Bank of Nova Scotia (BNS) 2022 Q3 法說會逐字稿

Good morning, and welcome to Scotiabank's 2022 Third Quarter Results Presentation. My name is John McCartney, and I'm Head of Investor Relations here at Scotiabank. Presenting to you this morning are Brian Porter, Scotiabank's President and Chief Executive Officer; Raj Viswanathan, our Chief Financial Officer; and Phil Thomas, our Chief Risk Officer.

早上好，歡迎收聽豐業銀行 2022 年第三季度業績報告。我叫約翰·麥卡特尼，是豐業銀行的投資者關係主管。今天上午向您介紹的是豐業銀行總裁兼首席執行官 Brian Porter； Raj Viswanathan，我們的首席財務官；和我們的首席風險官 Phil Thomas。

Following our comments, we'll be glad to take your questions. Also present to take questions are the following Scotiabank executives: Dan Rees from Canadian Banking; Glen Gowland from Global Wealth Management; Nacho Deschamps from International Banking; and Jake Lawrence from Global Banking and Markets.

根據我們的評論，我們很樂意回答您的問題。出席提問的還有以下豐業銀行高管：加拿大銀行業的 Dan Rees；來自全球財富管理的 Glen Gowland；來自國際銀行的 Nacho Deschamps；和來自全球銀行和市場的 Jake Lawrence。

Before we start, on behalf of those speaking today, I'll refer you to Slide 2 of our presentation, which contains Scotiabank's caution regarding forward-looking statements. And with that, I will now turn the call over to Brian. .

在我們開始之前，我代表今天的發言者，請您參閱我們演示文稿的幻燈片 2，其中包含豐業銀行對前瞻性陳述的謹慎態度。有了這個，我現在將把電話轉給布賴恩。 .

Thank you, John, and good morning, everyone. This morning, Scotiabank announced third quarter earnings of $2.6 billion, or $2.10 per share, representing a 4% year-over-year increase. Strong personal, commercial and corporate banking activity resulted in another quarter of solid earnings in a period where market sensitive business were challenged globally.

謝謝你，約翰，大家早上好。今天上午，豐業銀行宣布第三季度收益為 26 億美元，即每股 2.10 美元，同比增長 4%。在全球市場敏感業務受到挑戰的時期，強勁的個人、商業和企業銀行業務活動帶來了又一個季度的穩健收益。

The bank's trading revenues within GBM and GBM LatAm were down over $250 million year-over-year and $150 million quarter-over-quarter due to lower client activity. Asset growth of 13% year-over-year and strong credit quality, combined with prudent expense management, positions the bank well for continued earnings growth.

由於客戶活動減少，該銀行在 GBM 和 GBM LatAm 的交易收入同比下降超過 2.5 億美元，環比下降 1.5 億美元。資產同比增長 13%，信貸質量強勁，加上審慎的費用管理，使該銀行有能力實現持續的盈利增長。

The macroeconomic backdrop of our key geographies remains positive as economies begin to stabilize from a unique confluence of circumstances. In Canada, we see the strength of the labor market as an important counterbalance to the impact of inflation and consumer contents.

隨著經濟開始從獨特的環境匯合中穩定下來，我們主要地區的宏觀經濟背景仍然是積極的。在加拿大，我們認為勞動力市場的強勁是抵消通脹和消費內容影響的重要因素。

In the Pacific Alliance countries, growth is moderating somewhat from the rapid post-pandemic GDP recovery experienced over the last year. Central banks in the region have acted quickly and decisively to date to control inflation. Our credit outlook remains favorable, a result of our high-quality, highly secured portfolio. Delinquencies and write-offs have continued to trend positively, which in absolute terms are lower than our pre-pandemic experience.

在太平洋聯盟國家，經濟增長正在從去年經歷的大流行後 GDP 快速復蘇中有所放緩。迄今為止，該地區的中央銀行已迅速果斷地採取行動控制通貨膨脹。由於我們的高質量、高度安全的投資組合，我們的信用前景仍然良好。拖欠和沖銷繼續呈積極趨勢，絕對值低於我們大流行前的經驗。

We are closely monitoring customer balance sheets and spending behavior for early signs of stress and the impact of recent inflationary pressure on the daily cost of living. Despite our current experience and confidence in the strength of our portfolio, we have made conservative adjustments to reflect the possibility of future economic outcomes, resulting in higher PCLs in the international retail division this quarter.

我們正在密切關注客戶的資產負債表和支出行為，以發現壓力的早期跡像以及近期通脹壓力對日常生活成本的影響。儘管我們目前的經驗和對我們投資組合實力的信心，我們已經進行了保守調整以反映未來經濟結果的可能性，導致本季度國際零售部門的 PCL 更高。

Average customer deposit balances remained significantly above pre-pandemic levels with observable additions and term products in response to rate increases. But by strong employment, overall consumer spending in Canada also showed strength in the quarter, up nearly 20% with year-over-year increases in discretionary categories. Plus the obvious impact of higher gasoline and grocery prices.

平均客戶存款餘額仍顯著高於大流行前的水平，可觀察到增加和定期產品以應對加息。但由於就業強勁，加拿大的整體消費支出在本季度也表現出強勁，隨著可自由支配類別的同比增長，增長了近 20%。加上汽油和雜貨價格上漲的明顯影響。

Lower market valuations and a slowdown in the financing transactions in public equity and fixed income markets, and impacted our market-sensitive GBM and wealth business results. Our personal and commercial businesses, however, both domestically and in our international banking division, have delivered strong volume growth in line with our risk appetite.

公共股票和固定收益市場的市場估值下降和融資交易放緩，影響了我們對市場敏感的 GBM 和財富業務業績。然而，我們的個人和商業業務，無論是在國內還是在我們的國際銀行部門，都實現了與我們的風險偏好相符的強勁增長。

Canadian Banking delivered strong earnings growth of 12% year-over-year. Residential mortgage activity held a robust level through the quarter. Our efforts to grow and sectorally diversify our commercial banking businesses resulted in a very strong contribution once again this quarter, and we saw a continued recovery in card and auto balances. Importantly, strategies implemented to improve deposit momentum resulted in our deposit growth matching our Canadian Banking loan growth in the quarter, both up 3% from Q2.

加拿大銀行業實現了強勁的收入同比增長 12%。住宅抵押貸款活動在本季度保持強勁水平。我們為發展商業銀行業務和實現部門多元化所做的努力在本季度再次做出了非常強勁的貢獻，我們看到卡和汽車餘額持續回升。重要的是，為改善存款勢頭而實施的策略使我們的存款增長與本季度的加拿大銀行貸款增長相匹配，均比第二季度增長 3%。

During the quarter, we were very pleased to announce a significant expansion of the existing scene loyalty offering, adding the ability to earn and redeem points on more categories covering everyday spend, including grocery and pharmacy. The evolution from an entertainment loyalty offering to an expanded lifestyle platform is clear as we welcome the Empire brands, including Sobey's, and Safeway to the Scene+ partnership. We believe the scene program will be an important driver for the bank in terms of customer acquisition.

在本季度，我們非常高興地宣布現有場景忠誠度產品的顯著擴展，增加了在包括雜貨店和藥房在內的更多類別的日常消費中賺取和兌換積分的能力。隨著我們歡迎包括 Sobey's 和 Safeway 在內的 Empire 品牌加入 Scene+ 合作夥伴關係，從娛樂忠誠度產品到擴展生活方式平台的演變是顯而易見的。我們相信場景計劃將成為銀行在獲客方面的重要推動力。

The Atlantic Canada rollout kicked off just last week, added 150,000 new Scene members during the rollout. The rollout will continue in stages across the country in the coming months. International Banking also delivered strong earnings growth. of 30% on the back of [sol] performance and revenue growth while managing through higher interest rates and inflation.

加拿大大西洋地區的推出於上週開始，在推出期間增加了 150,000 名新場景成員。未來幾個月，該計劃將在全國分階段繼續推廣。國際銀行業務也實現了強勁的盈利增長。在 [sol] 業績和收入增長的支持下，在通過更高的利率和通貨膨脹進行管理的情況下，增長了 30%。

Our Caribbean business is recovering strongly now and reflecting a more normalized level of contribution. Global Wealth Management results showed good stability and earnings resilience, down a modest 3% year-over-year, considering that equity and debt markets experienced double-digit declines.

我們的加勒比業務現在正在強勁復甦，反映了更加正常化的貢獻水平。考慮到股票和債務市場經歷了兩位數的跌幅，全球財富管理業績顯示出良好的穩定性和盈利彈性，同比小幅下降 3%。

Thoughtful expense control, market share gains and growth in our private banking and advisory channels, including international wealth, helped mitigate the impact of lower fixed income and equity markets. We continue to build on our capabilities with the goal of delivering comprehensive wealth advice and solutions through our strong and trusted brands.

周到的費用控制、市場份額增長以及我們的私人銀行和諮詢渠道（包括國際財富）的增長有助於減輕固定收益和股票市場下降的影響。我們將繼續增強我們的能力，目標是通過我們強大且值得信賴的品牌提供全面的財富建議和解決方案。

ScotiaMcLeod, MD Financial Management and Jarislowsky Fraser. The integration of our private banking professionals into these relationship channels has been a significant growth driver for our business. Global Banking markets saw a strong loan growth of 9% in the quarter.

ScotiaMcLeod，MD 財務管理和 Jarislowsky Fraser。我們的私人銀行專業人士融入這些關係渠道一直是我們業務的重要增長動力。全球銀行業市場在本季度錄得 9% 的強勁貸款增長。

Robust business lending activity was offset by an extremely quiet period for capital markets issuance, and and challenging markets for trading. Average deposit growth was strong in the quarter, driven by new client acquisitions. And last week, we announced the launch of Scotia TranXact our digital payments platform for business banking clients, which we expect to further bolster our continued deposit strength. We continue to invest significantly in both technology and people. despite high expense pressures, each of our Canadian Banking, International Banking and Global Wealth businesses continued to generate positive operating leverage.

強勁的商業貸款活動被資本市場發行極其平靜的時期和充滿挑戰的交易市場所抵消。在新客戶收購的推動下，本季度的平均存款增長強勁。上週，我們宣布推出面向商業銀行客戶的數字支付平台 Scotia TranXact，我們預計這將進一步增強我們持續的存款實力。我們將繼續在技術和人員方面進行大量投資。儘管支出壓力很大，但我們的加拿大銀行業務、國際銀行業務和全球財富業務均繼續產生積極的經營槓桿。

Our common equity Tier 1 capital ratio ended the quarter at 11.4% as we deployed capital primarily to support organic loan growth while continuing to return capital to our shareholders. we view our current capital levels as prudent and appropriate given the current environment. The bank continues to be recognized as a global leader in the markets we operate.

我們的普通股一級資本比率在本季度末為 11.4%，因為我們將資本主要用於支持有機貸款增長，同時繼續向股東返還資本。鑑於當前環境，我們認為我們目前的資本水平是審慎和適當的。該銀行繼續被公認為我們經營的市場的全球領導者。

At the recent 2022 Euro Money Awards for Excellence, Scotiabank was named the Best Canada as well as North America's Best Bank for Sustainability Finance and Best Investment Bank in Chile. We also continue to invest at the grassroots level in the communities where we live and work. We released the inaugurable ScotiaRISE impact report, highlighting the first year's results detailing 200 community partnerships and $26 million in community investments globally.

在最近的 2022 年歐洲貨幣卓越獎中，豐業銀行被評為加拿大最佳、北美最佳可持續金融銀行和智利最佳投資銀行。我們還繼續在我們生活和工作的社區的基層投資。我們發布了首份 ScotiaRISE 影響報告，重點介紹了第一年的結果，詳細介紹了全球 200 個社區合作夥伴關係和 2600 萬美元的社區投資。

Recent commitments include programs to help newcomer Canadian use stay in school and $100 million in support of Black-led small businesses here in Canada. Overall, we are pleased with our Q3 results and believe the bank is very well positioned from a risk management perspective and continue to execute on long-term oriented growth strategies regardless of volatility in markets. in a more variable near-term economic outlook. And with that, I'll turn the call over to Raj for a detailed financial review.

最近的承諾包括幫助加拿大新移民留在學校的計劃，以及 1 億美元支持加拿大黑人領導的小企業。總體而言，我們對第三季度的業績感到滿意，並相信該銀行從風險管理的角度來看處於非常有利的位置，並且無論市場波動如何，都將繼續執行以長期為導向的增長戰略。在更加多變的近期經濟前景中。有了這個，我將把電話轉給 Raj 進行詳細的財務審查。

Thank you, Brian, and good morning, everyone. Before I begin, I'd like to note that all my comments on the bank and business line results are on an adjusted basis. I'll review the performance for the quarter, starting on Slide 5.

謝謝你，Brian，大家早上好。在開始之前，我想指出，我對銀行和業務線結果的所有評論都是經過調整的。我將從幻燈片 5 開始回顧本季度的表現。

The bank reported another strong quarterly earnings of $2.6 billion and diluted earnings per share of $2.10, an increase in EPS of 4% year-over-year. Return on equity was 15.4% this quarter. While all-bank pretax pre-provision earnings decreased 1% year-over-year, the pretax pre-provision earnings for the 4 business lines in aggregate increased 3%.

該銀行公佈了另一個強勁的季度收益 26 億美元，每股攤薄收益 2.10 美元，每股收益同比增長 4%。本季度的股本回報率為 15.4%。雖然全行稅前撥備收益同比下降 1%，但 4 條業務線的稅前撥備收益合計增長 3%。

Revenues were up 1% year-over-year as an increase in net interest income of 11% more than offset a decline in noninterest revenue of 12% primarily relating to trading and advisory revenues being lower. The increase in net interest income was driven by strong loan growth across all business lines.

收入同比增長 1%，因為淨利息收入增長 11%，抵消了非利息收入下降 12%，這主要與交易和諮詢收入下降有關。淨利息收入的增長是由所有業務線的強勁貸款增長推動的。

The net interest margin declined a modest 1 basis point quarter-over-quarter. Interest expense increased during the quarter driven by a couple of key factors. With Central Banks decreasing rates quite rapidly, we are seeing liabilities reprice largely in line with these rising interest rates.

淨息差環比小幅下降 1 個基點。由於幾個關鍵因素，本季度的利息費用有所增加。隨著中央銀行迅速降低利率，我們看到負債重新定價基本上與這些上升的利率一致。

Secondly, customers are choosing to move deposits towards higher paying term deposits. The combination of these 2 factors offset by the benefits from interest rate risk management initiatives has resulted in the modest margin compression during the quarter.

其次，客戶選擇將存款轉向支付更高的定期存款。這兩個因素的組合被利率風險管理舉措的好處所抵消，導致本季度利潤率出現適度壓縮。

We expect the pace of asset repricing to pick up in future quarters. Noninterest income declined $417 million or 12%. Fee and commission income fell 3% in spite of an 8% growth in banking revenues as wealth management revenues declined 3% and underwriting and advisory fees was down $100 million or 49%.

我們預計未來幾個季度資產重新定價的步伐將加快。非利息收入下降了 4.17 億美元或 12%。儘管銀行業務收入增長 8%，但費用和佣金收入卻下降了 3%，原因是財富管理收入下降了 3%，承銷和諮詢費用下降了 1 億美元或 49%。

Trading revenues were down $167 million or 35% in both GBM and GBM LatAm driven by volatile markets and low client activity. The PCL ratio was 22 basis points for the quarter, up 9 basis points from the last quarter. Year-over-year adjusted expenses increased modestly by 2%, driven by higher personnel costs and share-based compensation and advertising and technology-related spend to support business growth.

受市場波動和客戶活動低迷的影響，GBM 和 GBM LatAm 的交易收入下降了 1.67 億美元或 35%。本季度 PCL 比率為 22 個基點，比上一季度上升 9 個基點。經調整後的支出同比小幅增長 2%，這主要是由於人事成本增加、股票薪酬以及支持業務增長的廣告和技術相關支出。

The productivity ratio was 53.4% this quarter, while our year-to-date operating leverage was a negative 0.9%. On Slide 6, we provide an evolution of our common equity Tier 1 ratio over the quarter as well as support us change in risk-weighted assets. The bank reported a common equity Tier 1 ratio of 11.4%, down 20 basis points from 11.6% last quarter, primarily from strong earnings that was offset by organic growth and the impact of share repurchases.

本季度的生產率比率為 53.4%，而我們年初至今的運營槓桿為負 0.9%。在幻燈片 6 上，我們提供了本季度普通股一級比率的演變，並支持我們改變風險加權資產。該銀行報告的普通股一級比率為 11.4%，比上一季度的 11.6% 下降 20 個基點，主要是由於強勁的收益被有機增長和股票回購的影響所抵消。

This represents approximately $4 billion of excess capital over the 10.5% level. Strong return on capital generation of 28 basis points was entirely offset by growth in organic risk-weighted assets. During Q3, the bank repurchased approximately 5 million shares, deploying 9 basis points of capital.

這意味著超過 10.5% 的水平大約有 40 億美元的超額資本。 28 個基點的強勁資本回報完全被有機風險加權資產的增長所抵消。在第三季度，該銀行回購了大約 500 萬股股票，部署了 9 個基點的資本。

The bank has deployed capital in line with our strategy to grow the bank organically being opportunistic on inorganic opportunities while returning capital to shareholders during 2022. Year-to-date, the bank has deployed all the internal capital generated of approximately 90 basis points to grow RWA organically that will support future capital generation.

該銀行已根據我們的戰略部署資本，在 2022 年向股東返還資本的同時有機地利用無機機會發展銀行。年初至今，該銀行已將大約 90 個基點的所有內部資本用於增長RWA 有機地支持未來的資本生成。

In addition, the bank used 62 basis points of excess capital to repurchase approximately 31 million shares year-to-date. Our priority remains to deploy capital to support organic growth initiatives in each business line, while prudently managing capital in the face of a less certain economic outlook.

此外，該銀行今年迄今已使用 62 個基點的超額資本回購了約 3100 萬股股票。我們的首要任務仍然是部署資本以支持每個業務線的有機增長計劃，同時在面對不太確定的經濟前景時審慎管理資本。

Turning now to the business line results, beginning on Slide 7. Canadian Banking reported earnings of $1.2 billion, up 12% year-over-year. Pretax pre-provision earnings also grew 13% year-over-year driven by strong revenue growth of 12%. Net interest income increased 16% following several quarters of volume growth and recent margin expansion.

現在轉向業務線結果，從幻燈片 7 開始。加拿大銀行業報告的收益為 12 億美元，同比增長 12%。在收入強勁增長 12% 的推動下，稅前撥備收益也同比增長 13%。經過幾個季度的銷量增長和最近的利潤率擴張，淨利息收入增長了 16%。

Residential mortgages grew 14% while business loans grew 23% compared to last year. We would note that the anticipated slowdown in mortgage growth is reflected in the quarter-over-quarter increase, which moderated to 2%. Deposit growth during the quarter was also healthy at 4% year-over-year. Net interest margin expanded by 7 basis points quarter-over-quarter to 2.29%, benefiting from higher deposit spreads and the impact of the Bank of Canada rate increases.

與去年相比，住宅抵押貸款增長了 14%，而商業貸款增長了 23%。我們會注意到，抵押貸款增長的預期放緩反映在環比增長中，增幅放緩至 2%。本季度的存款增長也很健康，同比增長 4%。受惠於較高的存款利差和加拿大央行加息的影響，淨息差環比增長 7 個基點至 2.29%。

The portfolio mix remains skewed towards secured retail lending and commercial loans, thus partially offsetting the NIM expansion. Noninterest income was in line with last quarter, but declined modestly by 1% as the prior year had elevated earnings attributable to private equity and income from associates, though partially offset by higher banking revenues, insurance fees and foreign exchange fees.

投資組合仍然偏向有擔保的零售貸款和商業貸款，因此部分抵消了淨息差擴張。非利息收入與上一季度持平，但小幅下降 1%，原因是去年私募股權和聯營公司收入增加，但部分被銀行收入、保險費和外匯費用增加所抵消。

Expenses increased 9% year-over-year driven by higher technology, advertising and personnel costs to support business growth. The segment generated positive operating leverage for the seventh consecutive quarter and achieved year-to-date operating leverage of 2.4%. The PCL ratio was 9 basis points, an increase of 2 basis points compared to the prior year.

由於支持業務增長的技術、廣告和人員成本增加，費用同比增長 9%。該部門連續第七個季度產生正的經營槓桿，年初至今的經營槓桿為 2.4%。 PCL比率為9個基點，比上年增加2個基點。

Turning now to Global Wealth Management on Slide 8. Earnings of $383 million declined a modest 3% year-over-year impacted by equity and bond markets that are down significantly more. Revenue declined 2% due primarily to lower fee income driven by lower assets under management and trading volumes partially offset by higher interest income from strong private banking volume growth and margin expansion.

現在轉向幻燈片 8 上的全球財富管理。受股票和債券市場大幅下跌的影響，3.83 億美元的收益同比溫和下降 3%。收入下降 2%，主要是由於管理資產和交易量減少導致手續費收入下降，部分被私人銀行業務量增長和利潤率擴張帶來的更高利息收入所抵消。

Expenses declined 2% as lower volume-related expenses, primarily compensation, were partly offset by higher costs to support business initiatives. The productivity ratio this quarter was 59.9%, improving 30 basis points from last year. This division has generated positive operating leverage in 10 of the last 11 quarters, and the year-to-date operating leverage was positive 0.3% despite revenue headwinds.

費用下降了 2%，因為與數量相關的費用減少，主要是補償費用，部分被支持業務計劃的成本增加所抵消。本季度生產率為59.9%，比去年提高30個基點。該部門在過去 11 個季度中的 10 個季度產生了正的經營槓桿，儘管收入逆風，但年初至今的經營槓桿為正 0.3%。

The assets under management decreased 6% to $320 billion, while assets under administration decreased $1 billion to $581 billion, primarily due to market depreciation. This quarter saw strong growth across several wealth business lines in Canada and international despite the impact of market quality on assets under management, reflecting the benefits of diversified business model.

管理資產減少 6% 至 3200 億美元，而管理資產減少 10 億美元至 5810 億美元，主要是由於市場貶值。儘管市場質量對管理資產產生影響，但本季度加拿大和國際多個財富業務線的強勁增長，反映了多元化商業模式的好處。

On a pretax pay provision basis, Canadian Wealth earnings were essentially in line with the prior year, excluding the impact of high trade, our retail trading platform that saw volume moderation. International Wealth continued to grow with pretax pre-provision earnings up 5% year-over-year.

在稅前工資準備金的基礎上，加拿大財富的收入與上一年基本持平，不包括高交易量的影響，我們的零售交易平台交易量放緩。國際財富繼續增長，稅前撥備前收入同比增長 5%。

Now referring to Slide 9. Global Banking and Markets generated earnings of $378 million, down 26% compared to the prior year. The results were driven by solid business banking performance as loans grew 22% and deposits grew 9% with improving margins, mainly in the United States, in line with our growth strategy there.

現在參考幻燈片 9。全球銀行和市場產生了 3.78 億美元的收入，與去年相比下降了 26%。業績受到穩健的商業銀行業務業績的推動，貸款增長 22%，存款增長 9%，利潤率提高，主要在美國，符合我們在當地的增長戰略。

Client acquisition and engagement are positive and the loan and M&A pipelines remain strong. Revenue declined 8% due entirely to lower capital market activities both advisory and trading. Capital markets revenue was down this quarter with fixed-income revenues down 34% and equities down 25% year-over-year.

客戶獲取和參與是積極的，貸款和併購渠道仍然強勁。收入下降 8%，完全是由於諮詢和交易的資本市場活動減少。本季度資本市場收入下降，固定收益收入同比下降 34%，股票收入同比下降 25%。

Although models considering the fixed income and equity issuances in the Canadian market were down 70% and 80%, respectively. Net interest income increased 12%. Average loans and (inaudible) increased $9 billion or 9% quarter-over-quarter and $20 billion or 22% year-over-year. Sequential loan growth accelerated this quarter in Canada and the U.S., while average deposit balances increased 4% quarter-over-quarter and 9% year-over-year.

儘管考慮到加拿大市場固定收益和股票發行的模型分別下降了 70% 和 80%。淨利息收入增長 12%。平均貸款和（聽不清）環比增長 90 億美元或 9%，同比增長 200 億美元或 22%。本季度加拿大和美國的連續貸款增長加速，而平均存款餘額環比增長 4%，同比增長 9%。

Noninterest income decreased by $143 million or 16% compared to the prior year, driven by reductions in underwriting and advisory due to lack of customer activity. and slightly lower trading revenues. Expenses were flat quarter-over-quarter as the business manage expense growth to respond to lower capital markets revenue.

非利息收入與上一年相比減少了 1.43 億美元或 16%，原因是由於缺乏客戶活動導致承保和諮詢業務減少。交易收入略低。由於業務管理費用增長以應對較低的資本市場收入，費用環比持平。

Expenses were up 6% year-over-year due mainly to technology costs to support business development, partly offset by lower personnel costs. Continued PCL recoveries reflect the high credit quality of the lending book. GBM LatAm, which is reported as part of International Banking, reported earnings of $192 million, the second highest quarter, up 5% year-over-year as business banking earnings more than offset a weaker capital markets performance.

費用同比增長 6%，主要是由於支持業務發展的技術成本，部分被較低的人員成本所抵消。持續的 PCL 回收反映了貸款賬簿的高信用質量。作為國際銀行業務的一部分，GBM LatAm 報告的收益為 1.92 億美元，是第二高的季度，同比增長 5%，原因是商業銀行業務收益抵消了資本市場表現疲軟的影響。

This business has continued to deliver good growth, despite the challenging market conditions we referenced earlier, driven by our focused banking activities to large corporate clients in the pacific alliance.

儘管我們之前提到的充滿挑戰的市場條件，在我們專注於太平洋聯盟大型企業客戶的銀行業務的推動下，這項業務繼續實現了良好的增長。

Slide 10 shows the international banking results. My comments that follow are on an adjusted and constant dollar basis. International Banking reported another solid quarter with net income of $631 million up 30% year-over-year. The segment's net earnings continued to grow in line with the economic recovery and has steadily delivered improving results for 8 consecutive quarters.

幻燈片 10 顯示了國際銀行業的結果。我接下來的評論是基於調整和不變的美元基礎。國際銀行業務報告又一個穩健的季度，淨收入為 6.31 億美元，同比增長 30%。該分部的淨利潤隨著經濟復甦持續增長，並連續8個季度穩步取得好成績。

Pretax pre-provision earnings grew 7% year-over-year, with a strong recovery in the Caribbean and Central America that grew 31%, which more than offset a 4% decline in the Pacific Alliance. Year-over-year loans grew 13% with commercial loans up 14% and mortgages up 16%, while personal loans and credit cards also grew 7%.

稅前撥備收益同比增長 7%，加勒比和中美洲強勁復甦，增長 31%，抵消了太平洋聯盟 4% 的下降。同比貸款增長 13%，其中商業貸款增長 14%，抵押貸款增長 16%，而個人貸款和信用卡也增長了 7%。

Revenue was up 3% year-over-year by higher net interest income, which was partially offset by lower noninterest income. Quarter-over-quarter, net interest margin declined a modest 1 basis point to 385 basis points. Recall the net interest margin expanded 17 basis points in the first 2 quarters of 2022 in this segment.

由於淨利息收入增加，收入同比增長 3%，但部分被非利息收入減少所抵消。與上一季度相比，淨息差小幅下降 1 個基點至 385 個基點。回想一下，該領域的淨息差在 2022 年前兩個季度擴大了 17 個基點。

The slight net interest margin compression was a result of higher cost of funds driven by a steep increase in total bank rates, movement of deposits from coal to term and deposit fee pricing faster than assets. Although noninterest revenue was down $106 million, fee and commission revenue was up 9%. The remaining decline was due to lower trading income mainly in Peru and Chile, lower insurance revenue and higher investment gains last year.

淨息差略有壓縮是由於銀行總利率急劇上升、存款從煤炭向定期存款轉移以及存款費用定價快於資產導致資金成本上升。儘管非利息收入下降了 1.06 億美元，但費用和佣金收入增長了 9%。其餘下降是由於主要在秘魯和智利的貿易收入下降、保險收入下降和去年投資收益增加所致。

The provision for credit loss ratio declined year-over-year by 16 basis points to 84 basis points. Noninterest expenses were flat compared with the prior year despite high inflation of around 10% in the Pacific Alliance countries and increases related to business growth, which were mostly offset by benefits from accelerated digital progress and efficiency initiatives.

信用損失準備金同比下降16個基點至84個基點。儘管太平洋聯盟國家的通貨膨脹率高達 10% 左右，並且與業務增長相關的增長主要被加速數字化進步和效率舉措帶來的好處所抵消，但非利息支出與上一年相比持平。

This segment has generated positive operating leverage of 2.5% year-to-date. On Slide 11, I'd like to briefly highlight the aggregate performance of the 4 business lines. Despite challenges in market-facing businesses, total revenues and pretax free provisions for the 4 business lines together grew 3% while year-to-date operating leverage was positive 1%.

年初至今，該部門產生了 2.5% 的正經營槓桿。在幻燈片 11 上，我想簡要強調 4 條業務線的總體表現。儘管面臨市場的業務面臨挑戰，但 4 個業務線的總收入和稅前免稅準備金合計增長 3%，而年初至今的經營槓桿為正 1%。

These metrics, once again, speak to the resilience and diversified earnings potential of our key operating segments. Now turning to the other segment. We reported a modest adjusted net loss of $52 million compared to a loss of $10 million in the prior quarter and $7 million in the prior year. Year-over-year, the change was a result of lower contribution from asset liability management activities and significantly lower investment gain that was offset by lower taxes and lower noninterest expenses. With that, I'll now turn the call over to Phil to discuss (inaudible).

這些指標再次說明了我們關鍵運營部門的彈性和多元化盈利潛力。現在轉向另一部分。我們報告了 5200 萬美元的適度調整後淨虧損，而上一季度和去年同期分別虧損 1000 萬美元和 700 萬美元。與去年同期相比，這一變化是由於資產負債管理活動的貢獻下降以及投資收益顯著下降被較低的稅收和較低的非利息支出所抵消。有了這個，我現在將把電話轉給 Phil 來討論（聽不清）。

Thank you, Raj. Good morning, everyone. As Brian highlighted, the macroeconomic outlook has evolved since last quarter. Despite higher inflation, additional interest rate hikes and moderating GDP forecast, the credit quality of our portfolio remains strong. The following factors give us confidence across our footprint.

謝謝你，拉傑。大家，早安。正如布賴恩所強調的那樣，宏觀經濟前景自上個季度以來發生了變化。儘管通脹上升、加息和 GDP 預測放緩，但我們投資組合的信貸質量仍然強勁。以下因素使我們對我們的足跡充滿信心。

First, the strong health of our customers and a favorable business mix continues to deliver low delinquency rates, low impaired formations and improved write-off trends. Deposit levels remain high and we are seeing our customers exhibit prudent financial management.

首先，我們客戶的健康狀況和良好的業務組合繼續帶來低拖欠率、低受損形成和改善的註銷趨勢。存款水平仍然很高，我們看到我們的客戶表現出審慎的財務管理。

Secondly, loan originations across all portfolios continue to be at high quality. Thirdly, Corporate credit is a positive differentiator with no material bridge book exposures or watch list accounts. And finally, despite these trends, we are thoughtful about the less favorable macroeconomic forecast.

其次，所有投資組合的貸款發放繼續保持高質量。第三，企業信用是一個積極的差異化因素，沒有重大的過渡性賬簿風險敞口或觀察名單賬戶。最後，儘管有這些趨勢，但我們對不太有利的宏觀經濟預測深思熟慮。

The increase in our PCL ratio this quarter is primarily driven by expectations of longer-lasting inflationary pressure and more central bank rate increases. Our ACL coverage reflects this outlook. With this backdrop, I will highlight a few points on what we are seeing across our portfolios. In our Canadian portfolio, performance remains favorable compared to pre-pandemic levels. delinquency of 90-plus days for retail was 15 basis points or roughly half of the pre-pandemic ratio.

本季度我們 PCL 比率的增加主要是由於對更持久的通脹壓力和更多央行加息的預期推動的。我們的 ACL 覆蓋範圍反映了這一前景。在此背景下，我將重點介紹我們在投資組合中看到的幾點。在我們的加拿大投資組合中，與大流行前的水平相比，表現仍然良好。 90 天以上的零售拖欠率為 15 個基點，約為大流行前比率的一半。

Customer deposits, on average, are 14% higher than they were 2.5 years ago. And while consumer spending remains high, the payment trends show improvement. Our Canadian uninsured mortgage portfolio remained strong with LTVs of 46% and an average FICO score of 800. While we continue to see some preference towards variable rate mortgages, we note that 97% of our variable rate mortgage customers are above prime and have FICO scores of approximately 800.

客戶存款平均比 2.5 年前高出 14%。雖然消費者支出仍然很高，但支付趨勢顯示出改善。我們的加拿大無保險抵押貸款投資組合保持強勁，LTV 為 46%，平均 FICO 得分為 800。雖然我們繼續看到一些對浮動利率抵押貸款的偏好，但我們注意到，我們 97% 的浮動利率抵押貸款客戶高於優質貸款並擁有 FICO 分數約800個。

These customers also have solid balance sheets with approximately 40% higher balances in their deposit accounts compared to fixed rate customers. Supporting these strong consumer metrics is a tight labor market, with unemployment remains at all-time lows of 4.9%.

這些客戶還擁有穩健的資產負債表，與固定利率客戶相比，他們的存款賬戶餘額高出約 40%。支撐這些強勁的消費者指標的是緊張的勞動力市場，失業率仍處於 4.9% 的歷史低點。

In our commercial portfolio, our growth is the result of a targeted high credit quality strategy. We are focused on sectors with favorable industry fundamentals such as commercial real estate, agriculture and automotive. The bank's commercial real estate portfolio remains solid, made up of residential projects with Tier 1 developers who have strong balance sheets and industrial properties where demand continues to exceed supply.

在我們的商業投資組合中，我們的增長是有針對性的高信用質量戰略的結果。我們專注於具有良好行業基本面的行業，例如商業房地產、農業和汽車。該銀行的商業房地產投資組合保持穩健，由資產負債表強勁的一級開發商的住宅項目和供不應求的工業地產組成。

Moving on to International Banking retail. Our credit quality is better positioned than it was prepandemic. Our portfolio is now 72% secured versus 65% pre-pandemic, driven by mortgage growth of 15% year-over-year in International Banking. Origination quality continues to improve.

轉向國際銀行零售。我們的信用質量比大流行前更好。在國際銀行業抵押貸款同比增長 15% 的推動下，我們的投資組合現在的安全率為 72%，而大流行前為 65%。原創品質不斷提升。

Our focus on high credit quality rated customers remains and has increased to 96% for [reductions] versus 80% pre-pandemic. Portfolio delinquency of 90-plus days decreased 88 basis points versus pre-pandemic as a result of prudent credit practices.

我們對高信用質量評級客戶的關注仍然存在，並且已從大流行前的 80% 增加到 [減少] 的 96%。由於審慎的信貸做法，90 天以上的投資組合拖欠率與大流行前相比減少了 88 個基點。

Now turning to PCL on Page 15 and 16. PCLs this quarter were $412 million or 22 basis points. The increase in last quarter was primarily driven by higher performing PCLs, up $210 million, due to loan growth and a less favorable macroeconomic outlook. Impaired PCL were $389 million this quarter, down $406 million from last quarter and remain at historical lows. We continue to see low levels of delinquency in both Canadian and International Banking.

現在轉向第 15 頁和第 16 頁的 PCL。本季度的 PCL 為 4.12 億美元或 22 個基點。上一季度的增長主要是由於貸款增長和宏觀經濟前景不佳，PCL 表現較好，增加了 2.1 億美元。本季度受損 PCL 為 3.89 億美元，比上一季度減少 4.06 億美元，仍處於歷史低位。我們繼續看到加拿大和國際銀行業的拖欠率較低。

Our current allowances for credit loss this quarter were $5.3 billion or an ACL of 72 basis points. Nonperforming clan stable, in line with historically low yield formations and net write-offs. Total ACL coverage represents about 12 quarters of net write-offs, almost double our pre-pandemic levels.

我們本季度當前的信貸損失準備金為 53 億美元或 72 個基點的 ACL。不良資產穩定，符合歷史上的低收益率形成和淨沖銷。 ACL 的總覆蓋率約占淨核銷的 12 個季度，幾乎是我們大流行前水平的兩倍。

In summer, our customers continue to exhibit strong financial health. On a product-by-product basis, the ACL ratio is higher for most retail products relative to prepandemic levels, reflecting current environment. Our lower all-bank PCL ratio of 72 basis points versus pre-pandemic was driven by our change in business mix in favor of secured products offset by additional weighting to downside risk related to a less favorable macroeconomic forecast.

夏季，我們的客戶繼續表現出強勁的財務狀況。在逐個產品的基礎上，大多數零售產品的 ACL 比率相對於大流行前的水平更高，這反映了當前的環境。與大流行前相比，我們降低了 72 個基點的全銀行 PCL 比率，這是由於我們改變了業務組合，有利於有擔保產品，這被與不利的宏觀經濟預測相關的下行風險的額外權重所抵消。

Lastly, despite the current macroeconomic headline concerns, we remain confident in the quality of our repositioned portfolio and prudent credit practices. With that, I will turn the call back to Brian for closing remarks.

最後，儘管當前宏觀經濟存在總體擔憂，但我們對重新定位的投資組合的質量和審慎的信貸實踐仍然充滿信心。有了這個，我將把電話轉回布賴恩的閉幕詞。

Thank you, Phil. Despite the heightened volatility in recent months and the resulting impact on our market-facing businesses, the bank remains on track to deliver a strong overall performance in fiscal 2022. As such, our commitments to deliver earnings growth, return on equity and prudent expense management while maintaining a strong balance sheet, remain intact.

謝謝你，菲爾。儘管最近幾個月波動加劇並對我們面向市場的業務產生了影響，但該銀行仍有望在 2022 財年實現強勁的整體業績。因此，我們承諾實現盈利增長、股本回報率和審慎的費用管理在保持強勁的資產負債表的同時，保持完整。

We have taken appropriate action to ensure we are conservatively provisioned in light of a less certain economic outlook. We will continue to closely monitor changes as they impact our businesses and the financial health of our customers. Greater than 95% of our double-digit loan growth this year to date represents exposure to very high-quality investment-grade corporate and commercial customers for secured retail borrowers.

鑑於經濟前景不太確定，我們已採取適當行動確保我們的準備金保守。我們將繼續密切關注變化，因為它們會影響我們的業務和客戶的財務狀況。今年迄今為止，我們超過 95% 的兩位數貸款增長代表了有擔保零售借款人對非常高質量的投資級企業和商業客戶的敞口。

The typical indicators of softening demand or data suggests business confidence in the real economy is trending lower, is just not present. Any project or investment deferrals we've seen from our corporate and commercial customers have been driven by prudence related to uncertain completion costs or labor availability rather than demand side concerns.

需求疲軟的典型指標或數據表明企業對實體經濟的信心呈下降趨勢，只是不存在。我們從公司和商業客戶那裡看到的任何項目或投資延期都是出於與不確定的完工成本或勞動力可用性相關的謹慎態度，而不是需求方面的擔憂。

The portfolio repositioning we have undertaken in recent years by customer profile and geography as the bank set to capitalize on attractive higher-growth markets and product segments consistent with our organization-wide risk framework.

近年來，我們根據客戶概況和地理位置進行了投資組合重新定位，因為銀行將利用符合我們組織範圍風險框架的有吸引力的高增長市場和產品細分市場。

In summary, we are pleased with the operating performance of the bank this quarter. We are encouraged by the resilience and growth potential of the markets where we operate. We expect our P&C businesses in Canada and international to grow earnings through high-quality secured loan growth that will continue to support stable loan loss provisions.

總之，我們對本季度銀行的經營業績感到滿意。我們對我們經營所在市場的彈性和增長潛力感到鼓舞。我們預計我們在加拿大和國際的財產險業務將通過高質量的擔保貸款增長來增加收益，這將繼續支持穩定的貸款損失準備金。

We are pleased by the expansion of the Scene loyalty program this quarter and the potential that presents in terms of customer acquisition and supporting our growth. We are very pleased with the resilient performance of the wealth management businesses in the face of double-digit contraction in equity and fixed income markets this quarter.

我們對本季度 Scene 忠誠度計劃的擴展以及在客戶獲取和支持我們增長方面呈現的潛力感到高興。面對本季度股票和固定收益市場兩位數的收縮，我們對財富管理業務的彈性表現感到非常滿意。

We are well positioned to capture the money that is in motion with our diversified product offering. We expect the GBM business to bounce back in Q4. And Origination businesses are rebounding and loan deposit and M&A pipelines remain strong. We remain highly confident that the diversification of our business model, prudent risk management and focusing on meeting the needs of our customers, especially through challenging times, will yield strong long-term results for all our key stakeholders.

我們有能力通過多元化的產品來捕捉流動的資金。我們預計 GBM 業務將在第四季度反彈。發起業務正在反彈，貸款存款和併購渠道保持強勁。我們仍然高度相信，我們業務模式的多元化、審慎的風險管理以及專注於滿足客戶需求（尤其是在充滿挑戰的時期）將為我們所有主要利益相關者帶來強勁的長期成果。

Thank you, Brian. We will now be pleased to take your questions. Please limit yourself to 1 question and then rejoin the queue to allow everyone the opportunity to participate in the call. Operator, can we have the first question on the phone, please?

謝謝你，布賴恩。我們現在很樂意回答您的問題。請限制自己回答 1 個問題，然後重新加入隊列，讓每個人都有機會參與通話。接線員，請問第一個問題可以嗎？

The first question is from Ebrahim Poonawala from Bank of America.

第一個問題來自美國銀行的 Ebrahim Poonawala。

I guess maybe the first one question. If you could spend some time on the margin outlook, Raj? One, just talk to us in terms of expectations for consolidated NIM, NII, understanding your hedging program that's been ongoing. And secondly, if you could, both in Canadian and International Banking, where do you see the margin going over the next few quarters? And for international, do we see -- do we need Central Banks to stop rate hikes before we see the margin expansion in international IB? Just give us a sense of the trajectory of the margin in international. What could be the end state for that segment in terms of the margin?

我想也許是第一個問題。如果你能花一些時間在利潤前景上，Raj？第一，就合併 NIM、NII 的預期與我們交談，了解您正在進行的對沖計劃。其次，如果可以的話，在加拿大和國際銀行業中，您認為未來幾個季度的利潤率會在哪裡？對於國際，我們是否看到 - 在我們看到國際 IB 的保證金擴張之前，我們是否需要中央銀行停止加息？只是讓我們了解一下國際保證金的軌跡。就利潤而言，該細分市場的最終狀態可能是什麼？

Sure. Thanks, Ebrahim. And thanks for the question. Let me just address the modest margin compression of 1 basis points we saw this quarter at the (inaudible) bank level, and then I'll get to the 2 business lines you referenced. I'll point out a few reasons. The rapid increase in administered rates was offered in deposit repricing faster and a move to term deposits, which I referenced in my prepared remarks, both in Canada as well as in the Pacific Alliance countries.

當然。謝謝，易卜拉欣。感謝您的提問。讓我來談談我們本季度在（聽不清的）銀行層面看到的 1 個基點的適度保證金壓縮，然後我會談到你提到的 2 條業務線。我會指出幾個原因。在加拿大和太平洋聯盟國家，我在準備好的評論中提到了存款重新定價更快和定期存款的轉變，這提供了管理利率的快速增長。

Significant increase, as you know, is across all the best clients countries. Brian referenced a 300 basis points in Columbia, for example. This also results in an increased cost of funds, both deposits and term funding from the wholesale markets. What we've seen is stronger-than-anticipated growth in lower-margin products to corporate, commercial mortgages, that's also impacted what I would call the asset market.

如您所知，所有最好的客戶國家都有顯著增長。例如，Brian 引用了哥倫比亞的 300 個基點。這也導致資金成本增加，包括來自批發市場的存款和定期融資。我們所看到的是低利潤率產品對企業、商業抵押貸款的增長強於預期，這也影響了我所說的資產市場。

And then asset repricing is ongoing, that's obviously not kept pace with the changes in deposit rate pricing. So that's kind of the explanation for the 1 basis point. But looking forward, we expect asset repricing to continue. That should improve the margin in future quarters. I'm talking about all banks now. and a modest margin compression, frankly, the result of the hedging that you referenced, the benefits that we have at the all bank level.

然後資產重新定價正在進行中，這顯然跟不上存款利率定價的變化。這就是對 1 個基點的解釋。但展望未來，我們預計資產重新定價將繼續。這應該會提高未來幾個季度的利潤率。我現在說的是所有銀行。坦率地說，適度的保證金壓縮是您提到的對沖的結果，我們在所有銀行層面都擁有的好處。

And as you know, we typically hedge the US and CAD, and not necessarily the Pacific Alliance interest rates, because you don't have the ability to hedge. But specifically for the 2 business lines you referenced, Canadian margin, you saw expanding. A lot of it came from the deposit side. asset margins are lower, as you would expect in this rising rate environment in the medium term or in the short term, I should say, and start repricing through the medium term, and then we should start seeing asset margin expand in the Canadian bank.

如您所知，我們通常對沖美元和加元，不一定是太平洋聯盟利率，因為您沒有對沖能力。但特別是對於您提到的 2 條業務線，加拿大利潤，您看到了擴張。其中很多來自存款方面。資產利潤率較低，正如您在中期或短期利率上升的環境中所預期的那樣，我應該說，並在中期開始重新定價，然後我們應該開始看到加拿大銀行的資產利潤率擴大。

The same thing applies to International Banking. It's only slightly different in that the rapid rate of increases have been exponentially high say, compared to Canada. So you're seeing a bigger impact in the International Banking margin. But I go back to the same thing in my prepared remarks there, Ebrahim. That margin quickly rebounded from 369 to 386 until last quarter of 17 basis points. That's the impact we see and the modest margin progression of 1 basis point is for the same reasons that I quoted, which applies to the all banks, deposits are moving faster, conversion of what we would call co-deposit -- so term deposits happening pretty quickly in some of the countries in the Pacific Alliance.

同樣的事情也適用於國際銀行業務。與加拿大相比，它的快速增長速度呈指數級增長只是略有不同。因此，您會看到國際銀行業務利潤率受到更大的影響。但我在我準備好的發言中又回到了同樣的事情，易卜拉欣。該利潤率從 369 迅速反彈至 386，直到最後一個季度 17 個基點。這就是我們看到的影響，1 個基點的適度保證金增長與我引用的原因相同，這適用於所有銀行，存款移動得更快，轉換我們所謂的共同存款 - 所以定期存款發生在太平洋聯盟的一些國家中很快。

We should see margin expansion happening through the international banking business line as well. I'm not going to say in Q4 is going to start expanding. I think Q4 will remain maybe likely stable. But looking forward into 2023, and we'll speak more in detail in November, we would expect that we should see an expansion in the International Banking space as well.

我們也應該看到通過國際銀行業務線擴大利潤率。我不會說第四季度會開始擴張。我認為第四季度可能會保持穩定。但展望 2023 年，我們將在 11 月進行更詳細的討論，我們預計我們也應該看到國際銀行業務領域的擴張。

Got it. That was helpful. And just -- I'm sorry if I missed it. Did you talk about what you expect in terms of just consolidated all bank NIM for the fourth quarter? How much of expansion you expect near term?

知道了。那很有幫助。只是——如果我錯過了，我很抱歉。您是否談到了您對剛剛合併的第四季度所有銀行 NIM 的預期？您預計近期會有多少擴張？

Yes, I think it should be fairly stable, Ebrahim, because I think the International Banking being stable. Cost of funds are not coming down fairly quickly as we all know, as Central Banks are trying to deal with inflation effects. I think the Canadian margin will, I would say, modestly expand as deposits margin contributed a little bit more. So I'd say it's likely expected to be in line with what you saw this quarter, maybe a basis point of 2, one way or the other.

是的，我認為它應該相當穩定，易卜拉欣，因為我認為國際銀行業是穩定的。眾所周知，資金成本並沒有很快下降，因為中央銀行正試圖應對通脹影響。我認為加拿大的保證金將適度擴大，因為存款保證金的貢獻更大。所以我想說它很可能與你在本季度看到的一致，可能是 2 個基點，以某種方式或其他方式。

The next question is from Gabriel Dechaine from National Bank Financial.

下一個問題來自 National Bank Financial 的 Gabriel Dechaine。

I just have a question on the deposit substitution effect. It sounds like you're seeing it more in the international segment, switching from 0 cost to term deposits. Is there any chance we start to see that in a more accelerated fashion in Canada? And then just a quick one on the client activity comment in GBM. I get that characterization. I'm just wondering if you can put some -- maybe frame it with your numbers. And more importantly, are you starting to see that reverse in the current quarter?

我只是對存款替代效應有疑問。聽起來您在國際領域看到的更多，從零成本轉向定期存款。我們是否有機會開始在加拿大以更快的方式看到這一點？然後是關於 GBM 中客戶活動評論的快速評論。我明白這個特徵。我只是想知道你是否可以放一些——也許用你的數字框起來。更重要的是，您是否開始在本季度看到這種逆轉？

Sure, Gabe. I'll start, and I'm sure Dan might have other tough stuff say or not so specific to this business. This conversion, if I can call it that, between call to term is actually happening in the Canadian Bank too. This is the deposit base is significantly larger, so it's not actually showing as big as it's showing up in the international banking space.

當然，加布。我會開始的，我敢肯定丹可能會說其他一些難聽的東西，或者不是那麼具體到這個行業。這種轉換，如果我可以這麼說的話，在通話之間的轉換實際上也發生在加拿大銀行。這是存款基礎要大得多，所以它實際上並沒有像在國際銀行領域出現的那麼大。

That's the short version of the answer. Specific numbers, we have seen already about $4 billion moved from call to term deposits. and in the Internal Banking, it's been about $1 billion. But relatively speaking, we've seen similar trends in both businesses that I think is expected to continue until Central Bank rate increased a stock, I would say, in the international banking space specifically. And Jake, do you want to take a question on the GBM?

這是答案的簡短版本。具體數字，我們已經看到大約 40 億美元從通知存款轉移到定期存款。在內部銀行業務中，大約是 10 億美元。但相對而言，我們在這兩種業務中都看到了類似的趨勢，我認為這種趨勢預計將持續到央行加息之前，我想說的是，特別是在國際銀行領域。傑克，你想問一個關於 GBM 的問題嗎？

For sure. Thanks, Raj. And Gabe, thanks for your question. To give you some dimensions or framing around it, I'll talk about Canada and the U.S. We've seen a decline in ECM issuance north of 80% in both of those markets, and those are our 2 largest markets. After that, on the debt capital market side, you've seen issuance decline north of in the quarter in those same 2 markets Canada in the U.S.

當然。謝謝，拉傑。加布，謝謝你的提問。為了給你一些維度或框架，我將談談加拿大和美國。我們已經看到這兩個市場的 ECM 發行量下降了 80% 以上，這是我們最大的兩個市場。在那之後，在債務資本市場方面，你已經看到本季度以北的加拿大和美國這兩個市場的發行量下降。

And to further frame that out, that's the lowest issuance levels we've seen in these markets at any point in the past 5 years. And so that's important because it obviously impacts some of the fee lines, but those new issuance also then contribute to activating the capital markets, whether it's secondary trading or whether it's hedging activity, et cetera.

為了進一步說明這一點，這是我們在過去 5 年中任何時候在這些市場上看到的最低發行水平。這很重要，因為它顯然會影響一些費用額度，但這些新發行也有助於激活資本市場，無論是二級交易還是對沖活動等等。

So does have a material impact in the quarter. In terms of outlook, we have already started to see it rebound. It's still early in Q4. We're only a few weeks in, but we're seeing our ECM business at a stronger level than where we were throughout all of Q3. So there are some signs of the rebound happening including in ECM and DCM in those key markets in Canada and the U.S., so we're favorably disposed as we work through Q4 here. I hope that answers it.

因此，確實對本季度產生了重大影響。就前景而言，我們已經開始看到它反彈。第四季度還早。我們只有幾週的時間，但我們看到我們的 ECM 業務的水平比我們整個第三季度的水平都要高。因此，在加拿大和美國的這些主要市場，包括 ECM 和 DCM 在內，有一些反彈的跡象，所以我們在第四季度工作時處於有利地位。我希望能回答它。

Yes. I was thinking more -- the ECM, DCM activity we've all seen, I was thinking more along the lines of whether it's prime brokerage or some of the other business lines we don't see as clearly and declines in margin loans, stuff like that, but I guess it's probably along the same lines.

是的。我想得更多——我們都看到的 ECM、DCM 活動，我想得更多的是大宗經紀業務還是我們看不清楚的其他一些業務線，以及保證金貸款的下降等等像那樣，但我想它可能沿著相同的路線。

Sure. We're happy to add some coloring around that, too. So during the quarter, you obviously saw mix shoot up. You saw equity indices be quite volatile and come down. And with that, we also saw cost of funds, as Raj alluded to, move up. And so you had 2 effects happening. Spreads narrowing on financing businesses and in trading margins, and at the same time, you would have seen clients de-grossing the exposure to a downward pressure market.

當然。我們也很高興為此添加一些顏色。因此，在本季度，您顯然看到了混合增長。你看到股票指數波動很大並且下跌。隨之而來的是，正如 Raj 所暗示的那樣，我們還看到了資金成本的上升。所以你有兩種效果發生。融資業務和交易保證金的利差收窄，同時，您會看到客戶減少對下行壓力市場的敞口。

And so that would have taken trading assets and trading securities down in the quarter, which you would have seen. But we've been thoughtful on our balance sheet structure. So has that come down and as clients have not been accessing the primary market, whether it's debt or equity, we've been able to grow our loan side but the sheet and support our client growth there.

這樣一來，本季度的交易資產和交易證券就會下降，你會看到的。但我們對資產負債表結構進行了深思熟慮。這種情況也下降了，由於客戶還沒有進入一級市場，無論是債務還是股權，我們已經能夠增加我們的貸款方面，但表格並支持我們在那裡的客戶增長。

And so you've seen continued strong loan growth in our focused markets like the U.S. and Canada, and you've seen continued good deposit growth to fund that at the end of the day. So then we see reduction in trading activities with clients, both corporate and institutional move to the sideline. Also saw in financing businesses as well as spreads got more narrow and as clients de-gross their investment portfolios.

因此，您已經看到美國和加拿大等重點市場的貸款持續強勁增長，並且您已經看到持續良好的存款增長為最終提供資金。因此，我們看到與客戶的交易活動減少，企業和機構都在觀望。融資業務以及利差變得更窄以及客戶減少他們的投資組合時也看到了這一點。

The next question is from John Aiken from Barclays.

下一個問題來自巴克萊的 John Aiken。

Jake, if you can stay on the microphone for a second. I understand the impact on trading from the ECM and the DCM, but I was a little bit surprised to see the down graph in the FX trading specifically. Is this just a spillover impact on the FX trading from what you saw in the markets? Or were there actually trading losses generated? Like, I noticed that -- 2 days of trading losses during the quarter. Was that specifically ascribed to FX? Or is this just client volumes were down and you just weren't able to generate the same amount of trading?

傑克，如果你能在麥克風上稍等片刻。我了解 ECM 和 DCM 對交易的影響，但我有點驚訝地看到外匯交易中的下降圖表。這只是您在市場上看到的對外匯交易的溢出影響嗎？還是真的產生了交易損失？就像，我注意到——本季度有 2 天的交易虧損。這是否特別歸因於FX？或者這只是客戶數量下降而您無法產生相同數量的交易？

John, I'll start. It's Raj. And then I'll pass it on to Jake for additional specifics to FX. What you're referencing is what we categorize as FX and other, I think in the trading related [softpack] page. And I think the key is the other over there. FX been actually fairly good when you look at it quarter-over-quarter or year-over-year. So that's not the contributor.

約翰，我要開始了。是拉傑。然後我會將它傳遞給 Jake，以了解有關 FX 的更多細節。你所指的是我們歸類為外彙和其他的東西，我認為在交易相關的 [softpack] 頁面中。我認為關鍵是那邊的另一個。當您查看季度環比或同比時，外匯實際上相當不錯。所以這不是貢獻者。

Commodity goes into it. And we have a lot of what I would call other derivative-related trading activities. And a lot of it is hedged for the state products that we have, which goes through NII in the GBM LatAm business, which is in International Banking. That's what you're seeing the year-over-year. And some component of it relates to -- last year, as you know, we had some opportunities both in Peru and in one other country in the Latin American space because of political turmoil. We had opportunities to actually monetize some sort of trading revenues.

商品進入其中。我們有很多我稱之為其他衍生品相關的交易活動。其中很多是針對我們擁有的國有產品進行對沖的，這些產品在 GBM LatAm 業務中通過 NII，在國際銀行業務中。這就是你每年看到的情況。它的某些組成部分與 - 去年，如你所知，由於政治動盪，我們在秘魯和拉丁美洲空間的另一個國家都有一些機會。我們有機會真正將某種交易收入貨幣化。

That's what you're not seeing this quarter compared to Q3 of 2021. So there's not much there relating to FX specifically, but there are various other, what I would call, trading-related activities that go under that line. And it tends to be not as volatile as what you've seen in this quarter, but you could see from time to time moments in that line. Jake, do you want to add some color on FX?

與 2021 年第三季度相比，這就是您在本季度沒有看到的情況。因此，與外匯相關的內容並不多，但還有其他各種（我稱之為）與交易相關的活動都在這條線下。它往往不像你在本季度看到的那樣波動，但你可以不時看到這條線上的時刻。傑克，你想在 FX 上添加一些顏色嗎？

Yes. I think you've answered that question well. And John, we're not seeing any real material change in the current period around client FX activity. As Raj noted, it was a bit elevated back in Q3 last year due to some good conditions we saw, particularly in the GBM LatAm piece of the business.

是的。我想你已經很好地回答了這個問題。約翰，我們在當前期間沒有看到圍繞客戶外匯活動的任何實質性變化。正如 Raj 指出的那樣，由於我們看到了一些良好的條件，特別是在 GBM LatAm 業務中，去年第三季度它有點高。

And with specific request your comment around -- we did have 2 trading loss days in the quarter. No -- nothing material, nothing broken there and not ascribed to any bad FX trades in any way, just weaker market base for the platform.

並根據您的具體要求發表評論——我們在本季度確實有 2 個交易虧損日。不——沒有任何實質性內容，沒有任何損壞，也沒有以任何方式歸因於任何不良的外匯交易，只是平台的市場基礎較弱。

The next question is from Scott Chan from Canaccord Genuity.

下一個問題來自 Canaccord Genuity 的 Scott Chan。

Maybe for Phil on credit. Thanks for the incremental data points that you talked about on the call. Is there anything that's any change in terms of your prior fiscal 2023 total PCL target ratio in the mid-30s intra-quarter? I'm just trying to assess quarter-over-quarter what -- having inflation, something like that, (inaudible) incrementally materially change our outlook there?

也許是為了菲爾的信用。感謝您在通話中談到的增量數據點。在 30 年代中期的季度內，您之前的 2023 財年總 PCL 目標比率有什麼變化嗎？我只是想按季度評估什麼——通貨膨脹，類似的事情，（聽不清）逐漸實質性地改變了我們的前景？

Thanks for the question, Scott. I appreciate it. We're not going to -- I won't restate guidance for '23 now, but I'll give you some indicators of what we're seeing in our portfolios that may be helpful to you. I think first off, if I start to cover our current portfolio to pre-pandemic, we're running somewhere in the lines of half of our delinquency rates, half of our net write-off rates big move to secured lending away from unsecured lending.

謝謝你的問題，斯科特。我很感激。我們不會——我現在不會重述 23 年的指導，但我會給你一些指標，說明我們在投資組合中看到的可能對你有幫助的指標。我認為首先，如果我開始將我們當前的投資組合覆蓋到大流行前，我們的拖欠率將達到一半，淨核銷率的一半將大舉轉向有擔保貸款，遠離無擔保貸款.

And the other thing, if you look at our international footprint, we've really repositioned in terms of the quality of originations there. In addition to we'll have the sale of Credit Scotia, our Peruvian consumer finance portfolio, that will be coming through into the -- in October this year.

另一件事，如果你看看我們的國際足跡，我們已經真正重新定位了那裡的起源質量。除了我們將在今年 10 月出售我們的秘魯消費金融組合 Credit Scotia 之外。

So that will also represent a bit of a tailwind from a PCL perspective for us heading into next year. But we're seeing both in our international platform and our Canadian platform, really healthy consumers. And even in ID, we're -- when we might look at how our deposit account customers or payroll account customers are performing, they're still holding liquidity in their accounts versus prepandemic. And we're seeing that same sort of trend in Canada. So we're not seeing any big credit headwinds on the horizon. And if I could just reiterate, health of the consumers continues to be very, very strong and all the sort of credit key risk indicators continue to be positive.

因此，從 PCL 的角度來看，這也將代表我們進入明年的一些順風。但我們在我們的國際平台和加拿大平台都看到了非常健康的消費者。即使在 ID 中，當我們查看存款賬戶客戶或工資賬戶客戶的表現時，他們仍然在賬戶中持有流動性，而不是在大流行前。我們在加拿大也看到了同樣的趨勢。因此，我們沒有看到任何重大的信貸逆風。如果我可以重申一下，消費者的健康狀況仍然非常非常強勁，所有類型的信用關鍵風險指標繼續保持積極。

Right. If I could sneak a quick one for Raj. Slide 24 in your investor presentation, the rate sensitivity. I noticed over the past couple of quarters, a [100] (inaudible) shift upward would negatively impact your NII. It is contrary to Peru, is it all hedging or just some other aspects that makes that sensitivity that way?

正確的。如果我可以為拉吉偷偷摸摸。幻燈片 24 在您的投資者介紹中，利率敏感性。我注意到在過去幾個季度中，[100]（聽不清）向上移動會對您的 NII 產生負面影響。這與秘魯相反，是所有對沖還是其他一些方面使這種敏感性變得如此？

Yes, these are good questions, Scott. I think you're referring to the 100 basis point sensitivity, right, which increased from $126 million to $267 million this quarter. You're absolutely right. I think, as I mentioned before, this table captures the impact of our (inaudible) . So I won't repeat all that stuff.

是的，這些都是好問題，斯科特。我認為您指的是 100 個基點的敏感性，對，本季度從 1.26 億美元增加到 2.67 億美元。你是絕對正確的。我認為，正如我之前提到的，這張表反映了我們 (聽不清) 的影響。所以我不會重複所有這些東西。

And -- but what I will say is, as rates have gone up, we know that certainly did not happen. So short end went up long in did not move, frankly. So our view on hedging remains the same. Short-term it went up, term rates remain the same, anticipated additional Central Bank rate hike has already been what we think is priced into the rate curve in the medium term whether it's 3 years, 5 years, how would you look at it?

而且——但我要說的是，隨著利率上升，我們知道這肯定沒有發生。坦白說，所以短端漲了長在不動。因此，我們對對沖的看法保持不變。短期上漲，定期利率保持不變，預期央行加息已經是我們認為的中期利率曲線定價，無論是3年還是5年，你怎麼看？

What we started doing in Q4 '21 during (inaudible) is we started capturing the benefit from higher term rates that the market is already indicating by cautiously extending what we call the bank's balance sheet duration, not all of it, some portion of it. That's what resulted in lower NII sensitivity. So every time you extend duration, the sensitivity is going to go down, as you would expect, is already captured in the net interest income line, what we report quarter after quarter. So that's what you're seeing. We do believe that we are positioned appropriately. And you being reflected, like I talked a little bit earlier about why our NIM compressed only 1 basis point.

我們在 21 年第 4 季度（聽不清）期間開始做的是，我們開始通過謹慎地延長我們所說的銀行資產負債表持續時間，而不是全部，其中的一部分，從市場已經表明的更高期限利率中獲益。這就是導致 NII 靈敏度降低的原因。因此，每次您延長期限時，如您所料，敏感性都會下降，這已經反映在我們逐季報告的淨利息收入線中。這就是你所看到的。我們相信我們的定位是恰當的。你被反映了，就像我早些時候談到為什麼我們的 NIM 只壓縮 1 個基點一樣。

The benefit of the hedging active to offset some of what we expect as deposit rate going up significantly. So that's what you're seeing. And we'll continue to extend generation thoughtfully as we look at the rate curve as well as the construct of our balance sheet and how our balance sheet is evolving being on the asset side or on the deposit side.

積極對沖的好處是抵消了我們預期的存款利率顯著上升的一些影響。這就是你所看到的。當我們查看利率曲線以及資產負債表的結構以及資產負債表在資產方面或存款方面的演變時，我們將繼續深思熟慮地擴展發電量。

The next question is from Mario Mendonca from TD Securities.

下一個問題來自道明證券的 Mario Mendonca。

Raj, if we could go back to the International segment, specifically Pacific Alliance, so last quarter, the margin was up 9 basis points. This quarter, down 20 basis points. I'm trying to understand that type of volatility over a 2-quarter period. Is it all sort of deposit activity and deposit behavior? Or was there something else going on in that segment related to, as you just mentioned, extending duration? Is there anything else going on besides just deposit behavior depositor behavior?

Raj，如果我們可以回到國際部分，特別是太平洋聯盟，那麼上個季度，利潤率上升了 9 個基點。本季度下跌20個基點。我試圖了解 2 個季度內的這種波動。是各種存款活動和存款行為嗎？或者，正如您剛才提到的，在該部分中是否發生了與延長持續時間有關的其他事情？除了存款行為存款人行為之外，還有其他事情發生嗎？

Yes, I'll answer the second part first, (inaudible) extending duration, Mario. Our extension of duration is generally focused only on CAD and US because that's where we have the ability to hedge derivatives and all that stuff. I'll pass it on to Nacho to speak specifically about what you see in the Pacific Alliance countries relating to the margin compression this quarter compared to the expansion we saw in 2 quarters.

是的，我將首先回答第二部分，（聽不清）延長持續時間，馬里奧。我們的久期延長通常只關注加元和美元，因為我們有能力對沖衍生品和所有這些東西。我將把它傳遞給 Nacho，具體談談你在太平洋聯盟國家看到的與本季度利潤率壓縮相比我們在 2 個季度看到的擴張情況。

Mario, and -- (inaudible), I think like Raj mentioned earlier. This volatility in our NIM is driven by very steep increases in central bank interest rates. Just in the last quarter, it was 2.5% on average in the Pacific Alliance countries, 4% increase in Colombia, 2.75% in Chile, 2% in Peru.

馬里奧，還有——（聽不清），我想就像前面提到的 Raj。我們 NIM 的這種波動是由央行利率急劇上升所驅動的。就在上個季度，太平洋聯盟國家平均增長 2.5%，哥倫比亞增長 4%，智利增長 2.75%，秘魯增長 2%。

So what you are seeing really deposit repricing happening faster than asset repricing. However, as you mentioned, the first 2 quarters, if you take not only the second quarter with the first 2 quarters, Pacific Alliance countries expanded market by 20 bps that we came above this quarter. We expect, as Raj mentioned, this margin compression to net to be temporary because we are repricing our assets.

因此，您所看到的存款重新定價確實比資產重新定價發生得更快。但是，正如您所提到的，前兩個季度，如果您不僅將第二季度與前兩個季度相結合，太平洋聯盟國家的市場擴大了 20 個基點，我們在本季度之上。正如 Raj 所提到的，我們預計這種淨利潤率壓縮是暫時的，因為我們正在重新定價我們的資產。

And as soon as interest rates stabilize and then trend downwards, we will see margin expansion. Central banks in the region have proactively raised rates in advance of the Fed. And as a result, inflation appears to have picked in Peru and soon in the other 3 countries.

一旦利率穩定然後呈下降趨勢，我們就會看到利潤率擴張。該地區的中央銀行已在美聯儲之前主動加息。結果，秘魯的通貨膨脹率似乎有所回升，很快其他三個國家也出現了通貨膨脹。

In fact, the 4 countries are one of the few, which already have positive real interest rates adjusted by 2023 forward-looking inflation. So if you combine this trend, with very strong asset growth we are seeing in the Pacific Alliance countries, 16% expansion of our loan book year-over-year, 4% in the quarter, 4% in retail, 5% in commercial. So eventually, this trend will be positive to revenue growth when we see stability in our cost of funds and then a downward trend.

事實上，這 4 個國家是少數幾個已經通過 2023 年前瞻性通脹調整的實際利率為正的國家之一。因此，如果將這一趨勢與我們在太平洋聯盟國家看到的非常強勁的資產增長相結合，我們的貸款賬簿同比增長 16%，本季度增長 4%，零售增長 4%，商業增長 5%。因此，最終，當我們看到資金成本穩定然後呈下降趨勢時，這種趨勢將對收入增長產生積極影響。

Okay. Nacho, could you talk then about the average duration of the loan book and maybe the earning asset book in International Banking generally and maybe Pacific Alliance as well?

好的。 Nacho，你能談談貸款賬簿的平均期限，也許還有國際銀行業務中的收入資產賬簿，也許還有太平洋聯盟？

Sure. I'll start, Mario. I think one of the nuances we have, which is a positive specifically in the commercial side of the international banking book, repricing happens every quarter. Typical it every 3 months you have the ability to reprice. You can price to win, you can price to not win. So we have a lot of flexibility there. The average duration will be 1 to 1.5 years, if you want to look across the portfolio, be it on the retail side or on the commercial lending side.

當然。我要開始了，馬里奧。我認為我們擁有的細微差別之一，特別是在國際銀行賬簿的商業方面是積極的，每季度都會重新定價。通常每 3 個月您就有能力重新定價。你可以定價贏，你可以定價不贏。所以我們在那裡有很大的靈活性。平均期限為 1 至 1.5 年，如果您想查看投資組合，無論是零售方面還是商業貸款方面。

But important to remember, our commercial book is actually bigger than our retail book and International Banking, just by size. It's almost $80 billion while the retail book tends to be between 65% to 70%, depending on the quarter that it goes. So I think the ability to reprice is fairly quick on the commercial book side -- sorry, on that side. And then it gets to the real side of the book. We have a lot of mortgages and so on, which is increasing the duration a little bit, but still well within the 2-year mark.

但重要的是要記住，就規模而言，我們的商業賬簿實際上比我們的零售賬簿和國際銀行業務要大。這幾乎是 800 億美元，而零售書籍往往在 65% 到 70% 之間，具體取決於它所處的季度。所以我認為在商業書籍方面重新定價的能力相當快 - 抱歉，在那方面。然後它到達了本書的真實一面。我們有很多抵押貸款等等，這會稍微增加期限，但仍然在 2 年以內。

Okay. So it sounds to me, Raj, not to put words in your mouth, but we could see that as early as the first half of '23, some margin expansion then?

好的。所以在我看來，Raj，不要把話放在嘴裡，但我們早在 23 年上半年就可以看到，那麼利潤率會有所擴大？

Definitely. I think -- to expand a little bit on what Nacho said, what we saw in the first 2 quarters, Mario, was asset margin expansion in IB. What is offsetting now is the deposit margins, which is under pressure in the go because of the steep increase in rates. So as asset margins start to come back, which we do expect, I think your hypothesis is correct.

確實。我認為 - 稍微擴展一下 Nacho 所說的，我們在前兩個季度看到的 Mario，是 IB 的資產利潤率擴張。現在抵消的是存款利潤率，由於利率急劇上升，存款利潤率面臨壓力。因此，隨著我們確實預期的資產利潤率開始回升，我認為您的假設是正確的。

The next question is from Lemar Persaud from Cormark Securities.

下一個問題來自 Cormark Securities 的 Lemar Persaud。

Maybe for Raj, I appreciate that you already provided an outlook on margins at the all-bank level, but I'm wondering if you could just talk a little bit about the divergence of the margin performance at the all bank level versus the retail segments broadly.

也許對於 Raj，我很欣賞您已經提供了所有銀行級別的利潤率前景，但我想知道您是否可以談談所有銀行級別與零售部門的利潤率表現的差異寬廣地。

Like, Canadian banking margin is up 7 basis points sequentially, International is down 1 basis point. Now I can appreciate that, that isn't the all bank -- doesn't make up the all bank NII. It does make up a bulk of it. So do we see this dynamic playing out that is kind of good margin performance in the retail segments, but all bank margins continue to move lower? Or is it just something you see this quarter that weighed at the all bank level?

比如，加拿大銀行保證金連續上升 7 個基點，國際下降 1 個基點。現在我可以理解了，這不是全部銀行 - 不構成全部銀行 NII。它確實佔了很大一部分。那麼，我們是否看到這種動態正在上演，即零售領域的利潤率表現不錯，但所有銀行的利潤率都在繼續走低？還是只是您在本季度看到的對所有銀行造成影響的事情？

Lemar, thank you for the question. And I'll take your last sentence as yes, it is something unique this quarter. I'll speak a little bit about how it works between, like you said, the corporate segment and say the Canadian bank, which is the easy one to talk about. As you know, transfer pricing works on both the deposit side and the asset side.

勒馬爾，謝謝你的提問。我認為你的最後一句話是肯定的，這是本季度獨一無二的。我將稍微談談它在企業部門和加拿大銀行之間的運作方式，就像你說的那樣，這很容易談論。如您所知，轉移定價適用於存款方和資產方。

So what you saw this quarter is when deposits start repricing quickly, mechanically, we pay the Canadian bank from the corporate segment, and we charge them for the asset side. So as we look forward, as asset margins start expanding in the Canadian Bank as well, you'll see the offset coming, which the Canadian Bank should be flat, should not be a headwind to the Canadian Bank margin, but you will see the pickup at the all bank level. Now how soon that will happen, it depends on how soon asset margins start expanding, which is already happening, but you should see the exponential component of it over the next couple of quarters. Shouldn't impact the creative banking margin, to be clear, will help the all bank margin stabilize

因此，您在本季度看到的是，當存款開始快速、機械地重新定價時，我們從企業部門向加拿大銀行付款，並從資產方面向他們收取費用。因此，正如我們展望的那樣，隨著加拿大銀行的資產利潤率也開始擴大，你會看到抵消的到來，加拿大銀行應該持平，不應該成為加拿大銀行利潤率的逆風，但你會看到在所有銀行級別取貨。現在這會發生多快，這取決於資產利潤率開始擴大的時間，這已經發生了，但你應該會在接下來的幾個季度看到它的指數成分。不應該影響創造性的銀行保證金，明確地說，將有助於所有銀行保證金穩定

.

.

Okay. I appreciate that. And then if I could squeeze another one in maybe for Dan. I'm just wondering if you could drill down into what drove the strong business loan growth this quarter? Was it market share gains? Maybe talk to what provinces and industries this growth came from?

好的。我很感激。然後，如果我可以為丹再擠一個。我只是想知道您是否可以深入了解本季度商業貸款強勁增長的原因？是市場份額的增長嗎？也許談談這種增長來自哪些省份和行業？

And then with (inaudible) to 1 or 2 chunky (inaudible) and then maybe offer an outlook for Q3. I guess what I'm going with this is. I'm wondering if any borrowers are starting to show signs of hesitation given the challenging macroeconomic environment.

然後（聽不清）到 1 或 2 個矮胖（聽不清），然後可能會提供第三季度的前景。我想我要做的是。鑑於充滿挑戰的宏觀經濟環境，我想知道是否有任何借款人開始表現出猶豫的跡象。

Yes. Thank you, Lemar. It's Dan here. Look, I think our strategic emphasis on growing our market position in business banking played again this quarter. You're perhaps referring to loan growth, but we're very pleased with the deposit growth. including sequentially in commercial. That's important because this segment sell funds, more deposits and loans.

是的。謝謝你，勒馬爾。這裡是丹。看，我認為本季度我們對提高我們在商業銀行市場地位的戰略重點再次發揮了作用。您可能指的是貸款增長，但我們對存款增長感到非常滿意。包括在商業上的順序。這很重要，因為該部門出售資金、更多的存款和貸款。

And so as Raj mentioned, we're expecting to see our ongoing emphasis on deposits in commercial continue into Q4. We are undersized in this segment. Our investments and the core operating performance of the teams is what's driving the growth rate. I think if you adjust for our starting position, meaning the smallest of the big 5, our growth rate looks more in line. Thank you for calling up the provinces. As I've said many times, we're particularly -- we have a particular opportunity in British Columbia and Quebec. They are growing above the national growth rate, both in loans and deposits. So we're pleased with the dynamics there.

正如 Raj 所說，我們預計我們對商業存款的持續重視將持續到第四季度。我們在這一領域的規模過小。我們的投資和團隊的核心運營績效是推動增長率的因素。我認為，如果您調整我們的起始位置，即五巨頭中最小的一個，我們的增長率看起來更符合預期。感謝您致電各省。正如我多次說過的那樣，我們特別 - 我們在不列顛哥倫比亞省和魁北克省有一個特殊的機會。它們在貸款和存款方面的增長都超過了全國的增長率。所以我們對那裡的動態感到滿意。

And to reemphasize, we are not -- our credit appetite remains consistent. We've invested in expanding our sales teams and providing them with better technologies. And that's what's contributing to steady market share gains, whether it's in those provinces or in important industries like agriculture, transportation, real estate, technology and distribution.

再次強調，我們不是——我們的信貸偏好保持一致。我們已投資擴大我們的銷售團隊並為他們提供更好的技術。這就是市場份額穩步增長的原因，無論是在這些省份還是在農業、交通、房地產、技術和分銷等重要行業。

So the balance of growth in the last couple of quarters has been more balanced than previous a year or 2 ago, we would have been calling out real estate exposure as a main driver that's now much more balanced, which you can imagine you're pleased about. In terms of outlook, we're not seeing any hesitance from commercial borrowers to continue to invest in their business. We're not seeing any pressure on utilization rates. Credit migration has actually been improving.

因此，過去幾個季度的增長平衡比一年或兩年前更加平衡，我們一直將房地產風險作為主要驅動力，現在更加平衡，你可以想像你很高興關於。就前景而言，我們沒有看到商業借款人對繼續投資其業務有任何猶豫。我們沒有看到對利用率的任何壓力。信貸遷移實際上一直在改善。

And so the tone from the majority of our customers has been medium-term orientation, invest in capital equipment, land and people, and they're struggling to find product and they're struggling to find people, and they're investing in the assumption that the economic outlook will be good over the medium term. So our emphasis there will continue and as well our emphasis on deposits.

因此，我們大多數客戶的基調是中期導向，投資於資本設備、土地和人員，他們正在努力尋找產品，他們正在努力尋找人員，他們正在投資於假設中期內經濟前景良好。因此，我們將繼續重視那裡，以及我們對存款的重視。

The next question is from Doug Young from Desjardin Capital Markets.

下一個問題來自 Desjardin Capital Markets 的 Doug Young。

Hopefully, this is a quick one. Just on International Banking. When I think back over the last year, you put through cost reductions. You picked up an extra stake in Chile this year. And I get that headwinds have been pressured in the capital market discussion as well. But I figured we'd start to see more sequential growth in pretax pre-provision earnings.

希望這是一個快速的。就在國際銀行。當我回想過去一年時，您降低了成本。今年你在智利獲得了額外的股份。而且我知道資本市場討論中也存在逆風。但我認為我們將開始看到稅前撥備前收益的更多連續增長。

And I guess my question is, is that a realistic expectation as we go into Q4 or into next year? And you've talked a bit about NIMs and what your expectations are. But maybe just kind of backing up, taking to the big picture level, is that a realistic expectation? Or are the headwinds still really too big at this point?

我想我的問題是，當我們進入第四季度或明年時，這是一個現實的期望嗎？您已經談到了 NIM 以及您的期望。但也許只是一種支持，從大局出發，這是一個現實的期望嗎？還是在這一點上逆風仍然太大？

No, I think it's a realistic expectation. Actually, we saw revenues growing up 2% Q-o-Q despite the NIM being relatively flat. And we are seeing very good business growth momentum, both in commercial but in -- and retail. So we expect this loan and deposit growth to continue. As you mentioned, we have been managing very well our expenses. Our expenses are flat year-over-year despite high inflation of average 10% in the country.

不，我認為這是一個現實的期望。實際上，儘管 NIM 相對持平，但我們看到收入環比增長 2%。我們看到了非常好的業務增長勢頭，無論是在商業領域，還是在零售領域。因此，我們預計這種貸款和存款增長將繼續。正如你所提到的，我們一直在很好地管理我們的開支。儘管該國平均通脹率高達 10%，但我們的支出與去年同期持平。

So this is driven by very strong digital progress and timely execution of all efficiency gains that we committed with the restructuring charge last year. So our operating leverage year-to-date is 250 bps. So looking forward, I expect this good momentum in normal deposits to continue translating into revenue growth with some volatility as we have explained today, driven by Central Bank interest rate movements and market-related revenues, and we also expect positive operating leverage and good expense management to continue.

因此，這是由非常強勁的數字化進步和及時執行我們去年在重組費用中承諾的所有效率提升所推動的。因此，我們年初至今的經營槓桿為 250 個基點。因此，展望未來，我預計正常存款的這種良好勢頭將繼續轉化為收入增長，正如我們今天所解釋的那樣，在央行利率變動和市場相關收入的推動下，我們還預計積極的經營槓桿和良好的支出管理繼續。

I'm just going to add something. It's Brian. And I think Nacho answered the question exceedingly well. I just focus on the macro picture. Asset growth is going to continue. The demand for credit is strong. We have significant pipelines on the corporate commercial and retail businesses. And then as we answered earlier, asset repricing is happening now and will continue through the balance of fiscal '23.

我只是要添加一些東西。是布賴恩。我認為 Nacho 非常好地回答了這個問題。我只關注宏觀畫面。資產增長將繼續。信貸需求強勁。我們在企業商業和零售業務方面擁有重要的管道。然後正如我們之前回答的那樣，資產重新定價現在正在發生，並將持續到 23 財年的餘額。

And I'm not going to forecast rates, but we've commented rates in the last quarter were up 400 basis points in Colombia, 275 basis points in Chile. The base rate in Peru has gone from 25 basis points to 725 in the last 9 months, to give you some idea of how rates have increased and how dramatically. But rates that are peaking. And it's a question whether there's one more or Central Banks are done. So that positions us very well in terms of the asset growth pipelines and the margin in our business.

我不打算預測利率，但我們評論說上一季度哥倫比亞的利率上升了 400 個基點，智利上升了 275 個基點。在過去的 9 個月裡，秘魯的基準利率從 25 個基點上升到 725 個基點，讓您了解利率是如何上升的，以及上升的幅度有多大。但是利率正在達到頂峰。這是一個問題，是否還有一個或中央銀行已經完成。因此，就我們的資產增長渠道和業務利潤率而言，這使我們處於非常有利的位置。

I appreciate it. Maybe just 1 quick one for Raj. I think you talked about targeting positive bank operating leverage in fiscal '22. You're negative year-to-date, as 1 quarter left to go, do you still think you can actuate positive operating leverage for this year?

我很感激。對於 Raj 來說，也許只是 1 個快速的。我認為您談到了在 22 財年以積極的銀行經營槓桿為目標。年初至今你是負數，還有 1 個季度，你還認為你今年可以驅動正的經營槓桿嗎？

Let me give you a little more elaborate answer than that. I think 3 of our business lines are expected to deliver positive offer. It will be Canadian International Banking as well as Wealth Management. GBM is coming off 2 strong years, will not, primarily due to lower trading and advisory revenue that is unfortunately impacted by lack of client activity. I don't think that's going to correct it so fast quickly in Q4.

讓我給你一個比這更詳細的答案。我認為我們的 3 條業務線有望提供積極的報價。它將是加拿大國際銀行和財富管理。 GBM 將迎來強勁的 2 年，但不會，這主要是由於交易和諮詢收入下降，不幸的是，由於缺乏客戶活動而受到影響。我認為這不會在第四季度如此迅速地糾正它。

What that will likely result for the bank, the operating leverage will be slightly negative. I think it's 0.9% negative this quarter -- sorry, year-to-date. I believe it will be that. But what I do want to point out is we're meeting all our other medium objectives like ROE, EPS growth plus on capital ratios

這對銀行可能產生的結果是，經營槓桿將略微為負。我認為本季度為負 0.9%——抱歉，年初至今。我相信會是這樣。但我想指出的是，我們正在實現所有其他中等目標，例如 ROE、EPS 增長以及資本比率

The next question is from Sohrab Movahedi from BMO Capital Markets.

下一個問題來自 BMO Capital Markets 的 Sohrab Movahedi。

Wanted to just go to Dan. Dan, your segment has had double-digit pretax pre-provision growth for a number of quarters now. I don't want to say is this as good as it gets, but what's your outlook here for your pretax pre-provision? And the flip side of the question, I guess, a broader question for Brian.

只想去丹。丹，您的細分市場已經有幾個季度的稅前準備金增長了兩位數。我不想說這是最好的，但是您對稅前預提的看法是什麼？而問題的另一面，我想，對布賴恩來說是一個更廣泛的問題。

The International segment is back for second quarter in a row now of $600 million plus in earnings. But I think it's still only around 25% of the total bank when you have depressed kind of GBM results resilient wealth results, but presumably GBM and wealth will kind of rebound, trying to kind of get a feel for how much of the total bank is international going to be once you have some, I'll call it, a mean reversion in some of the other segments, keeping in mind that probably Canadian Banking is going to moderate frontier or that compounds (inaudible) depending on how Dan answers the question, I suppose.

國際部門連續第二季度回歸，現在收入超過 6 億美元。但我認為，當您對 GBM 結果有彈性的財富結果感到沮喪時，它仍然只佔整個銀行的 25% 左右，但大概 GBM 和財富會有所反彈，試圖了解銀行總數的多少國際化一旦你有一些，我會稱之為其他部分的均值回歸，請記住，加拿大銀行業可能會緩和邊界或複合（聽不清），這取決於丹如何回答問題， 我想。

Thank you, Sohrab. Obviously, we're pleased with double-digit PTPP growth rates and for a little while now. That is outsized in terms of the long-run performance of this segment in general in the industry. So some normalization would be a reasonable expectation. We're certainly pleased to have published 7 quarters of positive operating leverage.

謝謝你，索拉博。顯然，我們對兩位數的 PTPP 增長率感到滿意，而且有一段時間了。就整個行業中該細分市場的長期表現而言，這一數字非常大。因此，一些正常化將是一個合理的期望。我們當然很高興公佈了 7 個季度的正經營槓桿。

You've noticed for a while now we're hovering around 44% productivity ratio. So much of our confidence in PTPP going forward rests on the production and productivity of the sales and the digital teams. I think notwithstanding the fact that there are some views that the economy could slow dramatically from here. Our belief is that the performance of the of the segment the way that the system is better fit together gives us confidence that we'll outperform on a fair basis in terms of PTPP growth rate over the medium term, including into next year.

您已經註意到一段時間以來，我們的生產力比率徘徊在 44% 左右。我們對 PTPP 前進的信心很大程度上取決於銷售和數字團隊的生產和生產力。我認為儘管有一些觀點認為經濟可能會從這裡急劇放緩。我們的信念是，該部門的表現以及系統更好地結合在一起的方式使我們有信心在中期（包括到明年）的 PTPP 增長率方面，我們將在公平的基礎上跑贏大盤。

In terms of projecting levels, I think -- the team here prefer to leave the outlook for next year, next quarter. And I'll pass it to Brian for his comments.

就預測水平而言，我認為 - 這裡的團隊更願意將前景留在明年，下個季度。我會將它傳遞給Brian 以徵求他的意見。

Yes. Thank you for the question, Sohrab. Just a comment on international, which I think is important is that -- and sometimes, it gets buried in the detail. But Raj did mention in his comments, GBM LatAm produced profit of $192 million this quarter, I think the second highest on record. That business continues to do exceedingly well.

是的。謝謝你的問題，索拉博。只是對國際的評論，我認為重要的是 - 有時，它會被隱藏在細節中。但 Raj 在他的評論中確實提到，GBM LatAm 本季度產生了 1.92 億美元的利潤，我認為是有記錄以來的第二高。該業務繼續做得非常好。

And we have great prospects for that business. And as I said, related to another question, a great pipeline of business there. The international wealth results were up this quarter, and we see good growth trends in that business. So the international business, it's in an entirety. And I'm really pleased with the results out of the division quarter because, as I said, this was given the rapid and rate increases that we've seen and the impact on the liability side of the balance sheet and how we responded with her -- with our customers.

我們對這項業務有很好的前景。正如我所說，與另一個問題有關，那裡有很多業務。本季度國際財富業績有所上升，我們看到該業務的增長趨勢良好。所以國際業務，它是一個整體。我對部門季度的結果感到非常滿意，因為正如我所說，這是考慮到我們已經看到的快速和利率增長以及對資產負債表負債方面的影響以及我們如何回應她——與我們的客戶。

I'm very pleased with the results. So then we will benefit from asset repricing in subsequent quarters. So we're starting to see that already. So the international business, and the last point I'd make is -- the Caribbean results this quarter were very strong. We haven't seen that for a while.

我對結果非常滿意。因此，我們將受益於隨後幾個季度的資產重新定價。所以我們已經開始看到了。所以國際業務，我要說的最後一點是 - 本季度加勒比地區的業績非常強勁。我們已經有一段時間沒有看到了。

And it shows you the diversification benefit of our business as tourism has picked up, and we expect a strong 2023 for our Caribbean business. So international, the outlook for international is very strong and bright indeed, and we look forward to continued improving results.

隨著旅遊業的複蘇，它向您展示了我們業務的多元化優勢，我們預計 2023 年我們的加勒比業務將強勁增長。如此國際化，國際化的前景確實非常強勁和光明，我們期待著業績的持續改善。

Okay. I appreciate it. Can I just do one quick follow-up with Dan? And if push came to shove, what sort of -- where can you get operating leverage? Do you have room on your expenses? Or if revenue growth slowed down could be the case with negative operating leverage?

好的。我很感激。我可以對 Dan 進行一次快速跟進嗎？如果迫在眉睫，你可以從哪裡獲得運營槓桿？你的開支有餘地嗎？或者如果收入增長放緩可能是負經營槓桿的情況？

Look, I think margin has a big impact, right? NII is such a big piece of the line. I think we've said on a few prior quarters or a we haven't seen the full pickup yet compared to prepandemic and credit cards, in automotive. And those 2 books combined represent a significant portion of total revenues. We've been producing substantial operating leverage for a long time now in the business bank. So the larger that share becomes of the total makes a big difference.

看，我認為保證金有很大的影響，對吧？ NII 就是這麼大的一部分。我認為我們已經在前幾個季度說過，或者與汽車領域的大流行前信用卡和信用卡相比，我們還沒有看到全面回升。這兩本書加起來佔總收入的很大一部分。長期以來，我們一直在商業銀行中產生大量的經營槓桿。因此，該份額佔總數的比例越大，就會產生很大的不同。

And obviously, Tangerine is a beneficiary of a deposit growing environment. And so I think our ambition is to continue to print positive operating leverage on quarterly certainly on a full year basis this year and into next year, regardless of what happens with expenses.

顯然，Tangerine 是存款增長環境的受益者。因此，我認為我們的目標是繼續在今年和明年全年的基礎上按季度打印積極的經營槓桿，不管費用會發生什麼。

Okay. On behalf of the entire management team, I want to thank everyone for participating in our call today. And we went a little bit over. I look forward to speaking with you again at our Q4 2022 call in November. Have a great day. Thank you.

好的。我代表整個管理團隊，感謝大家今天參加我們的電話會議。我們走了一點點。我期待在 11 月的 2022 年第四季度電話會議上再次與您交談。祝你有美好的一天。謝謝你。

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

謝謝你。會議現已結束。此時請斷開您的線路，我們感謝您的參與。