Bank of Nova Scotia (BNS) 2023 Q1 法說會逐字稿

Good morning, and welcome to Scotiabank's 2023 First Quarter Results Presentation. My name is John McCartney. I'm Head of Investor Relations here at Scotiabank.

早上好，歡迎來到豐業銀行 2023 年第一季度業績發布會。我的名字是約翰·麥卡特尼。我是豐業銀行的投資者關係主管。

Presenting you this morning are Scott Thomson, Scotiabank's President and Chief Executive Officer; Raj Viswanathan, our Chief Financial Officer; and Phil Thomas, our Chief Risk Officer. Following our comments, we'll be glad to take your questions.

今天上午為您介紹的是 Scotiabank 總裁兼首席執行官 Scott Thomson；我們的首席財務官 Raj Viswanathan；和我們的首席風險官 Phil Thomas。根據我們的意見，我們很樂意回答您的問題。

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 Bank and Markets.

出席並接受提問的還有以下豐業銀行高管：來自加拿大銀行業的 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, and 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.

在我們開始之前，我將代表今天的發言者向您介紹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警告。

With that, I will now turn the call over to Scott.

有了這個，我現在將把電話轉給斯科特。

Thank you, John, and good morning, everyone. We appreciate you joining us today. Given this is my first quarterly investor call, I would like to begin with sharing some early observations on the bank after 4 weeks in the CEO role.

謝謝約翰，大家早上好。感謝您今天加入我們。鑑於這是我的第一個季度投資者電話會議，我想首先分享在擔任 CEO 4 週後對銀行的一些早期觀察。

My approach has always been about transparency and partnership, and I'm committed to working with the investment community in this manner. I've had the opportunity to spend time with the leadership team as well as to meet with many employees and customers across Canada and in Mexico, Chile, Peru and Colombia. I have been energized by meeting our teams across the bank.

我的方法一直是關於透明度和夥伴關係，我致力於以這種方式與投資界合作。我有機會與領導團隊共度時光，並會見了加拿大、墨西哥、智利、秘魯和哥倫比亞的許多員工和客戶。與銀行對面的團隊會面讓我充滿活力。

Our people are highly engaged, proud and committed Scotiabankers. In addition to a rock-solid foundation, a diversified revenue base last year of approximately $32 billion and net profits of over $10 billion, we have many competitive advantages, unique areas of strength, and opportunities for growth in the bank, including the credit quality of our loan book, our Scene+ loyalty program, which will be a key enabler in diversifying our Canadian P&C business mix.

我們的員工是高度敬業、自豪和忠誠的豐業銀行員工。除了堅如磐石的基礎、去年約 320 億美元的多元化收入基礎和超過 100 億美元的淨利潤外，我們還有許多競爭優勢、獨特的優勢領域和銀行的增長機會，包括信貸質量我們的貸款簿，我們的 Scene+ 忠誠度計劃，這將成為我們加拿大 P&C 業務組合多元化的關鍵推動因素。

The long-term commercial banking growth opportunity across our platform, an outstanding wealth management franchise, the GBM platform across the Americas, and our performance in Mexico and the upside potential by improving the connectivity across Canada, the U.S. and Mexico. But we have not delivered the level of total shareholder return that our shareholders should expect of us.

我們平台上的長期商業銀行業務增長機會、出色的財富管理特許經營權、美洲的 GBM 平台，以及我們在墨西哥的表現以及通過改善加拿大、美國和墨西哥的連通性帶來的上升潛力。但我們沒有達到股東對我們的期望水平。

To drive better shareholder returns, my focus will be on delivering profitable and sustainable growth through an even stronger customer orientation by building our solid foundation, aligning on enterprise-wide focus areas, and consistently executing with operational excellence. And I really do want to underscore the words consistent execution, as that is what we expect to measure ourselves on, with established milestones and targets.

為了推動更好的股東回報，我的重點將是通過建立堅實的基礎、調整企業範圍內的重點領域以及始終如一地執行卓越運營，通過更強大的客戶導向實現盈利和可持續增長。我真的想強調一致執行這個詞，因為這是我們期望衡量自己的標準，具有既定的里程碑和目標。

To do this, I'm aligning our leadership teams around 3 areas of focus: first, purposely allocating capital. We need to build more discipline in our approach to capital allocation, and we need to view this through an enterprise-wide lens.

為此，我將圍繞 3 個重點領域調整我們的領導團隊：首先，有目的地分配資金。我們需要在我們的資本配置方法中建立更多的紀律，我們需要從整個企業的角度來看待這個問題。

Second is focusing on long-term deposit growth, increasing our core deposits is critical. The current environment of rapidly rising rates and an inverted yield curve highlights the challenges with the structure of our balance sheet. Increasing deposits not only reduces funding costs, but it deepens our relationships with our customers, allowing for a more detailed understanding of their needs, thereby enhancing the multiproduct opportunity.

二是著眼於長期存款增長，增加我們的核心存款是關鍵。當前利率快速上升和收益率曲線倒掛的環境凸顯了我們資產負債表結構面臨的挑戰。增加存款不僅可以降低融資成本，還可以加深我們與客戶的關係，從而更詳細地了解他們的需求，從而增加多產品機會。

Payroll and cash management capabilities, as an example, could be an area that becomes a higher priority across the platform.

例如，薪資和現金管理功能可能成為整個平台優先考慮的領域。

Third, we will improve our business mix and profitability. Building towards profitable and sustainable growth means leading less with the balance sheet alone, but also a focus on prioritizing long-lasting, multiproduct, mutually beneficial relationships that enable our customers to succeed. This journey will take time and will require a shift in orientation. From the way we reward our people to how we collaborate among our business lines, to how we allocate our capital to customers and segments.

三是優化業務結構，提高盈利能力。實現盈利和可持續增長意味著減少僅靠資產負債表的領導，但也注重優先考慮能夠使我們的客戶取得成功的持久、多產品、互惠互利的關係。這段旅程需要時間，需要轉變方向。從我們獎勵員工的方式到我們如何在業務線之間協作，再到我們如何將資本分配給客戶和細分市場。

Encouragingly, we have a great foundation to build upon as our customer relationships are strong, and our leadership team recognizes the opportunity in front of us. I am convinced that with an enterprise-wide focus, combined with our continued lean and agile approach to expense management, we will strengthen our results and deliver the performance our shareholders deserve.

令人鼓舞的是，由於我們的客戶關係牢固，而且我們的領導團隊認識到擺在我們面前的機會，因此我們擁有良好的基礎。我相信，通過在整個企業範圍內的關注，結合我們持續精益和敏捷的費用管理方法，我們將加強我們的業績並提供股東應得的業績。

Turning to our Q1 results. The bank's financial performance in the first quarter of 2023 reflects both the merits of a diversified platform, but also the continued relative pressure on our profitability given our funding profile. Going forward, we must be consistent and deliberate in our long-term deposit strategies to continue our journey to reduce our reliance on wholesale funding.

轉向我們的第一季度結果。該銀行 2023 年第一季度的財務業績既反映了多元化平台的優勢，也反映了我們的資金狀況對盈利能力的持續相對壓力。展望未來，我們必須在長期存款策略中保持一致和深思熟慮，以繼續減少對批發融資的依賴。

Rapid loan growth, coupled with high cost funding sources has adversely impacted profitability. And going forward, we will be cognizant of the need to pace loan growth, particularly in less profitable product segments.

快速的貸款增長，加上高成本的資金來源，對盈利能力產生了不利影響。展望未來，我們將意識到需要加快貸款增長速度，尤其是在利潤較低的產品領域。

The negative operating leverage in the bank certainly warrants attention. Higher personnel costs and spend on certain technology projects primarily drove the expense growth in the quarter. We will be even more thoughtful about expense control across the bank for the remainder of the year.

銀行的負經營槓桿當然值得關注。較高的人員成本和某些技術項目的支出主要推動了本季度的支出增長。在今年餘下的時間裡，我們將更加仔細地考慮整個銀行的費用控制。

In the Canadian business, I was pleased to see the continued progress with our commercial customers and encouragingly, deposit growth of 10% outpaced 9% year-over-year loan growth. Dan's vision of diversifying Canada's revenue mix beyond mortgages and autos is the right one and will pay dividends over time.

在加拿大業務方面，我很高興看到我們的商業客戶持續取得進展，令人鼓舞的是，10% 的存款增長超過了 9% 的貸款同比增長。丹將加拿大的收入組合多元化到抵押貸款和汽車之外的願景是正確的，並將隨著時間的推移帶來紅利。

Turning to International Banking. I was encouraged by the performance this past quarter, driven by strong results in retail, commercial and our GBM business as well as positive operating leverage. Nacho, Jake and, I were in the region recently and the businesses we have built in LatAm are impressive, with a digital-first mindset that will increasingly facilitate better customer and employee experience at a lower productivity ratio.

轉向國際銀行業務。在零售、商業和我們的 GBM 業務的強勁業績以及積極的運營槓桿的推動下，我對上個季度的業績感到鼓舞。 Nacho、Jake 和我最近在該地區，我們在拉美建立的業務令人印象深刻，數字優先的心態將越來越多地以較低的生產率促進更好的客戶和員工體驗。

However, while we've allocated significant capital to our international bank in the last few years, the returns are not commensurate with our expectations in certain countries. I see areas of strength, and I also see segments where we were underpenetrated like commercial, affluent retail and other high-value segments that have a good profitability and risk profile. We are in the process of assessing our international business mix so that going forward, we allocate our capital to customer segments, where we can get appropriate returns for our shareholders.

然而，儘管我們在過去幾年中向我們的國際銀行分配了大量資金，但回報與我們在某些國家/地區的預期不相稱。我看到了優勢領域，也看到了我們滲透不足的領域，如商業、富裕零售和其他具有良好盈利能力和風險狀況的高價值領域。我們正在評估我們的國際業務組合，以便在未來將我們的資本分配給客戶群，我們可以在這些客戶群中為我們的股東獲得適當的回報。

Global Wealth Management saw resilient results in the face of volatile markets and continued industry-wide funds flow challenges in the asset management segment. Glen and the team have built a very strong franchise and it's nice to see the quarter-over-quarter uptick in net income and strong operating leverage performance.

面對動蕩的市場和資產管理領域持續的全行業資金流動挑戰，全球財富管理取得了有彈性的業績。格倫和團隊已經建立了非常強大的特許經營權，很高興看到淨收入環比增長和強勁的經營槓桿表現。

I'm also pleased to see the continued momentum in the International Wealth Management business. GBM also delivered a solid quarter. I was particularly pleased to see the contribution from Capital Markets revenue with a close to equal split between business banking and capital markets. Record GBM contribution inclusive of GBM LatAm demonstrates the continued progress in our efforts to build an Americas wholesale platform.

我也很高興看到國際財富管理業務的持續發展勢頭。 GBM 也取得了穩定的季度業績。我特別高興地看到資本市場收入的貢獻在商業銀行業務和資本市場之間幾乎平分秋色。包括 GBM LatAm 在內的創紀錄的 GBM 貢獻表明我們在建立美洲批發平台方面的努力持續取得進展。

Lastly, we continue to observe strong credit metrics across our portfolios.

最後，我們繼續在我們的投資組合中觀察到強大的信用指標。

I will now turn the call over to Raj for a more detailed presentation on the financial results.

我現在將電話轉給 Raj，以更詳細地介紹財務結果。

Thank you, Scott, and good morning, everyone. This quarter's net income was impacted by the $579 million income tax expense payable for the Canada recovery dividend of $0.48 of earnings per share and about 12 basis points in the common equity Tier 1 ratio, and this was recorded in the other segment.

謝謝斯科特，大家早上好。本季度的淨收入受到每股收益 0.48 美元的加拿大復蘇股息和普通股一級比率約 12 個基點的 5.79 億美元所得稅費用的影響，這被記錄在其他部分。

So all my comments on the banks and the other segment that follow will be on an adjusted basis for this item, and the usual acquisition-related costs.

因此，我對銀行和隨後其他部分的所有評論都將根據該項目以及通常的收購相關成本進行調整。

I will now review the performance for the quarter on Slide 5. The bank reported quarterly adjusted earnings of $2.4 billion and diluted earnings per share of $1.85. The return on equity was 13.4%. All bank pretax pre-provision profit decreased to 8% year-over-year, driven mainly by the impact of higher funding costs. Revenues were down 1% year-over-year, driven by lower noninterest income, which was down 8%, driven primarily from lower wealth management revenues and underwriting and advisory fees, although banking revenues were up a strong 11%.

我現在將在幻燈片 5 上回顧本季度的業績。該銀行報告季度調整後收益為 24 億美元，稀釋後每股收益為 1.85 美元。股本回報率為13.4%。全行稅前撥備前利潤同比下降8%，主要受資金成本上升影響。收入同比下降 1%，受非利息收入下降 8% 的影響，這主要是由於財富管理收入以及承銷和諮詢費用下降，儘管銀行收入強勁增長 11%。

Net interest income grew 5% as a result of strong asset growth across all business lines, offset by a lower net interest margin. However, quarter-over-quarter, net interest income was down a more modest 1%. Net interest margin declined 5 basis points year-over-year. Interest expense grew $6.5 billion or over 300%, while interest income only grew 105%. The decline in margin was mostly driven by higher funding costs and higher balances of high-quality, low-margin liquid assets.

由於所有業務線的強勁資產增長，淨利息收入增長了 5%，但被較低的淨息差所抵消。然而，與上一季度相比，淨利息收入下降了 1%。淨息差同比下降 5 個基點。利息支出增長 65 億美元或超過 300%，而利息收入僅增長 105%。利潤率下降的主要原因是融資成本上升以及高質量、低利潤率的流動資產餘額增加。

Looking ahead, we believe that we are at the tail end of rate increases and expect to see margin expansion when interest rates stabilize. I'll elaborate further on the higher funding costs in my comments in the Other segment.

展望未來，我們認為我們正處於加息的尾聲，並預計當利率穩定時利潤率將擴大。我將在其他部分的評論中進一步闡述更高的融資成本。

The PCL ratio was 33 basis points for the quarter, in line with our outlook. Year-over-year, adjusted expenses increased by 6% or 4% excluding the impact of the unfavorable impact of foreign currency translation, primarily driven by higher personnel and technology spend to support business growth.

本季度 PCL 比率為 33 個基點，符合我們的預期。與去年同期相比，調整後的費用增長了 6% 或 4%，不包括外幣換算的不利影響，這主要是由於支持業務增長的人員和技術支出增加所致。

The productivity ratio was elevated at 55.7% this quarter, resulting in the bank generating negative operating leverage of 6.7%. We will be even more thoughtful about expense control across the bank for the remainder of the year.

本季度生產率上升至 55.7%，導致該銀行產生 6.7% 的負經營槓桿。在今年餘下的時間裡，我們將更加仔細地考慮整個銀行的費用控制。

Slide 6 provides an evolution of the common equity Tier 1 ratio over the quarter as well as the quarter changes in risk-weighted assets. The bank reported a common equity Tier 1 ratio of 11.5%, unchanged from the prior quarter. Internal capital generation of 5 basis points, combined with 9 basis points from revaluation of securities offset the 12 basis point impact of the Canada recovery dividend.

幻燈片 6 提供了本季度普通股一級比率的演變以及風險加權資產的季度變化。該銀行報告的普通股一級資本比率為 11.5%，與上一季度持平。內部資本產生 5 個基點，加上證券重估產生的 9 個基點，抵消了加拿大復蘇紅利的 12 個基點影響。

Risk-weighted assets grew $9.1 billion or $6.5 billion, excluding foreign exchange. This was driven largely by lending risk-weighted asset growth in retail of approximately $1.9 billion and business lending of approximately $2.3 billion.

風險加權資產增長 91 億美元或 65 億美元，不包括外匯。這主要是由零售貸款風險加權資產增長約 19 億美元和商業貸款約 23 億美元推動的。

The adoption of Basel III reforms in Q2 2023 is estimated to benefit capital by approximately 20 to 30 basis points. Our priority remains to deploy capital to support profitable organic growth initiatives, while prudently managing capital in the face of a less certain economic outlook.

估計 2023 年第二季度採用巴塞爾協議 III 改革將使資本受益約 20 至 30 個基點。我們的首要任務仍然是部署資本以支持有利可圖的有機增長計劃，同時在經濟前景不明朗的情況下審慎管理資本。

Turning now to the business line results, beginning on Slide 7. Canadian Banking reported earnings of $1.1 billion, a decrease of 10% year-over-year, largely driven by higher provision for credit losses. Pretax pre-provision profit grew 7% year-over-year, driven by revenue growth of 10%. Net interest income increased 12% year-over-year as loans grew 9%, while deposits grew 10%. The net interest margin grew 7 basis points year-over-year due to higher deposit spreads, reflecting the 425 basis points of Bank of Canada rate increases, partly offset by lower spreads across all loan products.

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 11 億美元，同比下降 10%，這主要是由於信貸損失準備金增加所致。在收入增長 10% 的推動下，稅前撥備前利潤同比增長 7%。由於貸款增長 9%，而存款增長 10%，淨利息收入同比增長 12%。由於存款利差增加，淨息差同比增長 7 個基點，反映了加拿大銀行加息 425 個基點，部分被所有貸款產品的利差降低所抵消。

Loan growth moderated to 9% year-over-year, driven by a 22% increase in business loans and 7% increase in residential mortgages. Loans grew a modest 1% quarter-over-quarter. Deposits grew a strong 10% year-over-year, driven by a 13% increase in personal deposits and a 4% increase in nonpersonal deposits. Noninterest income decreased by 5% year-over-year, driven by higher private equity gains and higher banking revenue.

在商業貸款增長 22% 和住宅抵押貸款增長 7% 的推動下，貸款同比增長放緩至 9%。貸款環比溫和增長 1%。在個人存款增長 13% 和非個人存款增長 4% 的推動下，存款同比強勁增長 10%。受私募股權收益增加和銀行收入增加的推動，非利息收入同比下降 5%。

Expenses increased 13% year-over-year, driven by higher personnel and technology costs to support business growth. The PCL ratio was 19 basis points, an increase of 4 basis points compared to the prior quarter or 22 basis points compared to the prior year.

由於支持業務增長的人員和技術成本增加，費用同比增長 13%。 PCL 比率為 19 個基點，比上一季度增加 4 個基點，比去年同期增加 22 個基點。

Turning now to Global Wealth Management on Slide 8. Earnings of $392 million declined 6% year-over-year, primarily due to lower fee income and the impact of elevated seasonal performance fees in the prior year. Revenue declined 7% year-over-year due primarily to lower fee income, driven by a decline in trading volumes and lower assets under management, partly offset by strong loan growth in private banking and higher deposit margins.

現在轉到幻燈片 8 上的全球財富管理。收益為 3.92 億美元，同比下降 6%，這主要是由於費用收入減少以及上一年季節性績效費用上漲的影響。收入同比下降 7%，主要是由於交易量下降和管理資產減少導致手續費收入下降，部分被私人銀行貸款強勁增長和存款利潤率提高所抵消。

The division had positive operating leverage this quarter as expenses declined 7% year-over-year, driven by prudent expense management. The productivity ratio improved to 59.9%. Assets under management decreased 7% year-over-year to $322 billion, primarily due to market depreciation, while assets under administration increased 1% to $607 billion. We saw strong growth in our key international markets with double-digit earnings growth across the Pacific Alliance and the Caribbean Wealth Management businesses.

在審慎的費用管理的推動下，該部門本季度的經營槓桿為正，費用同比下降 7%。生產率提高到59.9%。管理資產同比下降 7% 至 3,220 億美元，這主要是由於市場貶值，而管理資產增長 1% 至 6,070 億美元。我們在主要國際市場實現了強勁增長，太平洋聯盟和加勒比財富管理業務實現了兩位數的收益增長。

Despite investment funds in Canada seeing 10 consecutive months of net redemptions, we continue to be ranked #2 by assets in the Canadian retail mutual fund industry. Investment results continue to be strong with 69% of 1832 Asset Management funds in the top 2 quartiles over a 5-year period.

儘管加拿大的投資基金連續 10 個月出現淨贖回，但我們在加拿大零售共同基金行業的資產方面繼續排名第二。投資業績繼續強勁，1832 只資產管理基金中有 69% 在 5 年期間處於前 2 個四分位。

Referring to Slide 9. Global Banking and Markets generated earnings of $519 million, down 7% compared to the prior year, but up 7% compared to the prior quarter. Results were driven by strong loan and deposit growth as loans grew 33% year-over-year, while deposits grew 12%. Revenue increased 7% as net interest income grew 22% year-over-year, driven by solid business banking performance with strong loan and deposit growth and improving margins.

參見幻燈片 9。全球銀行和市場業務產生了 5.19 億美元的收益，與去年同期相比下降了 7%，但與上一季度相比增長了 7%。業績是由強勁的貸款和存款增長推動的，貸款同比增長 33%，而存款增長 12%。收入增長 7%，淨利息收入同比增長 22%，這得益於穩健的商業銀行業績、強勁的貸款和存款增長以及利潤率的提高。

Noninterest income grew a modest 2% as higher trading and banking revenues were partially offset by lower investment banking revenues. Expenses were up 15% year-over-year due mainly to higher personnel costs, cost to support business growth and regulatory initiatives and the negative impact of foreign currency translation.

非利息收入溫和增長 2%，因為較高的交易和銀行業務收入被較低的投資銀行業務收入部分抵消。費用同比增長 15%，主要原因是人員成本增加、支持業務增長和監管舉措的成本增加以及外幣換算的負面影響。

GBM Latin America, which is reported as part of international banking, reported record earnings of $301 million, up 50% year-over-year with another quarter of strong results from Chile, Mexico and Brazil.

作為國際銀行業務的一部分，GBM Latin America 報告創紀錄的收益為 3.01 億美元，同比增長 50%，另外四分之一來自智利、墨西哥和巴西的強勁業績。

Slide 10 highlights this quarter's strong international banking results. My comments that follow are on an adjusted and constant dollar basis. The segment reported net income of $661 million, up 18% year-over-year. Pretax pre-provision grew 11% year-over-year with the Pacific Alliance growing 5% and the Caribbean and Central America up a strong 36%. Year-over-year, loans grew 13% with mortgages up 14% and commercial loans up 13%, while personal loans and credit cards also grew 9%.

幻燈片 10 強調了本季度強勁的國際銀行業業績。我接下來的評論是在調整後的固定美元基礎上發表的。該部門報告的淨收入為 6.61 億美元，同比增長 18%。稅前撥備同比增長 11%，其中太平洋聯盟增長 5%，加勒比和中美洲增長強勁 36%。與去年同期相比，貸款增長 13%，其中抵押貸款增長 14%，商業貸款增長 13%，而個人貸款和信用卡也增長 9%。

Revenue was up 8% year-over-year, driven by higher net interest margin and strong net fee and commissions. The net interest margin was 400 basis points, up 13 basis points, mainly from asset mix and spread expansion, offset by the impact of lower inflation. The margin was down 8 basis points compared to the prior quarter, entirely due to lower inflation, primarily in Chile. The provisions for credit loss ratio was 96 basis points for the segment.

受更高的淨息差和強勁的淨費用和佣金推動，收入同比增長 8%。淨息差為 400 個基點，上升 13 個基點，主要來自資產組合和利差擴張，被較低通脹的影響所抵消。與上一季度相比，利潤率下降了 8 個基點，這完全是由於通貨膨脹率較低，主要是在智利。該分部的信用損失率準備金為 96 個基點。

Noninterest expenses increased 6%, driven by business growth and inflationary impact, partially offset by strong digital progress.

受業務增長和通脹影響的推動，非利息支出增長了 6%，但部分被強勁的數字化進程所抵消。

The tax rate of 19.7% for the quarter benefited primarily from higher inflationary adjustments in Mexico and Chile and changes in earnings mix. We expect the tax rate to continue to increase, in line with reduction in inflation.

本季度 19.7% 的稅率主要受益於墨西哥和智利更高的通脹調整以及收益組合的變化。我們預計稅率將隨著通脹下降而繼續上升。

Turning to Slide 11. The Other segment reported an adjusted net loss attributed to equity holders of $334 million. This was due mainly to lower revenues of $663 million, partly offset by lower expenses and taxes.

轉到幻燈片 11。其他部門報告歸屬於股東的調整後淨虧損為 3.34 億美元。這主要是由於收入減少 6.63 億美元，部分被費用和稅收減少所抵消。

Approximately 3/4 of the lower revenue relates to treasury activities due mainly to higher funding costs and lower income from hedges, reflecting the bank's interest rate position to benefit from declining rates. This was partially offset by higher income from liquid assets.

大約 3/4 的較低收入與財務活動有關，這主要是由於融資成本較高和對沖收入較低，這反映出銀行的利率狀況受益於利率下降。這部分被流動資產收入增加所抵消。

Also contributing to the lower revenue was lower income from associated corporations and lower investment gains. Quarter-over-quarter, approximately half of the lower revenue relates to lower treasury activities, due mainly to lower funding costs and lower income from hedges, partially offset from higher income from liquid assets.

導致收入減少的另一個原因是來自聯營公司的收入減少和投資收益減少。與上一季度相比，大約一半的收入減少與財務活動減少有關，這主要是由於融資成本降低和對沖收入減少，部分被流動資產收入增加所抵消。

I'll now turn the call over to Phil to discuss risk.

我現在將電話轉給菲爾討論風險。

Thank you, Raj. Good morning, everyone. As I outlined last quarter, we expect to be in the mid-30s PCL range for fiscal 2023. Our outlook remains the same as our credit -- strong credit practices and high-quality portfolio position us well during this time of economic uncertainties.

謝謝你，拉吉。大家，早安。正如我在上個季度概述的那樣，我們預計 2023 財年的 PCL 範圍將處於 30 年代中期。我們的前景與我們的信用保持一致——強大的信用實踐和高質量的投資組合使我們在這個經濟不確定時期處於有利地位。

Overall, the performance of our loan portfolios remain strong, and we are seeing a continued normalization of credit trends as customers adjusted to a higher inflation and borrowing costs.

總體而言，我們的貸款組合表現依然強勁，隨著客戶適應更高的通脹和借貸成本，我們看到信貸趨勢持續正常化。

In our commercial and corporate book, we see healthy demand for credit as underwriting opportunities for high-quality borrowers during this quarter were strong.

在我們的商業和企業賬目中，我們看到信貸需求健康，因為本季度優質借款人的承銷機會強勁。

In retail, low levels of unemployment across most of our core geographies is a driving factor for the stability of household incomes despite inflationary pressures.

在零售業，我們大多數核心地區的低失業率是家庭收入穩定的一個驅動因素，儘管存在通脹壓力。

Turning to Consumer health. We note that our customers are responding to a higher cost of living by making trade-offs to manage their spending habits. Spending for customer is down approximately 2% quarter-over-quarter as customers are increasingly moderating their discretionary spending on travel, dining and entertainment, which saw a decline of 3% quarter-over-quarter, notably over the holiday period. This was partially offset by grocery, where spending is up 3% quarter-over-quarter and 10% year-over-year. Despite variable rate mortgage customers seeing higher payments with a cumulative 425 basis point rate increase, given the structure of our variable rate product, deposits for this group remain above pre-pandemic levels. Variable rate mortgages remained stable at 37% of our total mortgage portfolio.

轉向消費者健康。我們注意到，我們的客戶正在通過權衡來管理他們的消費習慣，以應對更高的生活成本。由於客戶越來越多地減少在旅遊、餐飲和娛樂方面的可自由支配支出，客戶支出環比下降約 2%，環比下降 3%，尤其是在假期期間。這部分被食品雜貨所抵消，食品支出環比增長 3%，同比增長 10%。儘管可變利率抵押貸款客戶的付款額增加了 425 個基點，但考慮到我們可變利率產品的結構，該群體的存款仍高於大流行前的水平。浮動利率抵押貸款占我們抵押貸款組合總額的 37%，保持穩定。

International Banking, geopolitical tensions, inflation and rising rates have resulted in softer GDP growth. However, we see positive employment trends in our major markets. Average core deposits per customer increased 2% quarter-over-quarter, while term decreased 2% quarter-over-quarter, while term deposits decreased 3% quarter-over-quarter as Pacific Alliance customers drew down savings to adapt to inflationary pressures.

國際銀行業、地緣政治緊張局勢、通貨膨脹和利率上升導致 GDP 增長放緩。然而，我們在主要市場看到了積極的就業趨勢。每個客戶的平均核心存款環比增長 2%，而定期存款環比下降 2%，而定期存款環比下降 3%，因為太平洋聯盟客戶提取儲蓄以適應通脹壓力。

For our Canadian and International retail portfolios, 90-day delinquencies for all Canadian mortgages are still at historic lows of 11 basis points or approximately half pre-pandemic levels. International retail overall continues to perform well and much better than pre-pandemic. However, normalization continued in Q1 as delinquency increased by 5 basis points, quarter-over-quarter driven by Chile unsecured portfolios.

對於我們的加拿大和國際零售投資組合，所有加拿大抵押貸款的 90 天拖欠率仍處於 11 個基點的歷史低位或大約一半的大流行前水平。總體而言，國際零售業繼續表現良好，比大流行前要好得多。然而，在智利無擔保投資組合的推動下，拖欠率環比增加了 5 個基點，第一季度繼續正常化。

Turning to credit performance during the quarter on Slide 15. Our PCL ratio was 33 basis points or a provision of $638 million. Our impaired PCL ratio was 29 basis points or $562 million. We added $76 million in performing loans to reflect volume growth and the impact of a less favorable macroeconomic outlook.

轉向幻燈片 15 本季度的信用表現。我們的 PCL 比率為 33 個基點或準備金 6.38 億美元。我們受損的 PCL 比率為 29 個基點或 5.62 億美元。我們增加了 7600 萬美元的正常貸款，以反映數量增長和不利的宏觀經濟前景的影響。

Total PCLs increased $109 million quarter-over-quarter, driven by portfolio growth and higher retail formations in both Canada and international. Canadian Banking retail PCLs increased quarter-over-quarter, primarily driven by automotive, as we see the normalizing of this portfolio. The increase in international banking and retail PCLs was driven by Chile and Colombia as consumers adapt to the inflationary environment. Impaired PCLs and GBM declined from the prior quarter while performing PCLs increased due to a less favorable macroeconomic outlook.

PCL 總額環比增長 1.09 億美元，這得益於加拿大和國際的投資組合增長和更高的零售形態。加拿大銀行業零售 PCL 環比增長，主要受汽車驅動，因為我們看到該投資組合正在正常化。隨著消費者適應通脹環境，智利和哥倫比亞推動了國際銀行和零售 PCL 的增長。由於宏觀經濟前景不佳，受損 PCL 和 GBM 較上一季度有所下降，而執行 PCL 有所增加。

Allowances for credit losses increased $169 million to $5.7 billion, mostly in Stage 1 and 2. And the ACL ratio was stable quarter-over-quarter despite net write-offs increasing slightly quarter-over-quarter to 29 basis points, we remain well below pre-pandemic norms of 54 basis points.

信貸損失準備金增加 1.69 億美元至 57 億美元，主要在第一階段和第二階段。儘管淨註銷環比略有增加至 29 個基點，但 ACL 比率環比穩定，我們仍遠低於大流行前標準為 54 個基點。

We remain comfortable with our ACL coverage given the high-quality retail portfolio and focus on investment-grade lending and business banking.

鑑於高質量的零售組合併專注於投資級貸款和商業銀行業務，我們仍然對我們的 ACL 覆蓋面感到滿意。

Finally, we continue to see resilience in our customers. Our highly secured portfolios with strong credit and underwriting fundamentals and higher quality customer mix have positioned us well to manage uncertainty across our core markets. The credit portfolio remains strong and well provisioned, and we are well equipped from a collections perspective to work with our customers. We continue to monitor economic indicators and the health of our customers.

最後，我們繼續看到客戶的韌性。我們高度安全的投資組合、強大的信用和承保基礎以及更高質量的客戶組合使我們能夠很好地管理我們核心市場的不確定性。信貸組合保持強勁且準備充足，從收款的角度來看，我們有能力與客戶合作。我們將繼續監控經濟指標和客戶的健康狀況。

With that, I will pass the call back to Scott.

有了這個，我會把電話轉回給斯科特。

Thank you, Phil. We remain cautiously optimistic on the 2023 operating environment in our key geographies, anchored by a resilient employment and proactive monetary policies that are having the desired impact on inflation. The interest rate tightening phase appears to be nearing its conclusion in Canada, which should lead to more favorable consumer sentiment and a continuation of the relatively high business confidence we see from our corporate and commercial customers.

謝謝你，菲爾。我們對我們主要地區 2023 年的經營環境保持謹慎樂觀的態度，這取決於彈性就業和積極的貨幣政策，這些政策對通貨膨脹產生了預期的影響。加拿大的利率緊縮階段似乎接近尾聲，這應該會帶來更有利的消費者情緒，並繼續保持我們從企業和商業客戶那裡看到的相對較高的商業信心。

In the Pacific Alliance countries, growth is moderating in response to the historically aggressive tightening that characterized 2022. Inflation in the region is slowing with GDP growth expected to continue to be modestly positive this year throughout the region, except for Chile, where a modest slowdown in 2023 is expected to be followed by a rebound in 2024. We have been encouraged by the economic resilience of the region and our own credit performance throughout this period of interest rate and political volatility, which has been instructive as we consider how to best position this business for the future.

在太平洋聯盟國家，增長正在放緩，以應對 2022 年的歷史性激進緊縮。該地區的通貨膨脹正在放緩，預計今年整個地區的 GDP 增長將繼續保持適度正增長，但智利除外，該國略有放緩預計 2023 年將在 2024 年出現反彈。在這段利率和政治動盪時期，我們對該地區的經濟彈性和我們自己的信用表現感到鼓舞，這對我們考慮如何最好地定位具有指導意義這項業務的未來。

As we look forward, our leadership team and I, are underway on a collaborative review of the strategy that will result in enterprise-wide objectives and business line initiatives in support of these shared goals. Our intention is to provide a formal strategy update to investors and the analyst community before the end of the calendar year.

展望未來，我們的領導團隊和我正在對戰略進行協作審查，該戰略將產生企業範圍的目標和業務線計劃，以支持這些共同目標。我們的目的是在日曆年結束之前向投資者和分析師社區提供正式的戰略更新。

In the interim, a few notable near-term focus areas. From an all-bank perspective, achieving a 12% CET1 ratio by fiscal year-end is important. 11.5% was a good outcome for the quarter, and we will continue to see internal capital generation throughout the year as well as the benefits from Basel III implementation next quarter.

在此期間，一些值得注意的近期重點領域。從全銀行的角度來看，在財政年度結束前實現 12% 的 CET1 比率很重要。本季度 11.5% 是一個不錯的結果，我們將繼續看到全年的內部資本生成以及下個季度巴塞爾協議 III 實施帶來的好處。

However, to be prudent, we have introduced a 2% DRIP discount given changing rate expectations and our desire to support business growth once we have aligned on our priority organic growth initiatives.

然而，為謹慎起見，考慮到不斷變化的利率預期以及一旦我們與優先有機增長計劃保持一致，我們希望支持業務增長，我們推出了 2% 的 DRIP 折扣。

From an all-bank perspective, we will also be focused on better matching our growth in loans with our growth in deposits. In our Canadian business, we'll be focused on the acquisition of primary multiproduct customers. New to bank acquisition in Canadian Banking is accelerating with the Scene+ program, which is already delivering meaningful impact. The percentage of customers entering the Canadian bank as Scene+ customers doubled versus a year ago and a significantly higher percentage of those customers enter the bank with 3 or more Scotia products.

從全銀行的角度來看，我們還將專注於更好地匹配我們的貸款增長與存款增長。在我們的加拿大業務中，我們將專注於收購主要的多產品客戶。加拿大銀行收購的新手 Scene+ 計劃正在加速銀行業的發展，該計劃已經產生了有意義的影響。作為 Scene+ 客戶進入加拿大銀行的客戶比例比一年前翻了一番，並且這些客戶中有 3 種或更多 Scotia 產品進入銀行的比例明顯更高。

Over time, we will also see continued expansion of our commercial banking business to our natural share in Canada, resulting in a larger contribution to the Canadian bank. We will also pursue targeted commercial growth within the international banking footprint in the coming years.

隨著時間的推移，我們還將看到我們的商業銀行業務不斷擴大到我們在加拿大的自然份額，從而對加拿大銀行做出更大的貢獻。未來幾年，我們還將在國際銀行業務範圍內追求有針對性的商業增長。

Our total wealth model, which leverages our capabilities across private banking and wealth advisory will enable us to capture greater value within the expanding high net worth client segment across our Americas platform. We will continue to leverage our footprint and grow fee revenue to improve profitability and expect to continue to see double-digit growth in our International Wealth Management business.

我們的整體財富模式利用我們在私人銀行和財富諮詢方面的能力，將使我們能夠在美洲平台不斷擴大的高淨值客戶群中獲取更大的價值。我們將繼續利用我們的足跡和增加費用收入來提高盈利能力，並期望我們的國際財富管理業務繼續實現兩位數的增長。

We will also continue to build our GBM Americas capabilities throughout the U.S. and Latin America to fully capitalize on our sector expertise and the established Scotiabank brand. We are particularly focused on improving the underwriting and advisory revenue to lending revenue ratio as we work to close the gap to our peers.

我們還將繼續在美國和拉丁美洲建立我們的 GBM Americas 能力，以充分利用我們的行業專業知識和已建立的 Scotiabank 品牌。在我們努力縮小與同行的差距時，我們特別注重提高承銷和諮詢收入與貸款收入的比率。

In summary, our results this quarter are a reminder that while we have a powerful banking franchise, we also have opportunities for improvement, which are highlighted in this current rate environment. We have a strong senior leadership team and over 90,000 Scotiabankers across our footprint who are passionate and committed to delivering for our customers, communities and each other and importantly, our shareholders.

總而言之，我們本季度的業績提醒我們，雖然我們擁有強大的銀行業務特許經營權，但我們也有改進的機會，這在當前的利率環境中得到了強調。我們擁有一支強大的高級領導團隊和超過 90,000 名豐業銀行員工，他們充滿熱情並致力於為我們的客戶、社區和彼此，尤其是我們的股東提供服務。

Although I remain cautious on our near-term earnings outlook, I'm confident we'll come out of this year with a strong balance sheet and refresh priorities, supported by a macroeconomic backdrop that will allow us to deliver profitable, sustainable growth for you, our shareholders.

儘管我對我們的近期盈利前景仍持謹慎態度，但我相信今年我們將擁有強勁的資產負債表並更新優先事項，在宏觀經濟背景的支持下，我們將能夠為您實現盈利、可持續的增長，我們的股東。

Thank you, Scott. We will now be pleased to take your questions. (Operator Instructions) Operator, can we have the first question on the phone, please.

謝謝你，斯科特。我們現在很樂意回答您的問題。 （接線員說明）接線員，我們可以在電話上回答第一個問題嗎？

The first question is from Mario Mendonca from TD Securities.

第一個問題來自道明證券的 Mario Mendonca。

Scott, you talked about deposit focus being important going forward. Now presumably, this was an -- this issue was understood, like the wholesale funding issue was understood at Scotia for some time.

斯科特，你談到存款重點在未來很重要。現在大概是——這個問題得到了理解，就像 Scotia 一段時間以來對批發融資問題的理解一樣。

Could you talk a little bit about what you expect to do differently now going forward? Or is really just the goal now just to squash loan growth so that it just matches up with deposit growth going forward? Are you going to do something more active on the deposit front?

你能談談你現在期望做的不同的事情嗎？還是現在的目標真的只是壓低貸款增長，以便與未來的存款增長相匹配？你打算在存款方面做些更積極的事情嗎？

Yes. So thanks, Mario. So a couple of things. One, I do think the wholesale funding ratio over time, we've made some progress. So I guess that would be point one. So it is a point that the team has recognized, but I've also seen great opportunities for improvement in terms of how we go to market to capture those deposits and how we reward our people, how we incent our people, how we engage with our customers. And so it was encouraging this quarter, for example, in Canada to see deposit growth of 10% and loan growth over 9%. But we still got work to do across our portfolio.

是的。所以謝謝，馬里奧。所以有幾件事。第一，我確實認為批發融資比率隨著時間的推移，我們取得了一些進展。所以我想這是第一點。所以這是團隊已經認識到的一點，但我也看到了很大的改進機會，包括我們如何進入市場以獲取這些存款以及我們如何獎勵我們的員工，我們如何激勵我們的員工，我們如何與我們的顧客。因此，本季度令人鼓舞，例如，在加拿大，存款增長 10%，貸款增長超過 9%。但我們的投資組合仍有工作要做。

And I think -- let's pick a couple of segments, small business, right? We're underpenetrated in small business. We know that has 4x the deposit growth relative to other segments. Commercial, we know we're underpenetrated. We're making a lot of progress. That has good deposits as well. Now those aren't as cheaper deposits, but they are -- it's deposits corporate. We know we lead with our loan in a lot of cases, our balance sheet. And there's an opportunity to increase deposits there.

而且我認為 - 讓我們選擇幾個細分市場，小型企業，對嗎？我們在小型企業中的滲透率不足。我們知道，相對於其他細分市場，存款增長是 4 倍。商業，我們知道我們沒有被滲透。我們正在取得很大進展。那也有很好的存款。現在這些存款並不便宜，但它們是——它是公司存款。我們知道，在很多情況下，我們以貸款、資產負債表為首。並且有機會增加那裡的存款。

So I do believe that there's an opportunity for us to be more focused, more deliberate, more consistent on how we go to deposits. And that will be a big opportunity for us going forward. So I don't see it fully coming through the loan side.

因此，我確實相信，我們有機會更加專注、更加慎重、更加一致地處理我們的存款方式。這將是我們前進的大好機會。所以我不認為它完全來自貸款方面。

That being said, on your loan side, we do have to have a better matching of deposits to loan growth. We can't be wholesale funding on one hand at really high costs, and then growing the loan book at a rapid rate in profit -- with profit margins in segments that aren't appropriate. So there will be an adjustment on both sides, both on the deposit side and the loan growth side.

話雖這麼說，在你的貸款方面，我們確實必須讓存款與貸款增長更好地匹配。我們不能一方面以非常高的成本進行批發融資，然後以快速的利潤增長貸款賬簿——利潤率不合適的部分。所以兩方面都會有調整，存款端和貸款增長端都會有調整。

Let me just squeeze in one other here. So Scott, it sounds like Scotia is going to change in the next little while. The bank is going to change. There's a lot of things you want to do. You're talking about revisiting business mix and IB deposits, there's just so much that's going to change at this bank over the next, say, 12 to 24 months.

讓我在這裡擠一個。所以斯科特，聽起來 Scotia 將在接下來的一段時間內發生變化。銀行要變了。有很多事情你想做。你在談論重新審視業務組合和 IB 存款，在接下來的 12 到 24 個月內，這家銀行將發生很多變化。

My experience that when there are big changes like this, that the analysts get earnings wrong an awful lot, myself included or maybe even myself especially. So I think it would be helpful then if you are very clear on guidance like earnings guidance -- earnings growth guidance for 2023 and '24. Is that something you can offer now? Or is that something you'll do at the Investor Day later this year?

我的經驗是，當出現這樣的大變化時，分析師會錯誤地得出很多收益，包括我自己，甚至可能是我自己。因此，我認為，如果您對收益指導等指導非常清楚——2023 年和 24 年的盈利增長指導，那將會很有幫助。那是你現在可以提供的東西嗎？或者你會在今年晚些時候的投資者日做些什麼？

Yes. So I guess a couple of things. One, Mario, I actually saw you got the earnings pretty close to where we ended up. So I thought that was interesting. Point one.

是的。所以我猜有幾件事。第一，馬里奧，我實際上看到你的收入與我們最終的收入非常接近。所以我覺得這很有趣。第一點。

Point two, we will be more explicit with milestones and targets and guidance, but we will wait until we get through the strategy work at the end of the year to do that. I think what we're saying now, we're pretty clear that we're cautious about the next quarter in terms of earnings, but we're also recognizing we're at the bottom here in terms of NIM or close to the bottom in terms of NIM compression. So that is good news.

第二點，我們將更明確地制定里程碑、目標和指導，但我們將等到年底完成戰略工作後再做。我想我們現在所說的，我們很清楚我們對下個季度的收益持謹慎態度，但我們也認識到我們在 NIM 方面處於底部或接近底部在 NIM 壓縮方面。所以這是個好消息。

I think as we come out of the year, we'll give you more targets, more clarity, more transparency which once we've aligned around the growth objectives, we'll have a strong balance sheet, we'll have refreshed priorities, and we'll give you those types of targets that you're asking for.

我認為，隨著今年的結束，我們會給你更多的目標，更清晰，更透明，一旦我們圍繞增長目標達成一致，我們就會有一個強大的資產負債表，我們會有更新的優先事項，我們將為您提供您所要求的那些類型的目標。

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

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

Just on the corporate loss, Raj, can you unpack a little bit more about what's going on? And I guess I struggle a little bit because at the divisional level, the results look good. And then I look at Other and there's this big negative in. And so I'm hoping you can unpack that.

就公司虧損而言，Raj，你能再多解釋一下發生了什麼事嗎？而且我想我有點掙扎，因為在分區級別，結果看起來不錯。然後我看看其他，裡面有很大的負面影響。所以我希望你能解開它。

Maybe if you can talk a little bit about what the outlook is going to be for corporate. And when corporate losses are de minimis, I'm not too fast, but when corporate losses become big, I start to distress my divisional outlook just because I'm not sure how much of this corporate loss should be allocated out to the divisional side. So can you help me just kind of put some parameters and thoughts around this?

也許你可以談談企業的前景。當公司虧損微乎其微時，我不會太快，但當公司虧損變大時，我開始擔心我的部門前景，因為我不確定應該將多少公司虧損分配給部門方面.那麼你能幫我提出一些參數和想法嗎？

Sure, happy to do that. When there is a level of interest rate volatility like we're seeing now, the impact of that volatility for our bank shows up in the Other segment. So what you're seeing, the $334 million loss is obviously an outsized outcome, but it's reflective of the interest rate environment and the velocity of changes that have happened in the interest rate environment. But what it relates to is really is how our transfer pricing methodology works, and it's purely intended to remove interest rate volatility from the businesses.

當然，很高興這樣做。當出現像我們現在看到的那樣的利率波動時，這種波動對我們銀行的影響會出現在其他部分。所以你所看到的，3.34 億美元的損失顯然是一個過大的結果，但它反映了利率環境和利率環境發生變化的速度。但它真正涉及的是我們的轉讓定價方法是如何運作的，它純粹是為了消除企業的利率波動。

So to your question, does it relate to a business segment, I'd say simply, the answer is no. Go back to 2019 or even 2020, for example, when we had actually big benefits in the Other segment. We didn't push it to any of the segments because this relates to how we manage the interest rate risk, how we fund ourselves and eventually how the interest rate situation plays out.

所以對於你的問題，它是否與業務部門有關，我想簡單地說，答案是否定的。例如，回到 2019 年甚至 2020 年，那時我們在其他領域實際上獲得了巨大的收益。我們沒有將其推向任何細分市場，因為這與我們如何管理利率風險、我們如何為自己提供資金以及最終利率情況如何發揮作用有關。

So it's very consistent with how we have done it when it's been the opposite way in the Other segment. So it's not specific to any business line. But if you want to really attribute I can tell you, like I said before, it does not relate to the international banking business because their treasury operations is within that segment.

因此，這與我們在其他部分採用相反方式時的做法非常一致。所以它不特定於任何業務線。但如果你真的想歸因於我可以告訴你，就像我之前說的那樣，它與國際銀行業務無關，因為他們的資金業務屬於該部分。

When you talk about outlook, yes, I think for this year or immediate quarter, the funding cost is going to remain elevated as we know. We have had interest rate increases, hopefully, the last in Canada from what you've heard from the governor. So that should have a full quarter impact in the second quarter. The fed rate increases will also have an impact for us. So I think the Other segment will look somewhat similar to what you're seeing this quarter. It's not going to improve too much.

當你談到前景時，是的，我認為今年或下一個季度，融資成本將繼續上升，正如我們所知。從你從州長那裡聽到的情況來看，我們已經加息了，希望這是加拿大最後一次加息。因此，這應該會對第二季度產生一個完整的季度影響。美聯儲加息也會對我們產生影響。所以我認為其他部分看起來與您在本季度看到的有些相似。它不會改善太多。

But eventually, I think as rates stabilize and eventually when rates start declining, it could happen later in the calendar year or into 2024, we don't know for sure. We will see the benefits starting to accumulate in the Other segment as well.

但最終，我認為隨著利率穩定，最終當利率開始下降時，它可能會在日曆年晚些時候或到 2024 年發生，我們不確定。我們也將看到其他部分也開始積累收益。

So that's how I see it evolving and then eventually getting back to some sort of normal range, right, whatever that might be, and we can talk about it towards the end of the year. But for the rest of this year, you should assume that the Other segment loss will be somewhere in this range.

所以這就是我對它的看法，然後最終回到某種正常範圍，對，不管是什麼，我們可以在年底前討論它。但在今年剩餘時間裡，你應該假設其他部門的損失將在這個範圍內。

Also remember that prior, I'm talking about 3, 4 years back, we used to have a lot of the investment gains that went through this sector as well. The loss relating to net interest income in 2019 was a little over $900 million for the whole year. So it's not unusual for us. I think the quantum is a bit unusual because of the velocity and magnitude of rate changes that have happened in a very short period of time.

還要記住，我說的是 3、4 年前，我們過去也有很多投資收益來自這個行業。 2019 年全年與淨利息收入相關的虧損略高於 9 億美元。所以這對我們來說並不罕見。我認為量子有點不尋常，因為在很短的時間內發生了速率變化的速度和幅度。

So just to summarize, like this is all interest rate related. It probably continues through this year, so others going to kind of seem out kind of outside normal. It's all more related to Canadian P&C banking. And there's nothing else unusual in here, outside of that interest rate impact. Is that a fair kind of characterization of this?

所以總結一下，就像這一切都與利率有關。它可能會持續到今年，所以其他人似乎有點不正常。這一切都與加拿大的 P&C 銀行業務有關。除了利率影響之外，這裡沒有其他異常情況。這是對此的一種公平的描述嗎？

Yes, I think it's a fair characterization. The only thing I'd probably add to the Canadian P&C business comment you made. There's probably 3 different components when you think about where was this investor, if that's where you're going.

是的，我認為這是一個公平的描述。我可能會添加到您所做的加拿大 P&C 業務評論中的唯一一件事。當你考慮這個投資者在哪裡時，可能有 3 個不同的組成部分，如果那是你要去的地方。

The Canadian bank definitely is a component. Our Global Banking and Markets is a component, and likewise, our investment securities. We hold high-quality liquid assets, which tend to be lower margin. So as much as the term funding goes to fund the growth in those assets as we improve our liquidity ratio, that will also be a component that impacts the outcome in this segment.

加拿大銀行絕對是一個組成部分。我們的全球銀行業務和市場是一個組成部分，同樣，我們的投資證券也是如此。我們持有高質量的流動性資產，這些資產的利潤率往往較低。因此，隨著我們提高流動性比率，資金一詞將用於為這些資產的增長提供資金，這也將成為影響該領域結果的一個組成部分。

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

下一個問題來自國家銀行金融部的 Gabriel Dechaine。

I'd like to just explore the comments about the IB segment there with regards to returns not being commensurate to the risk. And I think that's open and honest statement. I just want to know what the -- what are you looking at in particular?

我只想探討有關 IB 部分關於回報與風險不相稱的評論。我認為這是公開和誠實的聲明。我只想知道 - 你在看什麼？

I know over the past couple of years, there have been some businesses like some unsecured consumer that you've been downsizing or deemphasizing. Wondering, I guess, geographically, what are the product lines you might be looking at? And what the expected impact is from a sustainable, lower PCL level to a lower capital required, stuff like that.

我知道在過去的幾年裡，有一些企業，比如一些沒有保障的消費者，你一直在縮減規模或不再強調它們。想知道，我想，在地理上，您可能會關注哪些產品線？預期的影響是從可持續的、較低的 PCL 水平到所需的較低資本，諸如此類。

This is Nacho. Let me start. I think it's important to what you are saying. We are disclosing ROEs for international banking in a more granular level both for the Pacific Alliance countries and for the Caribbean and Central America.

這是納喬。讓我開始吧。我認為這對你所說的很重要。我們正在更細緻地披露太平洋聯盟國家以及加勒比和中美洲國際銀行業的 ROE。

What I would say is, overall, we are pleased to see that International Banking ROE this quarter is 13.6% increase compared to -- 12.4% last year. And in some -- the way I summarize the situation we are, we have 3 geographies with high return on equity, above IB and all-bank ROE, which are the English Caribbean, Mexico and Peru, and we have seen consistent improvement in these countries, driven by organic growth.

我要說的是，總體而言，我們很高興看到國際銀行本季度的股本回報率比去年同期增長了 13.6%——12.4%。在某些方面——我總結我們的情況，我們有 3 個股本回報率高的地區，高於 IB 和所有銀行的股本回報率，它們是英屬加勒比地區、墨西哥和秘魯，我們已經看到這些地區的持續改善受有機增長驅動的國家。

And we also have 2 countries, which are relatively small within International Banking, where we acknowledge that we need to improve performance and profitability, which are Colombia and Central America. And in these countries, we have developed specific business plans that we expect will gradually improve their performance and close the gap in profitability.

我們還有 2 個國家，它們在國際銀行業中相對較小，我們承認我們需要提高績效和盈利能力，這兩個國家是哥倫比亞和中美洲。在這些國家，我們制定了具體的商業計劃，我們預計這些計劃將逐步提高他們的業績並縮小盈利能力的差距。

So those are -- and then kind of what's -- I mean these aren't strategies that are implemented in a quarter time. Like what's kind of the time line of turnaround for those Colombian and Central American businesses.

所以那些是——然後是什麼——我的意思是這些不是在四分之一時間內實施的戰略。就像那些哥倫比亞和中美洲企業的周轉時間線是什麼樣的。

David, it's Scott. So we're working with the teams right now. I mean this is part of the whole strategy review and there's a combination of deposits and there's a combination of business mix. And we need to make sure we allocate our capital to the areas where we're going to get the highest return on risk-adjusted -- risk-weighted assets. And so that's the process that we're going through right now, and we'll have more to say on that at the end of the year.

大衛，是斯科特。所以我們現在正在與團隊合作。我的意思是這是整個戰略審查的一部分，並且有存款的組合和業務組合的組合。我們需要確保我們將資本分配到我們將獲得最高風險調整回報率的領域 - 風險加權資產。這就是我們現在正在經歷的過程，我們將在今年年底對此發表更多看法。

Okay. And I echo the comment that, if there are changes in quantifying the impact so we can get a better handle on our modeling and expectations, that's pretty important.

好的。我贊同這樣的評論，如果在量化影響方面發生變化，以便我們可以更好地處理我們的建模和期望，那將非常重要。

The next question is from Paul Holden from CIBC.

下一個問題來自 CIBC 的 Paul Holden。

So I guess my question relates to the PCL guidance for mid-30s. You hit 33% this year, which is actually already in mid-30s. And I think we're -- like my perspective is we're kind of closer to the beginning of the normalization and impairments versus midway through or near the end. So I'm just wondering what it is that gives you comfort that the PCL ratio won't be increasing significantly from Q1.

所以我想我的問題與 30 多歲的 PCL 指南有關。你今年達到了 33%，實際上已經是 30 多歲了。而且我認為我們 - 就像我的觀點一樣，我們更接近正常化和損害的開始，而不是中途或接近尾聲。所以我只是想知道是什麼讓你感到安慰，PCL 比率不會從第一季度開始顯著增加。

Yes. Thanks, Paul. I appreciate the question. Phil here. We're going to -- as I said in my prepared remarks, we're standing behind our mid-30s guidance for the year. And what gives me comfort is the shift in business mix that we've had, both in Canada and international. Certainly, from -- in the international perspective, the move to 73% secured and then in Canada move to 95% secured.

是的。謝謝，保羅。我很欣賞這個問題。菲爾在這裡。我們將——正如我在準備好的發言中所說，我們支持今年 30 年代中期的指導方針。讓我感到欣慰的是我們在加拿大和國際上的業務組合發生了變化。當然，從國際角度來看，轉移到 73%，然後在加拿大轉移到 95%。

And we've been spending a lot of time on the -- just really focused on high-quality acquisition in our international portfolio, focused more on affluent as well. And that's making a big difference in terms of what I'm seeing in the numbers coming up.

我們一直在花很多時間——只是真正專注於我們國際投資組合中的高質量收購，也更關注富裕人群。就我在即將到來的數字中看到的而言，這產生了很大的不同。

And so -- and then finally, as I go through portfolio by portfolio, like we're starting to -- we really see a lot of the continued low delinquency rates, continued low net write-offs coming out of some of our major portfolios. We are starting to see some of those indicators starting to tick upwards. But those are in particularly in GIL this quarter, but those tend to be in areas such as Canadian mortgages, Canadian auto, which are sort of secured, which have a good collections rate on them. So we don't usually flow into Stage 3.

因此——最後，當我逐個投資組合進行審查時，就像我們開始做的那樣——我們確實看到很多持續的低拖欠率，我們的一些主要投資組合的持續低淨註銷.我們開始看到其中一些指標開始上升。但這些在本季度特別是在 GIL 中，但這些往往在加拿大抵押貸款、加拿大汽車等領域，這些領域有一定的安全性，它們的收款率很高。所以我們通常不會流入第 3 階段。

And then in the commercial side, we're seeing -- continuing to see resilience and strength. We were up slightly in GILs this quarter, but that was 1 Canadian commercial credit that we already have, letters of intent for. So if I look at the portfolio holistically, we're in really good shape. But having said that, I think as I look at my business partners here, we're not going to turn away healthy growth for the sake of the PCL ratio. And we'll be thoughtful and over collectively with my partners here to see how we go throughout the year.

然後在商業方面，我們看到 - 繼續看到彈性和實力。本季度我們的 GIL 略有上升，但這是我們已經擁有的 1 個加拿大商業信貸，意向書。因此，如果我從整體上看投資組合，我們的狀況非常好。但話雖如此，我認為當我在這裡看著我的商業夥伴時，我們不會為了 PCL 比率而放棄健康增長。我們將深思熟慮並與我的合作夥伴一起結束這一年，看看我們的進展情況。

The next question is from Mike Rizvanovic from KBW Research.

下一個問題來自 KBW Research 的 Mike Rizvanovic。

Quick question for Raj. Just wanted to get some color on the rate impact since quarter end. Obviously, rate expectations have moved a little bit in terms of the forward rate curve. Are we looking at a situation where you could see pressure once again next quarter at your -- on your margin at the all-bank level. Sure, if you've covered this already, but I may have missed your comments.

Raj 的快速問題。只是想了解自季度末以來的利率影響。顯然，就遠期利率曲線而言，利率預期發生了一些變化。我們是否正在考慮下個季度您可能會再次看到全銀行層面的利潤壓力的情況。當然，如果您已經介紹了這一點，但我可能錯過了您的評論。

No worries, Mike. Happy to clarify that as well. Yes, I don't see any material margin compression looking forward into Q2. A lot of the forward rates are already built into our positions, I think, and our own estimates and outlook. We might have something marginal, I would say, but certainly not to the extent you saw this quarter, the 7 basis points.

別擔心，邁克。也很高興澄清這一點。是的，我看不到第二季度有任何實質性的利潤率壓縮。我認為，很多遠期利率已經納入我們的頭寸以及我們自己的估計和展望中。我會說，我們可能有一些微不足道的東西，但肯定不會達到你在本季度看到的 7 個基點的程度。

I'm actually quite confident that if Q1 is not at the bottom, Q2 will likely be the bottom and then we're going to start seeing our margins expand and therefore, contribute to the profitability.

我實際上非常有信心，如果第一季度沒有觸底，第二季度可能會觸底，然後我們將開始看到我們的利潤率擴大，從而為盈利做出貢獻。

Okay. Appreciate that. And if I could just sneak one in. I think this one is very important. I get asked this question often by investors. So will you -- and maybe better for Scott. But when you think about capital allocation, and it sounds like divestitures are certainly something that you could potentially do. When you think about that dynamic between maybe taking a hit on capital because your carrying values are higher than what you could sell these assets, these businesses for versus just the natural benefit you get on reducing your risk-weighted assets, maybe some higher risk-weighted asset density type lending. Can you talk about that trade-off? And what I'm wondering is, do you have any low-hanging fruit, where you could maybe sell some of these higher risk lending businesses off and not actually have to take a hit to your CET1?

好的。感謝。如果我能偷偷帶一個進去就好了。我認為這個非常重要。投資者經常問我這個問題。你也會——也許對斯科特來說更好。但是，當您考慮資本配置時，資產剝離聽起來肯定是您可以做的事情。當您考慮由於您的賬面價值高於您可以出售這些資產而可能對資本造成衝擊之間的動態時，這些業務與您在減少風險加權資產時獲得的自然收益相比，可能是一些更高的風險-加權資產密度型貸款。你能談談這種權衡嗎？我想知道的是，您是否有任何唾手可得的成果，您可以出售其中一些高風險貸款業務而實際上不必對您的 CET1 造成打擊？

Let me start there, and Scott might have a comment or 2 on this, Mike. I think our divestiture program or our repositioning is done. I think that's the simplest way you need to think about it. There will always be something which is housekeeping. And like Nacho commented, there's a couple of countries where we feel like we're not getting the appropriate returns for the capital we've invested in.

讓我從這裡開始，Mike，Scott 可能會對此發表一兩條評論。我認為我們的資產剝離計劃或我們的重新定位已經完成。我認為這是您需要考慮的最簡單的方法。總會有一些東西是管家。就像 Nacho 評論的那樣，有幾個國家我們覺得我們沒有為我們投資的資本獲得適當的回報。

Our first plan and generally our first plan is saying how can we improve the profitability of these operations. And that's what we're going to be focused on. These are not bad operations. We like the places where we are in. We want to ensure that we're able to deliver to our shareholders.

我們的第一個計劃，通常是我們的第一個計劃是說我們如何提高這些業務的盈利能力。這就是我們要關注的。這些都不是壞操作。我們喜歡我們所在的地方。我們希望確保我們能夠為我們的股東提供服務。

Divestitures, I think, is the last option. I'm not saying we won't exercise it at some point in time, but this is not the time. And I suspect that Scott will be able to clarify more, when we talk about it at the Investor Day.

我認為資產剝離是最後的選擇。我並不是說我們不會在某個時間點行使它，但現在不是時候。我懷疑當我們在投資者日討論它時，斯科特能夠澄清更多。

And eventually, performance drives actions, and we expect to start performing in these regions or in certain products, even in other parts of our business. If you're not getting the appropriate returns, we're going to be laser focused on getting a return on risk-weighted asset or return on equity more than we have done in the past, particularly in light of we know capital, liquidity, all these are going to be constraints either based on market events or just based on regulatory changes that are coming, including Basel III, and we're going to evaluate all that in the context of how we set our strategy for growth going forward.

最終，性能驅動行動，我們希望在這些地區或某些產品中開始表現，甚至在我們業務的其他部分。如果你沒有獲得適當的回報，我們將比過去更加專注於獲得風險加權資產回報或股本回報，特別是考慮到我們知道資本、流動性、所有這些都將是基於市場事件或僅基於即將到來的監管變化（包括巴塞爾協議 III）的限制，我們將在我們如何制定未來增長戰略的背景下評估所有這些。

Yes. I'd just add on, I mean, profitable growth, this is the pivot, right, from growth to profitable growth and return on risk-weighted assets is a big component of that. So we're going through the portfolio right now and making sure and from our customer lens as well, right, making sure we have the appropriate return on risk-weighted assets for the capital that we deploy. And that's going to be the challenge that as a team we're all going to go through here over the next few months.

是的。我只想補充一點，我的意思是，盈利增長，這是從增長到盈利增長的關鍵，而風險加權資產回報率是其中的重要組成部分。因此，我們現在正在檢查投資組合，並確保從我們的客戶角度來看，確保我們為我們部署的資本提供適當的風險加權資產回報。這將是未來幾個月作為一個團隊我們都將在這裡經歷的挑戰。

The next question is from Lemar Persaud from Cormark Securities.

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

And for my question here, maybe I'll turn to Raj on all-bank expenses. Would it be fair to suggest that this quarter would be in the high watermark for expense growth? And what I'm referring to is expense growth on a year-over-year basis. And then if that's true, where you see expense growth ending for the full year?

對於我在這裡的問題，也許我會求助於 Raj 討論所有銀行費用。暗示本季度將處於費用增長的高水位線是否公平？我指的是費用同比增長。然後，如果那是真的，你會看到全年的費用增長在哪裡結束？

Thanks, Lemar, for the question. I think expenses is going to be one of the most important topics this year. And we all know inflation, we all know some of the personnel costs that has gone up when we think about year-over-year, all the base salary increases and so on, which has been widely publicized. So it's definitely going to have an impact.

謝謝 Lemar 提出這個問題。我認為支出將成為今年最重要的話題之一。我們都知道通貨膨脹，我們都知道一些人事成本同比上漲，所有基本工資上漲等等，這些都已被廣泛宣傳。所以它肯定會產生影響。

Our bank's philosophy, as many of you know, is always based on 2 principles of how we manage expenses. One, we prioritize. We want to be sure we're continuing to invest in the business. It doesn't matter what the environment is.

正如你們許多人所知，我們銀行的理念始終基於我們如何管理費用的 2 個原則。第一，我們優先考慮。我們希望確保我們繼續投資於該業務。環境如何並不重要。

And second comment also relates and is probably indifferent to the environment is we'll always look to manage our expenses in line with how we see our revenue evolving, not quarter-by-quarter, but as we think about it over a certain period. So that doesn't change and that will not change. But you're right, I think the year-over-year comps get a little better as we go through the rest of the year compared to what it has been in the beginning of last year because the inflation started really kicking in and the started growing only in the second half of last year.

第二條評論也與環境相關並且可能對環境無動於衷，我們將始終根據我們對收入變化的看法來管理我們的開支，而不是逐季度，而是我們在特定時期內考慮的情況。所以這不會改變，也不會改變。但你是對的，我認為與去年年初相比，今年餘下時間的同比表現會好一些，因為通貨膨脹開始真正開始並開始僅在去年下半年增長。

But as I said in my prepared remarks too, Lemar, we'll be even more focused on expenses as we think through the rest of 2023, lots of moving parts, inflation. We've invested a lot in our businesses, and we want to be sure we're in a position to invest as we start formalizing our strategy for growth going forward and expense cannot be a constraint over there. We want to have the right resources. We want to have the right technology, and we want to be positioned right so we can continue to grow these businesses. But it should get better when you think about year-over-year for the rest of the year.

但正如我在準備好的發言中所說的那樣，勒馬爾，我們將更加關注支出，因為我們會考慮到 2023 年剩餘時間，許多活動部件，通貨膨脹。我們在我們的業務上投入了大量資金，我們希望確保在我們開始正式製定未來增長戰略時能夠進行投資，而費用不能成為那裡的製約因素。我們希望擁有合適的資源。我們希望擁有合適的技術，我們希望定位正確，以便我們能夠繼續發展這些業務。但是當你考慮今年餘下時間的同比情況時，它應該會變得更好。

Okay. And just to leave it with the comment, if you guys could provide some guidance on that front, given the amount of changes you're -- we're kind of thinking about here, that would be very helpful.

好的。只是為了留下評論，如果你們可以在這方面提供一些指導，考慮到你們的變化量 - 我們正在考慮這裡，那將非常有幫助。

Sure, Lemar. I think as we've said in the November call relating to '23, we thought expenses will not be the 2% that we saw '22 versus 2021. We knew it will be elevated. I think achieving an expense growth of 4%, excluding FX, even for this quarter, I would say it's quite a good achievement for this bank. FX is not something that we can forecast. But if we can settle down around the mid-single-digit range, call it 4%, 5%, we'd be quite pleased for the whole year.

當然，勒馬爾。我認為正如我們在 11 月關於 23 年的電話會議中所說的那樣，我們認為支出不會是 22 年與 2021 年相比的 2%。我們知道它會增加。我認為即使在本季度實現 4% 的費用增長（不包括外匯），我想說這對這家銀行來說是一個相當不錯的成就。外匯不是我們可以預測的。但如果我們能穩定在中等個位數範圍內，稱之為 4%、5%，我們將對全年感到非常滿意。

The next question is from Scott Chan, Canaccord Genuity.

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

Yes. More follow-up on your comment on managing RWA growth and maybe pertaining to mortgages and auto. Clearly, mortgages are struggling, where change in originations in on Vancouver quarter-over-quarter and year-over-year basis. So just kind of curious on what you're kind of seeing.

是的。關於管理 RWA 增長以及可能與抵押貸款和汽車有關的評論的更多後續行動。顯然，抵押貸款正在苦苦掙扎，溫哥華的季度環比和同比基礎上的起源變化。所以只是對你看到的東西有點好奇。

Sure, Scott. It's Raj. So I'll start, and any of my colleagues can add on if, Dan, you want to pitch in.

當然，斯科特。是拉吉。所以我會開始，如果丹，你想參與進來，我的任何同事都可以補充。

As you saw mortgage growth has slowed down. And that's a market, it's a market we all live in. I think we know it quite well. Rate increases have been a big component of the slowdown in the RWA growth, in the loan growth and therefore RWA growth.

如您所見，抵押貸款增長放緩。那是一個市場，這是一個我們都生活在其中的市場。我想我們非常了解它。利率上升一直是 RWA 增長放緩、貸款增長放緩以及 RWA 增長放緩的重要組成部分。

Auto has actually gone the other way. We actually saw expansion in our auto loan book by about $1 billion in Canada. This quarter, that's quite nice because auto is something we've been waiting for some time for all the reasons that, again, many of you know, which is about supply chain issues and memory issues and all those stuff.

汽車實際上已經走了另一條路。實際上，我們在加拿大的汽車貸款賬簿增加了約 10 億美元。本季度，這非常好，因為汽車是我們一直在等待一段時間的原因，你們中的許多人都知道，這與供應鏈問題和內存問題以及所有這些問題有關。

Auto is higher RWA density as we know compared to mortgages. There's also going to be a lot of moving parts, Scott. If you caught up with the changes that are coming through from a Basel III perspective, we know that risk weights are going up on many, many products as they tend to focus more on the floor, standardized calculations, those kind of things, which is going to continuously increase the risk-weighted assets and therefore, the capital requirements on all products, not necessarily mortgages.

正如我們所知，與抵押貸款相比，汽車的 RWA 密度更高。斯科特，還會有很多活動部件。如果您從巴塞爾協議 III 的角度了解正在發生的變化，我們知道很多很多產品的風險權重都在上升，因為它們傾向於更多地關注最低限度、標準化計算，這些東西，這是將不斷增加風險加權資產，因此，所有產品的資本要求，不一定是抵押貸款。

So we're going to be thoughtful about it. I think for the rest of the year, I would suggest that what you've seen in the mortgage growth is likely an indicator of what might happen, but I'll leave Dan to clarify on few other thoughts you might have on the loan growth. Dan?

所以我們要深思熟慮。我認為在今年餘下的時間裡，我建議你在抵押貸款增長中看到的可能是可能發生的事情的指標，但我會讓 Dan 澄清你對貸款增長可能有的其他一些想法.擔？

Yes. I just confirm the outlook that you're giving with regards to our intentionally slowing the mortgage portfolio, even in light of the fact that the market has been slow. I think that trend will continue.

是的。我只是確認你對我們有意放慢抵押貸款組合的前景，即使考慮到市場一直很緩慢的事實。我認為這種趨勢將繼續下去。

Part of the reason for that is liquidity and risk-weighted assets, as Raj mentioned, but also the emphasis on profitable growth through cross-selling and retail. And to give you some comfort, a year ago, 18% of new mortgage customers had the -- they account that's now up to 23%. So deepening with existing customers off the loan portfolios is going to continue to be a prominent story going forward.

正如 Raj 提到的那樣，部分原因是流動性和風險加權資產，但也強調通過交叉銷售和零售實現盈利增長。為了給你一些安慰，一年前，18% 的新抵押貸款客戶擁有——他們現在高達 23%。因此，深化現有客戶的貸款組合將繼續成為未來的一個突出故事。

Auto loans did see good growth this quarter. That is a relatively higher margin business for us on the loan yield side, so that was encouraging. It is RWA dense and does not offer as much cross-sell opportunity. So as we do the portfolio review that Scott mentioned, we will be bearing that in mind in particular.

本季度汽車貸款確實出現了良好的增長。在貸款收益率方面，這對我們來說是一項利潤率相對較高的業務，因此令人鼓舞。它是 RWA 密集的，不提供盡可能多的交叉銷售機會。因此，當我們進行 Scott 提到的投資組合審查時，我們將特別牢記這一點。

And I would just take the opportunity to reinforce our commitment to commercial profitable loan growth and profitable growth period. The NIR in commercial has been really encouraging, and the cross-sell ratios continue to be good as it relates to referrals into wealth management. That loan portfolio does carry higher risk weights, particularly in a forward Basel environment. And so in the same way that you saw us grow below the market in Q1, even before adjusting for our smaller loan size, you will continue to see us be diligent and deliberate about RWA managing the commercial loan growth from here forward with an emphasis in particular, on segments in commercial that offer noninterest revenues and feed the rest of the franchise.

我只想藉此機會加強我們對商業盈利貸款增長和盈利增長期的承諾。商業 NIR 確實令人鼓舞，交叉銷售比率繼續保持良好，因為它與財富管理的推薦有關。該貸款組合確實具有更高的風險權重，尤其是在遠期巴塞爾環境中。因此，就像您看到我們在第一季度增長低於市場水平一樣，即使在針對我們較小的貸款規模進行調整之前，您也會繼續看到我們勤奮和慎重地考慮 RWA 從現在開始管理商業貸款增長，重點是特別是，在提供非利息收入並為其餘特許經營提供資金的商業細分市場上。

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

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

Just I guess, a cynical question here, Raj. If for whatever reason the anticipated rate environment doesn't evolve the way that would be kind of helpful to you. Is there anything you can do to kind of stop the bleeding in the corporate segment?

我猜，這是一個憤世嫉俗的問題，Raj。如果出於某種原因，預期的利率環境沒有按照對您有所幫助的方式發展。你能做些什麼來止住企業部門的流血嗎？

Thanks, Sohrab. It's Raj. I think interest rate risk management has got multiple factors attached to it, right? It's not just single dimensional. Our balance sheet continues to evolve, how we lend, how we borrow as an impact as the months go forward.

謝謝，索拉博。是拉吉。我認為利率風險管理有多種因素，對吧？它不僅僅是一維的。隨著時間的推移，我們的資產負債表、我們如何放貸、如何借貸都會不斷變化。

Our positioning, you would have seen even from the 100 basis points impact has dropped from $340 million negative to $304 million negative. That's just the evolution of the balance sheet, which is also going to help. We are very focused on how we manage our interest rate risk, as you know, and we know we are positioned differently compared to most of our peer banks, if not all of them here.

我們的定位，你甚至可以從 100 個基點的影響中看到，已經從 3.4 億美元的負面影響下降到 3.04 億美元的負面影響。這只是資產負債表的演變，這也會有所幫助。如您所知，我們非常關注我們如何管理利率風險，而且我們知道與大多數同行銀行（如果不是全部）相比，我們的定位不同。

We'll take the necessary actions. I think the bulk of the rate increases are in our numbers, so to speak. The assets are continuing to reprice, albeit at a slower pace, and we disclose at least 1 asset class, which is the mortgage book, how it's going to evolve. There are many components that will drive the outcome in the event that we continue to see significant rate increases.

我們會採取必要的行動。可以這麼說，我認為大部分的增長率都在我們的數字中。資產繼續重新定價，儘管速度較慢，我們至少披露了一種資產類別，即抵押貸款賬簿，它將如何演變。如果我們繼續看到顯著的利率上升，有許多因素將推動結果。

Now the situation is obviously, if there's going to be 50 basis points, 100 basis points increase from the Bank of Canada or from the Feds. Yes, definitely, that will have an impact to us because of the way we are positioned.

現在的情況顯然是，如果要加息 50 個基點，加拿大銀行或美聯儲將增加 100 個基點。是的，肯定會因為我們的定位方式而對我們產生影響。

But I think the bulk of it is already there. And based on the forward rate curves that we see and some of the interest rate stress tests that we do, we feel like we can manage the outcome, Sohrab, fairly well. And I don't think we should see significant margin compression or significant negative outcomes from the Other segment as we see it today.

但我認為其中大部分已經存在。根據我們看到的遠期利率曲線和我們所做的一些利率壓力測試，我們覺得我們可以很好地管理結果，Sohrab。而且我認為我們不應該像今天看到的那樣看到其他部門的顯著利潤率壓縮或重大負面結果。

Okay. And if I can just sneak one more in for Scott. A year or so ago, it was talked that maybe it would be helpful to have a bit of an international or a U.S. kind of receiving entity as an added acquisition in the Global Wealth Management business.

好的。如果我能再偷偷給斯科特一個。大約一年前，有人談到，作為全球財富管理業務的額外收購，擁有一些國際或美國類型的接收實體可能會有所幫助。

As you think about all the things that are on the go right now, is capital deployment through an acquisition, a high-priority item, Scott? Or is that a little bit further on the back burner now?

斯科特，當你考慮所有正在進行的事情時，通過收購進行資本配置是不是一個高優先級的項目？或者現在是不是更進一步了？

Yes, thanks. We're going to focus -- I mean, this is going to be an internal operational excellence agenda in terms of setting milestones, setting targets and executing. And so in my mind right now, there's not a big M&A agenda here.

對了謝謝。我們將集中精力——我的意思是，這將是一個內部卓越運營議程，涉及設定里程碑、設定目標和執行。所以在我看來，現在並沒有什麼大的併購議程。

And I think we will, through time, prove out that we can improve the profitability, and at the same time, improve the growth and improve our credibility.

而且我認為，隨著時間的推移，我們將證明我們可以提高盈利能力，同時提高增長並提高我們的信譽。

As you asked about international wealth, I do feel but the need to create some synergies across this platform, the Americas platform is important. And I see it working in wholesale. I see a small business in wealth, but growing at double-digit rates. And I also recognize that high net worth folks are going to want to be able to operate in Canada, U.S. and international. But I don't see it as an M&A agenda right now. And maybe, Glen, just pass it to you for any comments.

當你問到國際財富時，我確實覺得有必要在這個平台上創造一些協同效應，美洲平台很重要。我看到它在批發中運作。我看到一個財富的小企業，但以兩位數的速度增長。我也認識到，高淨值人士希望能夠在加拿大、美國和國際上開展業務。但我現在不認為這是一項併購議程。也許，格倫，把它傳給你徵求意見。

Sure. Yes. Thanks, Sohrab. I think it's important because, obviously, with the acquisitions of Jarislowsky Fraser and MD, those are very opportunistic. MD was a very unique business model. Jarislowsky Fraser filled a significant gap we had on the institutional space.

當然。是的。謝謝，索拉博。我認為這很重要，因為很明顯，隨著對 Jarislowsky Fraser 和 MD 的收購，這些都是非常機會主義的。 MD 是一種非常獨特的商業模式。 Jarislowsky Fraser 填補了我們在製度空間上的一個重大空白。

But -- they've been very active in our international business, which has been helpful. And our real focus is on organic growth. So -- in the U.S., we would have some wealth management that gets utilized. Certainly, our trust structuring business in Miami has been very successful. But the priority is really on organic growth. And we've seen, as Scott mentioned, strong double-digit growth in international, which we think will continue.

但是——他們在我們的國際業務中一直非常活躍，這很有幫助。我們真正關注的是有機增長。所以——在美國，我們會有一些可以利用的財富管理。當然，我們在邁阿密的信託結構業務非常成功。但重點實際上是有機增長。正如斯科特提到的那樣，我們已經看到國際業務實現兩位數的強勁增長，我們認為這種增長將繼續下去。

And the Canadian businesses and the advisory businesses continue to grow strongly and gain market share. And that's actually something we can export into international. It's not the exact same markets, but certainly the needs of the client's environment. And so we've had good success in terms of building up the capabilities in partnership with Nacho's team and Jake's team with the clients that we have in international. So we think there's very good runway there on the organic side.

加拿大企業和諮詢業務繼續強勁增長並獲得市場份額。這實際上是我們可以出口到國際的東西。這不是完全相同的市場，但肯定是客戶環境的需求。因此，我們在與 Nacho 的團隊和 Jake 的團隊與我們在國際上擁有的客戶建立合作夥伴關係方面取得了良好的成功。所以我們認為有機方面有很好的跑道。

The next question is from Nigel D'Souza from Veritas Investment Research.

下一個問題來自 Veritas Investment Research 的 Nigel D'Souza。

Just a quick point of clarification on your NIM outlook and putting a finer point on it. It sounds like your expectation is that once rates peak and stabilize, you'll be able to deliver margin expansion, you don't require policy rate cuts for margin to expand. I just want to make sure I understand that correctly.

只是快速澄清一下您的 NIM 前景，並提出一個更好的觀點。聽起來您的期望是，一旦利率達到峰值並穩定下來，您將能夠實現利潤率擴張，您不需要降低政策利率來擴大利潤率。我只是想確保我理解正確。

Yes, it's Raj, Nigel. Absolutely, you're right. It's actually quite simple. If rates stop rising, our term funding cost, which tends to be exposed to the short end of the curve will stop rising and our assets continue to reprice. So yes, if they stabilize, we should start seeing NIM benefiting from it NII, benefiting from it and obviously will benefit much more when rate cuts start happening.

是的，是拉吉，奈傑爾。絕對，你是對的。其實很簡單。如果利率停止上升，我們的長期融資成本（往往暴露在曲線的短端）將停止上升，我們的資產將繼續重新定價。所以是的，如果它們穩定下來，我們應該開始看到 NIM 從 NII 中受益，從中受益，並且當降息開始發生時顯然會受益更多。

Got it. And just a quick question on the auto portfolio. Just your thoughts on what you're seeing this quarter. Is that idiosyncratic? Is that how you think about it? Or do you think it's a potential leading edge indicator for better experience in the Canadian retail portfolio?

知道了。還有一個關於汽車投資組合的快速問題。只是您對本季度所見情況的想法。那是異類嗎？你是這麼想的嗎？或者您是否認為這是在加拿大零售組合中獲得更好體驗的潛在前沿指標？

Yes. It's Phil. I'll start, Nigel, and if Dan wants to jump in. We have a big auto portfolio. We're outsized in that versus where we would be versus peers in credit cards. And so as a risk manager, I always use this portfolio as a bit of a bellwether.

是的。是菲爾。我會開始，奈傑爾，如果丹想加入。我們有一個很大的汽車投資組合。我們在這方面比我們在信用卡領域的同行要大得多。因此，作為一名風險經理，我總是將這個投資組合作為一個風向標。

So I would say if there's stress coming through the portfolio, it's mostly on the used car side, that's where we're seeing a little bit of tension. I'm watching the portfolio carefully as we look at potentially how residual values trend.

所以我想說，如果投資組合中存在壓力，那主要是在二手車方面，那是我們看到有點緊張的地方。當我們觀察潛在的剩餘價值趨勢時，我正在仔細觀察投資組合。

But having said that, because we're not seeing a lot of new vehicles, especially the Japanese and German manufacturers, there's a little bit more on the American auto side. It's keeping used car values higher than they would have been obviously pre-pandemic.

但話雖如此，因為我們沒有看到很多新車，尤其是日本和德國製造商的新車，所以美國汽車方面的新車要多一些。它使二手車的價值明顯高於大流行前的水平。

But if I go back to the numbers, again, delinquencies, net write-offs, gross impaired loans in this portfolio are still well below pre-pandemic levels. And I would probably close by saying through the pandemic, we did a lot of investment in our collections space in the -- particularly in the auto book, and that remains in place today. So we -- there's big investments in analytics, in dialer technology, in people, in loss mitigation tools and training. So I'm pretty confident that we're in good shape in auto in terms of managing sort of future trends. Dan?

但如果我再回到這些數字，這個投資組合中的拖欠、淨註銷、總減值貸款仍遠低於大流行前的水平。我可能會在結束時說，通過大流行，我們在我們的收藏空間做了很多投資——特別是在汽車書籍中，並且今天仍然存在。所以我們——在分析、撥號器技術、人員、損失緩解工具和培訓方面進行了大量投資。因此，我非常有信心，就管理未來趨勢而言，我們在汽車行業處於良好狀態。擔？

Yes. The only thing I would add is, I don't see it as a front-runner for credit risk -- in the credit card book either, which is obviously normally a contributor to net credit loss dollars.

是的。我唯一要補充的是，我不認為它是信用風險的領跑者——在信用卡賬簿中，這顯然通常是淨信用損失美元的貢獻者。

You haven't seen pay down rates or revolve rates on the interest-earning receivable balances and credit cards, sort of reemerge as an issue. We're still way below pre-COVID levels, and the majority of the growth in credit card accounts and balances continues to be purchase volume transactor style. So you don't see that tending to flow through the credit line.

您還沒有看到應收利息餘額和信用卡的首付利率或循環利率，這有點像重新出現的問題。我們仍遠低於 COVID 之前的水平，信用卡賬戶和余額的大部分增長仍然是購買量交易者的方式。所以你看不到它傾向於通過信用額度流動。

And I think, Phil, on a mix basis, our super prime concentration has gone up at least 500 basis points year-over-year based on our focus, particularly with the advantage of the Scene program. So we're focused on auto for the time being, and the growth has been good and the credit risk is being well managed.

而且我認為，Phil，基於我們的重點，我們的超級集中度同比至少上升了 500 個基點，特別是在 Scene 程序的優勢下。所以我們暫時專注於汽車，增長很好，信用風險得到很好的管理。

The next question is from Mario Mendonca at TD Securities.

下一個問題來自道明證券的 Mario Mendonca。

Raj, on several times during this call, you referred to liquidity as potentially being a constraint or a binding constraint. Now I don't think you were overstating it, but you did mention it a few times.

Raj，在這次電話會議中，您多次將流動性稱為潛在的約束或約束約束。現在我不認為你誇大了它，但你確實提到過幾次。

So obviously, I went and looked at your LCR and your net stable funding ratio, both of which look no different from your peers and are pretty strong relative to regulatory requirements. So am I reading too much into it? Like, why are you mentioning liquidity as the binding constraint going forward?

所以很明顯，我去看了你們的 LCR 和你們的淨穩定資金比率，這兩者看起來與你們的同行沒有什麼不同，並且相對於監管要求來說非常強大。那我是不是讀得太多了？比如，你為什麼提到流動性作為未來的約束條件？

Thank you, Mario, for the question. I think we think of liquidity and capital as one and the same in many, many respects. I think a lot of airtime is given to capital because it's better understood by our external audience, I think.

謝謝馬里奧提出的問題。我認為我們在很多很多方面都認為流動性和資本是一回事。我認為很多通話時間都給了資本，因為我認為我們的外部觀眾更容易理解它。

But liquidity is a big component of how we manage what we call financial resources. And for us, particularly now, I think Scott talked a lot about our wholesale funding exposure and how the balance sheet is positioned. That's all about liquidity, that's probably why I probably overemphasized on a few questions when I answered, it's not just about capital. Capital is actually well understood, and we've got a lot of data from 25 years, and we know how to manage it. Liquidity has also got to be part of the conversation. That's how it goes.

但流動性是我們如何管理我們所謂的金融資源的重要組成部分。對於我們來說，尤其是現在，我認為斯科特談了很多關於我們的批發融資風險以及資產負債表的定位。這都是關於流動性的，這可能就是為什麼我在回答時可能過分強調了幾個問題，這不僅僅是關於資本。資本其實很好理解，我們有很多25年的數據，我們知道如何管理它。流動性也必須成為對話的一部分。事情就是這樣。

Okay. Can I just squeeze one more then related to that.

好的。我可以再擠一個然後與此相關嗎？

Sure.

當然。

When liquidity comes under pressure, let's say, because deposits are running off, in a very, very simplistic way. Couldn't a bank just go and raise longer-term wholesale funding to cope with that sort of arithmetic impact on your liquidity coverage ratio.

當流動性面臨壓力時，比方說，因為存款正在以一種非常非常簡單的方式流失。難道一家銀行就不能去籌集長期批發資金來應對這種對流動性覆蓋率的算術影響嗎？

And the point you're making here that while that is an obvious solution to deal with declining liquidity coverage ratios, that's not something Scotia wants to do today. Is that the reason why liquidity is more relevant now?

你在這裡提出的觀點是，雖然這是應對流動性覆蓋率下降的明顯解決方案，但這並不是 Scotia 今天想要做的事情。這就是流動性現在更重要的原因嗎？

No, I think it's 2 points, Mario, and I think you're probably right. One is cost of liquidity will continue to go up the more times you access the market. And we talked a little bit in this call and you heard us talk more about profitable growth.

不，我認為是 2 分，馬里奧，我認為你可能是對的。一是你進入市場的次數越多，流動性成本就會繼續上升。我們在這次電話會議上談了一點，你聽到我們更多地談論盈利增長。

So eventually, the more times you go to the wholesale funding market because you pay a credit spread on it. It's always cheaper to go down the deposits route and maintain your spread, so to speak. And the more times you access the market, I think it's going to be more difficult to manage what we would call as a wholesale funding ratio on the bank. It has been well managed, right? It used to be at 29% 4, 5 years back, we are at 22% now. So we like it.

所以最終，你去批發融資市場的次數越多，因為你支付了它的信用利差。可以這麼說，沿著存款路線走下去並保持您的利差總是更便宜。你進入市場的次數越多，我認為管理我們所謂的銀行批發融資比率就會越困難。它已經被很好地管理了，對吧？它曾經是 29% 4、5 年前，我們現在是 22%。所以我們喜歡它。

But we want to be even lower because that helps with profitable growth. That's why we're focused on liquidity as well. It's not about adequacy of liquidity or availability of liquidity. I think with the franchise value we have, we can access liquidity at any time. It's about what are you willing to pay for and what is that you're going to deploy it into so you can actually produce profitable growth.

但我們希望更低，因為這有助於盈利增長。這就是為什麼我們也關注流動性。這與流動性的充足性或流動性的可用性無關。我認為憑藉我們擁有的特許經營價值，我們可以隨時獲得流動性。這是關於你願意為什麼付出，以及你將把它部署到什麼地方，這樣你才能真正產生盈利增長。

There are no further questions on the phone lines at this time.

目前電話線路上沒有其他問題。

Great. Thank you, operator. On behalf of everyone here today, I want to thank you all for participating in our call. I look forward to speaking with you again at our Q2 '23 call in May. Have a great day.

偉大的。謝謝你，運營商。我代表今天在場的每一個人，感謝大家參與我們的電話會議。我期待在 5 月份的 Q2 '23 電話會議上再次與您交談。祝你有美好的一天。

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

謝謝。會議現已結束。請此時斷開您的線路，我們感謝您的參與。