比加拿大更好的環境。

The other piece that you're seeing in our Q3 results is weakness in retail and that's more pronounced in Canada where we have a bigger portfolio. So the losses overall in Canada is a reflection of the unemployment trend and the insolvency trends.

從我們第三季的業績中還可以看出零售業務疲軟，這種情況在加拿大尤為明顯，因為我們在加拿大的業務組合更大。因此，加拿大整體的損失反映了失業趨勢和破產趨勢。

On the wholesale side, the ratings migration, Canada is right now catching up to the, again, economic environment. I think it gets better from here. But overall, it's -- the negative migration that we were seeing has been slowing down, and that's a positive as we go forward.

從批發方面來看，在評級遷移方面，加拿大目前正努力適應當前的經濟環境。我覺得情況會好轉的。但總的來說，我們看到的負向移民趨勢已經放緩，這對我們未來的發展來說是一個正面的訊號。

Mario Mendonca, TD Securities.

馬裡奧門東卡，道明證券。

Piyush, you referred to uncertainty a fair bit. But as I listened to Darryl go through his opening remarks in response to questions, I think you've highlighted USMCA like -- and I think your own economist estimates that the effective tariff rate of goods from Canada, the US is only 5.5%, talked about government spend support, monetary policy. There's a lot of things that would suggest less uncertainty.

Piyush，你之前多次提到了不確定性。但是，當我聽到達裡爾在回答問題時發表開場白時，我認為你重點提到了美墨加協定，而且我認為你自己的經濟學家估計，加拿大對美國商品的有效關稅率只有 5.5%，談到了政府支出支持和貨幣政策。有很多跡象表明不確定性會降低。

So Piyush or Darryl, when you do talk about uncertainty, what are you really referring to here? Are you referring to the renegotiation of USMCA in 2026? Are you talking about the housing market? Or is there something else I'm not picking up on?

所以，Piyush 或 Darryl，當你們談到不確定性時，你們真正指的是什麼？您指的是2026年對美墨加協定的重新談判嗎？您指的是房地產市場嗎？還是還有其他我沒注意到的方面？

Yes. I don't think the forensic leads you to any particular item, Mario, that you're not picking up on. I just think -- I've talked about this before. My -- early this year, my uncertainty meter was very high. And today, it's less high, it doesn't mean there's no uncertainty.

是的。馬裡奧，我不認為法醫鑑定能讓你找到任何你沒注意到的特定物品。我只是覺得──我以前也說過這個問題。今年年初，我的不確定感非常強烈。雖然如今風險降低，但這並不意味著不存在不確定性。

There's still uncertainty, but there's just a little less of it. And arguably, in some pockets, a lot less of it. If you go back to the beginning of this year, we didn't have much of a handle on the direction of US policy. We've got a better one today. We didn't know what our government was going to look like in Canada. We didn't know which party it was going to be let on who the leader might be, of the liberal party and the policy that would flow from it.

雖然仍然存在不確定性，但這種不確定性已經減少了一些。而且可以說，在某些地區，這種情況會更加少見。回顧今年年初，我們對美國政策走向還不太了解。我們今天拿到了一個更好的。我們當時並不知道加拿大的政府會是什麼樣子。我們不知道自由黨會由哪個黨派領導，也不知道自由黨會採取什麼政策。

And we didn't have a great sense on how the client behavior was going to follow policy decisions in either place. And I'd add to a rate environment. And while that's always difficult to call, there seems to be a reasonable consensus around the direction of rates, both in Canada and the US.

我們當時並不清楚客戶的行為會如何回應這兩個地方的政策決定。我還要補充一點，這會影響利率環境。雖然很難預測利率走勢，但加拿大和美國的利率走向似乎已經達成了相當一致的共識。

So when I add it all up, it doesn't mean that all the uncertainty has gone away. We still have geopolitics. We still have the trade file you referred to, which I think is a very important one for both countries. It's just that the meter has gone down, and therefore, the confidence in the outlook today is one that's just a little easier to call than it was six months ago.

所以總而言之，這並不代表所有的不確定性都消失了。我們仍然面臨地緣政治問題。我們仍然保留您提到的貿易文件，我認為這對兩國都非常重要。只是指標有所下降，因此，如今對前景的信心比六個月前更容易預測一些。

Piyush is signaling that he has nothing to add.

皮尤什的意思是，他沒有什麼要補充的。

Okay. Slightly different question. Back in 2024, when PCLs were elevated, especially in the US. One of the questions that came up was would this result in weaker loan growth in the US. And I certainly didn't get the impression then that that's what we'd expect.

好的。問題略有不同。早在 2024 年，PCL 就已經升高，尤其是在美國。其中一個問題是，這是否會導緻美國貸款成長放緩。當時我絕對沒有感覺到我們會期待那樣的結果。

And so now we're seeing this optimization. What I'm trying to figure out now is -- is this a response to the PCLs? Or is this just an ROE optimization story? Or does it really matter? --

所以現在我們看到了這種優化。我現在想弄清楚的是──這是對PCL的回應嗎？或者這只是一個關於優化淨資產收益率的故事？或者，這真的很重要嗎？--

No. Sorry, you finish up. Sorry, I cut you off, go ahead.

不。抱歉，你先結束了。抱歉，我打斷你了，你繼續。

Well, what I was getting at is if it's a PCLs issue, then these have -- tend to have a lasting effect. If it's PCLs and you have to change your risk outlook or your risk culture, your underwriting process, these tend to last a lot longer. So I'm trying to figure out which one this is, or does it matter in your mind?

我的意思是，如果這是 PCL 的問題，那麼這些問題往往會產生持久的影響。如果是 PCL，而你必須改變你的風險展望或風險文化、核保流程，這些往往會持續更久。所以我正在努力弄清楚這是哪一個，或者在你看來這並不重要？

Yes. And when rudely started to cut you off. What I was going to say is it's very much the latter. It's very much the ROE optimization journey and it includes all the inputs that we've talked about. And I also mentioned that if you scratch underneath the surface, we're seeing good net originations against some intentional exits that are rolling off.

是的。而且他們還粗魯地開始打斷你。我原本想說的是，事實的確是後者。這完全就是 ROE 優化之旅，它包含了我們討論過的所有因素。我還提到，如果你深入了解一下，你會發現淨新增貸款額良好，而一些有意退出的貸款卻在不斷減少。

And as I kind of think about the quarter that is ahead and then the four quarters that go into '26. We get to that leveling stage at some point where we're comfortable with the baseline, and I would see us at that point, resuming what we've been really good at for decades, and this is the challenge for Aaron and the teams to make sure that we flex that muscle when the market is there and it's constructive. And if it is, you should expect us to be at the market. We're not going to let market get away with it, to get away from us in a business that we're really good at.

當我思考接下來的季度以及到 2026 年的四個季度時，我感到很欣慰。我們最終會達到一個穩定階段，對目前的水平感到滿意。我認為，到了那個階段，我們會恢復我們幾十年來一直擅長的領域。這對亞倫和團隊來說是一個挑戰，他們要確保在市場行情好且有利時，我們能夠充分發揮這種實力。如果真是這樣，你們就應該期待我們在市場上出現。我們不會讓市場得逞，也不會讓市場在我們真正擅長的領域中從我們手中奪走任何東西。

But potentially 2026 because the US banks, the regionals, the money centers are all putting up pretty strong growth. So the market is there.

但有可能要等到 2026 年，因為美國銀行業，包括區域性銀行和金融中心，都實現了相當強勁的成長。所以市場是有的。

I agree with that. And maybe I'm splitting hairs to say '26, it could be in the fourth quarter of '25 of it, we're in right now. We're already part of the way through it. But as you kind of think about -- we don't think about days, we think about quarters and years. As I think about the next few quarters, if we're growing at market, that would be a good outcome. And if we're growing a little bit above market, that would be consistent with our historical performance.

我同意。也許我說「26 年」有點吹毛求疵，它可能是「25 年」的第四季度，我們現在就處於這個季度。我們已經完成了一部分。但仔細想想——我們不以天為單位思考，我們以季度和年為單位思考。展望未來幾個季度，如果我們能夠實現市場平均水平的成長，那將是一個好結果。如果我們的成長略高於市場平均水平，那也與我們以往的業績表現相符。

Shalabh Garg, Veritas Investment Research.

Shalabh Garg，Veritas 投資研究部。

So impaired credit performance is improving and delinquency levels seem stable. Can you provide some color on the changes in asset quality that drove the credit RWA higher? And also on what helped the decline in the asset price piece?

因此，信用受損情況正在改善，拖欠率似乎保持穩定。您能否詳細說明一下導致信貸風險加權資產 (RWA) 上升的資產品質變化？那麼，是什麼因素導致了資產價格的下跌呢？

So I think the credit RWA is a function of multiple things. One, you've got some asset growth in some areas, asset declines. So some of those can change the RWA. I think that's came down a little bit. You also had the portfolio as it every quarter, shortens that helps you. And then you've got credit migration. And we still have some negative credit migration, except it's lesser than what we've had in the past.

所以我認為信用風險加權資產 (RWA) 是多種因素共同作用的結果。第一，某些地區的資產有所成長，而有些地區的資產則有所下降。所以其中一些因素會改變RWA。我認為這個數字已經有所下降。你每季都會查看投資組合，這會縮短你的支出時間，對你有幫助。然後還有信用遷移的問題。我們仍然存在一些負面信用遷移，只不過比過去的情況要少。

So the migration -- the negative migration increases the source RWA as well. So credit RWA grew a little bit, primarily due to the migration, in-building those are models and everything else that happens, which is customary and annual processes.

因此，遷移－負遷移也會增加來源 RWA。因此，信用 RWA 略有增長，主要是由於遷移、內部模型以及其他所有發生的事情，這些都是慣例和年度流程。

And is there a specific sector where this was reflected more? Like I'm guessing unsecured within the Canadian portfolio could be one. Just if you can provide some color on this?

是否存在某個特定領域對此表現得更為明顯？我猜想，加拿大投資組合中的無擔保資產可能就是其中之一。您能提供一些相關資訊嗎？

No, we look at everything. I mean there are some industries that are beginning to have positive credit migration, some that are negative. So I can't call out a sector that is very different or a source of some large credit movement within the overall portfolio.

不，我們會考慮所有方面。我的意思是，有些產業的信用遷移開始向好，有些產業則向壞。因此，我無法指出某個非常特殊的行業，或者某個行業是整個投資組合中信貸大幅波動的來源。

There are no further questions registered at this time. I will turn the call back to Darryl White.

目前沒有其他問題需要諮詢。我將把電話轉回給達裡爾懷特。

Thank you for your questions this morning, everyone. I would just summarize by saying we're delivering the momentum against the ROE strategies that we talked about earlier this year. We're doing it with consistent focus on effective risk management, the digital transformation and our client-centric innovation. We're going to continue to do that and build the bank of the future with profitable and sustainable growth.

謝謝大家今天早上提出的問題。我只想總結一下，我們正在兌現今年早些時候我們討論過的 ROE 策略所帶來的動力。我們始終專注於有效的風險管理、數位轉型和以客戶為中心的創新。我們將繼續這樣做，並透過獲利和永續成長，打造面向未來的銀行。

Before ending, I'd like to acknowledge the contributions of Nadim Hirji and Erminia Johannson. Since joining BMO in 2003, Nadim has been a champion for our commercial clients. Now in his role as Vice Chair, BMO Commercial Banking, Nadim will continue to support the growth that we talked about today of the Commercial Banking franchise across North America, with a focus on optimizing growth risk and return.

最後，我要感謝 Nadim Hirji 和 Erminia Johannson 的貢獻。自 2003 年加入 BMO 以來，納迪姆一直是我們商業客戶的擁護者。納迪姆現擔任 BMO 商業銀行副主席，他將繼續支持我們今天討論的北美商業銀行特許經營業務的成長，重點是優化成長風險和回報。

Ernie will be retiring early next year after leading BMO's North American business -- Personal and Business Banking group since 2020, over those five years under her leadership. Canadian PNPB consistently delivered top-tier revenue growth and increased its market share through industry-leading digital sales, stronger branch performance and adding over $90 billion in deposits while improving our Canadian P&C efficiency ratio by 580 basis points.

Ernie 將於明年初退休，此前她自 2020 年起領導 BMO 北美業務——個人和商業銀行集團，並在她領導的五年間取得了成功。加拿大 PNPB 透過業界領先的數位銷售、更強勁的分公司業績以及新增超過 900 億美元的存款，持續實現一流的收入成長並提高了市場份額，同時將加拿大財產和意外保險效率比率提高了 580 個基點。

She also led the expansion of our US Retail business, including overseeing our highly successful conversion Bank of the West. Both of these businesses are stronger today and well positioned for accelerated growth going forward. Ernie, thank you for your tremendous contribution that you've made to BMO.

她也領導了我們美國零售業務的擴張，包括監督我們非常成功的西部銀行的轉型。這兩家企業如今實力更強，未來可望加速成長。Ernie，感謝你為BMO做出的巨大貢獻。

Thank you all again, and we look forward to talking to you in December. Thanks, everyone.

再次感謝各位，我們期待在十二月與你們再次交流。謝謝大家。

Thank you. The conference has now ended. Please disconnect your lines at this time, and we thank you for your participation.

謝謝。會議已經結束。請您暫時斷開線路，感謝您的配合。