Bank of Nova Scotia (BNS) 2024 Q3 法說會逐字稿

Good morning, and welcome to Scotiabank's 2024 third quarter results presentation. My name is John McCartney, and I'm Head of Investor Relations here at Scotiabank. Presented here this morning are Scott Thomson, Scotiabank's President, Chief Executive Officer; Raj Viswanathan, our Chief Financial Officer; and Phil Thomas, our Chief Risk Officer. Following our comments, will be glad to take your questions.

早安，歡迎來到豐業銀行 2024 年第三季業績發表會。我叫約翰‧麥卡尼，是豐業銀行投資人關係主管。今天早上出席會議的有豐業銀行總裁兼執行長 Scott Thomson； Raj Viswanathan，我們的財務長；以及我們的首席風險長 Phil Thomas。根據我們的評論，我們很樂意回答您的問題。

Also present to take your questions are the following Scotiabank executives, Aris Bogdaneris from Canadian Banking; Jackie Allard from Global Wealth Management; Francisco Aristeguieta from International Banking and Travis Machen from Global Banking and Markets. 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.

豐業銀行高層、加拿大銀行業的 Aris Bogdaneris 也在場回答您的問題；全球財富管理公司的 Jackie Allard；來自國際銀行業務的 Francisco Aristeguieta 和來自全球銀行與市場業務的 Travis Machen。在我們開始之前，我代表今天的發言者，請您參閱我們簡報的第二張投影片，其中包含豐業銀行對前瞻性陳述的謹慎態度。

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

現在，我將把電話轉給史考特。

Thank you, John, and good morning, everyone. We are pleased to share our Q3 results, which demonstrated another quarter of progress and focused execution against our strategy. Through a challenging market environment, we achieved quarter-over-quarter EPS growth and continued positive operating leverage. Our results reflects the strength of our balance sheet, while demonstrating revenue acceleration led by performance in our Canadian banking business and ongoing positive momentum in Global Wealth.

謝謝約翰，大家早安。我們很高興分享我們第三季的業績，這表明我們又取得了一個季度的進展，並專注於執行了我們的策略。在充滿挑戰的市場環境中，我們實現了每股盈餘環比成長，並保持了積極的營運槓桿。我們的業績反映了我們資產負債表的實力，同時證明了加拿大銀行業務業績和全球財富持續積極勢頭帶動的收入加速成長。

Importantly, we are seeing the profitability benefits of our shifting focus from volume to value. Let me take a moment to recap a few key enterprise initiatives. Personal and commercial deposit growth will remain laser focus on developing primary client relationships. And while we expect this to be an ongoing and incremental journey, we are well underway with PNC deposit growth across our Canadian and international retail business is up 7% on a year-over-year basis. Since we started this journey 18 months ago, deposits in our Canadian Banking business are up $43 billion.

重要的是，我們看到了將重點從數量轉向價值的獲利優勢。讓我花點時間回顧一些關鍵的企業措施。個人和商業存款的成長將繼續集中於發展主要客戶關係。雖然我們預計這將是一個持續且漸進的旅程，但我們的加拿大和國際零售業務的 PNC 存款將年增 7%，進展順利。自 18 個月前開始這趟旅程以來，我們加拿大銀行業務的存款增加了 430 億加元。

Capital discipline. We are deploying our incremental capital to our priority businesses in line with our medium-term objectives. We are starting to see the benefits of this repositioning with strong revenue and earnings growth in Canadian Banking and Wealth and a sharpened focus on returns in GBM and international banking. Today's results demonstrate our ability to generate earnings growth while focusing on disciplined capital deployment, priority client segments.

資本紀律。我們正在根據我們的中期目標將增量資本部署到我們的優先業務。我們開始看到這種重新定位的好處，即加拿大銀行業和財富業的收入和盈利強勁增長，以及對 GBM 和國際銀行業回報的更加關注。今天的業績證明我們有能力實現獲利成長，同時專注於嚴格的資本部署和優先客戶群。

Cost and process efficiencies. Our efforts to increase our productivity will be an important contributor to meeting our medium term profitability metrics. All bank positive operating leverage, driven by cost discipline and Canadian International Banking will be an important driver of results going forward.

成本和流程效率。我們提高生產力的努力將成為實現中期獲利指標的重要貢獻者。在成本紀律和加拿大國際銀行業務的推動下，所有銀行的積極營運槓桿都將成為未來績效的重要動力。

And finally, maintaining a strong balance sheet remains a high priority. Through the challenging rate environment over the past 18 months, we have strengthened our balance sheet with CET1 capital, ACL coverage and liquidity metrics all significantly improved levels.

最後，保持強勁的資產負債表仍然是重中之重。在過去 18 個月充滿挑戰的利率環境中，我們加強了資產負債表，CET1 資本、ACL 覆蓋範圍和流動性指標均顯著提高。

Turning to our Q3 results, the bank reported adjusted earnings of $2.2 billion or $1.63 per share in the quarter. The bank delivered solid top line revenue growth again this quarter, driven by higher net interest income and non-interest revenue. We are realizing on the productivity initiatives that are already underway at the bank. Specifically in our international and Canadian retail businesses, our productivity ratios improved by 210 basis points and 130 basis points, respectively on a year-to-date basis.

談到我們第三季的業績，該銀行報告本季調整後收益為 22 億美元，即每股 1.63 美元。在淨利息收入和非利息收入增加的推動下，該銀行本季再次實現了穩健的營收成長。我們正在認識到銀行已經實施的生產力計劃。特別是在我們的國際和加拿大零售業務中，我們的生產力比年初至今分別提高了 210 個基點和 130 個基點。

Credit costs are at high end of our previously communicated range as we see the impact of sustained higher rates on our retail portfolios. In our international markets, we expect to see credit conditions begin to stabilize in response to the monetary easing over the past few quarters. And we remain focused on delivering favorable risk-adjusted margins and returns. Despite higher credit costs it is important to note that risk adjusted margins have trended higher year to date in both Canadian and international banking.

由於我們看到持續較高的利率對我們的零售投資組合的影響，信貸成本處於我們先前傳達的範圍的高端。在我們的國際市場上，我們預期信貸狀況將因過去幾季的貨幣寬鬆政策而開始穩定。我們仍然專注於提供有利的風險調整利潤和回報。儘管信貸成本較高，但值得注意的是，今年迄今，加拿大和國際銀行業的風險調整利潤率均呈上升趨勢。

Loans grew sequentially in the Canadian bank, in line with our strategic objective to deploy capital to our priority businesses and with our profitable primary relationships. Loan balance trended lower in International Banking and GBM. This lending discipline, coupled with early success and what will be a relentless ongoing effort to strengthen our deposit franchise is already showing clear progress.

加拿大銀行的貸款持續成長，這符合我們將資本部署到優先業務的策略目標以及我們有利可圖的主要關係。國際銀行業和 GBM 的貸款餘額呈下降趨勢。這種貸款紀律，加上早期的成功以及為加強我們的存款業務而不懈的持續努力，已經顯示出明顯的進展。

Our wholesale funding requirement has been reduced over the past year by $33 billion, resulting in a 250 basis point reduction in our wholesale funding ratio. A few performance highlights across each of our businesses. We're pleased with the strong performance of our Canadian Banking business, which delivered $1.1 billion of earnings in the quarter, up 6%. Pre-tax, pre-provision earnings grew 11% year over year.

去年我們的批發融資需求減少了 330 億美元，導致我們的批發融資比率降低了 250 個基點。我們每項業務的一些業績亮點。我們對加拿大銀行業務的強勁表現感到滿意，本季獲利 11 億美元，成長 6%。稅前、撥備前盈餘較去年同期成長 11%。

We're making good progress towards our medium term, 1 million new primary client growth objectives and domestic retail and 500,000 primary client growth target and Tangerine. Year to date, we've added 143,000 net new primary clients in our Canadian retail and Tangerine franchises. Although balances in the Canadian residential mortgage portfolio are down slightly year over year. We have clearly reached an inflection point as we've seen the success of our multiproduct mortgage plus offerings, result in sequential residential mortgage growth.

我們在實現中期 100 萬新主要客戶成長目標和國內零售以及 50 萬個主要客戶成長目標和 Tangerine 方面取得了良好進展。今年迄今為止，我們的加拿大零售和 Tangerine 特許經營店淨增加了 143,000 名新主要客戶。儘管加拿大住宅抵押貸款組合的餘額比去年同期略有下降。我們顯然已經到達了一個拐點，因為我們看到了多產品抵押貸款和產品的成功，導致住宅抵押貸款連續成長。

Specifically 82% of mortgage origination in Q3 were mortgage plus offerings with new clients averaged an additional 3.1 products. Mortgage portfolio retention rates have also improved 190 basis points year over year to over 90%. Enhancing the profitability of our Canadian banking franchise will be a key driver of shareholder value creation. I was encouraged by the sequential 150 basis point improvement in Canadian Banking return on equity this quarter.

具體來說，第三季發放的抵押貸款中有 82% 是抵押貸款加產品，新客戶平均額外提供 3.1 個產品。抵押貸款投資組合保留率也比去年同期提高了 190 個基點，達到 90% 以上。提高我們加拿大銀行業務的獲利能力將成為股東價值創造的關鍵驅動力。本季加拿大銀行業股本回報率季增 150 個基點，令我深受鼓舞。

Global wealth delivered a very strong contribution of $415 million this quarter as a result of continued franchise momentum in our Canadian wealth business, led by growth in our advice channels as well as double-digit growth from international wealth. Our Canadian Wealth Management advisory businesses saw 19% increase in earnings year over year, led by very strong performance from Scotia McLeod and Private Banking.

由於我們的加拿大財富業務持續保持特許經營勢頭，在我們的諮詢管道增長以及國際財富兩位數增長的帶動下，全球財富本季度貢獻了 4.15 億美元的強勁貢獻。在豐業銀行 (Scotia McLeod) 和私人銀行業務的強勁表現帶動下，我們的加拿大財富管理諮詢業務收入較去年同期成長 19%。

We continue to invest in advisor growth and technology within Scotia McLeod and have recently achieved a record assets managed in that channel. Our total wealth approach to providing full client solutions is driving growth in assets and relationship depth with new and existing clients. Financial plans in place, for example, which we no longer relationships and importantly better outcomes for our clients are up 29% year over year.

我們繼續投資 Scotia McLeod 內的顧問成長和技術，最近在該通路管理的資產創下了紀錄。我們提供全面客戶解決方案的整體財富方法正在推動資產成長以及與新舊客戶的關係深度。例如，我們不再與客戶建立關係的現有財務計劃，重要的是為我們的客戶帶來更好的結果，比去年同期成長 29%。

Stronger collaboration and client cross-sell were highlighted is a clear priority for our domestic businesses at our Investor Day. We've seen good success in terms of the partnership between our businesses, driving a 21% year-to-date increase in closed referrals from the Canadian retail bank to our wealth business.

在投資者日，我們強調加強合作和客戶交叉銷售是我們國內業務的明確優先事項。我們在業務之間的合作方面取得了巨大成功，今年迄今，加拿大零售銀行對我們財富業務的封閉推薦數量增加了 21%。

These are tangible measurable metrics that confirm our advisors are working more successfully with their clients and with partners across our organisation to bring more value to those clients. We expect to see similar significant benefits from the partnership between Global Wealth and our commercial banking business going forward.

這些是切實可衡量的指標，可以確認我們的顧問與客戶以及整個組織的合作夥伴更成功地合作，為這些客戶帶來更多價值。我們預期未來環球財富與我們的商業銀行業務之間的合作將帶來類似的顯著效益。

And Global Banking and Markets business, we reported solid earnings of $418 million this quarter, despite lesser activity in the capital markets business, offset by stronger corporate banking and US business results. I have been impressed by GBM's ability to substantially earn through the headwind created by the elimination of the dividend received deduction this year.

在全球銀行和市場業務方面，儘管資本市場業務活動減少，但被強勁的企業銀行業務和美國業務業績所抵消，本季度我們報告了 4.18 億美元的穩健收益。 GBM 能夠在今年取消股息收入扣除所帶來的逆風中大幅獲利，這給我留下了深刻的印象。

We were encouraged by strong growth in our fee businesses. Underwriting and advisory fees were up over 30% on both a year over year and year to date basis, benefiting from the continued build-out of our product capabilities in the US capital markets business. A critical component of our client primacy strategy is a more connected transaction banking capability across our primary markets to generate higher deposit growth.

我們的收費業務的強勁成長令我們感到鼓舞。受益於我們在美國資本市場業務的產品能力的不斷增強，承銷和諮詢費用同比和年初至今均增長了 30% 以上。我們的客戶至上策略的關鍵組成部分是在我們的主要市場上建立更互聯的交易銀行能力，以產生更高的存款成長。

Scotia Connect, our new cash management platform will elevate our capabilities in both Mexico and Canada, with our focus now squarely on enhancing capabilities in the US to make it easier for our multinational corporate and commercial clients to do business with us.

我們的新現金管理平台 Scotia Connect 將提升我們在墨西哥和加拿大的能力，我們現在的重點是增強在美國的能力，使我們的跨國企業和商業客戶更容易與我們開展業務。

In our International Banking business, we delivered strong earnings up 6% or 9% PTPP growth year over year, representing a solid 14% return on equity despite elevated credit costs and more normalized GBM LatAm results compared to prior quarters. We continue to reposition capital deployed within our international footprint. Customer deposits grew 4% year over year, while loans were managed 2% lower. The resulting loan to deposit ratio in International Banking was down 9 points to 126% over the period.

在我們的國際銀行業務中，我們實現了強勁的盈利，同比增長6% 或9% PTPP，儘管信貸成本上升且GBM LatAm 業績與前幾季度相比更加正常化，但股本回報率仍實現了14% 的穩定成長。我們繼續重新配置在國際業務中部署的資本。客戶存款年增 4%，而貸款管理量下降 2%。在此期間，國際銀行業的貸存比下降了 9 個百分點，至 126%。

We are pleased with the early results of our productivity efforts, expense control and capital repositioning this business. We are confident that the retail client segmentation initiatives underway and our plans to develop a more regional standardized operating model will position our international banking business well for improved efficiency and greater profitability going forward.

我們對我們在生產力、費用控制和資本重新定位該業務方面所取得的早期成果感到滿意。我們相信，正在進行的零售客戶細分舉措以及我們開發更加區域化標準化營運模式的計劃將使我們的國際銀行業務處於有利地位，從而提高效率並提高未來的盈利能力。

Our International Banking business is doing more with less, generated impressive earnings growth with lower capital deployed. Since the beginning of the year, risk-weighted assets deployed by the region are lower by $6.7 billion.

我們的國際銀行業務以更少的投入獲得更多的成果，以較低的資本部署實現了令人印象深刻的獲利成長。自今年年初以來，該地區部署的風險加權資產減少了 67 億美元。

Turning to the current economic environment, interest rate increases over the past two years are now weighing on consumers and to a lesser extent on our commercial and corporate clients. In Canada, we expect the economy to improve modestly in response to further monetary easing, but remain below average historical growth rates for the foreseeable future.

談到當前的經濟環境，過去兩年的升息給消費者帶來了壓力，在較小程度上也給我們的商業和企業客戶帶來了壓力。在加拿大，我們預計經濟將因進一步貨幣寬鬆而溫和改善，但在可預見的未來仍低於平均歷史成長率。

We do expect policy rates and candidates trend gradually lower into mid next year providing welcome early relief to the Canadian consumer and driving a likely rebound in home and vehicle sales activity. US data in recent weeks has resulted in a repricing of the entire yield curve suggesting much lower policy rates in the near term than were expected a few months ago. This will be a benefit to our earnings in 2025.

我們確實預期政策利率和候選人趨勢將在明年中期逐漸下降，為加拿大消費者提供可喜的早期緩解，並推動房屋和汽車銷售活動可能出現反彈。近幾週的美國數據導致整個殖利率曲線重新定價，顯示近期政策利率遠低於幾個月前的預期。這將有利於我們 2025 年的獲利。

The larger economies in our Latin American footprint are all now well into a period of monetary accommodation. Central Bank policy rates in Chile at 5.75% and grew at 5.5% of continued lower from double digit levels last year. And Mexico and Colombia have more recently lowered policy rates as well. The Latam region has experienced relative political stability and stronger growth than anticipated this year because of proactive policy action this cycle. And should benefit further going forward from a strengthening global economy.

拉丁美洲地區較大的經濟體現在都已進入貨幣寬鬆時期。智利央行政策利率為5.75%，並從去年的兩位數水準持續走低至5.5%。墨西哥和哥倫比亞最近也降低了政策利率。由於本週期積極的政策行動，拉美地區今年經歷了相對的政治穩定和比預期更強勁的成長。並應進一步受益於全球經濟的走強。

We are not anticipating recessionary conditions in any of our key operating geographies in the foreseeable future. In closing, I would like to provide a few additional thoughts on the recent announcement of our agreement to purchase an approximately 14.9% interest in KeyCorp, a leading US regional commercial focus banking franchise.

我們預計在可預見的未來，我們任何主要的營運地區都不會出現衰退情況。最後，我想就我們最近宣布的協議購買 KeyCorp 約 14.9% 的權益提供一些額外的想法，KeyCorp 是一家美國領先的區域商業集中銀行特許經營機構。

This investment is consistent with our commitment to reallocate capital from developing to developed markets with a focus on the North American corridor. Our investment in KeyCorp represents a low cost, low risk approach to deploying capital in the US banking market at a time when valuations are favourable and as the regulatory and competitive environment evolves. The additional primary capital will allow KeyCorp to optimize our balance sheet and be more front-footed in growing their business, which will also result in increased income to Scotiabank over time.

這項投資符合我們將資本從發展中國家重新分配到已開發市場（重點關注北美走廊）的承諾。我們對 KeyCorp 的投資代表了在估值有利且監管和競爭環境不斷發展的情況下在美國銀行市場部署資本的一種低成本、低風險的方法。額外的主要資本將使 KeyCorp 能夠優化我們的資產負債表，並在業務發展方面更加領先，隨著時間的推移，這也將導致豐業銀行的收入增加。

This capital efficient transaction is expected to add greater than $0.25 to EPS in the first full year of ownership and approximately 45 basis points to Scotiabank's return on equity. Given both confidence in our capital plan and greater clarity on future capital requirements, we evaluated a range of capital deployment options, including share buybacks.

這項資本效率高的交易預計將在所有權的第一個完整年度增加超過 0.25 美元的每股收益，並使豐業銀行的股本回報率增加約 45 個基點。鑑於對我們的資本計畫的信心以及對未來資本需求的更加明確，我們評估了一系列資本部署方案，包括股票回購。

The investment in key is 65% more EPS-accretive than the buyback alternative and 20 basis points better from an ROE perspective. The capital impact of a full transaction will be approximately 50 basis points to 55 basis points. We believe that in the current environment, at 12.5% CET1 ratio represents an appropriate capital level at which to run the bank, 100 basis points above the regulatory minimum.

與回購方案相比，關鍵投資的 EPS 增值效果高出 65%，從 ROE 角度來看，則高出 20 個基點。完整交易的資本影響將約為 50 個基點至 55 個基點。我們認為，在當前環境下，12.5%的CET1比率代表了銀行營運的適當資本水平，比監管最低水平高出100個基點。

Therefore shareholders need not be concerned about Scotiabank holding excess capital as we continue to execute on our North American quarter of our strategy. Our investment in key is financially attractive to our shareholders in the near term and add strategic value in terms of optionality on future US platform growth in the long term.

因此，隨著我們繼續執行北美季度的策略，股東不必擔心豐業銀行持有過剩資本。我們對 key 的投資在短期內對我們的股東具有財務吸引力，並在長期未來美國平台成長的選擇性方面增加了戰略價值。

It is also important to note that our organic growth plans within our well-established US Global Banking and Markets business remain unchanged. We continue to enhance our US capital markets product offering and highly rated market segments. Our recent Mortgage Capital Markets team higher within our structured credit business is the most recent example.

還需要注意的是，我們完善的美國全球銀行和市場業務的有機成長計劃保持不變。我們持續增強我們的美國資本市場產品供應和高度評價的細分市場。我們最近在結構性信貸業務中的抵押資本市場團隊就是最新的例子。

In summary, I'm pleased with the bank's results this quarter in terms of delivering positive earnings progression while at the same time building balance sheet strength despite a challenging economic backdrop. We are making measurable progress against our strategic plan and our performance in 2024 sets a strong foundation for the resumption of organic earnings growth in 2025 in line with our Investor Day commitments.

總之，我對該銀行本季的業績感到滿意，因為儘管經濟背景充滿挑戰，但它仍實現了積極的獲利成長，同時增強了資產負債表實力。我們正在根據我們的策略計劃取得可衡量的進展，我們 2024 年的業績為 2025 年恢復有機盈利增長奠定了堅實的基礎，符合我們的投資者日承諾。

With that, I will turn it over to Raj for a more detailed financial review of the quarter.

這樣，我將把它交給 Raj，以對該季度進行更詳細的財務審查。

Thank you, Scott, and good morning, everyone. All my comments that follow will be on an adjusted basis, which exclude the following items. The loss mostly relating to goodwill associated with the sale of CrediScotia, our consumer finance business in Peru with the bank expects to receive regulatory approval in fiscal 2025. A legal provision related to certain value added tax assessed amounts relating to certain client transactions that occurred prior to the bank acquiring the Peruvian subsidiary and the usual of acquisition related intangible amortization amounts.

謝謝你，斯科特，大家早安。我接下來的所有評論都會經過調整，不包括以下內容。損失主要與出售CrediScotia 相關的商譽有關，CrediScotia 是我們在秘魯與該銀行的消費金融業務，預計將在2025 財年獲得監管部門的批准。評估金額相關的法律條款銀行收購秘魯子公司以及通常與收購相關的無形攤銷金額。

Moving to Slide 6 for a review of the third quarter results. The bank reported quarterly earnings of $2.2 billion and diluted earnings per share of $1.63. Return on equity was 11.3% and return on tangible common equity was 13.7%. Revenues were up 5% year over year, as net interest income grew 6%, driven by net interest margin expansion, while non-interest income grew 4% year over year.

轉到投影片 6，回顧第三季的業績。該銀行公佈的季度收益為 22 億美元，稀釋後每股收益為 1.63 美元。股本回報率為 11.3%，有形普通股回報率為 13.7%。營收年增 5%，其中淨利息收入在淨利差擴大的推動下成長 6%，而非利息收入較去年同期成長 4%。

The all bank net interest margin expanded 4 basis points year over year. Margin was down 3 basis points quarter over quarter, driven mainly by lower margins in International Banking and Canadian banking, as well as higher levels of low yielding liquid assets. We expect the modern to modestly improving Q4 and expand beyond Q4 as the benefits of the rate cuts of fully realized.

全行淨利差較去年同期擴大4個基點。利潤率環比下降 3 個基點，主要是因為國際銀行業和加拿大銀行業的利潤率下降，以及低收益流動資產水準較高。我們預計，隨著降息的好處得到充分體現，現代經濟將在第四季度略有改善，並在第四季度之後擴大。

Noninterest income was $3.6 billion, up 4% year over year, primarily from higher wealth management revenues, underwriting and advisory fees and the positive impact of foreign exchange. The provision for credit losses was approximately $1.1 billion and the PCL ratio was 55 basis points, up 1 basis point quarter-over-quarter.

非利息收入為36億美元，年增4%，主要來自財富管理收入、承銷和諮詢費用的增加以及外匯的正面影響。信貸損失撥備約11億美元，PCL比率為55個基點，較上季上升1個基點。

Expenses grew 5% year over year, driven by higher personnel costs from inflationary adjustments and amortization and other technology related costs that support business growth. Quarter over quarter, expenses were up a modest 1%, driven by amortization and other technology related costs and professional fees. The productivity ratio is 56% this quarter in line with the prior quarter and year to date, operating leverage was a positive 0.9%.

由於通膨調整和攤銷以及其他支援業務成長的技術相關成本導致人員成本上升，費用年增 5%。在攤銷和其他技術相關成本以及專業費用的推動下，費用環比小幅增加 1%。本季的生產率為 56%，與上一季和年初至今一致，營運槓桿率為正 0.9%。

Moving to slide 7, it shows the evolution of the CET1 capital ratio and risk-weighted assets during the quarter. The bank's CET1 ratio was 13.3%, an increase of 10 basis points quarter-over-quarter and 60 basis points year over year. Total risk-weighted assets was $454 billion, up from $450 billion in the prior quarter. Driven by growth and balance sheet assets and undrawn commitments, book quality changes that were partly offset by lower market risk.

轉到幻燈片 7，它顯示了本季度 CET1 資本比率和風險加權資產的演變。該行的CET1比率為13.3%，較上季上升10個基點，較去年同期上升60個基點。風險加權資產總額為 4,540 億美元，高於上一季的 4,500 億美元。在成長和資產負債表資產以及未提取承諾的推動下，帳面品質變化被較低的市場風險部分抵消。

Earnings contributed 16 basis points, the DRIP contributed 11 basis points and the revaluation of securities through the OCI contributed a further 7 basis points. This was offset partly by higher risk rated assets consuming 11 basis points and effects and other impacts of another 11 basis points. As a reminder, the Q3 dividend and the bank announced this morning will be the last dividend eligible for DRIP discount.

獲利貢獻了 16 個基點，DRIP 貢獻了 11 個基點，透過 OCI 進行的證券重估又貢獻了 7 個基點。這被消耗 11 個基點的較高風險評級資產以及另外 11 個基點的影響和其他影響部分抵消。提醒一下，第三季股息和銀行今天早上宣布的股息將是最後一次有資格獲得 DRIP 折扣的股息。

Turning now to the business line results, beginning on slide 8. Canadian Banking reported earnings of $1.1 billion, an increase of 6% year over year as higher revenues were partly offset by higher loan loss provisions and expenses. The business generated another quarter of positive operating leverage, resulting in year-to-date positive operating leverage of 2.1%.

現在轉向業務線業績，從幻燈片 8 開始。該業務又創造了一個季度的正營運槓桿，導致年初至今的正營運槓桿達到 2.1%。

Average loans and acceptances were up 1% quarter over quarter and roughly in line with the prior year. Business loans grew 7% year over year credit card balances grew 16%, while residential mortgage balances declined 2%.

平均貸款和承兌匯票較上季成長 1%，與上年基本持平。商業貸款年增 7%，信用卡餘額增加 16%，而住宅抵押貸款餘額下降 2%。

We continue to see deposit growth and year-over-year deposits grew 8%, including an increase in personal deposits of 5%. The loan-to-deposit ratio improved to 120% compared to 129% in Q3 2023. Net interest income increased 11% year over year, primarily from solid deposit growth, margin expansion and the benefit from conversion of bankers acceptances due to the cessation of SEDAR.

我們繼續看到存款成長，存款年增 8%，其中個人存款增加 5%。貸存比從 2023 年第三季的 129% 提高至 120%。

Net interest margin expanded 60 basis points year over year, driven by higher loan margins and favorable changes to business mix. Margin was down 4 basis points quarter over quarter as asset margin expansion was more than offset by lower deposit margins, reflecting the impact of rate cuts and mix shifts. Noninterest income was down 1% year over year, primarily due to bank -- lower banking fees impacted by the bankers acceptance as converting to loans partially offset by higher deposit and mutual fund fees and insurance revenue.

受貸款利潤率上升和業務結構有利變化的推動，淨利差較去年同期擴大 60 個基點。利潤率環比下降 4 個基點，因為資產利潤率的擴張被存款利潤率下降所抵消，這反映了降息和組合轉變的影響。非利息收入年減 1%，主要是由於銀行承兌匯票轉換為貸款而導致銀行費用降低，部分被較高的存款和共同基金費用以及保險收入所抵銷。

The PCL ratio was 39 basis points, down 1 basis point for (inaudible) quarter. Expenses increased 5% year over year, primarily due to higher technology, professional and personal costs. Quarter-over-quarter expenses grew a modest 1%, primarily due to the impact of two more days in the quarter, higher professional fees that were offset by good expense management controls.

PCL 比率為 39 個基點，（聽不清楚）季度下降 1 個基點。費用年增 5%，主要是由於技術、專業和個人成本的提高。季度開支小幅增加 1%，主要是由於本季多了兩天、專業費用增加的影響，但良好的開支管理控制抵消了這一影響。

Turning now to Global Wealth Management on slide 9. Earnings of $415 million were up 11% year over year, driven by higher brokerage revenues and net interest income in Canada and higher mutual fund fees across the Canadian and international businesses. Partly offset by higher expenses, largely volume related. Quarter-over-quarter earnings were up 7%, primarily due to higher brokerage revenues and mutual fund fees and net interest income, partly offset by higher expenses.

現在轉向幻燈片 9 上的全球財富管理。部分被較高的費用所抵消，主要與數量有關。季度收益成長 7%，主要是由於經紀收入和共同基金費用以及淨利息收入增加，但部分被費用增加所抵消。

Revenues of $1.5 billion were up 10% year over year, driven by higher brokerage revenues and net interest income as well as higher mutual fund fees driven by AUM growth. Expenses were up 9% year over year due to higher volume related expenses, sales force expansion and higher technology costs to support business growth.

由於經紀收入和淨利息收入增加，以及資產管理規模成長推動的共同基金費用增加，收入達到 15 億美元，年增 10%。由於銷售相關費用增加、銷售團隊擴張以及支援業務成長的技術成本增加，費用年增 9%。

The Spot AUM increased 10% year-over-year to $364 billion as market appreciation was partly offset by net redemptions. AUV grew 10% over the same period of $694 billion from market appreciation and higher net sales. International Well Management earnings of $68 million were up 11% year over year, driven by higher mutual fund fees, primarily from Mexico and strong deposit and loan growth at both Latin America.

由於市場升值被淨贖回部分抵消，現貨資產管理規模年增 10% 至 3,640 億美元。由於市場升值和更高的淨銷售額，AUV 同期成長了 10%，達到 6,940 億美元。國際油田管理公司的獲利為 6,800 萬美元，年增 11%，主要是由於共同基金費用上漲（主要來自墨西哥）以及拉丁美洲的存款和貸款增長強勁。

Turning to slide 10, Global Banking and Markets generated earnings of $418 million, down 4% year over year significantly impacted by the denial of the dividend received deduction. Capital markets revenue was down 8% year over year, primarily from lower fixed income revenues that were partly offset by higher FX. Quarter-over-quarter capital markets revenue was down 5%, from lower fixed income revenues partly offset by higher to equities and foreign exchange revenues.

轉向投影片 10，全球銀行和市場業務獲利 4.18 億美元，年減 4%，主要受到拒絕扣除股利的影響。資本市場收入年減 8%，主要是由於固定收益收入減少，但外匯上漲部分抵銷了這一收入。資本市場收入較上季下降 5%，固定收益收入減少部分被股票和外匯收入增加所抵銷。

Business banking revenues grew 8% year-over-year and 9% quarter-over-quarter due to higher corporate and investment banking, including higher underwriting and advisory fees. Loans and acceptances were down 5% quarter-over-quarter to $109 billion, reflecting market conditions and management's continued focus on balance sheet optimization.

由於企業和投資銀行業務的增加，包括承銷和諮詢費用的增加，商業銀行業務收入較去年同期成長 8%，較上季成長 9%。貸款和承兌匯票環比下降 5%，至 1,090 億美元，反映了市場狀況和管理層對資產負債表優化的持續關注。

Net interest income increased 16% year over year, primarily due to higher corporate lending and deposit margins and higher loan fees. Non-interest income, however, was down 4% year over year due to lower trading-related revenue, including the impact from dividend received deduction partely offset by higher fee and commission revenues.

淨利息收入年增16%，主要是因為企業貸款和存款保證金增加以及貸款費用增加。然而，由於交易相關收入減少，非利息收入年減 4%，其中股息收入扣除的影響被較高的費用和佣金收入部分抵消。

Expenses were up 5% year-over-year due mainly to higher personnel costs and technology costs to support business growth as well as the impact of foreign exchange. Quarter-over-quarter expenses were up a modest 2%, largely driven by higher personnel costs.

費用較去年同期成長5%，主要是由於支援業務成長的人員成本和技術成本增加以及外匯的影響。季度開支小幅增加 2%，主要是因為人員成本上升。

The US business generated strong earnings of $244 million, up 12% year over year, driven by higher corporate and investment banking revenue, equities revenues and lower funding costs, partly offset by higher expenses. GBM Latin America, which is reported as part of International Banking, reported earnings of $285 million, down 9% compared to the prior year and down 2% compared to the prior quarter.

美國業務實現了 2.44 億美元的強勁盈利，年增 12%，這得益於企業和投資銀行收入、股票收入的增加以及融資成本的降低，但部分被較高的費用所抵消。作為國際銀行業務的一部分，GBM 拉丁美洲報告收入為 2.85 億美元，比上一年下降 9%，比上一季下降 2%。

Moving to slide 11 for a review of International Banking. My comments that follow on an adjusted and constant dollar basis. The segment delivered earnings of $674 million, that was up 6% year-over-year. Revenue was up 6% year over year, as net interest income was up 7%, mainly in Chile, Mexico and Peru.

前往投影片 11，回顧一下國際銀行業務。我的評論是在調整後和不變的美元基礎上提出的。該部門獲利 6.74 億美元，年增 6%。營收年增 6%，其中淨利息收入成長 7%，主要來自智利、墨西哥和秘魯。

Net gross margin expanded 33 basis points year over year, NIM was down 5 basis points quarter over quarter, mainly due to lower inflation benefits in Chile and the impact of rate cuts that reduced asset margins in excess of cost of funds.

淨毛利率年增33個基點，淨利差較上季下降5個基點，主要是由於智利通膨收益下降以及降息導致資產利潤率下降超過資金成本。

Year over year loans were down 2%, primarily in Chile and Peru. Total business loans declined 7%, partly offset by 5% growth in residential mortgages. The deposits grew 4% year over year, primarily in Mexico, Chile and Colombia. Non-personal deposits grew 5%, while personal deposits grew 1% year over year mostly term. The loan-to-deposit ratio improved to 126% from 135% in the prior year. The provision for credit losses was $589 million, translating to 139 basis points, up only 1 basis point quarter-over-quarter.

貸款年減 2%，主要是在智利和秘魯。商業貸款總額下降 7%，部分被住宅抵押貸款 5% 的成長所抵銷。存款年增 4%，主要分佈在墨西哥、智利和哥倫比亞。非個人存款年增5%，個人存款年增1%，其中大部分為定期存款。存貸比由上年的135%提高至126%。信貸損失準備金為5.89億美元，相當於139個基點，季減1個基點。

Expenses were up 4% year over year, driven mainly by higher salaries and employee benefits and technology costs. Quarter over quarter, expenses were flat as a business continues to see the benefits of restructuring, prudent expense management and the focus on regionalization that offset the challenges of operating in a high inflationary environment. Year to date, operating leverage was a very strong positive 4.6%.

費用年增 4%，主要是由於工資、員工福利和技術成本增加。與上一季相比，支出持平，因為企業繼續看到重組、審慎支出管理和對區域化的關注所帶來的好處，抵消了在高通膨環境下營運的挑戰。今年迄今為止，營運槓桿率為 4.6%，非常強勁。

Turning to slide 12, the Other segment reported an adjusted net loss attributable to equity holders of $465 million compared to a loss of 421 million in the prior quarter. Net interest income was in line with last quarter and is expected to improve going forward benefiting from rate cuts. The non-interest revenue declined mainly due to lower non-interest revenue and higher expenses.

轉向投影片 12，其他部門報告調整後歸屬於股東的淨虧損為 4.65 億美元，而上一季為虧損 4.21 億美元。淨利息收入與上季持平，預計受益於降息，未來將有所改善。非利息收入下降的主要原因是非利息收入減少和費用增加。

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

我現在將把電話轉給菲爾討論風險。

Thank you, Raj. Good morning, everyone. All bank PCLs were 55 basis points, slightly above last quarter and are expected to remain around these levels for Q4. As we look to finish 2024, we continue to maintain our prudent approach and respond to the corresponding to the evolving macroeconomic landscape, but we are encouraged by the following trends. Stable delinquency rates in Canada, despite elevated unemployment and house hold expenses, flat net write-offs in GIL's quarter over quarter in International Banking, despite a mixed macroeconomic environment.

謝謝你，拉吉。大家早安。所有銀行 PCL 均為 55 個基點，略高於上季度，預計第四季度將保持在這些水平附近。展望 2024 年，我們將繼續保持審慎態度，並根據不斷變化的宏觀經濟狀況做出相應反應，但以下趨勢令我們感到鼓舞。儘管失業率和家庭開支上升，但加拿大的拖欠率保持穩定；儘管宏觀經濟環境好壞參半，GIL 國際銀行業務的淨沖銷季度環比持平。

Healthier balance sheet for our borrowing clients with both quarter over quarter and year over year deposits growing faster than loans. The resulting all bank PCLs approximately $1.1 billion was up $45 million quarter over quarter. We continue to maintain sufficient allowances for credit losses. Over the last four quarters, we have increased total allowances by approximately $800 million, of which $500 million was for performing loans, bringing our ACL coverage ratio to 89 basis points, up 11 basis points from last year.

我們的借款客戶的資產負債表更加健康，存款的季度環比和年增長均快於貸款。由此產生的所有銀行 PCL 約為 11 億美元，比上一季增加 4,500 萬美元。我們繼續維持足夠的信用損失準備金。在過去的四個季度中，我們的準備金總額增加了約 8 億美元，其中 5 億美元用於履約貸款，使我們的 ACL 覆蓋率達到 89 個基點，比去年提高了 11 個基點。

Canadian Banking PCLs of $435 million were up a modest $7 million, but down one basis point quarter over quarter as increased provisions for performing loans were partially offset by lower impaired provisions. Canadian retail PCLs were flat quarter over quarter with decreased in impaired provisions, offset by an $84 million performing build.

加拿大銀行業 PCL 為 4.35 億加元，小幅增長 700 萬加元，但環比下降一個基點，因為履約貸款準備金的增加被減值準備金減少部分抵消。加拿大零售 PCL 環比持平，減值撥備減少，但被 8,400 萬美元的業績成長所抵消。

Canadian retail clients continue to show resilience and are managing their budgets prudently as discretionary spending hovered around 20% of total spending for the last six quarters. Expected rate relief will serve as a tailwind, product performance remained strong in the meantime. The number of tail risk clients, our mortgage portfolio continued to improve sequentially and represents less than 1% for total retail loan balances.

加拿大零售客戶繼續表現出韌性，並謹慎管理預算，因為過去六個季度可自由支配支出徘徊在總支出的 20% 左右。預期利率下調將起到推動作用，同時產品表現依然強勁。我們的抵押貸款組合的尾部風險客戶數量持續改善，佔零售貸款餘額總額的比例不到 1%。

The bank is set aside allowances to cover expected loss on these accounts. 90 day delinquency in our variable rate mortgage portfolio has increased by a modest two basis points quarter over quarter. Our fixed rate mortgage portfolio has maintained a stable 90 day delinquency rate of 15 basis points, and our variable rate mortgage performance gives us confidence in our books credit quality. We are comfortable with the amount of allowances for the fixed rate mortgage portfolio.

銀行預留了準備金來彌補這些帳戶的預期損失。我們的可變利率抵押貸款投資組合的 90 天拖欠率比上一季小幅增加了兩個基點。我們的固定利率抵押貸款組合維持了 15 個基點的穩定 90 天拖欠率，而我們的可變利率抵押貸款表現讓我們對帳簿信用品質充滿信心。我們對固定利率抵押貸款組合的津貼金額感到滿意。

Turning to International Banking. International banking PCLs were $589 million, translating to a PCL ratio of 139 basis points. Total retail PCLs were stable and in line with expectations. We are encouraged by the performance in our retail portfolios. Delinquency remained flat quarter over quarter for the first time two years. Our clients remain resilient, given the macroeconomic environments in the region.

轉向國際銀行業。國際銀行業 PCL 為 5.89 億美元，相當於 PCL 比率為 139 個基點。零售PCL總額穩定且符合預期。我們的零售投資組合的表現令我們感到鼓舞。拖欠率兩年來首次保持季度環比持平。鑑於該地區的宏觀經濟環境，我們的客戶仍然保持彈性。

We remain confident in our clients resilience as Central Bank continue managing inflation across our footprint. The overall portfolio continues to perform as expected, and we continue to remain within the top end of our outlook for the full year 2024.

隨著央行繼續在我們的業務範圍內管理通膨，我們對客戶的恢復能力仍然充滿信心。整體投資組合持續表現符合預期，我們繼續保持 2024 年全年展望的上限。

With that, I'll pass it back to John for Q&A.

這樣，我會將其傳回給約翰進行問答。

Great. Thank you, Phil. Operator, could you please queue up questions.

偉大的。謝謝你，菲爾。接線員，請排隊提問。

Ebrahim Poonawala, Bank of America.

易卜拉欣·普納瓦拉，美國銀行。

Good Morning. I guess maybe Raj for you. Just around the net interest margin outlook. So I heard your comments earlier if we get a series of rate cuts from the Bank of Canada, which is expected at this point, give us a sense of the trajectory of where you see both the Canadian NIM playing out over the next four to six quarters and the consolidated NIM. And I'm assuming the corporate segment has to play a role somewhere in there with wholesale funding costs coming down. Thanks.

早安.我想也許拉傑適合你。正好圍繞淨利差前景。因此，我早些時候聽到了您的評論，如果加拿大央行（目前預計）進行一系列降息，讓我們了解加拿大淨息差在未來四到六年內的走勢季度和綜合淨息差。我認為企業部門必須在批發融資成本下降的情況下在其中發揮作用。謝謝。

Yeah. Good morning, Ebrahim. Happy to do that. Couple of points before I start on where this would go. So we disclosed in our analysts like saying every 25 basis points is about $100 million of benefit in the NII over the full fiscal year. To be clear, it doesn't go as equal each month, little bit back ended because of our assets and liabilities repriced.

是的。早安，易卜拉欣。很高興這樣做。在我開始討論這件事之前有幾點。因此，我們在分析師中透露，整個會計年度每 25 個基點的 NII 收益約為 1 億美元。需要明確的是，每個月的情況並不相同，由於我們的資產和負債重新定價，略有回落。

The second thing is we have seen two rate cuts in Canada, and the full quarter benefit of which shows through our wholesale funding benefits that come from cost of funding reductions over there. As you know, most of these on our 90 day repricing schedule. So we'll see some benefits in Q4 in the other segment, but we'll see the full quarter benefit starting from fiscal -- first quarter in fiscal 2025 and through. and likewise for every rate cut that will happen both in Canada and the United States.

第二件事是，我們看到加拿大兩次降息，整個季度的收益透過我們來自當地融資成本降低的批發融資收益得以體現。如您所知，其中大部分都在我們的 90 天重新定價計劃中。因此，我們將在第四季度看到其他領域的一些收益，但我們將看到從 2025 財年第一季開始直至整個季度的收益。加拿大和美國每次降息也是如此。

Our current forecast is we should have two more rate cuts in Canada before the end of the calendar year and likely you know starting in the United States in Septembe, two rate cuts for the remainder of the calendar year and four more rate cuts for 2025 and so on in both countries. So all of these benefits should show up in the other segment as you point out.

我們目前的預測是，加拿大應該在今年年底前再降息兩次，而且美國從 9 月開始，將在今年剩餘時間內降息兩次，到 2025 年再降息四次，兩國都是如此。因此，正如您所指出的，所有這些好處都應該出現在其他部分。

Even this quarter, if you look at the other segment, Ebrahim, the NII number, the loss is exactly the same as last quarter. So it's plateaued in our opinion and the benefits should start showing up starting next quarter. The Canadian banks division NIM will continue to show some level of decline because deposit margins will go on in a declining rate environment, as you know. But it will pick up as the asset repricing starts happening in line with the fixed rate mortgages, the schedulers as you know 2025 and 2026, but likely towards the latter part of 2025.

即使在這個季度，如果你看看另一個部分，即 Ebrahim，NII 數字，損失也與上季度完全相同。因此，我們認為它已經趨於穩定，收益應該從下個季度開始顯現出來。如您所知，加拿大銀行部門的淨利差將繼續出現一定程度的下降，因為存款保證金將在利率下降的環境中持續下去。但隨著資產重新定價開始與固定利率抵押貸款（如您所知的 2025 年和 2026 年調度程序）保持一致，這種情況將會加快，但很可能會在 2025 年下半年發生。

So that's the dynamic you will see in the business line, the international banking NIM, I suspect will be around the range that we operated this quarter. And as you know it moves around a little bit, multiple factors, different countries, inflation, many things that impact I've been in. But I think it will be around the levels that you saw this quarter. So the summary would be, we should start seeing NII and NIM benefits modestly in Q4 and then see it accelerate through 2025.

這就是您將在業務線中看到的動態，我懷疑國際銀行業務的淨利差將在我們本季營運的範圍內。如你所知，它會發生一些變化，多種因素，不同的國家，通貨膨脹，影響我所經歷的許多因素。因此，總結是，我們應該在第四季度開始看到 NII 和 NIM 適度受益，然後看到它在 2025 年加速成長。

Got it. And I guess maybe it's a good question maybe for you, Scott. The investment you made, I think got -- folks by surprise, just I think to me the fact that Scotia was back to playing offence and just was wondering if you could give us an update like the two core pieces in terms of the strategic sort of priorities one, give us a mark to market on where we are in improving the deposit franchise within Canada, like early signs of success like outside of rates coming down, what's actually happening from an execution standpoint. And then with Travis coming on in the capital markets business, is there kind of a heightened focus in terms of growing the US dollar business going forward? Thanks.

知道了。我想這對你來說也許是個好問題，史考特。我認為你們所做的投資讓大家感到驚訝，只是我認為斯科舍省重新開始進攻這一事實，只是想知道你們是否可以給我們提供更新，比如戰略方面的兩個核心部分優先事項之一，讓我們在加拿大境內改善存款特許經營權方面給市場留下一個標記，例如成功的早期跡象，例如利率下降之外，從執行的角度來看實際發生的情況。隨著特拉維斯進軍資本市場業務，未來是否會更加重視美元業務的發展？謝謝。

Sure. So there's three parts to that. So I'll start with the Key investment, I'll give it to Aris on the deposit franchise. And then Travis, maybe you can talk about the fee business in the US. So on the Key investment. We've gotten increased confidence over the last quarter in terms of the capital site, capital peak, in terms of what we need to run from a CET1 ratio with the Basel deferrals, and frankly, the strength of our balance sheet.

當然。所以這分為三個部分。所以我將從關鍵投資開始，我會將其交給 Aris 的存款特許經營權。然後特拉維斯，也許你可以談談美國的收費業務。所以關於關鍵投資。上個季度，我們對資本地點、資本高峰、我們需要根據巴塞爾延期的 CET1 比率運行以及坦率地說，我們的資產負債表實力的信心增強了。

And so, we evaluated a whole bunch of redeployment options and capital, and the investment in Key was the most financially attractive, and best for our shareholders. And there's a page in the Investor Day, which highlights the differences relative to a share repurchase. So that's first and foremost. I think the second aspect of that, however, is it's a low cost, low risk way to get into the US market.

因此，我們評估了一系列重新部署選項和資本，對 Key 的投資在財務上最具吸引力，對我們的股東也是最好的。投資者日有一個頁面強調了與股票回購相關的差異。所以這是首要的。然而，我認為第二個面向是，這是進入美國市場的一種低成本、低風險的方式。

In a market that's very uncertain right now, both from a political, regulatory and economic perspective. And so, the ownership interest in Key, which has a five-year standstill, allows us to dip our toe in the water, learn about the market, and actually get the benefits of NII, from developed market earnings over time, which has been part of the strategy in the North American corridor.

從政治、監管和經濟角度來看，目前的市場都非常不確定。因此，Key 的所有權權益已暫停五年，使我們能夠嘗試一下，了解市場，並從已開發市場的長期收益中真正獲得 NII 的好處，這一直是北美走廊策略的一部分。

We are going to continue to focus, and Travis will come to this on growing our US GBM business, particularly through the fee side of that business. So with that, maybe, Travis, you can start on outlook for the US business, then we'll come to Aris on the deposits.

我們將繼續專注於發展我們的美國 GBM 業務，特別是透過該業務的收費方面。因此，Travis，您也許可以開始討論美國業務的前景，然後我們將討論 Aris 的存款問題。

Sure. Hi Ebrahim, this is Travis. Thanks for the question. As Scott mentioned, we see great opportunities in the US, obviously one of the largest markets. We see increased connectivity between our Canadian and US clients, where we can capitalize on some of the fee opportunities that come across.

當然。嗨，易卜拉欣，我是崔維斯。謝謝你的提問。正如斯科特所提到的，我們在美國看到了巨大的機會，這顯然是最大的市場之一。我們看到加拿大和美國客戶之間的聯繫不斷增加，我們可以利用其中遇到的一些收費機會。

And you saw a week or so ago, we did announce an investment in a new team there. So as we start to build our expertise in our products, I think you'll see continued growth in the US, above some of other markets within GBM.

你看到大約一周前，我們確實宣布了對那裡的一個新團隊的投資。因此，當我們開始建立我們的產品專業知識時，我認為您會看到美國的持續成長，高於 GBM 內的其他一些市場。

Aris, do you want to talk about deposit?

阿里斯，你想談談押金的事嗎？

Sure. We grew, and it's to this, in the last year, we've added more than $28 billion in deposits to the Canadian business. And you see it primarily in the loan-to-deposit ratio has gone down, I think, from 130 to 120 -- 8 points or 9 points. And this is something I mentioned back at Investor day, about building a more balanced business. And we start to see that now quarter-on-quarter.

當然。我們不斷成長，為此，去年我們為加拿大業務增加了超過 280 億美元的存款。我認為，主要是貸存比從 130 下降到 120，下降了 8 點或 9 點。這是我在投資者日提到的關於建立更平衡的業務的內容。我們現在開始逐季度看到這一點。

I think what I particularly want to highlight is in the third quarter, we actually saw day-to-day banking balances grow, and that is a new development. But is, an offshoot of all the work we've done, whether it's booking our mortgage, originating our mortgages and getting the mortgage plus and driving deposit first strategies, and day-to-day banking strategies, when we lend.

我想我特別想強調的是，在第三季度，我們實際上看到日常銀行餘額正在成長，這是一個新的發展。但這是我們所做的所有工作的一個分支，無論是預訂抵押貸款、發放抵押貸款、獲得抵押貸款加成、推動存款優先策略，以及我們貸款時的日常銀行業務策略。

We see it in the commercial banking business, small business, retail. And so you're starting to see day-to-day balances, despite the difficulty in the market and the consumer, we're seeing these balances grow. We added, I think, 60,000 net day-to-day banking clients in the third quarter. So the strategy is working. And it's a continuous focus of ours in all our channels, to build this deposit day-to-day banking muscle and then, lend on the back of it.

我們在商業銀行業務、小型企業、零售業中看到了這一點。因此，您開始看到日常餘額，儘管市場和消費者面臨困難，但我們看到這些餘額正在增長。我認為，第三季我們增加了 6 萬個淨日常銀行客戶。所以這個策略正在發揮作用。我們在所有管道中持續關注的重點是建立日常銀行業務的存款能力，然後以此為基礎放款。

I think today 56% of our mortgage customers have a day-to-day banking count and conversely 46% of our term deposit holders have a day-to-day banking account. So this continues to be the focus, and will continue to be a focus going into next year. And we'll build more product muscle, we build more incentives in the branch network. We're also, of course, focusing, as I mentioned also during Investor Day, to get more mutual fund sales out of our branch network. And that also is showing, early signs of success.

我認為今天 56% 的抵押貸款客戶擁有日常銀行帳戶，相反，46% 的定期存款持有人擁有日常銀行帳戶。因此，這仍然是焦點，並將繼續成為明年的焦點。我們將增強產品實力，在分公司網路中建立更多激勵措施。當然，正如我在投資者日期間提到的那樣，我們也致力於從我們的分支機構網絡中獲得更多的共同基金銷售。這也顯示出成功的早期跡象。

The mutual fund sales coming out of our branches increased on a gross basis 44% year-on-year. So again, this balanced business model, we continue to push, and we're seeing success and will continue going into the following quarters.

分行基金銷售總額較去年同期成長44%。同樣，我們繼續推動這種平衡的商業模式，並且我們看到了成功，並將在接下來的幾個季度繼續下去。

Yeah. Thank you very much.

是的。非常感謝。

Gabriel Dechaine, National Bank Financial.

加布里埃爾‧德鏈 (Gabriel Dechaine)，國家銀行金融部門。

Hey, good morning. On the International segment, I think you were saying that the margin is going to be, kind of in and around this level for the foreseeable future. I don't know if you said anything similar about the loan loss ratio?

嘿，早安。在國際業務方面，我認為您是說在可預見的未來，利潤率將在這個水平附近。不知道你對貸款損失率有沒有說過類似的話？

Gabe, it's Phil. I hope you're well. Good to hear you. We are -- as I said earlier, really encouraged by what we're seeing in IB, GILS flat, net write-offs flat. So that's an early positive sign. I'll give you guidance into Q4, and then happy to come back next quarter and sort of give more clear guidance into '25. But we're generally seeing things, as I look into next quarter, in line with this quarter.

加布，我是菲爾。我希望你一切都好。很高興聽到你的聲音。正如我之前所說，我們對 IB、GILS 持平、淨沖銷持平的情況感到非常鼓舞。所以這是一個早期的積極跡象。我將為您提供第四季度的指導，然後很高興在下個季度回來並為 25 年提供更明確的指導。但當我展望下個季度時，我們總體上看到的情況與本季一致。

Okay. Now if I look further ahead and your loss right now, is kind of in line-ish with historical levels, there's been obviously some volatility there over the years, but kind of eyeballing it looks at a normalized level, if you will. Yet your consumer portfolio, not the mortgage, but the mostly unsecured consumers, is still nearly 20% below where it was in the pre-COVID days.

好的。現在，如果我進一步展望未來，你現在的損失與歷史水平相當，多年來顯然存在一些波動，但如果你願意的話，目測它看起來處於正常化水平。然而，你的消費者投資組合（不是抵押貸款，而是大部分無擔保的消費者）仍比新冠疫情爆發前低了近 20%。

Just wondering why maybe beyond next quarter, if you factor in the rate cuts, you factor in the portfolio, the change to the portfolio mix. Why that that loss rate couldn't actually trend lower in the segment? Or is there some other factor I'm not considering?

只是想知道為什麼也許在下個季度之後，如果你考慮降息、投資組合以及投資組合組合的變化。為什麼該細分市場的損失率實際上並未下降？還是還有其他我沒有考慮到的因素？

No, I think listen, you've done a thorough analysis there. Francisco and I have been very focused on developing high quality in our portfolios. We've been very focused on primary customer acquisition. We're focusing on sort of our mass and top of mass segments. And so we're encouraged by what we're seeing, Gabe. And I think, there's more to come from me next quarter on outlook.

不，我想聽著，你已經在那裡做了徹底的分析。弗朗西斯科和我一直非常注重開發高品質的產品組合。我們一直非常注重主要客戶的取得。我們專注於我們的大眾和頂級大眾細分市場。因此，我們對所看到的感到鼓舞，加布。我認為，下個季度我還會有更多關於展望的內容。

Okay. I wasn't that thorough, actually, but thanks for that. Have a good one.

好的。事實上，我並沒有那麼徹底，但謝謝你。祝你過得愉快。

Thanks.

謝謝。

Paul Holden, CIBC.

保羅·霍爾登，CIBC。

Thank you. Good morning. A couple questions. Maybe just continuing with international. I think if you look at the macro backdrop, particularly in Chile and Peru, seems to be improving. And then, also there's a focus on the client primacy.

謝謝。早安.有幾個問題。也許只是繼續國際化。我認為，如果你看看宏觀背景，尤其是智利和秘魯，情況似乎正在改善。然後，也注重客戶至上。

So what I'm trying to figure out is, as the demand environment improves for loans. But put that against sort of your strategy. How should we think about balance sheet growth for international in 2025? Is this somewhere where balance sheet will still be flattish, or can we expect some decent growth next year? Thank you.

所以我想弄清楚的是，隨著貸款需求環境的改善。但這與你的策略相違背。我們該如何看待 2025 年國際資產負債表的成長？這是資產負債表仍將持平的地方，還是我們可以預期明年會出現一些不錯的成長？謝謝。

Well, thank you for the question. This is Francisco here. A couple of thoughts. The first is 2025, going back to our commitment in Investor Day, was part of our transitional year. So you're going to see throughout 2025, as you've seen in '24, the combination of a refocusing of our targeted penetration effort on existing relationships, on particularly top of mass emerging affluent-and-affluent.

嗯，謝謝你的提問。這是弗朗西斯科。有幾點想法。第一個是 2025 年，回到我們在投資者日的承諾，這是我們過渡年的一部分。因此，正如您在 2024 年所看到的那樣，您將在 2025 年看到，我們的目標滲透工作將重新集中在現有關係上，特別是在大眾新興富裕階層和富裕階層之上。

While an exercise of client de-selection drives a reprofiling of our balance sheet. So the net effect has been an overriding reduction of ROA, all delivered, all intended towards focusing on the right clients and the right returns. That exercise will continue throughout 2025, where we're going to be very deliberate on where we place balance sheet, both on retail, commercial and GBM, ensuring that we have a balanced relationship where lending is not the driver or the anchor, but rather the ability to transact on a day-to-day basis with our clients.

取消客戶選擇的做法推動了我們資產負債表的重新調整。因此，最終的影響是 ROA 的壓倒性降低，所有這些都是為了專注於正確的客戶和正確的回報。這項工作將持續到 2025 年，屆時我們將非常慎重地考慮零售、商業和 GBM 資產負債表的位置，確保我們擁有平衡的關係，其中貸款不是驅動因素或錨點，而是與客戶進行日常交易的能力。

So you will see on the commercial and GBM side, a deliberate focus on cash management penetration. And on the retail front, it will be about a balanced relationship where payroll, investments, insurance and ultimately transactional credit drive the relationships. So you will see 2025 as a flattish balance sheet year just, because of the net effect of de-selection and refocusing of our portfolio.

因此，您將在商業和 GBM 方面看到對現金管理滲透的刻意關注。在零售方面，這將是一種平衡的關係，薪資、投資、保險和最終的交易信貸推動著這種關係。因此，由於取消選擇和重新調整我們的投資組合的淨效應，您將看到 2025 年是資產負債表持平的一年。

Understood. That's a helpful answer. Thank you for that. Second question, and I guess it's for Phil. If I look at slide 34, it shows Canadian retail PCL trends. And what I see here is sort of, I think it's suggesting that the impaired, are actually starting to improve. Well, I think you're pretty conservative still on total provision. So does that suggest that at a point in time, when macroeconomic forecasts start to improve, there's potential for performing allowance releases? Would that be a correct assessment? Thank you.

明白了。這是一個有用的答案。謝謝你。第二個問題，我想是問菲爾的。如果我看一下投影片 34，它顯示了加拿大零售 PCL 趨勢。我在這裡看到的是，我認為這表明受損的人實際上正在開始改善。嗯，我認為你對總供應量仍然相當保守。那麼，這是否表示在宏觀經濟預測開始改善的某個時間點，有可能釋放配額？這是正確的評估嗎？謝謝。

That's a great question, Paul. And obviously, it's something we're spending a lot of time thinking about right now. I have to say the numbers came in as we had expected, quarter-over-quarter. But I continue to be impressed by how resilient the Canadian consumer has been through this period, the trade-offs that they continue to make. We see that coming through our VRM, our VRM portfolio for sure.

這是一個很好的問題，保羅。顯然，這是我們現在花費大量時間思考的事情。我不得不說，季度環比數據符合我們的預期。但加拿大消費者在這段時期的復原力以及他們繼續做出的權衡仍然給我留下了深刻的印象。我們肯定會透過我們的 VRM、我們的 VRM 產品組合看到這一點。

I think, I've been signaling auto stressing the auto portfolio for about a year now, and I was really encouraged this quarter to see, we're finally stable as it relates to net write-offs and in that portfolio. So have we turned a quarter? I mean, one quarter is not a trend, but I'm really encouraged by what I'm seeing for this quarter. And even as I look into next quarter, I look -- I see stability in these portfolios moving forward.

我想，大約一年來我一直在暗示汽車投資組合會受到壓力，本季我真的很高興看到，我們終於穩定了，因為它與淨沖銷和該投資組合有關。那我們已經過了四分之一了嗎？我的意思是，一個季度不是一種趨勢，但我對本季所看到的情況感到非常鼓舞。即使在我展望下個季度時，我也看到這些投資組合未來的穩定性。

Okay. That's it for me. Thank you.

好的。對我來說就是這樣。謝謝。

Thank you. (technical difficulty)

謝謝。 （技術難度）

Yes. Thanks, Jill. I think the Corporate segment is something that earlier we have talked about somewhere around the $475 million range. Bottom line is the right number for this year. And it's going to improve significantly next year. It's in line with the NII improvements, driven by the rate cuts that we talked about a little earlier and the wholesale funding benefits that will translate, and show up in the Corporate Funding segment. I think just near term, next quarter, likely around this range.

是的。謝謝，吉爾。我認為企業部分是我們之前討論過的大約 4.75 億美元範圍的部分。底線是今年的正確數字。明年這一情況將會有顯著改善。這與國家資訊基礎設施的改善是一致的，這是由我們之前談到的降息以及將轉化並出現在企業融資部分的批發融資收益所推動的。我認為短期內，下個季度，可能會圍繞這個範圍。

A couple of other comments on the Corporate segment. It's got multiple components. As you probably know by now. There is a lot of transfer pricing movements that happen between the Corporate segment and others. There's investment gains, sometimes there's mark-to-market gains that happen highly difficult to predict over there. And the investment gains have been fairly small in the last few quarters, because we've been holding onto it for NII income and that's kind of the change in philosophy on how we want to manage the portfolio going forward.

關於企業部門的其他一些評論。它有多個組件。你現在可能已經知道了。企業部門和其他部門之間發生了許多轉讓定價變動。有投資收益，有時會有以市價計價的收益，這些收益很難預測。過去幾季的投資收益相當小，因為我們一直持有它以獲取 NII 收入，這就是我們未來管理投資組合理念的轉變。

But mark-to-market gains are a little hard to predict, particularly in a volatile environment. So near-term, I think this would be about the right number, somewhere around the $450 million to $475 million range. And we'll talk in November, but directionally, it should be significantly better in 2025.

但以市價計算的收益有點難以預測，尤其是在動盪的環境下。因此，從近期來看，我認為這個數字是合適的，大約在 4.5 億美元到 4.75 億美元之間。我們將在 11 月討論，但從方向上看，2025 年應該會明顯好一些。

Okay. Thank you for that.

好的。謝謝你。

Mario Mendonca, TD Securities.

馬裡奧門東卡，道明證券。

Good morning. Phil, help me understand what proportion of your business, and government loan book would be on your watch list. And I'm curious as to what that is currently versus what it's been in the past?

早安.菲爾，請幫助我了解您的業務和政府貸款帳目將在您的觀察名單上所佔的比例。我很好奇現在與過去相比是什麼？

Yeah. Thanks, Mario. It's a good question. We continue to focus on high investment-grade corporate lending. Business in government, we have very little on the watch list right now. There's maybe -- there's a few things that I'm watching mostly on the commercial side of the business, but I'm feeling really good about where we are on the corporate side. Obviously, we're a very disciplined organization from a credit perspective.

是的。謝謝，馬裡奧。這是一個好問題。我們持續關注高投資級企業貸款。政府事務，我們目前在觀察名單上的人很少。也許——我主要在商業方面關註一些事情，但我對我們在企業方面的進展感覺非常好。顯然，從信用角度來看，我們是一個非常有紀律的組織。

We are very conservative in terms of how we approach these segments. There's -- we're seeing downgrades, some downgrades higher than upgrades, obviously, during this period. But I've got no major file on my desk that I'm working out right now. We are looking at -- there's a couple of pockets of softness in Canada on the commercial side.

我們在處理這些細分市場的方式上非常保守。在此期間，我們看到了降級，一些降級明顯高於升級。但我的辦公桌上沒有我現在正在處理的主要文件。我們正在關注加拿大在商業方面存在一些疲軟之處。

Agriculture would be one of them and transportation. And then, we're watching some pockets in some of our Latin America markets as well. But there's nothing that's standing out to me that I'm losing sleep on, on the corporate side right now.

農業和交通運輸就是其中之一。然後，我們也在關註一些拉丁美洲市場的一些領域。但在公司方面，目前沒有什麼事情讓我失眠。

It would be fair to say that it would be well below what, like far less than 5% - of your corporate -- of your business and government loan book. The watch list that is like well below 5%.

公平地說，這將遠低於您的企業和政府貸款帳簿的 5%（遠低於 5%）。觀察名單中的比例遠低於 5%。

Yes.

是的。

Okay. Maybe sort of a follow-up question on the auto side. I like others have been waiting for unsecured Canadian consumer credit to accelerate materially at some point and drive, every bank's PCL is higher. And it just seems like that's not happening. And I guess what I want to ask you said that you've been surprised or encouraged by the resilience of the Canadian consumer.

好的。也許是汽車方面的後續問題。我和其他人一樣一直在等待無擔保的加拿大消費信貸在某個時候大幅加速並推動每家銀行的 PCL 更高。而這似乎並沒有發生。我想我想問你的是，你對加拿大消費者的韌性感到驚訝或鼓舞。

Do you think that rates have dropped sufficiently, or maybe the outlook for rates has the -- outlook for rates that they will be lower over the next say, 12 months? Is that sufficient that we could be looking at a bit of a no landing scenario for the unsecured Canadian consumer, that we will never see that spike in losses. Is that a possibility now?

您認為利率是否已充分下降，或者利率前景會在未來（例如 12 個月）內降低？這是否足以讓我們看到無保障的加拿大消費者無法登陸的情況，這樣我們就永遠不會看到損失激增。現在有可能嗎？

It's a really interesting question. I have been a proponent of the soft landing as I sort of look through what -- how the Canadian economy is performing. And interestingly enough, when I look at our credit card repayments -- I mean we've got a really small credit card portfolio compared to our peers. But credit card payments have actually been improving.

這是一個非常有趣的問題。當我研究加拿大經濟的表現時，我一直是軟著陸的支持者。有趣的是，當我查看我們的信用卡還款時，我的意思是，與同行相比，我們的信用卡投資組合非常小。但信用卡支付實際上一直在改善。

And the -- as people have been saving money, they've actually been paying off their credit card fairly regularly, which is encouraging. Again, I mentioned auto before that -- that's always been the bellwether. We focused really our credit card portfolio. We focused on sort of higher prime, super prime FICOs in terms of our origination strategies there. But I've got -- honestly, Mario I'm not seeing any major concerns coming through the Canadian unsecured credit card portfolio.

隨著人們一直在存錢，他們實際上相當定期地還清信用卡，這是令人鼓舞的。我之前再次提到過汽車——它一直是領頭羊。我們真正專注於我們的信用卡投資組合。就我們的發起策略而言，我們專注於更高的優質、超優質 FICO。但老實說，馬裡奧，我沒有看到加拿大無擔保信用卡投資組合出現任何重大問題。

I mean, we're looking at our lines of credit really closely, as it relates to our people drawing down on those lines to make payments to the mortgages, that sort of thing. But again, I'm super encouraged by the fact that this quarter -- those levels of delinquency, or any stress seem to be leveling off.

我的意思是，我們正在非常密切地關注我們的信貸額度，因為它與我們的人們利用這些額度來支付抵押貸款之類的事情有關。但同樣，我對本季的事實感到非常鼓舞——這些犯罪水平或任何壓力似乎都在趨於平穩。

Thank you.

謝謝。

I just, I'd like to add to something that Phil said, it's Aris here. I think from my experience and unsecured rates matter, but what matters most is unemployment and how that tracks. And I think, when we look at unemployment, that's a real bellwether and how the unsecured book will perform. Obviously rates matter, but I think you also have to look at the unemployment picture going forward.

我只是，我想補充一下菲爾所說的話，我是阿里斯。我認為根據我的經驗，無擔保利率很重要，但最重要的是失業率及其追蹤情況。我認為，當我們關注失業率時，這是一個真正的風向標，以及無擔保書籍的表現。顯然，利率很重要，但我認為你也必須關注未來的失業率情況。

Thank you for that1.

謝謝你。

Thank you. Darko Mihelic, RBC Capital Markets.

謝謝。 Darko Mihelic，加拿大皇家銀行資本市場。

Hi, thank you. Good morning. My question is directed to Francisco. And I'm just trying to maybe get a gauge for where you are in your journey, with respect to maybe the proper term is deselecting clients. When I look at your revenue growth and I go back to Investor Day, and I think about kind of the way you were depicting it, there was a momentary point in time where there would be stress in your revenues, because you were reducing certain portfolios or selling things.

你好，謝謝。早安.我的問題是針對弗朗西斯科的。我只是想了解您在旅程中的位置，也許正確的術語是取消選擇客戶。當我看到你的收入成長並回到投資者日時，我想到了你描述它的方式，有一個瞬間你的收入會受到壓力，因為你正在減少某些投資組合或賣東西。

And I just want to maybe think about that for a moment and get your perspective on whether or not there could be some revenue pressures coming up, or whether or not you're far enough along the journey that, maybe you don't have to do more. So I don't know if there's a proportion, you can tell me, I don't think you ever actually told us how much revenues you expected to lose from removing certain books of businesses and so on and so forth.

我只是想想一下，了解您對是否會出現一些收入壓力的看法，或者您在這個過程中是否已經走得足夠遠，也許您不必這樣做做更多。所以我不知道是否有一個比例，你可以告訴我，我認為你實際上沒有告訴我們你預計會因刪除某些業務賬簿等而損失多少收入。

Hopefully you get the idea of where -- what I'm asking, and you can give me some perspective on where revenues can go from here knowing that maybe there's some pressures around the corner, or maybe there isn't? Hopefully, my question makes sense, Francisco?

希望你能明白我在問什麼，並且你可以給我一些關於收入可以從這裡走向何方的觀點，因為你知道也許即將面臨一些壓力，或者也許沒有？希望我的問題有意義，弗朗西斯科？

It does. It does. Thank you for it. I think the first thing to position here is the decision-making process for us is about profitability and returns, given the amount of capital we have deployed in the region. To get to where we need to be, it has to be a combination of making the right decisions on the clients, we can compete and win for business on a balanced relationship, while being significantly more efficient in serving those clients.

確實如此。確實如此。謝謝你。我認為，考慮到我們在該地區部署的資本數量，我們的決策過程首先考慮的是獲利能力和回報。為了達到我們需要達到的目標，必須結合對客戶做出正確的決策，我們可以在平衡的關係中競爭並贏得業務，同時在為這些客戶提供服務時顯著提高效率。

On the first portion of that, we have done a lot of work in understanding segmentation better and that is generating our ability to tackle the wallet of those clients, be it in GBM, in commercial, in retail or in wealth on a more integral fashion. And that is resulting in the performance you're seeing this year, which in spite of the fact that we have been restructuring and repositioning our organization, we have been able to capture a disproportionate amount of business coming our way, therefore, having revenues grow at 6% in the quarter, 7% year-on-year. We believe that performance to be sustainable in that range.

在第一部分中，我們在更好地理解細分方面做了很多工作，這使我們有能力以更完整的方式解決這些客戶的錢包問題，無論是在 GBM、商業、零售還是財富領域。這就是你今年看到的業績，儘管我們一直在重組和重新定位我們的組織，但我們仍然能夠獲得不成比例的業務量，因此，收入增長本季度增長 6%，同比增長 7%。我們相信業績在該範圍內是可持續的。

Now the most important aspect of the progress is in expenses as well. We have been able to maintain expenses flat quarter-on-quarter. And when you look at year-on-year, 4% growth on an environment that has inflation north of 5% on average, creates the opportunity to continue operating leverage while we reposition the business.

現在，最重要的進展也是在費用方面。我們能夠保持季度環比持平的支出。從年比來看，在平均通膨率超過 5% 的環境下，4% 的成長為我們重新定位業務的同時創造了繼續營運槓桿的機會。

So overall, we are on track to where we need to be in terms of repositioning our client franchise for primacy and multi-product. While on the five-year horizon, targeting the $800 million expense roll rate reduction. We are on track also to position our organization by the end of 2025 to be reorganized, refocused from the client perspective, and embracing a different level of efficiency.

因此，總體而言，在重新定位我們的客戶特許經營權以實現首要地位和多產品方面，我們正在朝著我們需要的方向前進。五年內，目標是減少 8 億美元的費用滾動率。我們也預計在 2025 年底之前對我們的組織進行重組，從客戶的角度重新聚焦，並實現不同程度的效率。

And when you look at our productivity, where we started the journey at Investor Day, we were at 53%. This quarter, we are at 50.9%. We committed to be at 45%. So we're making powerful progress here across the three important components of our strategy.

當你看到我們的生產力時，我們在投資者日開始了這趟旅程，我們的生產力為 53%。本季度，我們的成長率為 50.9%。我們承諾達到 45%。因此，我們在策略的三個重要組成部分方面取得了巨大進展。

And so, specifically then with respect to portfolios or businesses that you'd look to dispose of, would you say that you are kind of complete with that process or could there be a continuation on that process? And I'm just thinking about potential revenue headwinds from some dispositions that may or may not be coming in the next, say, year?

因此，特別是對於您希望出售的投資組合或業務，您是否會說您已經完成了該流程，或者該流程是否可以繼續？我只是在考慮一些可能會或可能不會在明年（比如說，一年）發生的處置帶來的潛在收入阻力？

Yeah. Well, again, going back to the principles that are driving our decision-making, primarily returns on profitability, we're not done. We need to make sure that our portfolio across the board contributes to the higher ROE we targeted and sustainable return revenue growth and profitability. So we are making progress in the assets or with the assets that have been underperforming. But as we committed on Investor Day, when we don't see a path to getting to where we need to be, we would redeploy it. And that remains our disciplined way forward. That has not changed.

是的。好吧，再次回到推動我們決策的原則，主要是獲利回報，我們還沒有完成。我們需要確保我們的投資組合全面有助於提高我們目標的股本回報率以及可持續的收入成長和獲利能力。因此，我們正在資產或表現不佳的資產上取得進展。但正如我們在投資者日所承諾的那樣，當我們看不到到達我們需要的目標的路徑時，我們會重新部署它。這仍然是我們紀律嚴明的前進之路。這一點沒有改變。

Lemar Persaud, Cormark Securities.

Lemar Persaud，Cormark 證券公司。

Yeah, thanks. My first question maybe for Travis here. One of the things I've been watching closely is this evolution of mortgage growth at Scotia, to kind of suggest that we might be moving past some of these profitability actions, let's say, in the domestic retail business. This quarter, you guys mentioned that you've turned the corner on mortgage growth sequentially.

是的，謝謝。我的第一個問題可能是問崔維斯的。我一直在密切關注的一件事是豐業銀行抵押貸款成長的演變，這表明我們可能會放棄其中一些獲利行動，比如說在國內零售業務中。本季度，你們提到你們已經扭轉了抵押貸款成長的困境。

So my question is, has Scotia then crossed an inflection point here in domestic P&C, because it sounds like you're trying to go in that direction? Or should we just look at it as you're happy on the progress, but it could be a bumpy road as we move forward in Q4 and into 2025? So thoughts there would be helpful?

所以我的問題是，斯科細亞省在國內財產保險方面是否已經跨越了拐點，因為聽起來您正試圖朝這個方向前進？或者我們應該只看它，因為您對進展感到滿意，但隨著我們在第四季度前進並進入 2025 年，這可能是一條坎坷的道路？那麼想法會有幫助嗎？

Okay. Thank you for the question. So let me give you just a brief summary of the mortgage business to-date. We added $5 billion spot in the third quarter in terms of volume growth, net. That compares to $2 billion in the second quarter. So you see from $2 billion to $5 billion as we start to ramp up a bit. This is obviously -- the mortgage market is heating up, rates are coming down, there's activity there.

好的。謝謝你的提問。因此，讓我向您簡要介紹一下迄今為止的抵押貸款業務。我們在第三季的淨銷售成長方面增加了 50 億美元。相比之下，第二季的銷售額為 20 億美元。所以當我們開始稍微增加一點時，你會看到從 20 億到 50 億美元。很明顯，抵押貸款市場正在升溫，利率正在下降，那裡有活動。

You're right, July was an inflection point where the actual balances of our mortgage business are now starting to grow, and it will continue into the fourth quarter. I think Scott alluded to it earlier. 71% of our new originations are coming from our brokers, but more importantly, 90% of that volume is coming with additional products and day-to-day accounts, et cetera.

你是對的，七月是一個拐點，我們抵押貸款業務的實際餘額現在開始成長，並將持續到第四季。我認為斯科特早些時候提到過這一點。我們 71% 的新產品來自我們的經紀商，但更重要的是，其中 90% 來自其他產品和日常帳戶等。

We're focused our branches on retention, and the retention rates we're seeing are very strong. We've also added something new virtual retention specialists. So this is a group of folks who are virtually-based, and are driving retention across the country. This whole idea that we've been talking about for a while now about value versus volume, you see it actually in the mortgage P&L, where revenue growth is double-digit, 20% year-on-year as we focus on margin, quality customers, et cetera.

我們的分支機構將重點放在保留率上，我們看到的保留率非常高。我們也增加了一些新的虛擬保留專家。這是一群虛擬的人，正在全國範圍內推動保留。我們已經討論了一段時間關於價值與數量的整個想法，你實際上可以在抵押貸款損益表中看到它，其中收入增長為兩位數，同比 20%，因為我們專注於利潤率和質量客戶等。

So will this continue? Yeah, it will continue into the fourth quarter. We'll probably see a slightly higher growth rate, slightly, but we're not driven by market share. We over-indexed on mortgages for many years. We're interested in strong relationships with our brokers, strong retention, multiproduct and focusing on value over time. So that is really the story.

那麼這種情況會持續下去嗎？是的，這種情況將持續到第四季。我們可能會看到成長率稍高一些，但我們並不是由市場佔有率驅動的。多年來我們對抵押貸款的指數過高。我們對與經紀商的牢固關係、強大的保留率、多產品以及關注長期價值感興趣。這就是真正的故事。

And so have we turned the point? Yeah. But we're just going to continue what we've been doing up to now, and maintain this model that we're trying to build this balance. I hope that answers your question.

那我們已經轉變了觀點了嗎？是的。但我們將繼續我們迄今為止所做的事情，並維持我們正在努力建立這種平衡的模式。我希望這能回答你的問題。

Yeah that's helpful. And then what about like earnings growth at your segment level, like regardless of the mortgage business, just taking it up to the segment level. Should we expect increased earnings growth as we kind of move forward into 2025? Like, I'm just trying to think through that as well?

是的，這很有幫助。然後，您的細分市場層面的收入成長怎麼樣，無論抵押貸款業務如何，只需將其提升到細分市場水平。進入 2025 年，我們是否應該預期獲利成長會加快？就像，我也只是想思考一下？

Well, again, earnings is driven by, of course, the volumes and revenue, the costs, the PCLs, they're all in combination as Phil talked about, it will be interesting, and we're watching how the PCLs will evolve that will have a big impact on the profitability going forward. But I think what we continue to see, again, is day-to-day banking growing; retail, customer, primary growth continuing. Good cost discipline.

好吧，再說一次，收益當然是由銷量和收入、成本、PCL 驅動的，正如 Phil 所說，它們都是組合在一起的，這會很有趣，我們正在觀察 PCL 將如何演變將對未來的盈利能力產生重大影響。但我認為我們繼續看到的是日常銀行業務的成長；零售、客戶、初級成長持續。良好的成本紀律。

This is operating leverage three quarters in a row is positive, as we really focused on our customer-facing channels to optimize them, branches, contact centers, mobile advisers. We're working all the levers is what I'm trying to say. And we continue to hopefully see the ROE improving, and the RAM improving all the quality metrics that we monitor.

連續三個季度的營運槓桿是正面的，因為我們真正專注於優化面向客戶的管道、分公司、聯絡中心、行動顧問。我想說的是，我們正在使用所有手段。我們繼續希望看到 ROE 提高，RAM 提高我們監控的所有品質指標。

Nigel D'Souza, Veritas Investment Research.

Nigel D'Souza，Veritas 投資研究。

Good morning. Thank you for taking my question. I wanted to touch on the EPS accretion that you had on page 18, comparing the buyback versus KeyCorp. Could you just understand why $2.3 billion was used in that calculation rather than $3.9 billion for the buybacks, and the $80 million in net funding costs, what that represents?

早安.感謝您回答我的問題。我想談談第 18 頁的 EPS 成長，將回購與 KeyCorp 進行比較。您能否理解為什麼在計算中使用 23 億美元而不是 39 億美元用於回購，以及 8000 萬美元的淨融資成本，這代表什麼？

Yeah. Sure, Nigel. It's Raj. It's a good question. It's the $2.3 billion we use, that equates to the 50 basis points to 55 basis points on capital. If you want to do the comparison to the Key transactions. So that's apples-to-apples. If I use the $3.9 billion, it will equate to about 70 basis points to 75 basis points of capital. Therefore, it's a different basis to use and likely not comparable for the outcome.

是的。當然，奈傑爾。是拉吉。這是一個好問題。我們使用的 23 億美元相當於 50 到 55 個基點的資本。如果你想與關鍵交易進行比較。所以這是同類的。如果我使用這 39 億美元，則相當於大約 70 到 75 個基點的資本。因此，它的使用基礎不同，結果可能不具可比性。

So that said, the $80 million is actually quite simple. It's really the funding cost of the $2.3 billion, or you can look at it as the opportunity cost. The $2.3 billion is invested in some securities towards the return that we would lose, and that's the after-tax number that we have calculated based on average. I think it will work out to somewhere between 4.8% to 5% I think if you did the math.

這麼說來，8000萬美元其實很簡單。這實際上是 23 億美元的融資成本，或者你可以將其視為機會成本。這 23 億美元投資於一些證券，以獲得我們將損失的回報，這是我們根據平均數計算得出的稅後數字。我認為如果你算一下的話，結果會是 4.8% 到 5% 之間。

Okay. I guess where I was going with that is, I'm trying to understand why not look at the actual capital outlay and then you look at the Key accretion, why isn't the opportunity cost netted off against that as well to reduce the benefit by $80 million, but maybe something to follow-up offline? Thank you.

好的。我想我的意思是，我試圖理解為什麼不看看實際的資本支出，然後看看關鍵的增加，為什麼不將機會成本扣除以減少收益8000 萬美元，但也許可以在線下跟進？謝謝。

I can actually help you now, because the Key income that we have shown, the $300 million to $350 million has got three components. It's the potential equity pickup that we will have, net of the cost of funds relating to what we are deploying, which is on the entire $3.9 billion proceeds that we will deploy. And it's got a benefit, because of interest rate mark accretion that will come through after we do purchase price accounting. So that's got cost of funds to include in it, and it's a net number.

我現在實際上可以幫助你，因為我們顯示的關鍵收入，3億至3.5億美元有三個組成部分。這是我們將擁有的潛在股權回升，扣除與我們正在部署的專案相關的資金成本，即我們將部署的全部 39 億美元收益。它有一個好處，因為在我們進行購買價格會計後，利率標記會增加。因此，其中包括資金成本，而且是一個淨值。

Sohrab Movahedi, BMO Capital Markets.

Sohrab Movahedi，BMO 資本市場。

Okay. I appreciate we've gone over time. Thank you for squeezing me in. I have two hopefully quick questions. Scott, I think the 12.5% CET1 being the right level. And so does that suggests that the optimization exercise in GBM is complete now, we shouldn't expect to see further rationing of credit and RWA there? That's the first one.

好的。我很感激我們已經隨著時間的流逝。謝謝你讓我插嘴。 Scott，我認為 12.5% CET1 是合適的水平。那麼這是否表明 GBM 的優化工作現在已經完成，我們不應期望看到那裡的信貸和 RWA 進一步配給？這是第一個。

No. I mean, listen, I think GBM optimization, I wouldn't actually -- characterize it as an optimization, I would characterize as a focus on primary clients with relationships where we can add value to the client, and it's beneficial for the shareholder as well. And so we're going to continue to be very disciplined on how we allocate our capital.

不。 我的意思是，聽著，我認為GBM 優化，我實際上不會將其描述為一種優化，我會將其描述為關注主要客戶的關係，我們可以在其中為客戶增加價值，這對股東也是如此。因此，我們將繼續嚴格控制我們的資本分配方式。

That's going to allow us to continue to allocate capital to primary client relationships, where there's a mutual win-win. And it will continue to allow us to build capital for the overall bank, which when we can then redeploy into other uses. So that would be a continuing strategy similar to what -- how Francisco talked about IB and similar to how Travis talked about the fee business that we're talking about in GBM.

這將使我們能夠繼續將資金分配給主要客戶關係，從而實現雙贏。它將繼續讓我們為整個銀行累積資本，然後我們可以將其重新部署到其他用途。因此，這將是一個持續的策略，類似於 Francisco 如何談論 IB，以及 Travis 如何談論我們在 GBM 中談論的收費業務。

And so, I guess that leads me into the Key investment and some of the tangential benefits over there. So is the expectation here that some of the balance sheet would reside with Key, for example, and you'll get some fee businesses? Is that the way to think about it, if this is executed on kind of to dreamlike levels?

因此，我想這讓我進入了關鍵投資和一些附帶的好處。例如，這裡的預期是部分資產負債表將由 Key 負責，並且您將獲得一些收費業務嗎？如果這是在夢幻般的層次上執行的話，這是思考它的方式嗎？

No, not at all. I mean the Key investment I would separate from our GBM organic growth. Key investment, as I talked about, near-term accretion better than a share repurchase gives us some optionality over time in a low cost, low risk fashion. In terms of our GBM business, you see what we're doing on the fee, the fee side, where we're up 30% year-over-year.

不，一點也不。我的意思是，我將把關鍵投資與 GBM 有機成長分開。正如我所說，關鍵投資的短期增值優於股票回購，隨著時間的推移，我們可以以低成本、低風險的方式獲得一些選擇。就我們的 GBM 業務而言，您可以看到我們在費用方面所做的事情，費用方面，我們比去年同期成長了 30%。

30% year-to-date continue to build up the capital markets capabilities in really attractive businesses, and the capital market is higher that Travis referenced is another example. The CLO business is another example. So I would separate our GBM organic opportunities and that Key investment. Those are different strategic paths.

今年迄今為止，30% 的人繼續在真正有吸引力的企業中建立資本市場能力，而特拉維斯提到的資本市場更高是另一個例子。 CLO 業務是另一個例子。因此，我會將 GBM 有機機會和關鍵投資分開。這些是不同的策略路徑。

Perfect. And Scott, a couple of times, I think, on this call -- on the August 12 call, I think, you've talked about the optionality that longer term, Key, I think, provides. Can you talk to prior experience of the bank with options like this and how shareholder accretive they've been over time?

完美的。史考特，我想，在這次電話會議上，我想，在 8 月 12 日的電話會議上，你曾多次談到了 Key 所提供的長期選擇。您能否談談該銀行先前在此類選擇方面的經驗以及隨著時間的推移，這些選擇對股東的增值程度如何？

Yeah. I mean I think you're referencing how we entered into Mexico, which obviously has been a great outcome for the bank. I think it's a 25% type ROE business, and we're positioned well. That wasn't in my mind, as I thought about this transaction. We thought about this transaction, again, as financially accretive, good for shareholders and optionality long-term.

是的。我的意思是，我認為您指的是我們如何進入墨西哥，這顯然對銀行來說是一個很好的結果。我認為這是一個 ROE 為 25% 的業務，我們的定位很好。當我考慮這筆交易時，我並沒有想到這一點。我們再次認為這筆交易可以帶來財務增值，對股東有利，並且具有長期選擇權。

Remember, there's a five-year standstill. And so that's a long ways out. Right now, we're going to focus on building out our GBM business organically with a fee focus, optimizing the capital we deploy to that business to make sure we're getting good returns for our shareholders.

請記住，有五年的停滯期。所以這還有很長的路要走。現在，我們將專注於有機地建立我們的 GBM 業務，並以費用為重點，優化我們部署到該業務的資本，以確保我們為股東獲得良好的回報。

Doug Young, Desjardins Capital Markets.

楊（Doug Young），加鼎資本市場部。

Yeah. I'll hopefully keep this relatively quick. Just focus on international banking. And I guess, there's two questions. One, there was -- there seems to be a bit of an uptick in PCLs in Mexico, just hoping you can give a little bit of color. Is this impaired or I mean is this corporate or retail? Just so you can give some color. And then second, Colombia still continues to lose money, and just hoping maybe you can provide a bit of an update on the plans for this particular region?

是的。我希望能保持相對較快的速度。只專注於國際銀行業務。我想，有兩個問題。其一，墨西哥的 PCL 似乎有所上升，希望您能提供一點資訊。這是受損的還是我的意思是這是企業還是零售？只是為了給你一些顏色。其次，哥倫比亞仍然繼續虧損，只是希望您能提供有關該特定地區計劃的一些最新資訊？

Doug, it's Phil. I'll start and then I'll hand it over to Francisco. In the case of Mexico, that's one account in the -- one commercial account in the retail sector that's driving that increase.

道格，我是菲爾。我先開始，然後交給法蘭西斯科。就墨西哥而言，零售業的一個商業帳戶推動了這一成長。

Yeah, on Colombia, thank you for the question. Two things to keep in mind. First, we are a reflection of the markets we serve. The Colombian market has been challenged throughout last year. We continue to believe the challenge will remain for the next two to three years.

是的，關於哥倫比亞，謝謝你的提問。有兩件事要記住。首先，我們反映了我們所服務的市場。哥倫比亞市場去年全年都受到挑戰。我們仍然相信，這項挑戰將在未來兩到三年內持續存在。

As you look at the system performance, around half of the banks in the system are consistently losing money. And what we've done is focus on a number of decisions that allow us to improve our efficiency and performance in country.

當您查看系統效能時，系統中大約一半的銀行持續虧損。我們所做的就是專注於一些決策，這些決策使我們能夠提高我們在國家的效率和績效。

And to that effect, what we've done with great discipline is reduce expenses 2% year-on-year, generate positive operating leverage, and remain on a very disciplined approach as to how we deploy credit in a very challenged market.

為此，我們嚴格遵守紀律，年比減少 2% 的開支，產生積極的營運槓桿，並在充滿挑戰的市場中如何部署信貸，保持嚴格的紀律。

So that is the path forward, is continue to operate on a difficult environment, trying to improve our position consistently over time. We maintain our view that to the extent that there's no improvement, we will redeploy. And that is the principle we apply to all the businesses we run.

因此，這就是前進的道路，就是繼續在困難的環境中運作，努力隨著時間的推移不斷提高我們的地位。我們堅持認為，如果沒有改善，我們將重新部署。這就是我們應用於我們經營的所有業務的原則。

Thank you. There are no further questions on the line. I will now turn the call back to Raj Viswanathan.

謝謝。線路上沒有其他問題。現在我將把電話轉回給拉吉·維斯瓦納坦 (Raj Viswanathan)。

Thank you. On behalf of the entire management team, I want to thank everyone for participating in our call today. We look forward to speaking again at our Q4 call in December. This concludes our third quarter results call. Have a great day.

謝謝。我謹代表整個管理團隊感謝大家參加今天的電話會議。我們期待在 12 月的第四季電話會議上再次發言。我們的第三季業績電話會議到此結束。祝你有美好的一天。