Bank of Nova Scotia (BNS) 2023 Q2 法說會逐字稿

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

早上好，歡迎來到豐業銀行 2023 年第二季度業績發布會。我叫約翰·麥卡特尼 (John McCartney)，是豐業銀行的投資者關係主管。

Presenting to 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.

今天上午向您介紹的是豐業銀行總裁兼首席執行官 Scott Thomson；我們的首席財務官 Raj Viswanathan；和我們的首席風險官 Phil Thomas。

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; Francisco Aristeguieta from International Banking; and Jake Lawrence from Global Banking and Markets.

根據我們的意見，我們很樂意回答您的問題。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 Francisco Aristeguieta；和來自全球銀行和市場的 Jake Lawrence。

Before we start and on behalf of those speaking today, I will 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，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. Before I begin, I want to take a moment to acknowledge the ongoing impact of the wildfires in Western Canada. The bank has made a donation to the Canadian Red Cross to support the relief efforts, and we have initiatives and branches across Canada to raise additional funds.

謝謝約翰，大家早上好。感謝您今天加入我們。在開始之前，我想花點時間承認野火對加拿大西部的持續影響。該銀行已向加拿大紅十字會捐款以支持救災工作，並且我們在加拿大各地採取舉措和分支機構籌集額外資金。

I would like to thank our teams for supporting our customers and the communities that have been impacted. As the situation evolves, our top priority is the safety of our employees and ensuring we continue to support customers as they recover from these fires.

我要感謝我們的團隊支持我們的客戶和受到影響的社區。隨著形勢的發展，我們的首要任務是確保員工的安全，並確保我們繼續支持客戶從這些火災中恢復過來。

Despite the challenging market conditions this quarter, the bank delivered resilient operating performance, reflecting the stability of our business model, while absorbing the impact of elevated funding costs and higher operating expenses.

儘管本季度市場環境充滿挑戰，但該銀行的經營業績具有彈性，反映了我們業務模式的穩定性，同時吸收了融資成本上升和運營費用增加的影響。

Our common equity Tier 1 capital ratio strengthened in the quarter to 12.3%. The capital build this quarter brings us above our 12% target sooner than expected, and we will aim to remain at 12% or above until we have more conviction on the macroeconomic outlook and regulatory expectations.

我們的普通股一級資本比率在本季度上升至 12.3%。本季度的資本建設使我們比預期更快地超過了 12% 的目標，我們的目標是保持在 12% 或更高，直到我們對宏觀經濟前景和監管預期更有信心為止。

This morning, we also announced a 3% increase to our quarterly dividend, bringing it to $1.06 per share. The bank also made progress in strengthening its liquidity position with deposits outpacing loan growth quarter-over-quarter. Our liquidity coverage ratio was a healthy 131% at quarter end, up from 122% in the prior quarter.

今天早上，我們還宣布將季度股息提高 3%，達到每股 1.06 美元。該銀行在加強其流動性頭寸方面也取得了進展，存款環比增長超過了貸款增長。我們的流動性覆蓋率在季度末為 131%，高於上一季度的 122%。

The events in March in the U.S. regional banking sector and in Europe highlighted the stability and security of the Canadian banking system. Throughout our Americas footprint, customer confidence in Scotiabank was reflected through deposit balance stability during this time of dislocation.

3 月份在美國地區銀行業和歐洲發生的事件凸顯了加拿大銀行體系的穩定性和安全性。在我們整個美洲的足跡中，客戶對豐業銀行的信心反映在這段混亂時期的存款餘額穩定性上。

Our diversified global business model is a competitive advantage for our business. I was particularly pleased to see the improvement in deposit growth across our platform. Year-over-year deposits increased by 11% or approximately $68 billion, and on a sequential basis, deposits increased by 2%.

我們多元化的全球業務模式是我們業務的競爭優勢。我特別高興地看到我們平台的存款增長有所改善。存款同比增長 11%，即約 680 億美元，環比增長 2%。

Importantly, our overall loan-to-deposit ratio improved modestly quarter-over-quarter driven by improved results in Canadian and International Banking. Deposit growth in Canada accelerated to 11% year-over-year and 3% quarter-over-quarter, outpacing loan growth for the second consecutive quarter. Throughout our international banking footprint, we experienced solid deposit growth above our loan growth on both a year-over-year and quarter-over-quarter basis.

重要的是，在加拿大和國際銀行業業績改善的推動下，我們的整體貸存比率環比略有改善。加拿大的存款同比增長 11%，環比增長 3%，連續第二個季度超過貸款增長。在我們的國際銀行業足跡中，我們在同比和環比基礎上都經歷了高於貸款增長的穩健存款增長。

The loan-to-deposit ratio improved by approximately 250 basis points quarter-over-quarter. The credit quality of our loan book continues to be high. Our retail loan portfolio is primarily secured and the corporate lending book is mostly investment grade. However, in light of a more uncertain macroeconomic outlook and given the significant growth in our loan book over the last year, we're taking a more conservative view and increase in our performing loan allowances and thereby building our overall ACL coverage.

貸存比環比改善約 250 個基點。我們貸款簿的信用質量仍然很高。我們的零售貸款組合主要是有擔保的，企業貸款賬簿主要是投資級的。然而，鑑於宏觀經濟前景更加不確定，並且考慮到我們去年貸款賬簿的顯著增長，我們採取更保守的觀點並增加我們的績效貸款準備金，從而建立我們的整體 ACL 覆蓋範圍。

Specific to our commercial real estate exposure, we provided additional disclosures related to the composition of the portfolio. Our exposure and recent growth are heavily weighted to the Residential and Industrial segments, which together comprise 75% of the portfolio. The Office segment represents less than 10% of our overall commercial real estate exposure with U.S. exposure at only $300 million.

針對我們的商業房地產風險，我們提供了與投資組合構成相關的額外披露。我們的風險敞口和最近的增長主要集中在住宅和工業領域，它們共佔投資組合的 75%。寫字樓部分占我們整體商業房地產敞口的不到 10%，在美國的敞口僅為 3 億美元。

Looking ahead, although I continue to remain cautious on the outlook for the remainder of the year, there are some encouraging signs that lead us to believe our revenue and pre-tax, pre-provision profit should improve modestly in the coming quarters.

展望未來，儘管我繼續對今年剩餘時間的前景保持謹慎，但有一些令人鼓舞的跡象讓我們相信我們的收入和稅前、撥備前利潤在未來幾個季度應該會適度改善。

First, the bank's net interest margin modestly improved in Q2, driven by loan repricing in Canada and International Banking, which should continue. Net interest margin in Canadian Banking was up 4 basis points and in International, up 12 basis points with a strong Caribbean contribution, where we are competitively advantaged from a deposit perspective as the lead relationship bank in many of our markets.

首先，在加拿大和國際銀行的貸款重新定價的推動下，該銀行的淨息差在第二季度小幅改善，這種情況應該會持續下去。加拿大銀行業的淨息差上升了 4 個基點，而國際銀行業的淨息差上升了 12 個基點，加勒比地區的貢獻很大，從存款的角度來看，我們在許多市場中作為主要關係銀行具有競爭優勢。

Second, with the exception of Canadian mortgages, we expect to see modest quarter-over-quarter loan growth across the bank for the balance of the year.

其次，除加拿大抵押貸款外，我們預計今年剩餘時間內整個銀行的貸款環比溫和增長。

Finally, on the expense line, we expect quarter-over-quarter growth to be modest. We will continue to be vigilant on expense growth for the remainder of the year. Overall, we believe Q2 will be a low point for our profitability in 2023 with modest improvement going forward.

最後，在費用方面，我們預計環比增長將適度。我們將在今年剩餘時間內繼續對費用增長保持警惕。總體而言，我們認為第二季度將是我們 2023 年盈利能力的低點，未來會有適度改善。

Lastly, given the increased profitability for rates to remain higher for longer, we have modified our interest rate positioning. Even with this repositioning, we stand to meaningfully benefit from declining rates because of the structure of our balance sheet.

最後，鑑於利率在較長時間內保持較高水平的盈利能力提高，我們修改了利率定位。即使進行了這種重新定位，由於我們的資產負債表結構，我們仍將從利率下降中受益匪淺。

Going forward, our 3 priority areas are focusing on primary customer growth to drive long-term multiproduct profitable relationships, purposely allocating capital to improve our business mix and support profitability, and operate in an efficient and agile fashion to drive both revenues and reduce costs.

展望未來，我們的 3 個優先領域是專注於主要客戶增長以推動長期的多產品盈利關係，有目的地分配資本以改善我們的業務組合併支持盈利能力，並以高效和敏捷的方式運營以推動收入並降低成本。

I would like to make a few observations on our business performance in the context of these objectives.

我想在這些目標的背景下對我們的業務績效發表一些看法。

First, focusing on customer orientation. This quarter, we completed the national rollout of our Scene+ program in Empire stores with the Quebec rollout in March. Later this summer, we will continue to add to this market-leading loyalty program with the addition of Home Hardware, building off the success of adding Expedia and Rakuten last year.

一是注重客戶導向。本季度，我們在 Empire 商店完成了 Scene+ 計劃的全國推廣，並於 3 月在魁北克推出。今年夏天晚些時候，我們將在去年成功加入 Expedia 和 Rakuten 的基礎上，繼續加入家庭硬件，進一步豐富這一市場領先的忠誠度計劃。

The deposit growth in the rollout of Scene+ are key components of our strategy to grow primary relationships with our customers in Canada. And so far, the Scene+ program is exceeding our expectations. Scene+ has in excess of 13 million members and climbing with Quebec driving an oversized share of that growth.

Scene+ 推出帶來的存款增長是我們與加拿大客戶發展主要關係戰略的關鍵組成部分。到目前為止，Scene+ 程序超出了我們的預期。 Scene+ 擁有超過 1300 萬會員，與魁北克的攀登推動了這一增長的巨大份額。

Since the national launch began, we've added over 600,000 new Scotia debit and credit card accounts into the Scene+ program. Our data confirms that customers who are Scene+ members are 4x more likely to have 3 or more products with the bank.

自全國推出以來，我們已將超過 600,000 個新的 Scotia 借記卡和信用卡賬戶添加到 Scene+ 計劃中。我們的數據證實，身為 Scene+ 會員的客戶在銀行擁有 3 種或更多產品的可能性要高出 4 倍。

Tangerine is now the 6th largest personal deposit bank in Canada with $47 billion in deposits and assets under management of $6.1 billion. Our success to date can be attributed to a strong brand, a market-leading digital customer experience and an unrelenting focus on growing deposits. Given Tangerine's limited overlap with Scotiabank's customer base, this franchise presents a great opportunity for us to win market share and grow our presence in the Canadian market with a digital-first approach.

Tangerine 現在是加拿大第六大個人存款銀行，擁有 470 億美元的存款和 61 億美元的管理資產。我們迄今為止的成功歸功於強大的品牌、市場領先的數字客戶體驗以及對增加存款的不懈關注。鑑於 Tangerine 與豐業銀行客戶群的重疊有限，這一特許經營權為我們提供了一個很好的機會，可以通過數字優先的方式贏得市場份額並擴大我們在加拿大市場的影響力。

In International Banking, we continue to focus on priority customer segments strengthening digital and improving customer experience to drive customer primacy and long-term deposit growth. Digital remains instrumental in driving our customer engagement with digital sales reaching almost 70% in the quarter. We have seen improvements in customer experience metrics across all of our international markets.

在國際銀行業務方面，我們繼續專注於優先客戶群，加強數字化和改善客戶體驗，以推動客戶至上和長期存款增長。數字仍然有助於推動我們的客戶參與，本季度數字銷售達到近 70%。我們已經看到我們所有國際市場的客戶體驗指標都有所改善。

GBM continues to build capabilities in order to provide a growing product suite to clients. To further capitalize on the growing private capital space, we recently announced the hiring of a U.S.-based private credit structuring, syndication and sales team.

GBM 繼續構建能力，以便為客戶提供不斷增長的產品套件。為了進一步利用不斷增長的私人資本空間，我們最近宣布聘請了一支位於美國的私人信貸結構、銀團和銷售團隊。

In addition, our domestic Canadian ECM and DCM businesses have moved to leading market share positions in recent quarters. Our U.S. DCM business continues to gain share. And in the Pacific Alliance countries, we ranked 2nd year-to-date in the DCM league tables.

此外，我們的加拿大國內 ECM 和 DCM 業務在最近幾個季度已佔據領先的市場份額。我們的美國 DCM 業務繼續獲得份額。在太平洋聯盟國家中，我們今年迄今在 DCM 排行榜中排名第二。

Our global wealth business continues to execute on the total wealth strategy, bringing fully integrated solutions to our high net worth clients. The business was recognized by Global Finance as the Best Private Bank for net worth between $1 million and $25 million and by Euromoney as the Best Domestic Private Bank in Canada.

我們的全球財富業務繼續執行全面財富戰略，為我們的高淨值客戶提供全面整合的解決方案。該業務被 Global Finance 評為淨資產在 100 萬至 2500 萬美元之間的最佳私人銀行，並被 Euromoney 評為加拿大最佳國內私人銀行。

Encouragingly, the International wealth business continues to grow at double-digit rates with 19% growth year-over-year. In short, Q2 was a period of progress on client franchise initiatives already underway.

令人鼓舞的是，國際財富業務繼續以兩位數的速度增長，同比增長 19%。簡而言之，第二季度是客戶特許經營計劃取得進展的時期。

The second objective, purposely allocating capital to improve our business mix and support profitability. We continue to build more discipline in our approach to capital allocation, and we are viewing this through an enterprise-wide lens. We will prioritize relationships where we can provide value beyond just the balance sheet. I was encouraged to see the improvement in multiproduct relationships in Canada during the quarter and pleased to see the discipline around client prioritization in our GBM business.

第二個目標，有目的地分配資本以改善我們的業務組合併支持盈利能力。我們繼續在我們的資本配置方法中建立更多的紀律，我們正在從整個企業的角度來看待這一點。我們將優先考慮我們可以提供資產負債表之外的價值的關係。我很高興看到本季度加拿大多產品關係的改善，並很高興看到我們 GBM 業務中圍繞客戶優先排序的紀律。

And finally, operational excellence. As part of my objective to drive operational excellence throughout the bank, I remain committed to disciplined cost management. Strong expense management has long been an important hallmark of the bank's culture. It is notable this quarter that our expenses grew much faster than our revenues. I was encouraged to see the deceleration of expense growth on a sequential basis in our Canadian and GBM franchises. But as a management team, we recognize the need to deliver positive operating leverage over time.

最後，卓越運營。作為推動整個銀行卓越運營的目標的一部分，我仍然致力於嚴格的成本管理。長期以來，強有力的費用管理一直是銀行文化的重要標誌。值得注意的是，本季度我們的支出增長速度遠快於收入增長速度。看到我們的加拿大和 GBM 特許經營權的費用增長連續放緩，我感到很鼓舞。但作為一個管理團隊，我們認識到需要隨著時間的推移提供積極的運營槓桿。

By focusing on these strategic priorities, we'll be a more efficient and more profitable bank. Before concluding, I wanted to make a comment on our recent leadership announcement. I am thrilled to welcome Francisco Aristeguieta as our Head of International Banking. Francisco joins us with a career of experience in highly successful leadership roles in global banks and brings significant operating experience throughout our international footprint. Francisco officially joined the bank earlier this month and is with us here today on the call. Welcome, Francisco.

通過專注於這些戰略重點，我們將成為一家效率更高、利潤更高的銀行。在結束之前，我想對我們最近的領導公告發表評論。我很高興歡迎 Francisco Aristeguieta 成為我們的國際銀行業務主管。 Francisco 加入我們，在全球銀行擔任非常成功的領導職務，並為我們的國際足跡帶來了重要的運營經驗。 Francisco 本月早些時候正式加入該銀行，今天與我們一起參加電話會議。歡迎，弗朗西斯科。

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. All my comments that follow will be on an adjusted basis for the usual acquisition-related costs.

謝謝斯科特，大家早上好。我接下來的所有評論都將根據通常的收購相關成本進行調整。

I'll begin with a review of the performance of the quarter on Slide 5.

我將首先在幻燈片 5 上回顧本季度的表現。

The bank reported quarterly adjusted earnings of $2.2 billion and diluted earnings per share of $1.70. The return on equity was 12.4%. All banks pre-tax pre-provision profit decreased 11% year-over-year, driven mainly by higher expenses relating to personnel costs and relating to business development initiatives.

該銀行公佈的季度調整後收益為 22 億美元，每股攤薄收益為 1.70 美元。股本回報率為12.4%。所有銀行的稅前撥備前利潤同比下降 11%，主要原因是與人員成本和業務發展計劃相關的費用增加。

Net interest income was in line as growth in mortgages and business banking balances as well as the benefit from foreign exchange was offset by margin compression due to a significant increase in cost of funds year-over-year. Net interest margin declined 10 basis points year-over-year, mostly from higher funding costs.

淨利息收入符合抵押貸款和商業銀行業務餘額的增長以及外匯收益被資金成本同比顯著增加導致的利潤率壓縮所抵消。淨息差同比下降 10 個基點，主要是由於融資成本上升。

Quarter-over-quarter, net interest margin improved by 2 basis points from higher margins in both International Banking and Canadian Banking that expanded 12 basis points and 4 basis points, respectively.

國際銀行業和加拿大銀行業的淨息差環比提高了 2 個基點，分別提高了 12 個基點和 4 個基點。

Non-interest income was $3.5 billion in Q2, in line with last year as higher banking revenues and other fee and commission were offset by lower wealth management revenues, which were down 4%.

第二季度非利息收入為 35 億美元，與去年持平，因為銀行收入和其他費用及佣金的增加被財富管理收入的減少所抵消，後者下降了 4%。

The PCL ratio was 37 basis points for the quarter. The performing PCL ratio was 4 basis points as the bank continues to prudently build allowances reflecting the uncertain macroeconomic environment.

本季度 PCL 比率為 37 個基點。執行 PCL 比率為 4 個基點，因為該銀行繼續謹慎地建立準備金以反映不確定的宏觀經濟環境。

Expenses increased by 10% year-over-year or 7% excluding the unfavorable impact of foreign currency translation, reflecting the continued investment for business growth and inflationary impact across most expense categories.

費用同比增長 10% 或 7%，不包括外幣換算的不利影響，反映了對大多數費用類別的業務增長和通脹影響的持續投資。

Quarter-over-quarter expenses were up 2.5% or a modest 1.3% excluding the impact of unfavorable foreign exchange. The productivity ratio was 57.5% this quarter, resulting in a year-to-date negative operating leverage of 8.5%.

扣除不利外彙的影響，支出環比增長 2.5% 或 1.3%。本季度的生產率為 57.5%，導致年初至今的負經營槓桿率為 8.5%。

The effective tax rate for the bank was 18.4% this quarter compared to 22.9% a year ago, driven by higher income from lower tax rate jurisdictions and higher tax exempt income in the quarter.

該銀行本季度的有效稅率為 18.4%，而一年前為 22.9%，這是由於本季度來自較低稅率管轄區的收入增加以及免稅收入增加所致。

Slide 6 provides an evolution of the common equity Tier 1 ratio over the quarter as well as the quarter's changes in risk-weighted assets. The bank reported a common equity Tier 1 ratio of 12.3%, an increase of approximately 80 basis points quarter-over-quarter. The ratio benefited from the adoption of revised Basel III requirements by 56 basis points.

幻燈片 6 提供了本季度普通股一級比率的演變以及本季度風險加權資產的變化。該銀行報告的普通股一級資本比率為 12.3%，環比增加約 80 個基點。該比率受益於修訂後的巴塞爾協議 III 要求的採用 56 個基點。

Net internal capital generation was strong at 14 basis points, while the recently introduced dividend reinvestment plan contributed 9 basis points. Risk-weighted assets declined $20 billion during the quarter. The adoption of revised Basel III requirements reduced the pre-floor risk-weighted assets by approximately $31.7 billion. That was partly offset by the floor add-on of $5.1 billion, resulting in a net reduction of $26.6 billion, mostly related to non-retail credit risk due to the elimination of the scalar and adoption of the foundational approach.

淨內部資本產生強勁，達到 14 個基點，而最近推出的股息再投資計劃貢獻了 9 個基點。本季度風險加權資產減少了 200 億美元。修訂後的巴塞爾協議 III 要求的採用使場前風險加權資產減少了約 317 億美元。這被 51 億美元的最低附加值部分抵消，導致淨減少 266 億美元，主要與由於取消標量和採用基本方法而導致的非零售信用風險有關。

During the quarter, risk-weighted assets grew $1.4 billion, excluding FX, mostly in market risk. In addition, the bank's liquidity coverage ratio improved 9% to 131% this quarter.

本季度，風險加權資產增長 14 億美元，不包括外匯，主要是市場風險。此外，本季度該銀行的流動性覆蓋率提高了 9% 至 131%。

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 due to higher provision for credit losses and higher non-interest expenses. Pre-tax, pre-provision profit grew 6% year-over-year, driven by strong revenue growth of 8%.

現在轉向業務線結果，從幻燈片 7 開始。加拿大銀行業報告收益為 11 億美元，同比下降 10%，原因是信貸損失準備金增加和非利息費用增加。在收入強勁增長 8% 的推動下，稅前、撥備前利潤同比增長 6%。

Net interest income increased 9% year-over-year as loans grew 6%, while deposits grew a strong 11%, supporting year-over-year margin expansion of 8 basis points. Loan margin expansion resulted in the margin expanding by 4 basis points quarter-over-quarter. Loan growth was 6% year-over-year as mortgages grew a modest 3%. Business loans grew 18%; automotive, 8%; credit card, 16%; and personal, loans 6%, all higher-yielding portfolios.

由於貸款增長 6%，淨利息收入同比增長 9%，而存款強勁增長 11%，支持利潤率同比增長 8 個基點。貸款利潤率擴大導致利潤率環比擴大 4 個基點。由於抵押貸款溫和增長 3%，貸款同比增長 6%。商業貸款增長 18%；汽車，8%；信用卡，16%；和個人貸款 6%，所有高收益投資組合。

Quarter-over-quarter, average loans were in line with Q1 as the decline in mortgage balances offset growth in other higher-yielding loan categories. Average deposits grew a strong 11% year-over-year, driven by a 15% increase in personal deposits and a 5% increase in non-personal deposits, reflecting the strategic focus of the business.

由於抵押貸款餘額的下降抵消了其他高收益貸款類別的增長，環比平均貸款與第一季度持平。在個人存款增長 15% 和非個人存款增長 5% 的推動下，平均存款同比強勁增長 11%，反映了業務的戰略重點。

The loan-to-deposit ratio improved to 132%. Non-interest income increased by 5% year-over-year, driven by higher private equity gains and higher insurance revenue. Expenses increased 10% year-over-year, driven by higher personnel and advertising and business development costs as the business continues to invest in growth areas.

貸存比率改善至132%。受私募股權收益增加和保險收入增加的推動，非利息收入同比增長 5%。隨著業務繼續投資於增長領域，人員和廣告以及業務開發成本增加，費用同比增長 10%。

Expenses were up a modest 1% quarter-over-quarter, largely due to higher personnel costs. The PCL ratio was 20 basis points, a slight increase of 1 basis point quarter-over-quarter.

支出環比小幅增長 1%，這主要是由於人員成本增加所致。 PCL 比率為 20 個基點，環比微升 1 個基點。

Turning now to Global Wealth Management on Slide 8. Earnings of $359 million declined 13% year-over-year, primarily due to the Canadian Wealth being down 17%, while International Wealth earnings grew a strong 19%. Revenue declined 4% year-over-year due primarily to lower mutual fund and brokerage revenues, partially offset by strong private banking loan growth and higher deposit margins across our Canadian and International businesses.

現在轉到幻燈片 8 的全球財富管理。3.59 億美元的收入同比下降 13%，這主要是由於加拿大財富下降 17%，而國際財富收入強勁增長 19%。收入同比下降 4%，主要是由於共同基金和經紀收入下降，部分被強勁的私人銀行貸款增長和我們加拿大和國際業務的存款利潤率提高所抵消。

Expenses were up a modest 2% year-over-year and quarter-over-quarter, relating to sales force expansion and technology investments offset by strong expense controls despite the inflationary environment. Assets under management increased 1% year-over-year to $330 billion, driven by market appreciation, while assets under administration increased 5% to $624 billion as a result of higher net sales and market appreciation.

費用同比和環比小幅增長 2%，這與銷售人員擴張和技術投資有關，儘管存在通貨膨脹環境，但被強有力的費用控制所抵消。在市場升值的推動下，管理資產同比增長 1% 至 3300 億美元，而在淨銷售額和市場升值的推動下，管理資產增長 5% 至 6240 億美元。

The bank maintained its #2 ranking in investment funds in Canada. Strong international wealth results were driven by higher net interest income and business volume growth across the Pacific Alliance and the Caribbean.

該銀行在加拿大投資基金中保持第二名。太平洋聯盟和加勒比地區更高的淨利息收入和業務量增長推動了強勁的國際財富業績。

Turning to Slide 9, Global Banking and Markets. Global Banking and Markets generated earnings of $401 million, down 18% compared to the prior year. While revenues grew 7%, earnings were impacted by higher operating expenses and increased performing provision for credit losses. Solid business banking performance was supported by loan growth of 29% and primarily in Canada and the United States, while average deposits grew 11%. Capital Markets revenue was in line with last year.

轉到幻燈片 9，全球銀行業和市場。全球銀行和市場業務的收益為 4.01 億美元，比上年下降 18%。雖然收入增長了 7%，但收益受到更高的運營費用和增加的信用損失準備金的影響。 29% 的貸款增長（主要在加拿大和美國）支持了穩健的商業銀行業務表現，而平均存款增長了 11%。資本市場收入與去年持平。

Net interest income grew 7% year-over-year as a result of the strong loan and deposit growth and the positive impact of foreign currency translation. Non-interest income also grew 7% year-over-year, primarily due to higher fee income owned and fixed income and prime services businesses while trading income was lower.

由於強勁的貸款和存款增長以及外幣換算的積極影響，淨利息收入同比增長 7%。非利息收入也同比增長 7%，這主要是由於自有和固定收入以及主要服務業務的費用收入增加，而交易收入較低。

Expenses were down 3% quarter-over-quarter, mainly from lower performance-based compensation and the shorter quarter. On a year-over-year basis, expenses were up 15% due mainly to higher personnel costs and technology investments, both related to the business growth and the negative impact of foreign currency translation. The provision for credit losses was $53 million, almost all relating to performing loans.

費用環比下降 3%，主要是由於基於績效的薪酬較低和季度較短。與去年同期相比，費用增長了 15%，這主要是由於人員成本和技術投資增加，這兩者都與業務增長和外幣換算的負面影響有關。信貸損失準備金為 5300 萬美元，幾乎全部與履約貸款有關。

GBM Latin America, which is reported as part of International Banking, had another strong quarter, reporting earnings of $276 million, up 49% year-over-year driven by good performance in Mexico, Chile and Brazil.

作為國際銀行業務的一部分，GBM Latin America 又迎來了一個強勁的季度，報告收益為 2.76 億美元，同比增長 49%，這得益於墨西哥、智利和巴西的良好表現。

Moving to Slide 10 for the review of International Banking results. My comments that follow are on an adjusted and constant dollar basis. The segment reported net income of $650 million, in line with last year. Pre-tax, pre-provision profit grew 6% with the Caribbean and Central America are up a strong 27%. Revenue was up 8% year-over-year, driven by good loan growth, higher net interest margin and strong capital markets revenues. Year-over-year, loans grew 9% with mortgages up 12% and business banking up 8%, while personal loans and credit cards grew 8% as well.

轉到幻燈片 10 查看國際銀行業的結果。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 6.5 億美元，與去年持平。稅前撥備前利潤增長 6%，其中加勒比和中美洲強勁增長 27%。在良好的貸款增長、更高的淨息差和強勁的資本市場收入的推動下，收入同比增長 8%。與去年同期相比，貸款增長 9%，其中抵押貸款增長 12%，商業銀行業務增長 8%，而個人貸款和信用卡也增長 8%。

Deposits grew a strong 10% year-over-year and 2% quarter-over-quarter that reduced the loan-to-debt ratio by approximately 250 basis points. Compared to the last quarter, net interest margin was up a strong 12 basis points with net interest margin expanding in the Caribbean and Central America and Pacific Alliance countries by 32 basis points and 14 basis points, respectively.

存款同比強勁增長 10%，環比增長 2%，使貸債比率降低了約 250 個基點。與上一季度相比，淨息差強勁上升 12 個基點，其中加勒比和中美洲及太平洋聯盟國家的淨息差分別擴大了 32 個基點和 14 個基點。

We expect the margin to remain at or slightly above these levels for the rest of the year. The provision for credit losses was $436 million, up from $422 million last quarter. On a quarter-over-quarter basis, expenses were down 1% due to lower business taxes, partly offset by higher personnel costs.

我們預計今年餘下時間利潤率將保持在或略高於這些水平。信貸損失準備金為 4.36 億美元，高於上一季度的 4.22 億美元。與上一季度相比，由於較低的營業稅，費用下降了 1%，部分被較高的人員成本所抵消。

On a year-over-year basis, non-interest expenses were up 9%, driven mainly by the inflationary impacts on compensation, offset by the benefits of efficiency initiatives. The tax rate of 20.7% for the quarter increased from 19.6% in the prior quarter due to lower inflationary adjustments in Mexico and Chile. We expect the tax rate to continue to increase in line with reduction in inflation.

與去年同期相比，非利息支出增長了 9%，這主要是由於通貨膨脹對薪酬的影響，但被效率舉措的好處所抵消。由於墨西哥和智利的通貨膨脹調整較低，本季度的稅率從上一季度的 19.6% 上升至 20.7%。我們預計稅率將隨著通貨膨脹率的下降而繼續上升。

Turning to Slide 11. The Other segment reported an adjusted net loss attributable to equity holders of $323 million in line with the previous quarter. Quarter-over-quarter, net interest income was impacted by higher funding costs due to the full quarter impact of previous rate increases, partly offset by better returns on high-quality liquid assets. Non-interest income benefited from higher investment gains and income from associated corporations.

轉到幻燈片 11。其他部門報告調整後歸屬於股東的淨虧損為 3.23 億美元，與上一季度一致。與上一季度相比，淨利息收入受到更高融資成本的影響，這是由於之前加息的整個季度影響，部分被高質量流動資產的更好回報所抵消。非利息收入受益於更高的投資收益和來自聯營公司的收入。

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。

Thanks, Raj, and good morning, everyone. The bank's balance sheet continues to be well diversified across business lines, customer segments and geographies. As we adapt to the evolving landscape, we remain proactive in building our allowances. As such, our PCL this quarter was $709 million or 37 basis points, including performing PCL of $88 million or 4 basis points.

謝謝，Raj，大家早上好。該銀行的資產負債表在業務線、客戶群和地域方面繼續保持多元化。隨著我們適應不斷變化的環境，我們仍然積極主動地建立我們的配額。因此，本季度我們的 PCL 為 7.09 億美元或 37 個基點，其中執行 PCL 為 8800 萬美元或 4 個基點。

The higher provisions quarter-over-quarter is due to a more unfavorable macroeconomic outlook and provisioning scenarios that reflect more pessimistic GDP forecasts in our key markets compared to the prior quarter. This is driven by our assumptions around the following potential headwinds, increased risk of a recession and a potentially more challenging credit cycle, sustained, elevated inflation causing a higher for longer rate environment, which may impact retail consumers and commercial operating budgets.

準備金環比增加是由於宏觀經濟前景更加不利，而準備金情景反映出我們對主要市場的 GDP 預測與上一季度相比更加悲觀。這是由我們對以下潛在不利因素的假設驅動的：經濟衰退風險增加和可能更具挑戰性的信貸週期、持續、高漲的通脹導致長期利率更高的環境，這可能會影響零售消費者和商業運營預算。

While the quality of our book and our risk appetite remains stable, the recent market turmoil in the U.S. has added an element of financial uncertainty.

雖然我們的賬面質量和風險偏好保持穩定，但美國最近的市場動盪增加了金融不確定性因素。

Starting with our Canadian retail portfolio. Customer delinquency of 20 basis points in the quarter remained stable, within expectations and well below pre-pandemic delinquency of approximately 30 basis points.

從我們的加拿大零售組合開始。本季度 20 個基點的客戶拖欠率保持穩定，在預期之內，遠低於大流行前約 30 個基點的拖欠率。

Our Canadian mortgage book remains solid with stable performance despite 36% of balances being from our variable rate portfolio. As you would recall, our variable rate mortgages repriced with monthly payment increases tied to policy rate changes. This gives us confidence in understanding our customers' ability to stay current with mortgage payments while maintaining the contractual amortization period. Our variable rate portfolio continues to be of high credit quality with customers' FICO scores of approximately 800.

儘管 36% 的餘額來自我們的可變利率投資組合，但我們的加拿大抵押貸款賬目仍然穩健且表現穩定。您可能還記得，我們的可變利率抵押貸款根據與政策利率變化相關的每月還款額增加進行重新定價。這使我們有信心了解客戶在維持合同攤銷期的同時及時支付抵押貸款的能力。我們的可變利率投資組合繼續保持高信用質量，客戶的 FICO 評分約為 800。

We continuously monitor deposit balances of these customers, which, on average, remain higher than our fixed rate portfolio. Our customers are managing through this period of heightened interest rates by making trade-offs. For example, discretionary spending such as retail spending entertainment is down 10% year-over-year for our variable rate customers. The strong performance of our Canadian mortgage portfolio is reflective of our customers' prudent financial management as they navigate higher rate environments.

我們持續監控這些客戶的存款餘額，平均而言，這些餘額仍高於我們的固定利率投資組合。我們的客戶通過權衡取捨來度過這段利率升高的時期。例如，我們的浮動利率客戶的零售消費娛樂等可自由支配支出同比下降 10%。我們加拿大抵押貸款組合的強勁表現反映了我們客戶在應對更高利率環境時的審慎財務管理。

Moving to International retail. The total international retail banking 90-plus day delinquency rate of 2.56% has increased modestly by 4 basis points quarter-over-quarter. However, it is still below pre-pandemic levels of 3.22%.

轉向國際零售。國際零售銀行 90 天以上總拖欠率為 2.56%，環比小幅上升 4 個基點。但是，它仍低於大流行前 3.22% 的水平。

International Banking maintained its focus on driving secured growth with balances remaining at 73% of the portfolio, up from 65% pre-pandemic. We continue to leverage our data analytics and collections practices to proactively manage through the credit cycle. Specifically in Chile and Colombia, we are working with our customers as unsecured delinquencies continue their upward trend, as budgets -- as customer budgets are strained due to sustained inflation.

國際銀行業務繼續專注於推動安全增長，餘額佔投資組合的比例從大流行前的 65% 保持在 73%。我們繼續利用我們的數據分析和收集實踐來主動管理整個信貸週期。特別是在智利和哥倫比亞，我們正在與我們的客戶合作，因為無擔保拖欠繼續呈上升趨勢，因為預算——由於持續的通貨膨脹導致客戶預算緊張。

Turning to business banking. The underlying portfolio continues to perform well. Our direct exposure to U.S. regional banks is immaterial. And our well-diversified business lines, customer segments and geographies, give us confidence in our balance sheet and liquidity positions.

轉向商業銀行業務。基礎投資組合繼續表現良好。我們對美國地區銀行的直接敞口並不重要。我們多元化的業務線、客戶群和地域使我們對資產負債表和流動性狀況充滿信心。

With respect to commercial real estate, our exposure was $67 billion as of Q2. And of this, Office represents approximately 10% and 2/3 of the portfolio is Investment grade. The bank's real estate portfolio is strong with 75% of our exposure being Residential and Industrial. These exposures are primarily with top-tier developers where we have long-standing relationships. We remain comfortable with our business banking portfolio, but remain prudent based on forward-looking macroeconomic indicators.

關於商業房地產，截至第二季度，我們的風險敞口為 670 億美元。其中，Office 約佔 10%，投資級別佔投資組合的 2/3。該銀行的房地產投資組合非常強大，我們 75% 的風險敞口是住宅和工業。這些風險主要來自與我們有長期合作關係的頂級開發商。我們對我們的商業銀行業務組合保持滿意，但根據前瞻性宏觀經濟指標保持謹慎。

Moving to Slide 13. We saw modest increases in gross impaired loans in Canadian Banking and International Banking with slight improvements in GBM. Overall, loans were marginally higher at 67 basis points this quarter. In Canada, the new formations were mainly in prime auto and commercial.

轉到幻燈片 13。我們看到加拿大銀行業和國際銀行業的總減值貸款略有增加，GBM 略有改善。總體而言，本季度貸款略高於 67 個基點。在加拿大，新編隊主要在優質汽車和商業領域。

Overall, the Canadian Banking's 30-day and 90-day delinquency rates continue to trend up modestly. In International, gross impaired loans were up $139 million quarter-over-quarter as a result of foreign exchange and higher retail formations primarily in the Pacific Alliance region.

總體而言，加拿大銀行業的 30 天和 90 天拖欠率繼續呈溫和上升趨勢。在國際業務中，由於主要在太平洋聯盟地區的外彙和更高的零售形成，總減值貸款環比增加 1.39 億美元。

Moving to Slide 14. PCLs in Q2 were $709 million or 37 basis points. In Canadian Banking, total PCLs were stable this quarter at $280 million, translating to a PCL ratio of 20 basis points. In International Banking, PCLs increased moderately to $436 million, primarily a result of higher delinquencies and a challenging market conditions in Chile and in Colombia.

轉到幻燈片 14。第二季度的 PCL 為 7.09 億美元或 37 個基點。在加拿大銀行業，本季度 PCL 總額穩定在 2.8 億美元，相當於 PCL 比率為 20 個基點。在國際銀行業務中，PCL 溫和增長至 4.36 億美元，這主要是由於智利和哥倫比亞的拖欠率較高以及市場條件具有挑戰性。

International commercial remained stable quarter-over-quarter. This translated into an international banking PCL ratio of 103 basis points. While credit quality in GBM is solid, given the potential headwinds and sizable asset growth the business has achieved over the past year, we attributed approximately 2 basis points of the build to this quarter to GBM, all in Stage 1 ACL. This adjustment will offer greater stability in the medium term.

國際商業環比保持穩定。這轉化為國際銀行業 PCL 比率為 103 個基點。儘管 GBM 的信用質量穩固，但考慮到潛在的不利因素和該業務在過去一年中實現的可觀資產增長，我們將本季度約 2 個基點的增長歸因於 GBM，均在第一階段 ACL 中。這一調整將在中期提供更大的穩定性。

From a balance sheet perspective, the bank's Q2 ACL ratio was 75 basis points or $5.9 billion, up 3 basis points quarter-over-quarter. Similar to Q1, we continue to build performing allowances this quarter, and we expect this trend to continue for the remainder of the year.

從資產負債表的角度來看，該銀行第二季度的 ACL 比率為 75 個基點或 59 億美元，環比上升 3 個基點。與第一季度類似，我們在本季度繼續增加績效津貼，我們預計這一趨勢將在今年剩餘時間繼續。

In closing, given the current economic outlook, we expect PCLs to remain elevated for the remainder of the year. We believe in the strength of our balance sheet, which will offer stability in the medium term. We continue to be cognizant of the current operating environment, but are comfortable with how we have positioned our book to perform through economic cycles.

最後，鑑於當前的經濟前景，我們預計 PCL 在今年剩餘時間內將保持高位。我們相信我們資產負債表的實力，這將在中期提供穩定性。我們繼續了解當前的運營環境，但對我們如何定位我們的書以在經濟周期中表現感到滿意。

With that, I will pass it back to John.

有了這個，我會把它傳回給約翰。

Thank you, Phil. We'll now be pleased to take your questions.

謝謝你，菲爾。我們現在很高興回答您的問題。

(Operator Instructions) Operator, and we have the first question on the phone, please.

（接線員說明）接線員，請在電話中提出第一個問題。

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

我們的第一個問題來自美國銀行的 Ebrahim Poonawala。

Good morning. So I guess, maybe just for the 1 question on capital. So Raj, maybe for you, maybe Scott wants to add anything. But one, the impact from Basel III adoption was greater than you expected last quarter. What drove that?

早上好。所以我想，也許只是關於資本的第一個問題。那麼 Raj，也許對你來說，也許 Scott 想添加任何內容。但是，第一，採用巴塞爾協議 III 的影響比你上個季度預期的要大。是什麼驅使它？

And then talk to us the feedback from a phase-in over the next few years, how you think about the 56 basis points reverses itself over time? And second, you still have, I believe, the [grip] all. Do you end that now? And then just talk to us in terms of the appetite to buy back stock in the near term. I know Scott mentioned once, only be about 12% CET1. You're at 12.3%. I'm just wondering does this CET1 ratio drift higher? Or what your expectations are as we move into the back half of the year?

然後與我們談談未來幾年逐步實施的反饋，您如何看待 56 個基點隨著時間的推移而自行逆轉？其次，我相信你仍然擁有[控制]一切。你現在結束了嗎？然後就短期內回購股票的意願與我們談談。我知道 Scott 曾經提到過，只有大約 12% CET1。你是 12.3%。我只是想知道這個 CET1 比率是否漂移得更高？或者當我們進入下半年時您的期望是什麼？

Sure, Ebrahim. Thanks for your question. I'll start on the Basel implementation benefit and how we think it will progress, and then I'll pass it over to Scott to talk about drift and buybacks and those kind of things.

當然，易卜拉欣。謝謝你的問題。我將從巴塞爾實施的好處以及我們認為它將如何取得進展開始，然後我將把它傳遞給斯科特來談論漂移和回購以及諸如此類的事情。

The 56 basis points benefit was slightly higher than what we thought. We had indicated 20 basis points to 30 basis points on the previous call. Part of it was there's lots of data changes that is going through as part of the implementation of Basel III. And some of it I thought would not be implemented in time for this quarter, we obviously got it done earlier. So that benefit is higher basically because of that, which would have anyway flowed through likely in Q3 or Q4. So it's pure timing more than anything else.

56 個基點的收益略高於我們的預期。我們在之前的電話會議上表示了 20 個基點到 30 個基點。部分原因是作為巴塞爾協議 III 實施的一部分，正在經歷大量數據更改。其中一些我認為不會在本季度及時實施，我們顯然提前完成了。因此，基本上是因為這個收益更高，無論如何它可能會在第三季度或第四季度流過。所以這純粹是時機。

On the specifics of the 56 basis points benefit, Ebrahim, I probably categorize it in 3 particular markets when we -- and you can see all of it in our regulatory capital disclosure. So one is Basel III previously had a 6% scale out on all ARB exposures through Basel III, the reforms implementation. They've eliminated the scalar. That's about $14 billion of RWA benefit. So that's going to stay, right? So that's not going to reverse at all.

關於 56 個基點收益的具體細節，易卜拉欣，我可能將其歸類為 3 個特定的市場——你可以在我們的監管資本披露中看到所有這些。因此，一個是巴塞爾協議 III 之前通過改革實施巴塞爾協議 III 對所有 ARB 敞口進行了 6% 的擴展。他們已經消除了標量。這大約是 140 億美元的 RWA 收益。所以這會留下來，對吧？所以這根本不會逆轉。

The second thing I would say is there is a requirement to adopt what we call the foundational IRB approach for certain exposures, specifically in the non-retail book, and that results in a couple of benefits for us. It requires us to put up lower LGDs, and it also requires us to have lower credit conversion factors. So that's going to stay, too. That's not the worst thing.

我要說的第二件事是，需要對某些風險採用我們所謂的基礎 IRB 方法，特別是在非零售賬簿中，這會給我們帶來一些好處。它需要我們提供較低的 LGD，也需要我們有較低的信用轉換因子。所以這也會留下來。這還不是最糟糕的事情。

The third one is operational risk-weighted assets. We had a $2 billion RWA benefit. You can see it on Page 18, the sub-pack, all these disclosures. And that is obviously dependent on operational risk and how it's calculated in the future, smaller benefit that can move one way or the other, it could get better. It could get worse depending on the operational loss experience of the bank.

第三個是操作風險加權資產。我們獲得了 20 億美元的 RWA 收益。你可以在第 18 頁看到它，子包，所有這些披露。這顯然取決於運營風險以及未來的計算方式，可以以一種方式或另一種方式移動的較小收益，它可能會變得更好。根據銀行的運營損失經驗，情況可能會變得更糟。

Looking forward, and if you notice it on Page 17 in the sub-pack, you will see that the banks was actually impacted by the floor, as it is this quarter, roughly $8 billion benefit -- sorry, impact, which I referred to in my prepared remarks as well. Now that floor is going to increase 2.5% every year, we know. It's going to -- first one will come through November '23, likewise November '24 and so on, in line with [Basel III] implementation plans.

展望未來，如果您在第 17 頁的子包中註意到它，您會看到銀行實際上受到了下限的影響，就像本季度一樣，大約有 80 億美元的收益——抱歉，我提到的影響在我準備好的發言中也是如此。我們知道，現在該底線每年將增加 2.5%。它將會——第一個將在 23 年 11 月到來，同樣是 24 年 11 月，依此類推，與 [Basel III] 實施計劃一致。

So that floor will bring down our capital as of November 1, 2023, depending on where we land in October '23. The second thing which will happen in November '23 is the fundamental review of the trading book implementation, which will impact our market risk and counter-party credit risk capital, the trading businesses. I don't have an estimate for you, but I know directionally that it will take down the capital ratio on November 1, depending on what it would be.

因此，截至 2023 年 11 月 1 日，該樓層將降低我們的資本，具體取決於我們在 23 年 10 月登陸的地點。 23 年 11 月將發生的第二件事是對交易賬戶實施的基本審查，這將影響我們的市場風險和交易對手信用風險資本，即交易業務。我沒有給你的估計，但我知道它會在 11 月 1 日降低資本比率，具體取決於它會是什麼。

We'll probably talk about it more closely in the Q4 call. So that's where I think this will go. And what I will tell you is, considering all this, including the internal capital generation, which you have seen this quarter, which I think will continue to contribute positively, the capital ratio will grow for the remainder of this year from $12.3 million. And we believe even in 2024, we will remain about 12%, which is what Scott had talked about as our intention at this point in time.

我們可能會在第四季度的電話會議上更密切地討論它。所以這就是我認為這會去的地方。我要告訴你的是，考慮到所有這些，包括你在本季度看到的內部資本生成，我認為這將繼續做出積極貢獻，今年剩餘時間的資本比率將從 1230 萬美元增長。而且我們相信，即使到 2024 年，我們也將保持在 12% 左右，這就是斯科特當時所說的我們的意圖。

Scott, do you want to talk about that?

斯科特，你想談談這個嗎？

Yes, a couple of things. So Ebrahim, I mean, I was pleased with the capital generation this quarter, and I think it puts us in good stead as we go through the end of the year in 2024. I do think there's a lot of uncertainty out there from a macro perspective and then also from what OCC is going to do. And so that would keep us inclined to stay around these levels of 12%, as Raj has highlighted. It doesn't feel good to have the drip on in raising equity at these levels. So that's not something that we would continue to do over time once we get some certainty. And from a share buyback perspective, that's not in the cards. So hopefully, that answers your questions.

是的，有幾件事。所以易卜拉欣，我的意思是，我對本季度的資本產生感到滿意，我認為這對我們在 2024 年年底時處於有利地位。我確實認為宏觀經濟存在很多不確定性的角度，然後也從 OCC 將要做什麼。因此，正如 Raj 強調的那樣，這將使我們傾向於保持在 12% 的水平附近。在這些水平上增加股本感覺不太好。因此，一旦我們有了一些確定性，我們就不會隨著時間的推移繼續這樣做。從股票回購的角度來看，這不可能。希望這能回答您的問題。

And just on that, Scott, in terms of what the OCC is going to do, is implied within there that you think that there might be a chance that they increase the ESC buffer again later this year?

就此而言，斯科特就 OCC 將要做的事情而言，暗示你認為他們可能有機會在今年晚些時候再次增加 ESC 緩衝？

I don't know, Ebrahim, honestly. I think there -- we'll wait to see in June. And that's another reason to run at a little bit higher capital levels right now until we get some certainty on that front.

老實說，易卜拉欣，我不知道。我想在那裡 - 我們將在 6 月拭目以待。這是在我們在這方面獲得一些確定性之前，現在以更高的資本水平運行的另一個原因。

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

以下問題來自 National Bank Financial 的 Gabriel Dechaine。

A couple of questions here. One, the NII drag in corporate keeps getting bigger, and it sounds like you took some actions this quarter to maybe mollify that a little bit in the coming quarters? And if you can maybe walk me through that. And then on expenses, we've had back-to-back quarters of big expense growth, pretty atypical from Scotia. I'm just wondering, as the bank -- I don't know what you're calling it, but you're engaging in some sort of transformation plan or strategic direction. Should we expect these expenses -- this type of expense growth to continue as you may need to invest in how you want the bank to look and perform in the future?

這裡有幾個問題。第一，NII 對企業的拖累越來越大，聽起來你本季度採取了一些行動，可能會在未來幾個季度緩和一點？如果你能幫我解決這個問題。然後在費用方面，我們連續幾個季度的費用大幅增長，這在 Scotia 非常不典型。我只是想知道，作為銀行——我不知道你怎麼稱呼它，但你正在參與某種轉型計劃或戰略方向。我們是否應該期望這些費用——這種類型的費用增長會持續下去，因為您可能需要投資於您希望銀行未來的表現和表現？

I'll start, Gabe, and Scott might have a thought on expenses as we look forward. As far as the interest rate NII, what you're seeing in the other segment is simply the increase in the term funding cost. There was administrated rate increases last quarter. You've seen the full quarter impact of it.

我會開始，Gabe，而 Scott 可能會在我們期待的時候考慮一下開支。就利率 NII 而言，您在另一部分看到的只是融資成本的增加。上個季度有行政利率上調。您已經看到了它的整個季度影響。

So a few moving parts, NII. Term funding cost was definitely a headwind quarter-over-quarter. The returns from what we call high-quality liquid assets, where the liquidity purpose was actually a tailwind because we're learning more on those liquid assets. And then the hedges are frankly neutral.

所以一些活動部件，NII。定期融資成本絕對是一個季度環比的逆風。我們所謂的高質量流動資產的回報，其中流動性目的實際上是順風，因為我們正在更多地了解這些流動資產。然後對沖坦率地說是中性的。

What we did during the quarter, yes, we reduced the sensitivity to approximately $50 million. You can see in the 100 basis points increase in the sensitivity that we disclosed because we now believe that rates are likely to remain higher for longer. So with inflation being elevated, and all we did was adjusted the risk profile of the bank accordingly. So it sets us up more towards being neutral to the rate curve movements and avoiding any negative NII impact due to short-term rate increases. So that's what we are positioned from an interest rate risk perspective. And typically, this shows up in the other segment like you pointed out.

我們在本季度所做的，是的，我們將敏感度降低到大約 5000 萬美元。您可以在我們披露的敏感度增加 100 個基點中看到，因為我們現在相信利率可能會在更長時間內保持較高水平。因此，隨著通脹上升，我們所做的就是相應地調整銀行的風險狀況。因此，它使我們更加傾向於對利率曲線變動保持中立，並避免因短期利率上升而對 NII 產生任何負面影響。這就是我們從利率風險的角度來看的定位。通常，這會像您指出的那樣出現在其他部分。

As far as expenses goes, great, I think what you're seeing is the inflation impact year-over-year. I think I talked about excluding FX, it's a little over 7%. It is high for this bank, as you point out. A lot of it comes back to all the increases, the base salary increases that we have had across the footprint. Along with other banks, we did interim increases last year, and then there is the annual increase. The full quarter impact what you see in Q2 because these things go into effect in January. And that's the general impact of inflation on all expense lines. So that's what you're seeing year-over-year.

就支出而言，很好，我認為你看到的是通貨膨脹的同比影響。我想我談到了排除外匯，它略高於 7%。正如您所指出的，這對這家銀行來說很高。很多都回到了所有的增長，我們在整個足跡中的基本工資增長。與其他銀行一起，我們去年進行了中期增長，然後是年度增長。整個季度會影響您在第二季度看到的情況，因為這些事情會在一月份生效。這就是通貨膨脹對所有費用項目的一般影響。這就是你每年看到的情況。

Quarter-over-quarter, what we should expect to see going forward is a modest growth in the expense line in absolute terms. Low single digits is probably a good number to start with from our perspective, and that's what we are targeting. We try to manage expenses as prudently as possible. We prioritize, and we try to manage it in line with the income or revenue growth. This will be one of those years where inflation has an outside impact, not just in Canada. You got to remember, in the International Banking, we operate in a highly inflationary environment.

與上一季度相比，我們應該期望看到的是費用線絕對值的適度增長。從我們的角度來看，低個位數可能是一個很好的起點，這就是我們的目標。我們盡量謹慎地管理開支。我們優先考慮，並嘗試根據收入或收入增長對其進行管理。這將是通貨膨脹產生外部影響的年份之一，而不僅僅是在加拿大。您必須記住，在國際銀行業，我們在高度通貨膨脹的環境中運作。

And there, having 9% growth year-over-year I think is very credible considering the level of inflation. And quarter-over-quarter, the expense in IB is actually lower by 1%. So a lot of good things, but definitely challenges from an expense perspective. Not to say that we don't try to manage it as best as we can, but some inflation-related impacts are tough to manage.

考慮到通貨膨脹水平，我認為同比增長 9% 是非常可信的。與上一季度相比，IB 的費用實際上降低了 1%。很多好事，但從費用的角度來看絕對是挑戰。並不是說我們沒有盡我們所能去管理它，但一些與通脹相關的影響很難管理。

Yes, just a couple of comments to add on. I mean, I think the expense growth is -- we would all recognize it's too high relative to the revenue growth. I think the encouraging things, as Raj said, the deceleration quarter-over-quarter, which is encouraging. We'll try to keep a control of expenses going forward. As you think about the strategic refresh I wouldn't necessarily assume that results in higher expense levels. I think there will be areas that we'll want to invest in, but there will also be areas that we won't invest in as much.

是的，只需補充幾條評論。我的意思是，我認為費用增長是——我們都會認識到它相對於收入增長來說太高了。正如 Raj 所說，我認為令人鼓舞的事情是環比減速，這是令人鼓舞的。我們將努力控制未來的開支。當你考慮戰略更新時，我不一定會認為這會導致更高的費用水平。我認為會有我們想要投資的領域，但也會有我們不會投資太多的領域。

And so I think this management team recognizes over the medium term, we need to get the positive operating leverage, and that will continue to be a hallmark of the bank and what we try to do going forward.

因此，我認為這個管理團隊認識到，從中期來看，我們需要獲得積極的經營槓桿，這將繼續成為銀行的標誌，也是我們未來努力做的事情。

The following question is from Paul Holden from CIBC.

以下問題來自 CIBC 的 Paul Holden。

So with respect to the change in your macro views for the higher rates for longer and more persistent inflation. You've addressed the implications for NIM on that. I mean, talk a little bit about your PCL expectations. But maybe you can just tie it all together, like what does that change in macro view mean more probably for some things like loan growth, again, for your view on non-credit or some other items maybe we haven't talked about. Just wondering what's changing in terms of your plan, I guess, overall would that change macro view?

因此，關於您的宏觀觀點的變化，即更高的利率會導致更長時間和更持久的通貨膨脹。您已經解決了對 NIM 的影響。我的意思是，談談您對 PCL 的期望。但也許你可以把它們聯繫在一起，比如宏觀觀點的變化對貸款增長等某些事情更可能意味著什麼，再一次，對於你對非信貸或其他一些我們可能沒有討論過的項目的看法。只是想知道您的計劃發生了什麼變化，我想，總體而言，這會改變宏觀觀點嗎？

Sure, Paul. It's Raj. I'll start. I think as far as loan growth is concerned, Canadian Bank, International Bank, we know that sequentially quarter-over-quarter, there will be modest loan growth.

當然，保羅。是拉吉。我會開始。我認為就貸款增長而言，加拿大銀行、國際銀行，我們知道環比環比，貸款將出現適度增長。

Now with the exception like perhaps on the Canadian mortgage book, which we think will be around the levels you have seen now, it all depends on how the housing market evolves, rate situation, those kind of things as much as we can forecast over here. So that should be a reasonable loan growth quarter-over-quarter across both these businesses.

現在除了加拿大抵押貸款賬簿上的例外情況，我們認為它會在你現在看到的水平附近，這完全取決於房地產市場的演變、利率情況，以及我們在這裡可以預測的那些事情.因此，這應該是這兩項業務的合理貸款環比增長。

GBM will likely be in line with what you've seen in the loan balances this quarter. Where I think the uplift will come in the NII line is, as you saw this quarter, you're going to see margin expansion modestly, but certainly margin expanding as assets reprice and our funding costs remain fairly stable, as I talked about a little earlier in my prepared remarks. So that's how we see the macro impacting our NII line and benefiting through the expansion in NIM with loan growth being reasonably modest.

GBM 可能與您在本季度的貸款餘額中看到的一致。正如你在本季度看到的那樣，我認為 NII 線的提升將出現，你將看到利潤率適度擴張，但隨著資產重新定價和我們的融資成本保持相當穩定，利潤率肯定會擴大，正如我談到的一點早些時候在我準備好的發言中。這就是我們如何看待宏觀影響我們的 NII 線，並通過 NIM 的擴張而受益，貸款增長相當溫和。

From a PCL perspective, I think Phil indicated talking about slightly elevated PCL ratio on the 37 basis points what you saw this quarter compared to an earlier out where we told you it must be mid 30s, and that relates mostly to how we want to build our performing loans allowances across the various books that we have. Phil, you might want to comment about it?

從 PCL 的角度來看，我認為 Phil 表示談論的是本季度你看到的 37 個基點的 PCL 比率略有升高，而我們告訴你它必須是 30 多歲中期，這主要與我們想要建立的方式有關我們擁有的各種書籍中的表演貸款津貼。菲爾，你可能想對此發表評論？

But the expense question I addressed. Hopefully, that helps you with how we think about the macro and the impact on our expense line for the bank. Phil?

但我提到的費用問題。希望這能幫助您了解我們如何看待宏觀經濟以及對我們銀行費用線的影響。菲爾？

Thanks, Raj. We -- as we look at our PCLs, we are expecting to be elevated for the remainder of the year, as I said in my prepared remarks, and we're going to be focused on building, particularly on performing allowances.

謝謝，拉吉。正如我在準備好的發言中所說，我們 - 當我們查看我們的 PCL 時，我們預計將在今年剩餘時間內提高，我們將專注於建設，特別是執行津貼。

If I look at the underlying portfolios, though, we've got no indications of falling angels in GBM. I'm very confident on the business that Dan is running in Canadian banking. In fact -- and if you look at that business, we actually are seeing pay down rates on credit cards continuing to be higher than pre-pandemic levels. FICO scores continue to be higher than pre-pandemic levels, and our customers are weathering the increased interest rates quite well.

但是，如果我查看基礎投資組合，我們沒有跡象表明 GBM 中有墮落天使。我對丹在加拿大銀行業經營的業務非常有信心。事實上——如果你看一下這項業務，我們實際上看到信用卡的首付率繼續高於大流行前的水平。 FICO 分數繼續高於大流行前的水平，我們的客戶很好地承受了利率上升的影響。

So I look at International Banking, I'm very confident in terms of the lending we've been doing in Mexico, Peru and the Caribbean. The strategy that we put in place there is working. But I'm very mindful of the sort of pockets of weakness, particularly in Colombia and in Chile. We have those 2 markets that are in recession, and we're building allowances accordingly and we're bringing the full weight of the bank's collection activities and data and analytics work to those markets today. So that would be sort of my summary from a credit perspective.

所以我看國際銀行業務，我對我們在墨西哥、秘魯和加勒比地區提供的貸款非常有信心。我們在那裡實施的戰略正在發揮作用。但我非常注意這種弱點，尤其是在哥倫比亞和智利。我們有兩個處於衰退中的市場，我們正在相應地增加配額，我們正在將銀行的收款活動以及數據和分析工作的全部重量帶到今天的這些市場。所以從信用的角度來看，這就是我的總結。

Our following question is from Darko Mihelic from RBC Capital Markets.

我們的以下問題來自 RBC Capital Markets 的 Darko Mihelic。

Phil, I appreciate the details on some of the credit, all the metrics you mentioned. I wanted to just talk a little bit or just dig into a little bit more the variable rate mortgage portfolio. And I'm not interested in averages. I'm actually more interested in a cohort or a vintage where they may have originally underwritten the mortgage with, say, a 2% rate or lower.

菲爾，我很欣賞你提到的一些功勞的細節，所有的指標。我只想談談或只是深入了解可變利率抵押貸款組合。我對平均值不感興趣。實際上，我更感興趣的是一群人或一個年份，他們最初可能以 2% 或更低的利率承保抵押貸款。

And I want to understand how that group of customers is performing with presumably much higher rate and much higher payment. So I wonder if you can dig into that vintage or that cohort, how are they coping and how you think they will cope if rates stay higher for longer? And are you currently deferring payments or giving them some holidays to help them cope?

我想了解這群客戶的表現如何，大概更高的費率和更高的付款。所以我想知道你是否可以深入研究那個年份或那個群體，他們是如何應對的，如果利率長期保持較高水平，你認為他們將如何應對？您目前是否正在推遲付款或給他們一些假期來幫助他們應對？

It's a good question and I appreciate it. Thanks, Darko. So if we look at that cohort and those customers have had a payment increase given interest rates of about 46%. And so we have to be mindful about how those customers are sort of weathering these increases. And I think one of the great things about our portfolio is we see it upfront, and we haven't -- we have probably the lowest amortization, not probably, we do have the lowest amortization rates on the Street.

這是一個很好的問題，我很感激。謝謝，達科。因此，如果我們查看該隊列，並且這些客戶的付款增加了約 46% 的利率。因此，我們必須注意這些客戶如何應對這些增長。我認為我們投資組合的一大優點是我們提前看到它，而我們沒有——我們的攤銷率可能是最低的，可能不是，我們的攤銷率確實是街上最低的。

So right now, what we've been seeing through the cycle is our customers had a very large payment buffer coming out of the pandemic. They have been drawing down on that payment buffer. They still have more deposits in their account than they did pre-pandemic, but we're starting to see those deposits run off as payment levels increase.

所以現在，我們在整個週期中看到的是，我們的客戶在大流行病後有一個非常大的支付緩衝。他們一直在減少支付緩衝。他們賬戶中的存款仍然比大流行前多，但我們開始看到這些存款隨著支付水平的提高而流失。

One of the things that's interesting as we dig into the data behind how these customers are performing. I touched on it in my prepared remarks. But we are seeing them make trade-offs. So the spend patterns, particularly for variable rate customers, have changed, and they're making decisions on not spending money on discretionary spending or discretionary retail spending like entertainment, as an example.

當我們深入研究這些客戶表現背後的數據時，其中一件很有趣的事情。我在準備好的發言中提到了這一點。但我們看到他們做出權衡。因此，消費模式，尤其是可變利率客戶的消費模式發生了變化，他們正在決定不把錢花在可自由支配的支出或可自由支配的零售支出上，例如娛樂。

And so we're seeing customers. The interesting paradigm, we're seeing customers making choices as they're moving through the cycle. As a risk manager, the area that I focus most on is our tail risk. And at this point, we haven't seen major increases in tail risk in these portfolios.

所以我們看到了客戶。有趣的範例，我們看到客戶在整個週期中做出選擇。作為一名風險經理，我最關注的領域是我們的尾部風險。在這一點上，我們還沒有看到這些投資組合的尾部風險大幅增加。

And if I look at Taylor, just to give you a sense, we have about 950,000 mortgage customers in the bank. And I'm looking at maybe around probably a little bit less than 2,000 customers, just to give you some perspective over our entire mortgage book. And with these customers, we're looking at treatments like pre-delinquency activities through our collection center and our branches. We're looking at how we can leverage machine learning to identify consumer behaviors, to identify customers before they go delinquent. And all of these things are being -- working hand-in-hand with Dan Rees and his team as well as the -- as our collections and operations team.

如果我看看泰勒，只是為了給你一個感覺，我們銀行有大約 950,000 名抵押貸款客戶。我正在查看大約不到 2,000 名客戶，只是為了讓您對我們的整個抵押貸款賬簿有一些看法。對於這些客戶，我們正在通過我們的收集中心和我們的分支機構尋找諸如拖欠前活動之類的處理方法。我們正在研究如何利用機器學習來識別消費者行為，在客戶拖欠之前識別他們。所有這些事情都與 Dan Rees 和他的團隊以及我們的收藏和運營團隊攜手合作。

So there's a really good monitoring in progress on these customers, and we're just trying to be as proactive as possible. But again, if you look, we're still -- our delinquency rates in these books are still below pre-pandemic. But we are going to work with customers. If we see further stress in the portfolio, we'll be proactive in helping us to manage that.

因此，對這些客戶進行了非常好的監控，我們只是想盡可能主動。但同樣，如果你看，我們仍然——我們在這些書籍中的拖欠率仍低於大流行前。但我們將與客戶合作。如果我們看到投資組合中的進一步壓力，我們將積極主動地幫助我們管理它。

Okay. So there are deferrals happening? And do you have any statistics on that?

好的。那麼有延期發生嗎？你有這方面的統計數據嗎？

No, we're not doing deferrals. No, no.

不，我們不會延期。不，不。

Our following question is from John Aiken from Barclays.

我們的以下問題來自巴克萊銀行的約翰艾肯。

Scott, I think that the market is anxiously waiting the update on your strategic outlook and even if it's not the market, I know that I am. I know that you're not likely to give us any state secrets on this call. But do you -- are you able to give us a timeline as to when you may have been able to wrap up your strategic overview and give us some idea in terms of what your thoughts are moving forward?

斯科特，我認為市場正在焦急地等待你的戰略前景的更新，即使不是市場，我也知道我是。我知道你不太可能在這次電話會議上向我們透露任何國家機密。但是你能不能給我們一個時間表，說明你什麼時候可以完成你的戰略概述，並讓我們了解你的想法是什麼？

Sure. Yes. Thanks, John, and we'll come back to the market by the end of the calendar year with some more insights. But I think even this quarter, you're starting to see some of the things that I said in January start to play out, right? I mean, strengthening the foundation here on capital and liquidity to give us some optionality, improved profitability from a NIM perspective, repositioning the balance sheet in terms of interest rate positioning.

當然。是的。謝謝，約翰，我們將在日曆年結束前帶著更多見解回到市場。但我認為即使在本季度，你也開始看到我在 1 月份所說的一些事情開始發揮作用，對吧？我的意思是，加強這裡的資本和流動性基礎，為我們提供一些選擇權，從 NIM 的角度提高盈利能力，根據利率定位重新定位資產負債表。

I mean, I think these are all consistent with what I talked about in January. Even through my comments today, you heard me talk about capital-light businesses in wealth. And you see the International Wealth business up 19%. You heard me talk about Tangerine. Here's an asset that is a fantastic asset that we need to accelerate. Talking here in my comments around Scene, right, in terms of areas in Canada where we're underpenetrated, but making progress.

我的意思是，我認為這些都與我在一月份談到的一致。即使通過我今天的評論，你也聽到我在談論財富中的輕資本業務。你會看到國際財富業務增長了 19%。你聽到我談論 Tangerine。這是一項我們需要加速的極好的資產。在我對 Scene 的評論中，就加拿大我們尚未滲透但正在取得進展的地區而言，是的。

And then in some of the segments like Jake's business and advisory. I think the improvements in our DCM and ECM positioning over the last 3, 6, 9 months has been really impressive. So you'll hear more. But I think through my comments and through our performance, you're starting to see some of the actions that you can expect going forward.

然後是 Jake 的業務和諮詢等部分領域。我認為我們在過去 3、6、9 個月中 DCM 和 ECM 定位的改進確實令人印象深刻。所以你會聽到更多。但我認為通過我的評論和我們的表現，你開始看到一些你可以期待的行動。

The following question is from Mario Mendonca from TD Securities.

以下問題來自道明證券的 Mario Mendonca。

I took notice of that meaningful increase in the liquidity coverage ratio. It's clear the bank is, as you said, Scott, is building up liquidity and maybe changing the funding profile a little bit. What I want to get at now is, is this a lasting change, this increase in liquidity coverage ratio? Or is it mostly just a reaction to what happened in -- with U.S. regional banks and you can sort of drift back down to something lower in the near term?

我注意到流動性覆蓋率的顯著增加。很明顯，正如你所說，斯科特，銀行正在建立流動性，並可能稍微改變融資狀況。我現在想知道的是，流動性覆蓋率的提高是否是一個持久的變化？或者它主要只是對美國地區銀行發生的事情的反應，你可以在短期內回落到更低的水平？

And a related question is, do you expect any changes from regulators around the world as it relates to liquidity requirements and funding requirements?

一個相關的問題是，您是否期望世界各地的監管機構在流動性要求和融資要求方面做出任何改變？

Great. Thanks, Mario. Listen, I think the U.S. dislocation was meaningful for all of us. I think the Canadian banks did really well through that period. I think the fact that we had deposit stability and actually deposit inflow should give us all comfort about our diversified business model.

偉大的。謝謝，馬里奧。聽著，我認為美國的混亂對我們所有人都有意義。我認為加拿大銀行在那個時期表現非常好。我認為我們的存款穩定性和實際存款流入這一事實應該讓我們對我們的多元化商業模式感到欣慰。

I think it also highlights, though, the importance of running capital kind of at similar levels to where we are and a little bit more heightened liquidity, and that's why we took the liquidity from $121 million to $130 million. I think those liquidity levels are actually pretty relevant for us. I think that's the kind of liquidity levels that we should be running at going forward. So I don't think you'd see us going back to the 120 level and 130 is appropriate. And we can adjust over time once we get more clarity on the macro and the regulatory environment.

不過，我認為這也凸顯了以與我們目前相似的水平運行資本以及提高流動性的重要性，這就是我們將流動性從 1.21 億美元提高到 1.3 億美元的原因。我認為這些流動性水平實際上與我們非常相關。我認為這是我們未來應該運行的流動性水平。所以我認為你不會看到我們回到 120 水平，130 是合適的。一旦我們對宏觀和監管環境更加清晰，我們就可以隨著時間的推移進行調整。

So I actually think there was some -- obviously, we're on a journey. The results weren't exactly as we'd like them from a P&L perspective, revenues and expenses. But I think there was a lot of progress in this quarter when you look at capital, when you look at liquidity, when you look at interest rate positioning, and when you look at profitability. So I actually was pleased with the progress this quarter, recognizing more work to do.

所以我實際上認為有一些 - 顯然，我們正在旅途中。從損益表、收入和支出的角度來看，結果並不完全符合我們的預期。但我認為本季度在資本、流動性、利率定位和盈利能力方面取得了很大進展。所以我實際上對本季度的進展感到滿意，認識到還有更多工作要做。

Do you think the regulators are going to have a say in this in the next little while?

您認為監管機構在接下來的一段時間內會對此有發言權嗎？

So, I think in the U.S. right now, there's a lot of discussions. I'm not sure it's exactly clear, but increased regulation, particularly in that regional banking sector, is probably part of the equation. And I suspect higher capital levels and liquidity will be front and center for people.

所以，我認為現在在美國，有很多討論。我不確定這是否完全清楚，但加強監管，尤其是在該區域銀行業，可能是其中的一部分。我懷疑更高的資本水平和流動性將成為人們關注的焦點。

Okay. And then sorry, a different question. You talked about -- I think it was Phil, you talked about wanting to be a little more proactive in building outperforming loan reserves. I'm trying to understand what that means.

好的。然後抱歉，另一個問題。你談到 - 我想是菲爾，你談到想要更積極地建立表現出色的貸款準備金。我試圖理解這意味著什麼。

In any given quarter, 4 or 5 basis points to me is just your normal level. It's consistent with the overall balance sheet growth. So when you say you want to start building performing loan reserves, are you talking about something north of that basic 4 to 5 basis points?

在任何給定的季度，4 或 5 個基點對我來說只是您的正常水平。這與整體資產負債表的增長是一致的。所以當你說你想開始建立執行貸款準備金時，你是在談論基本的 4 到 5 個基點以外的東西嗎？

No, no. That -- we usually run at around 1 to 2 basis points increasing. And so what we're talking about is getting that more to the sort of 4 to 4-ish every quarter. But again, I mean, listen, we want to be guided by what the macro is telling us. And so I don't want to commit to a certain percentage build every quarter. We'll watch to see how the how the economy performs. We've already made some changes to our macroeconomic scenarios to reflect some more pessimism. But that's -- nothing is more substantial than what we're already putting forward this quarter.

不，不。那——我們通常會增加 1 到 2 個基點左右。因此，我們正在談論的是每季度增加 4 到 4 左右。但是，我的意思是，聽著，我們希望以宏觀告訴我們的內容為指導。所以我不想承諾每個季度都有一定比例的構建。我們將觀察經濟表現如何。我們已經對我們的宏觀經濟情景進行了一些改變，以反映更多的悲觀情緒。但那是——沒有什麼比我們本季度已經提出的更重要的了。

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

以下問題來自 Desjardin Capital Markets 的 Doug Young。

On International Banking NIM, 4.2%. I think, Raj, you talked a bit about more upside from here. Just wanted to get a little bit more color of what drives that? And then maybe attached to this in International Banking, Colombia continues to struggle when we look at the underlying results. I mean what are the issues there? What are you doing to address these? And any discussions with the other entity that owns a good chunk of that around the put option on the Colombia business?

國際銀行NIM，4.2%。我認為，Raj，你從這裡談到了更多的好處。只是想了解更多的驅動因素？然後，當我們查看基本結果時，哥倫比亞可能會在國際銀行業中與此聯繫在一起，繼續掙扎。我的意思是那裡有什麼問題？你在做什麼來解決這些問題？是否與擁有大部分股份的其他實體圍繞哥倫比亞業務的看跌期權進行了討論？

Sure. I think I'll talk on the NIM, and I'll probably pass it on to Francisco to talk about Colombia and at least it's early thoughts on what we're doing from there.

當然。我想我會談談 NIM，我可能會把它傳遞給 Francisco 來談談哥倫比亞，至少這是我們從那裡所做的事情的早期想法。

The net interest margin of International Banking, as I said before, has got too many moving parts out, right? A lot of it changes because of inflation. We have so many countries. Each one has a different rate situation depending on how we are positioned as well, for example, some we benefit by declining rates. Balance sheet positioning. Well, in the Caribbean, we benefit from increasing rates. So lots of puts and takes over there.

國際銀行的淨息差，正如我之前所說，有太多的活動部件，對吧？由於通貨膨脹，它的很多變化。我們有這麼多國家。每個人都有不同的利率情況，這取決於我們的定位，例如，有些我們通過利率下降而受益。資產負債表定位。好吧，在加勒比地區，我們受益於利率上漲。那裡有很多看跌期權和接管權。

What I think, I would say, with a reasonable confidence is the 412 basis points is a really good number for us across that footprint. And we think there will be some modest expansion. I don't think it's going to be 12 basis points quarter-over-quarter. That much I can say with certainty looking forward. But it's something that will be around these levels for the remainder of this year, and then we'll see how the rate situation evolves. On Colombia, Francisco?

我認為，我會說，有合理信心的是，412 個基點對我們整個足跡來說是一個非常好的數字。我們認為會有一些適度的擴張。我認為季度環比不會增長 12 個基點。我可以肯定地說這麼多。但在今年餘下的時間裡，它會圍繞這些水平，然後我們將看到利率情況如何演變。在哥倫比亞，弗朗西斯科？

Let me, first and foremost, welcome everybody to the call. Thank you for joining, and I look forward to meeting you in person soon.

首先，讓我歡迎大家參加電話會議。感謝您的加入，我期待著很快與您見面。

It's been just a few weeks since I joined the organization. But during that time, I've traveled extensively to all the important markets where we have a presence, including Colombia. Colombia is a market I know well. I operate there personally over 3 years. So I know the country well and have Colombia as a matter of fact. I don't know if that counts for anything, but that's fact.

我加入組織才幾週。但在那段時間裡，我走遍了我們開展業務的所有重要市場，包括哥倫比亞。哥倫比亞是我熟悉的市場。我親自在那裡經營了 3 年多。所以我很了解這個國家，事實上也有哥倫比亞。我不知道這是否算數，但這是事實。

And I was there recently. The view that I have on who we are in Colombia is, first and foremost, we have scale. We have an MVL brand and an MVO client base, and we're recognized in the market as a strong player. So we have a strong foundation to build upon. I was able to review the plan that we have in place is a recently built plan to turn around the operation. And it's a sound plan and a plan that I will continue to review and adjust as I see and track performance.

我最近在那裡。我對我們在哥倫比亞的看法是，首先，我們有規模。我們擁有 MVL 品牌和 MVO 客戶群，我們在市場上被公認為實力雄厚的參與者。因此，我們擁有堅實的基礎。我能夠回顧我們制定的計劃是最近制定的扭轉行動的計劃。這是一個合理的計劃，我將在觀察和跟踪績效時繼續審查和調整該計劃。

I also had the opportunity to meet with our partners in Colombia, who I know well from my time there. And they have the full support of the plan and the management team, and we've made recent changes to the management team in Colombia. So we have to see that plan through. I'm confident that we're going to execute it well. And over time, we'll keep updating this group in terms of our performance.

我也有機會會見了我們在哥倫比亞的合作夥伴，我在那裡的時候就很了解他們。他們得到了計劃和管理團隊的全力支持，我們最近對哥倫比亞的管理團隊進行了調整。所以我們必須通過該計劃。我相信我們會很好地執行它。隨著時間的推移，我們會不斷更新這個小組的表現。

And just one, this is Scott. Just one thing on the put. The put window that we've gone through that. So there's no ability of our partner to exercise that put for another 2 years. So we'll work closely arm-in-arm with our partner to improve the performance of Colombia, recognizing the current performance is not acceptable.

只有一個，這是斯科特。只是一件事。我們已經經歷過的放置窗口。因此，我們的合作夥伴沒有能力再行使 2 年的權利。因此，我們將與我們的合作夥伴緊密合作，以改善哥倫比亞的表現，認識到目前的表現是不可接受的。

Our last question is from Sohrab Movahedi from BMO Capital Markets.

我們的最後一個問題來自 BMO Capital Markets 的 Sohrab Movahedi。

Okay. Maybe just for clarification, Raj, I think you covered quite a bit of it. But so when you put it all together in the corporate segment with some of the repositioning, do you expect the drag to lessen in the coming quarters and into next year? Or are we still in this $250 million to $300 million per quarter range?

好的。也許只是為了澄清，Raj，我想你涵蓋了很多。但是，當你將所有這些與一些重新定位放在企業部門時，你是否預計未來幾個季度和明年的阻力會減少？或者我們是否仍處於每季度 2.5 億至 3 億美元的範圍內？

Yes. I think directionally, you saw some improvement this quarter, Sohrab, as we had indicated, we thought it would be likely in line with last quarter or maybe even higher I thought the loss might be. It came in better simply because of all the actions. Some of the investment gains we took as well, which you know is not predictable really.

是的。我認為在方向上，你看到本季度有所改善，Sohrab，正如我們所指出的，我們認為這可能與上一季度一致，或者甚至更高，我認為損失可能是。僅僅因為所有的行動，它就變得更好了。我們也獲得了一些投資收益，你知道這實際上是不可預測的。

I would say, for the rest of this year, I won't get into 2024 because the rate situation has such a big impact on the other segment results. I think somewhere around these levels, maybe a little better than this as we see the interest rate situation evolve today, I think will likely be the way it is going to be. I don't think it will get down meaningfully for the remainder of this year, but that might be a different story in 2024, which we can talk about at the end of the year.

我會說，在今年餘下的時間裡，我不會進入 2024 年，因為利率情況對其他部門的業績有如此大的影響。我認為在這些水平附近的某個地方，也許比我們今天看到的利率情況演變的情況要好一些，我認為它可能會是這樣。我認為今年剩餘時間裡它不會顯著下降，但到 2024 年情況可能會有所不同，我們可以在年底討論。

Okay. And very quickly, just when I look at the capital situation, obviously, lots of good news on the numerator in particular. But when you look at the RWA growth, obviously, that was also a tailwind. That's a very kind of very minimal overall RWA growth. Where do you think that RWA growth is going to be, Raj, given all the excellent business plans that the business has put in front of you over the next, I don't know, 4 quarters?

好的。很快，就在我查看資本情況時，顯然，特別是關於分子的很多好消息。但是，當您查看 RWA 的增長時，顯然，這也是一個順風。這是一種非常小的整體 RWA 增長。 Raj，考慮到公司在接下來的 4 個季度裡向您提出的所有出色的業務計劃，您認為 RWA 的增長會在哪裡？

I'll answer over the next 2 quarters, which is probably a little more certain as we think about the macroeconomic environment. I think you talked about loan growth being modest quarter-over-quarter improvements with the exception of perhaps the Canadian mortgage book. And that's a modest growth compared to some of the growth we saw, for example, in 2022, Sohrab. So there's going to be strong internal capital generation.

我將在接下來的兩個季度內回答，考慮到宏觀經濟環境，這可能會更加確定。我想你談到貸款增長是適度的季度環比改善，也許加拿大的抵押貸款賬簿除外。與我們在 2022 年看到的一些增長相比，這是一個溫和的增長，Sohrab。因此，將會產生強大的內部資本。

This quarter, we saw 4 basis points on. Frankly, a lower EPS than what we would expect to generate going forward. So that should be a tailwind to growing the capital and absorbing any additional RWA growth. But I do think RWA growth will be fairly muted, similar to what you saw this quarter for the rest of this year, and that should help for capital accretion. And that's just simply a factor of how loan growth is expected to evolve considering the macros we see today across the footprint. 2024 might be a different story. Like I said, we can talk about it towards the end of the year.

本季度，我們看到了 4 個基點。坦率地說，每股收益低於我們預期的未來收益。因此，這應該是增加資本和吸收任何額外 RWA 增長的順風。但我確實認為 RWA 增長將相當低迷，類似於你在本季度看到的今年餘下時間的情況，這應該有助於資本增值。考慮到我們今天在整個足跡中看到的宏觀，這只是貸款增長預計將如何演變的一個因素。 2024 年可能是另一回事。就像我說的，我們可以在年底前討論它。

Okay. But just for crystal clarity, Raj, the more moderate loan growth is not you pulling back on risk taking, it's just a function of the environment you're operating in?

好的。但為了清楚起見，Raj，更溫和的貸款增長並不是你在減少冒險，它只是你所處環境的一個功能？

It's mostly a function of the environment. There's no changes in risk appetite of any significance that we'll talk about. But from time-to-time, right, I mean, we're trying to focus more on the customer. You've heard Scott talk about it.

這主要是環境的一個功能。我們將要討論的風險偏好沒有任何重大變化。但有時，對，我的意思是，我們正在努力更多地關注客戶。你已經聽過 Scott 談論過它。

So some of those do drive certain outcomes, but it's generally the macro. The demand is a little lower, particularly if we get to the International Banking segment, and we're going to react appropriately. So I wouldn't say one is greater than the other, but it's mostly relating to the macro if you want a big one.

所以其中一些確實會帶來某些結果，但通常是宏觀的。需求略低，特別是如果我們進入國際銀行部門，我們將做出適當的反應。所以我不會說一個比另一個大，但如果你想要一個大的，它主要與宏觀有關。

That's all the time we have for questions. I would now like to turn the meeting over to Raj.

這就是我們提問的全部時間。我現在想將會議轉交給 Raj。

Thank you. On behalf of the entire management team, I want to thank everyone for participating in our call today, and we look forward to speaking with you again at our Q3 call in August. This concludes our second quarter results call. Have a great day.

謝謝。我代表整個管理團隊，感謝大家今天參加我們的電話會議，我們期待在 8 月的第三季度電話會議上再次與您交談。我們的第二季度業績電話會議到此結束。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。