Bank of Nova Scotia (BNS) 2025 Q3 法說會逐字稿

Good morning and welcome to Scotiabank's Q3 results presentation. My name is Meny Grauman and I am Head of IR here at Scotiabank. 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.

早安，歡迎參加豐業銀行第三季業績發表會。我叫 Meny Grauman，是豐業銀行投資人關係主管。今天早上向大家介紹的是豐業銀行總裁兼首席執行官斯科特·湯姆森 (Scott Thomson)、首席財務官拉吉·維斯瓦納坦 (Raj Viswanathan) 和首席風險官菲爾·托馬斯 (Phil Thomas)。

Following our comments, we will be glad to take your questions. Also present to take questions are the following Scotiabank executives, Aris Bogdaneris from Canadian Banking; Jacqui Allard from Global Wealth Management; Francisco Aristeguieta from International Banking; and Travis Machen from Global Banking and Markets.

根據我們的評論，我們將很高興回答您的問題。出席回答提問的還有豐業銀行以下高階主管：加拿大銀行業務的 Aris Bogdaneris；全球財富管理業務的 Jacqui Allard；國際銀行業務的 Francisco Aristeguieta；以及全球銀行和市場業務的 Travis Machen。

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，我代表今天發言的各位，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警告。

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

說完這些，我現在將電話轉給斯科特。

Thank you, Meny, and good morning, everyone. Our strong Q3 results highlight the steady progress we are making towards our Investor Day commitments. We continue to focus on what we can control as we drive profitable and sustainable growth.

謝謝你，梅尼，大家早安。我們強勁的第三季業績凸顯了我們在履行投資者日承諾方面取得的穩定進展。在推動獲利和永續成長的同時，我們將繼續關注我們能夠控制的事情。

And we are doing this through the disciplined execution of our strategy, which includes building deeper client relationships, driving efficiency gains while making the necessary investments for the future, and maintaining strong balance sheet metrics to deal with unexpected challenges. For Q3, we delivered adjusted earnings of $2.5 billion, or $1.88 per share. This is up 15% year-over-year, while pre-tax pre-provision earnings were up 17% year-over-year.

我們透過嚴格執行策略來實現這一目標，包括建立更深層的客戶關係、提高效率並為未來進行必要的投資，以及保持強勁的資產負債表指標以應對意外挑戰。第三季度，我們的調整後收益為 25 億美元，即每股 1.88 美元。這比去年同期成長了 15%，而稅前撥備前收益則比去年同期成長了 17%。

We also delivered a return on equity of 12.4%, up 110 basis points compared to the same quarter last year. After taking a conservative stance on credit last quarter that featured an 18 basis point performing provision driven by US tariff uncertainty, our performing bill this quarter is back down to 4 basis points. Meanwhile, our impaired PCL ratio came in at 51 basis points, down 6 basis points quarter-over-quarter. We are pleased with this outcome, but remain committed to managing our business conservatively.

我們的股本回報率也達到了 12.4%，比去年同期上升了 110 個基點。上個季度，由於美國關稅的不確定性，我們對信貸採取了保守的立場，其中執行了 18 個基點的準備金，而本季度我們的執行費用又回落至 4 個基點。同時，我們的受損PCL比率為51個基點，季減6個基點。我們對這一結果感到滿意，但仍致力於保守地管理我們的業務。

Moving to our operating segments, this quarter we reported improved results in Canadian banking helped by better credit performance versus Q2, but also improved revenue growth boosted by 2 basis points of sequential margin expansion. In Canada, we are focused on building deeper and more profitable multiproduct relationships with our clients, and I am very pleased with the progress we are making.

轉向我們的營運部門，本季度我們報告稱，受信貸表現優於第二季度的推動，加拿大銀行業的業績有所改善，同時，由於利潤率連續擴大 2 個基點，收入增長也有所改善。在加拿大，我們專注於與客戶建立更深層、更有利可圖的多產品關係，我對我們所取得的進展感到非常滿意。

Importantly, retail savings and day-to-day deposits are up 6% year-over-year. Our Mortgage plus solution continues to help drive multiproduct banking relationships by providing preferred mortgage rates for customers with a day-to-day account and at least one other eligible product. Year-to-date Mortgage plus has accounted for approximately 90% of our new mortgage originations, including in the independent broker channel.

重要的是，零售儲蓄和日常存款較去年同期成長6%。我們的抵押貸款加解決方案透過為擁有日常帳戶和至少一種其他合格產品的客戶提供優惠抵押貸款利率，繼續幫助推動多產品銀行關係。今年迄今為止，Mortgage plus 已占我們新抵押貸款發放的約 90%，其中包括獨立經紀人管道。

Since the launch of this product, 95% of new clients have retained their day-to-day accounts after one year, and the average balance per client is 1.5 times our standard day-to-day acquisitions. Year-to-date, 30% of new Mortgage plus clients opened their credit card with average credit card balances higher than our standard card acquisitions. We are also seeing strong portfolio retention rates of 90% plus. Our renewals typically happen in our branches, and therefore do not incur additional commission-related costs.

自從產品推出以來，95%的新客戶在一年後仍保留了他們的日常帳戶，每位客戶的平均餘額是我們標準日常收購額的1.5倍。年初至今，30% 的新 Mortgage plus 客戶開設了信用卡，平均信用卡餘額高於我們的標準卡收購額。我們也看到投資組合保留率高達 90% 以上。我們的續約通常在我們的分行進行，因此不會產生額外的佣金相關費用。

Our focus on primacy is also driving strong cooperation between Canadian banking and wealth, with combined referrals between retail, commercial and wealth at $11 billion year-to-date, which is up 13% versus the same period last year.

我們對首要地位的關注也推動了加拿大銀行業和財富管理業之間的密切合作，今年迄今為止，零售、商業和財富管理業之間的綜合推薦額已達 110 億美元，比去年同期增長了 13%。

In commercial, we have largely completed our balance sheet optimization, and in small business we are acquiring clients at approximately 2 times the market rate, with around 50% of those new clients being primary by month three, and we continue to see above-market growth of our core deposits.

在商業領域，我們已基本完成資產負債表優化；在小型企業領域，我們以大約兩倍於市場價格的速度獲取客戶，其中約 50% 的新客戶在第三個月成為主要客戶，我們的核心存款繼續保持高於市場的成長。

Although the Canadian business performance is steadily improving, we do see the opportunity to continue to address expense efficiency with our ultimate objective of delivering positive operating leverage, while also making the required investments to drive the business makeshift we see as necessary to deliver our return on equity objectives. The modest quarter-over-quarter expense growth is a step in the right direction.

儘管加拿大的業務表現正在穩步改善，但我們確實看到了繼續解決費用效率問題的機會，我們的最終目標是提供積極的營運槓桿，同時進行必要的投資以推動我們認為實現股本回報率目標所必需的業務臨時措施。季度環比支出適度成長是朝著正確方向邁出的一步。

Global wealth management continued its positive momentum with strength across all of its businesses. In the quarter, we had strong results in asset management, private banking and international wealth management. Our net fund inflows across our retail and advisory businesses demonstrates that our strategy is working. Year-to-date net sales in our collective wealth channels is $6.2 billion versus $5 billion in net redemptions in the same period last year, an $11.2 billion improvement in net sales.

全球財富管理持續保持積極勢頭，各項業務均表現強勁。本季度，我們在資產管理、私人銀行和國際財富管理方面取得了強勁業績。我們的零售和諮詢業務的淨資金流入表明我們的策略正在發揮作用。今年迄今為止，我們集體財富管道的淨銷售額為 62 億美元，而去年同期的淨贖回額為 50 億美元，淨銷售額增長了 112 億美元。

In Canadian wealth management, we are seeing strong momentum in our private bank with double-digit loan and deposit growth, along with all-time high fee-based assets within ScotiaMcLeod. In our global asset management business, we remain focused on delivering investment advice through our branch network, with year-to-date net sales trending positively at $1.7 billion. Notably, we have increased our percentage of retail clients who have a mutual fund product over the last 18 months, making strong progress towards the best-in-class.

在加拿大財富管理領域，我們的私人銀行發展勢頭強勁，貸款和存款均實現了兩位數增長，同時 ScotiaMcLeod 的收費資產也達到了歷史最高水平。在我們的全球資產管理業務中，我們仍然專注於透過分公司網路提供投資建議，年初至今的淨銷售額呈現正面趨勢，達到 17 億美元。值得注意的是，在過去 18 個月中，我們增加了擁有共同基金產品的零售客戶比例，朝著一流水準邁出了堅實的一步。

And in our international wealth business, earnings are up 21% year-over-year, with 18% asset growth in Mexico. We also demonstrated continued progress in our international banking segment, with results continuing to trend ahead of our Investor Day commitment. Performance continues to be driven by solid execution, including another quarter of a strong expense discipline and improved profitability metrics, including a Q3 return on equity of 15% up 180 basis points year-over-year.

在我們的國際財富業務中，收益年增 21%，其中墨西哥的資產成長了 18%。我們的國際銀行業務也持續取得進展，業績持續領先於我們投資者日的承諾。業績持續受到穩健執行的推動，包括另一個季度嚴格的費用控制和獲利指標的改善，其中第三季股本回報率為 15%，較去年同期成長 180 個基點。

We are delivering on our regionalization strategy and laying the groundwork to segment our retail client base with the aim of improving customer experience, boosting revenue growth, and lowering the cost to serve. Finally, global banking and markets delivered another great quarter as we once again reported strong trading revenues and advisory fees.

我們正在實施區域化策略，為細分零售客戶群奠定基礎，旨在改善客戶體驗、促進收入成長並降低服務成本。最後，全球銀行業和市場業又迎來了一個出色的季度，我們再次報告了強勁的交易收入和諮詢費用。

In Canada, year-to-date, GBM is number 2 in league table ranking for debt capital markets, and in the United States, GBM continues to reach new highs in its investment-grade DCM market share. Overall, the US contributed 42% of GBM earnings in Q3, and we continue to invest in our US capabilities to drive future growth. We also launched a pilot of our modern US cash management offering, a pivotal step in connecting our North American footprint and strengthening our ability to achieve primacy with our clients.

在加拿大，今年迄今為止，GBM 在債務資本市場排行榜上排名第二，而在美國，GBM 的投資等級 DCM 市佔率繼續創下新高。總體而言，美國在第三季貢獻了 GBM 收益的 42%，我們將繼續投資於美國的能力以推動未來的成長。我們也啟動了現代美國現金管理服務的試點，這是連接我們北美業務並增強我們與客戶取得領先地位的能力的關鍵一步。

Moving to a brief review of our strategic priorities. We remain committed to optimizing our capital and liquidity to drive increased shareholder returns. One key strategy for achieving this is focusing on value over volume and enhancing the velocity of our balance sheet. While loan growth is important and a key indicator of economic and client activity, it is not our sole focus.

簡要回顧一下我們的戰略重點。我們將繼續致力於優化我們的資本和流動性，以增加股東回報。實現這一目標的一個關鍵策略是注重價值而非數量並提高資產負債表的速度。雖然貸款成長很重要，也是經濟和客戶活動的關鍵指標，但它並不是我們唯一關注的重點。

Over the past 24 months, we have diligently repositioned our balance sheet by cross-selling and right-sizing our lending relationships, which has helped drive improved client primacy. This approach has resulted in lower loan growth compared to historical levels, but has significantly helped improve our return on equity, capital capacity, and liquidity, which in turn is driving share buybacks. We believe we have effectively repositioned a notable portion of our balance sheet and anticipate that key areas and new initiatives within the bank will reflect increased, yet profitable loan growth next year.

在過去的 24 個月中，我們透過交叉銷售和調整貸款關係規模，認真地重新調整了資產負債表，這有助於提高客戶至上性。這種方法導致貸款成長率低於歷史水平，但顯著幫助提高了我們的股本回報率、資本能力和流動性，進而推動了股票回購。我們相信，我們已經有效地重新定位了資產負債表的相當一部分，並預計銀行內部的關鍵領域和新舉措明年將反映出貸款成長的增加和盈利。

Let me give you a few key examples of our strategy results along with key insights into our new initiatives. In Canadian commercial, loan growth is flat, but revenue has risen by 16% year-to-date and pre-tax pre-provision earnings is up 25%. We are gearing up for the next phase of growth, focusing on mid-market and global transaction banking.

讓我向您提供一些我們策略成果的關鍵範例以及對我們新措施的關鍵見解。在加拿大商業領域，貸款成長持平，但年初至今收入成長了 16%，稅前撥備前收益成長了 25%。我們正為下一階段的成長做好準備，專注於中端市場和全球交易銀行業務。

In Canadian auto, where we are market leaders, we have scrutinized our lending relationships and client flows over the past two years, aiming to expand our risk-adjusted margins. This has led to solid year-over-year margin expansion and an improvement in return on risk-weighted assets. In our global banking and markets unit, loans have decreased by 14% year-over-year, yet pre-tax pre-provision earnings have increased by 29% and return on equity has increased by 310 basis points.

在加拿大汽車市場，我們是市場的領導者，過去兩年來，我們仔細審查了我們的貸款關係和客戶流量，旨在擴大我們的風險調整利潤率。這導致利潤率較去年同期穩定成長，風險加權資產報酬率提高。在我們的全球銀行和市場部門，貸款年比減少了 14%，但稅前撥備前收益增加了 29%，股本回報率增加了 310 個基點。

This improvement is largely due to increased non-interest revenue, including 28% year-to-date growth and underwriting advisory fees, as well as very robust trading-related revenues worth which are up 50% for the year-to-date. Our GBM business is meeting its fee growth objectives and this quarter we successfully launched our first mortgage capital markets funding transaction in the US. We have more investments to make and additional capabilities, but record-high M&A fees in 2025 give us confidence we are heading in the right direction.

這項改善主要歸功於非利息收入的增加，包括年初至今 28% 的成長和承銷諮詢費，以及非常強勁的交易相關收入，年初至今成長了 50%。我們的 GBM 業務正在實現其費用成長目標，本季我們成功在美國啟動了首個抵押貸款資本市場融資交易。我們還有更多投資和更多能力要做，但 2025 年創紀錄的併購費用讓我們有信心朝著正確的方向前進。

In international banking, we have enhanced profitability by optimizing our balance sheet and redeploying capital more effectively. Since Q4 2023, pre-tax pre-provision earnings increased by 22%, contributing to a 360 basis points improvement in return on equity. And in our international global banking and markets business, loans are down almost $9 billion over that same time frame, while earnings have risen by approximately $76 million, or 32%.

在國際銀行業務方面，我們透過優化資產負債表和更有效地重新配置資本，提高了獲利能力。自 2023 年第四季以來，稅前撥備前收益成長了 22%，推動股本回報率提高了 360 個基點。在我們的國際全球銀行和市場業務中，貸款在同一時間段內減少了近 90 億美元，而收益卻增加了約 7,600 萬美元，增幅為 32%。

At the all-bank level, our balance sheet optimization efforts have also led to better funding metrics. The loan-to-deposit ratio has improved to 104% in Q3 2025, down from 116% in Q4 2022, and the wholesale funding-to-total-assets ratio has decreased by 280 basis points to 18.8%, from 21.6% in Q4 2022. Beyond balance sheet optimization, we also continue to focus on productivity initiatives to improve our effectiveness.

在整個銀行層面，我們的資產負債表優化工作也帶來了更好的融資指標。貸存比從 2022 年第四季的 116% 改善至 2025 年第三季的 104%，批發融資與總資產比從 2022 年第四季的 21.6% 下降 280 個基點至 18.8%。除了資產負債表優化之外，我們也持續專注於生產力舉措以提高我們的效率。

At the all-bank level, we delivered positive operating leverage for the sixth straight quarter. And while we remain focused on accelerating top-line growth as we demonstrated this quarter, we are also very committed to managing the expense line carefully with an AI to doing things better, faster, safer, and at a lower cost.

在整個銀行層面，我們連續第六個季度實現了正的經營槓桿。如本季所示，我們雖然仍專注於加速營收成長，但我們也非常致力於利用人工智慧謹慎管理費用線，以便更好、更快、更安全、更低成本地完成工作。

At the same time, we remain committed to investing in our businesses to deliver improved client experiences and capabilities to drive sustainable future growth. A key area of investment is AI, where we are focused on getting this technology directly into the hands of our front-line staff. This past quarter, we completed the rollout of our Ask AI internal chatbot to all of our Canadian bank retail branches and client experience centers. Developed using large-language models, this platform is designed to assist front-line employees with a whole range of client inquiries. Additionally, our external AI chatbot handled over 125,000 inquiries monthly.

同時，我們將繼續致力於投資我們的業務，以提供更好的客戶體驗和能力，推動未來的永續成長。投資的一個關鍵領域是人工智慧，我們致力於將這項技術直接交到我們的第一線員工手中。上個季度，我們完成了 Ask AI 內部聊天機器人在所有加拿大銀行零售分行和客戶體驗中心的推廣。該平台採用大語言模型開發，旨在幫助第一線員工處理各種客戶諮詢。此外，我們的外部 AI 聊天機器人每月處理超過 125,000 個查詢。

Finally, we continue to focus on maintaining strong capital levels and a disciplined approach to capital allocation. We ended the quarter with a [CET1] ratio of 13.3% after repurchasing 3.2 million shares under our current NCIB. This highlights our confidence in the trajectory of our internal capital generation, which we are focused on continuing to improve.

最後，我們繼續致力於維持強勁的資本水準和嚴謹的資本配置方法。在目前 NCIB 下回購了 320 萬股股票後，本季末我們的 [CET1] 比率為 13.3%。這凸顯了我們對內部資本產生軌跡的信心，我們致力於繼續改善這一軌跡。

In closing, we expect to deliver strong earnings growth in 2025 that will position us well heading into 2026. We will provide a more detailed outlook on our fourth quarter call. We are on track to meet our medium-term financial objectives and are laser-focused on execution both at home and across our diversified international footprint.

最後，我們預計 2025 年獲利將強勁成長，這將為我們邁入 2026 年奠定良好基礎。我們將在第四季電話會議上提供更詳細的展望。我們正按計劃實現我們的中期財務目標，並高度重視國內和多元化國際業務的執行。

I will now turn it to Raj for a more detailed financial review of the quarter.

現在我將請 Raj 對本季進行更詳細的財務審查。

Thank you, Scott, and good morning, everyone. The adjustments are shown on slide 51, and all my comments that follow will be on an adjusted basis. Starting on slide 6 for a review of the third quarter results, the bank reported quarterly earnings of $2.5 billion and diluted earnings per share of $1.88.

謝謝你，斯科特，大家早安。調整結果顯示在第 51 張投影片上，我接下來的所有評論都將以調整後的結果為基礎。從幻燈片 6 開始回顧第三季業績，該銀行報告季度收益為 25 億美元，每股攤薄收益為 1.88 美元。

Return on equity was 12.4%, up 110 basis points year-over-year, driven by strong revenue growth of 12% year-over-year. The net interest income grew 13% year-over-year, due primarily to a higher net interest margin and loan growth, which included the impact of the BA conversion. The all-bank net interest margin expanded a strong 22 basis points year-over-year. Quarter-over-quarter, NIM also expanded 5 basis points, driven by lower funding costs and higher business line margins.

股本回報率為 12.4%，比去年同期上升 110 個基點，這得益於營收比去年同期強勁增長 12%。淨利息收入年增 13%，主要由於淨利差和貸款成長增加，其中包括 BA 轉換的影響。全行淨利差較去年大幅擴大22個基點。由於融資成本下降和業務線利潤率上升，NIM 與上一季相比也擴大了 5 個基點。

Non-interest income was $4 billion, up 10% year-over-year, primarily from higher wealth management revenues, trading income, and fee and commission revenues that were partly offset by lower banking revenues due to the BA conversion. The expenses grew 7% year-over-year, driven by the growth in our market-facing businesses. Quarter-over-quarter, expenses were up a modest 1%.

非利息收入為 40 億美元，年增 10%，主要來自財富管理收入、交易收入以及費用和佣金收入的增加，但因 BA 轉換導致的銀行收入下降而部分抵消了這一增長。由於面向市場的業務成長，支出較去年同期成長 7%。與上一季相比，支出僅小幅上漲 1%。

As a result, pre-tax pre-provision profit grew a strong 17% year-over-year. The provision for credit losses were approximately $1 billion, and the PCL ratio was 55 basis points, down 20 basis points quarter-over-quarter, primarily due to elevated performing provision in Q2. The bank generated another quarter of positive operating leverage, resulting in year-to-date positive operating leverage of 2.9%.

因此，稅前撥備前利潤較去年同期強勁成長 17%。信貸損失準備金約為 10 億美元，PCL 比率為 55 個基點，較上季下降 20 個基點，主要原因是第二季履約準備金增加。該銀行又一個季度實現了正經營槓桿，年初至今的正經營槓桿為 2.9%。

The productivity ratio was 53.7%, an improvement of 230 basis points compared to the prior year. The bank's effective tax rate increased to 25% from 18.6% last year, from higher withholding taxes as we optimized capital deployed in foreign jurisdictions, lower income and lower tax jurisdictions, and the impact of implementation of the global minimum tax.

生產率為53.7%，較上年提高230個基點。由於我們優化了在外國司法管轄區、低收入和低稅收司法管轄區的資本部署，預扣稅增加，以及實施全球最低稅率的影響，該銀行的有效稅率從去年的 18.6% 上升至 25%。

Moving to slide 7, which shows the evolution of the CET1 ratio and RWA during the quarter. The bank's CET1 capital ratio was 13.3%, an increase of 10 basis points quarter-over-quarter. Internal capital generation was a strong 13 basis points. Gains from higher fair values of OCI securities contributed 4 basis points that were partly offset by allocation of capital to sharing purchases of 5 basis points.

前往投影片 7，該投影片展示了本季度 CET1 比率和 RWA 的變化。該銀行的CET1資本比率為13.3%，季增10個基點。內部資本生成強勁成長 13 個基點。OCI 證券公允價值上升帶來的收益貢獻了 4 個基點，但部分被分配給共享購買的 5 個基點所抵銷。

The total RWA was $463 billion, up $4 billion from the prior quarter. The increase was driven primarily by higher book size and book quality changes of $1.7 billion, higher market and operational risk of $1.4 billion, and foreign currency translation and other impacts of another $1.4 billion. The bank remains committed to maintaining strong capital and liquidity positions.

總風險加權資產為 4,630 億美元，較上一季增加 40 億美元。成長的主要原因是帳簿規模和帳簿品質變化增加 17 億美元、市場和營運風險增加 14 億美元，以及外幣折算和其他影響增加 14 億美元。該銀行仍然致力於維持強大的資本和流動性狀況。

Turning now to the business line results beginning on slide 8. Canadian banking reported earnings of $959 million, down 2% year-over-year. Pre-tax pre provisioned profit was in line with last year, as we continue to invest in the business, but up a strong 7% quarter-over-quarter, reflecting good revenue growth and strong expense discipline.

現在轉到第 8 張投影片開始的業務線結果。加拿大銀行業報告獲利為 9.59 億美元，年減 2%。由於我們繼續對業務進行投資，稅前撥備利潤與去年持平，但環比增長 7%，反映出良好的收入成長和嚴格的費用控制。

Average loans were up 3% year-over-year, as mortgages grew 5% and credit cards grew 1%. Year-over-year deposits grew 2%, driven by an increase of 2% in personal deposits, primarily in checking and savings, and 1% in non-personal deposits, primarily in demand accounts. The net interest income grew 2% year-over-year, from asset and deposit growth, and the benefit of BA conversions. The net interest margin expanded by 2 basis points quarter-over-quarter, from improving deposit mixed with personal, checking, and savings deposits up $3 billion, while term and other deposits declined by approximately $5 billion.

平均貸款年增 3%，其中抵押貸款成長 5%，信用卡成長 1%。存款年增 2%，其中個人存款（主要為支票和儲蓄）增加 2%，非個人存款（主要為活期帳戶）增加 1%。淨利息收入年增 2%，得益於資產和存款的成長以及 BA 轉換的收益。淨利差環比擴大 2 個基點，因個人、支票和儲蓄存款增加 30 億美元，而定期和其他存款減少約 50 億美元。

Year-over-year net interest margin was down 7 basis points, primarily due to the impact of the Bank of Canada's rate cuts on deposit margins. Non-interest income was in line with the prior year, as higher mutual fund distribution fees and insurance income were offset by elevated private equity gains in the prior year, and lower banking fees, including the impact of the BA conversion.

同比淨利差下降7個基點，主要受加拿大央行降息對存款保證金的影響。非利息收入與前一年持平，因為較高的共同基金分銷費和保險收入被上年私募股權收益的增加以及較低的銀行費用（包括 BA 轉換的影響）所抵消。

The PCL ratio was 40 basis points up a modest 1 basis point year-over-year. Expenses increased 4% year-over-year, primarily due to technology costs related to new systems and infrastructure, and increased project spending, supporting strategic and regulatory initiatives; quarter-over-quarter expenses increased a modest 1%. Year-to-date operating leverage was negative 2.2%.

PCL 比率為 40 個基點，較去年小幅上升 1 個基點。費用年增 4%，主要原因是與新系統和基礎設施相關的技術成本以及增加的項目支出、支援策略和監管舉措；環比費用小幅增加 1%。年初至今的經營槓桿為負2.2%。

Turning now to global wealth management on slide 9. The earnings of $424 million were up 13% year-over-year, as Canadian earnings were up 13%, and international wealth management earnings were up 21%. The revenues were up 12% year-over-year from higher mutual fund fees, brokerage revenues, and investment management fees, as a result of higher AUM and higher net interest income.

現在轉到第 9 張投影片討論全球財富管理。4.24 億美元的收益年增 13%，其中加拿大收益成長 13%，國際財富管理收益成長 21%。由於資產管理規模和淨利息收入增加，共同基金費用、經紀收入和投資管理費增加，收入年增 12%。

The expenses were up 11% year-over-year from higher volume-related expenses, technology costs, and sales force expansion. Year-to-date operating leverage was positive 1.9%. The Spot AUM increased 12% year-over-year to $407 billion, and AUA grew 9% over the same period to over $750 billion, driven by market appreciation and higher net sales. International wealth management generated earnings of $64 million, driven by growth in Mexico, Peru, and Chile.

由於銷售相關費用、技術成本和銷售團隊擴張的增加，這些費用年增了 11%。年初至今的經營槓桿為正1.9%。受市場升值和淨銷售額增加的推動，現貨 AUM 年增 12%，達到 4,070 億美元，AUA 同期成長 9%，達到 7,500 多億美元。受墨西哥、秘魯和智利成長的推動，國際財富管理創造了 6,400 萬美元的收益。

Turning to slide 10. Global banking and markets delivered earnings of $473 million, up 29% year-over-year. The revenue increased 21% year-over-year, as capital markets revenues were up 54%. Quarter-over-quarter revenues were up 5%, as non-interest income was up 8%, primarily from higher fixed-income trading-related revenues that were partly offset by lower net interest income.

翻到第 10 張投影片。全球銀行和市場業務獲利 4.73 億美元，年增 29%。由於資本市場收入成長 54%，營收年增 21%。本季營收季增 5%，非利息收入成長 8%，這主要得益於固定收益交易相關收入的增加，但被淨利息收入的減少部分抵銷。

The net interest income was up 15% year-over-year from higher lending margins and lower trading-related funding costs. The loan balances declined 14% year-over-year, reflecting favorable debt markets and our efforts to optimize the balance sheet, which is largely complete.

由於貸款利潤率上升和交易相關融資成本下降，淨利息收入較去年同期成長 15%。貸款餘額年減 14%，反映出債務市場良好以及我們為優化資產負債表所做的努力，目前資產負債表已基本完成。

Non-interest income was up $220 million, or 23% year-over-year, due to higher trading-related revenues from fixed-income and equities businesses and underwriting and advisory fields. The expenses were up 16% year-over-year, mainly due to higher personal costs, including performance-based compensation, higher technology costs to support business growth, and the negative impact of foreign exchange. The operating leverage was a strong 5.9% year-to-date.

非利息收入增加 2.2 億美元，年增 23%，原因是固定收益和股票業務以及承銷和諮詢領域的交易相關收入增加。該費用年增16%，主要原因是個人成本增加，包括基於績效的薪酬、支持業務成長的技術成本增加以及外匯的負面影響。今年迄今，經營槓桿率高達 5.9%。

Moving to slide 11 for a review of international banking, my comments that follow are on an adjusted and constant dollar basis. The segment delivered earnings of $675 million, up 7% year-over-year, and up 1% quarter-over-quarter. For the year-to-date, earnings are up 1%. Revenue was up 3% year-over-year, with both NII and non-interest income up 3%, from improving margins and higher net banking fees and investment gains.

前往投影片 11，回顧國際銀行業務，接下來我的評論是基於調整後的美元和不變的美元基礎。該部門獲利為 6.75 億美元，年增 7%，季增 1%。今年迄今，收益已上漲 1%。營收年增 3%，其中 NII 和非利息收入均成長 3%，這得益於利潤率提高以及淨銀行費用和投資收益增加。

The net interest margin expanded by 13 basis points year-over-year, mainly from lower funding costs due to central bank rate cuts. Deposits were flat year-over-year. Loans were down 3% year-over-year, as business loans declined 8%, while retail loans grew 3%. The provision for credit losses was $562 million, and stable at 139 basis points. The expenses were flat compared to the prior year and prior quarter, despite operating in an inflationary environment from disciplined expense management.

淨利差較去年同期擴大13個基點，主要由於央行降息導致融資成本下降。存款同比持平。貸款年減 3%，其中商業貸款下降 8%，而零售貸款成長 3%。信貸損失準備金為 5.62 億美元，穩定在 139 個基點。儘管在嚴格的費用管理下，通貨膨脹的環境下運營，但與去年同期和上一季相比，費用持平。

Operating leverage year-to-date was positive 1.8%. The effective tax rate increased to 23.6%, from 19.5% in the prior quarter, as Q2 benefited from favorable adjustments in Peru. The GBM business and international banking generated earnings of $313 million, up 12% year-over-year, driven by revenue growth in business rankings and capital markets.

年初至今的經營槓桿為正1.8%。由於第二季受益於秘魯的有利調整，有效稅率從上一季的 19.5% 上升至 23.6%。GBM業務和國際銀行業務獲利3.13億美元，年增12%，這得益於業務排名和資本市場的收入成長。

Turning to slide 12, the other segment reported an adjusted net loss of $56 million, an improvement of $24 million compared to the prior quarter. Revenues were up $81 million, higher than Q2, as a result of lower funding costs.

翻到第 12 張投影片，另一部門報告調整後淨虧損 5,600 萬美元，與上一季相比改善了 2,400 萬美元。由於融資成本降低，收入比第二季增加了 8,100 萬美元。

I will now turn the call over to Phil to discuss risk.

現在我將把電話轉給菲爾來討論風險。

Thank you, Raj, and good morning, everyone. Against the backdrop of continued trade uncertainty, all bank PCLs this quarter were approximately $1 billion, or 55 basis points, down $357 million, quarter-over-quarter. PCLs declined this quarter, driven by performing provisions that were down $280 million, to $66 million, or 4 basis points, following elevated performing provisions taken in Q2 to address macroeconomic uncertainty.

謝謝你，Raj，大家早安。在貿易不確定性持續的背景下，本季所有銀行的個人信用貸款 (PCL) 環比下降約 10 億美元，即 55 個基點，下降 3.57 億美元。本季 PCL 有所下降，原因是由於第二季度為應對宏觀經濟不確定性而增加的履約準備金，履約準備金減少了 2.8 億美元，降至 6,600 萬美元，即 4 個基點。

This quarter's performing PCL build was driven primarily by migration in our retail and non-retail and some portfolio growth. Meanwhile, impaired provisions were $975 million, down 6 basis points from last quarter to 51 basis points. This decline was driven by improved credit performance in Canadian retail and lower impairments in GBM, offset by higher impaired provisions in commercial.

本季 PCL 的成長主要得益於我們的零售和非零售業務的遷移以及一些投資組合的成長。同時，減損準備金為 9.75 億美元，較上一季下降 6 個基點至 51 個基點。造成這一下降的原因是加拿大零售業信貸表現改善以及 GBM 減損損失減少，但被商業減損準備金增加所抵消。

Turning to the business lines. In Canadian banking, PCLs were $456 million, or 40 basis points, down 32 basis points, quarter-over-quarter, with 27 basis points of this decrease coming from performing PCLs. The impaired PCL ratio was 39 basis points this quarter, down 5 basis points, quarter-over-quarter.

轉向業務線。在加拿大銀行業，PCL 為 4.56 億美元，即 40 個基點，比上一季下降 32 個基點，其中 27 個基點的降幅來自表現良好的 PCL。本季受損 PCL 比率為 39 個基點，季減 5 個基點。

In retail, PCLs were $320 million, down $293 million, quarter-over-quarter. Performing retail PCLs were $5 million, driven by some migration, partially offset by improvements in prime auto. Impaired retail PCLs of $315 million, or 34 basis points, were down 11 basis points, quarter-over-quarter. This was driven by less migration to stage 3 across products and lower net write-ups in prime auto as a result of our collection efforts and aging of the 2022 and 2023 vintages.

零售業的PCL為3.2億美元，較上季下降2.93億美元。零售 PCL 表現為 500 萬美元，受部分遷移推動，但被優質汽車的改善部分抵消。受損零售個人信貸損失準備金為 3.15 億美元，即 34 個基點，季減 11 個基點。這是由於我們努力收集和陳化 2022 年和 2023 年年份的葡萄酒，導致產品向第 3 階段的遷移減少，以及優質汽車的淨增值減少。

90-day plus mortgage delinquency held steady at 24 basis points for a third straight quarter, as improvements among variable rate clients were offset by rising delinquencies in fixed rate clients as they faced higher payment obligations at renewal. We continue to monitor housing and condo market dynamics, particularly in Toronto and Vancouver, although no material impact to credit performance has been observed to date.

90 天以上的抵押貸款拖欠率連續第三個季度穩定在 24 個基點，這是因為浮動利率客戶的改善被固定利率客戶的拖欠率上升所抵消，因為他們在續約時面臨更高的付款義務。我們將繼續監測住房和公寓市場的動態，特別是多倫多和溫哥華的市場動態，儘管迄今尚未觀察到對信貸表現的實質影響。

In our Canadian commercial portfolio, provisions for credit losses totaled $136 million, a decrease of $56 million from Q2, driven by lower performing PCLs. Impaired commercial PCLs were up $37 million, quarter-over-quarter, driven by higher formations. Moving into international banking, PCLs were up 2 basis points, quarter-over-quarter, resulting in a total PCL ratio of 139 basis points, driven almost entirely by performing loans as impaired PCLs increased only $2 million, quarter-over-quarter.

在我們的加拿大商業投資組合中，信貸損失準備金總額為 1.36 億美元，較第二季減少 5,600 萬美元，原因是 PCL 表現不佳。由於組成人數增加，受損商業個人負債較上季增加 3,700 萬美元。進入國際銀行業務，PCL 比上一季度上漲了 2 個基點，導致 PCL 總比率為 139 個基點，這幾乎完全是由正常貸款推動的，因為受損 PCL 比上一季僅增加了 200 萬美元。

Looking specifically at international retail, total PCLs were up $12 million, quarter-over-quarter, driven by an increase in performing PCLs. Performing retail PCLs increased $26 million, quarter-over-quarter, due to a modest growth in most geographies and some negative migration. Impaired PCLs fell $14 million, quarter-over-quarter, as lower net write-offs in Colombia and Peru were partially offset by increased impairments in Mexico, where we continue to manage some pockets of weakness, particularly in mortgages.

具體來看國際零售業，受業績 PCL 成長的推動，PCL 總額較上季成長 1,200 萬美元。由於大多數地區的溫和增長和一些負面遷移，零售 PCL 表現環比增長 2600 萬美元。受損個人信貸損失準備金 (PCL) 環比下降 1,400 萬美元，因為哥倫比亞和秘魯的淨註銷額減少被墨西哥的減值增加部分抵消，我們繼續管理墨西哥的一些薄弱環節，尤其是抵押貸款。

Our impaired PCL ratio has trended down five consecutive quarters as we continue to focus on client primacy, collections, and helped by the sale of Credit Scotia in Peru. International commercial PCLs were flat, quarter-over-quarter, at $93 million. Finally, in GBM, PCLs were $21 million, lower, quarter-over-quarter, due to one appearance impaired account in Q2.

由於我們持續專注於客戶至上、催收工作，並得益於秘魯信貸銀行的出售，我們的受損個人負債比率已連續五個季度呈下降趨勢。國際商業個人責任支出 (PCL) 與上一季持平，為 9,300 萬美元。最後，在 GBM 中，PCL 為 2,100 萬美元，環比下降，原因是第二季有一個外觀受損帳戶。

In closing, while we are encouraged by our credit performance this quarter, the operating environment remains challenging. In Canada, the lack of a trade deal with the US and recent mixed macroeconomic results continue to add uncertainty to our near-term outlook. In international banking, credit trends have improved, however, we remain focused on navigating the macroeconomic environment in Mexico.

最後，雖然我們對本季的信貸表現感到鼓舞，但經營環境仍充滿挑戰。在加拿大，由於未能與美國達成貿易協議，以及近期宏觀經濟結果好壞參半，繼續為我們的近期前景增添不確定性。在國際銀行業務中，信貸趨勢有所改善，但我們仍專注於掌握墨西哥的宏觀經濟環境。

In our non-retail portfolios, impaired provisions have increased slightly as clients adjust to shifting trade dynamics. While we have observed isolated areas of weakness, these remain contained and we have not seen signs of widespread portfolio deterioration. Year-to-date, we have built over $470 million in performing allowances and our total ACL ratio is now at 96 basis points, up 1 basis point from Q2. We will continue to be proactive in maintaining a strong balance sheet, which will allow us to manage through a range of credit scenarios while we execute on our strategic objectives.

在我們的非零售投資組合中，隨著客戶適應不斷變化的貿易動態，減損準備金略有增加。雖然我們觀察到個別領域表現疲軟，但這些領域仍在控制範圍內，我們尚未看到投資組合普遍惡化的跡象。年初至今，我們已建立了超過 4.7 億美元的執行津貼，我們的總 ACL 比率目前為 96 個基點，比第二季度上升了 1 個基點。我們將繼續積極主動地維持強勁的資產負債表，這將使我們能夠在執行策略目標的同時應對各種信貸情況。

Looking ahead, while our impaired PCL ratio came in better than expected in Q3, we remain cautious as we close out the year. With that, I will pass it back to Meny for Q&A.

展望未來，雖然我們受損的 PCL 比率在第三季好於預期，但在年底之際，我們仍保持謹慎。說完這些，我將把它交回給 Meny 進行問答。

Thanks, Phil. Operator, we will now take the first question from the line.

謝謝，菲爾。接線員，我們現在來回答大家提出的第一個問題。

(Operator Instructions) Ebrahim Poonawala, Bank of America.

（操作員指示）美國銀行的 Ebrahim Poonawala。

Good morning. I guess maybe, Scott or Raj, I just wanted to spend some time on how you're thinking about capital and buybacks? So when we think about the CET1 at 13.3% [Aussie] I think I said last month, they feel good about 11.5% being the real reg minimum and apps management buffer to it. I'm just wondering given where the stock trades today from a valuation perspective, the progress you made in getting towards that 14% ROE? Like is there any sort of desire to be a little bit more aggressive on buybacks?

早安.我想也許，史考特或拉吉，我只是想花點時間了解你們對資本和回購的看法？因此，當我們考慮 13.3% [澳元] 的 CET1 時，我想我上個月說過，他們對 11.5% 是真正的註冊最低標準和應用程式管理緩衝感到滿意。我只是想知道，從估值角度來看，考慮到今天的股票交易情況，您在實現 14% ROE 方面取得了哪些進展？例如，是否有任何想要更積極地進行回購的願望？

And is a sub 13% CET1 an absolute no given where the peers are and no bank probably wants to be below 13%? And I just would love to hear how you're thinking about it because in a very simplistic way as a shareholder I think you would like management to lean in into buybacks and be a little more aggressive given where the stock is? But I would love some color there.

那麼，在同業中，13% 以下的 CET1 是不是絕對不行呢？而且沒有一家銀行願意將 CET1 降至 13% 以下？我很想聽聽您對此有何看法，因為身為股東，我認為您希望管理層傾向於回購，並考慮到股票的現狀，採取更積極的態度？但我希望那裡有一些顏色。

Sure, Ebrahim, it's Raj. So I will try to provide our thoughts in a sequential manner. To us, the capital ratio of 13.3%, like you pointed out, is very strong. It's based on a number of deliberate efforts we have taken over the last two years to build up this capital ratio to where it is. And in previous calls, we had talked about how we have added over 200 basis points of capital over the last two years or so. So it's a great position to be in.

當然，易卜拉欣，我是拉吉。因此我將嘗試按順序提供我們的想法。對我們來說，正如您所指出的，13.3% 的資本比率非常高。它是基於我們過去兩年來為提高資本比率而做出的一系列刻意努力。在先前的電話會議中，我們曾討論過在過去兩年左右的時間裡我們如何增加了超過 200 個基點的資本。所以這是一個很好的位置。

And as I mentioned in my prepared remarks, we used about 5 basis points to buy back stock this quarter. You would expect us to continue to keep doing that and we'll keep going, right? We have approval up to 20 million shares. We'll see how the stock rates. Valuation is one of the considerations we have. We think of capital deployment in this order. For us, organic growth is the number 1 priority for capital deployment. We have a lot of businesses which are now optimized and repositioned for growth. As Scott mentioned, we're going to start growing the books. So that to us is important.

正如我在準備好的發言中提到的那樣，本季度我們使用了大約 5 個基點來回購股票。您希望我們繼續這樣做並且繼續前進，對嗎？我們已批准最多 2000 萬股。我們將觀察股票價格如何。估值是我們考慮的因素之一。我們按照這個順序考慮資本部署。對我們來說，有機成長是資本配置的首要任務。我們有很多業務現在都進行了優化並重新定位以實現成長。正如斯科特所提到的，我們將開始增加書籍數量。所以這對我們很重要。

The second objective is -- Phil talked a little bit about the credit situation. Credit migration does absorb capital. We want to be thoughtful about it. This quarter was small, and I expect it to be small, but we always consider that as we think about what is the appropriate level of capital to run.

第二個目標是──菲爾談了一點關於信貸狀況的事。信用遷移確實吸收了資本。我們要認真考慮這個問題。這個季度的規模很小，我預計規模也會很小，但我們在考慮適當的資本水準時總是會考慮到這一點。

And third is definitely buybacks. We introduced a buyback program over a quarter back. We've been active. We talked about the 3.2 million shares. We have already bought back using 5 basis points. You will see us complete the buyback program as quickly as possible and depending on market conditions and so on, trade uncertainty and so on is always a consideration for capital management.

第三肯定是回購。我們上個季度就推出了回購計畫。我們一直很活躍。我們談了320萬股。我們已經用5個基點回購了。您會看到我們盡快完成回購計劃，並且根據市場狀況等，貿易不確定性等始終是資本管理的考慮因素。

I think prudent capital management is one of the key competencies we have in this bank, and we are committed to maintaining strong balance sheet metrics capital being at top of the priority over there. Buybacks definitely part of the deployment options that we have, we have a lot of capacity to buy back. It's a little hard for me to comment. Would we operate below 13%? At this time, if I think about next quarter with all the programs we have going, including buybacks, this will be comfortably above 13%. I have no issues with that.

我認為審慎的資本管理是我們這家銀行的關鍵能力之一，我們致力於維持強勁的資產負債表指標，資本是我們的首要任務。回購絕對是我們部署選項的一部分，我們有很大的能力進行回購。我有點難以評論。我們會在 13% 以下營運嗎？此時，如果我考慮下個季度我們正在進行的所有計劃（包括回購），這個數字將輕鬆超過 13%。我對此沒有異議。

As we talk about 2026 in the Q4 call, we'll probably give you a better understanding based on the growth rates and so on. What would be the levels we'd be comfortable operating at. But having great buffers over 11.5% is a fantastic position to be in to grow from.

當我們在第四季度電話會議上談論 2026 年時，我們可能會根據成長率等讓您更好地理解。在什麼樣的水平上我們才能舒適地開展工作？但擁有超過 11.5% 的緩衝對於實現成長來說是一個極好的位置。

That's helpful. And I guess maybe just one follow-up. Maybe for you, Scott, I think you talked about the focus, value over volume, enhancing sort of the velocity of the balance sheet. I think a few years removed now from the Investor Day and you will see -- when you look at the sort of the three big businesses, GBM, IB Canadian P&C, where do you think the progress has been slowest according to you?

這很有幫助。我想也許只需要一個後續行動。史考特，也許對你來說，我認為你談論的是重點，價值重於數量，提高資產負債表的速度。我想，距離投資者日已經過了幾年，你會看到──當你看看三大企業，GBM、IB Canadian P&C，你認為哪個方面的進展最慢？

And what does it take to sort of kind of bridge that gap? Is there additional need for leaning on tech investments, et cetera? But yes, give us a sense in terms of a scorecard of where there are things where you think things have not moved as fast and where we could see an improved pace of execution over the coming year? Thanks.

那我們需要怎麼做才能彌補這一差距呢？是否還需要依靠技術投資等等？但是的，請您透過記分卡的形式告訴我們，您認為哪些事情進展得不夠快，哪些事情在未來一年內可以加快執行速度？謝謝。

Yes. Thanks, Ebrahim. So I mean if you look at the IB performance, significantly ahead of what we said at the Investor Day and a large part of that has been the optimization of the balance sheet and the cost control, the disciplined cost control and you just look at the quarter and you see 1% expense increase in these markets. I mean, that is just a great outcome. The trick now for Francisco, which he's talked about a lot is now pivoting to growth.

是的。謝謝，易卜拉欣。所以我的意思是，如果你看一下 IB 的表現，你會發現它遠遠超出了我們在投資者日所說的水平，其中很大一部分原因是資產負債表和成本控制的優化，嚴格的成本控制，你只要看一下這個季度，就會發現這些市場的費用增加了 1%。我的意思是，這真是個很棒的結果。弗朗西斯科現在的訣竅就是轉向成長，他已經多次談到這一點。

And that's difficult, but achievable, and we're laying foundations for that through the retail side. And also on the GBM side, we've taken to optimize a lot of that capital. So we feel really good about where the IB business is heading over the next couple of years.

這很困難，但可以實現，我們正在透過零售方面為此奠定基礎。而且在 GBM 方面，我們已經採取措施優化大量資本。因此，我們對未來幾年 IB 業務的發展方向感到非常樂觀。

On GBM, the output this quarter is the result of a lot of work in that markets business over the last few years. And the when you look at those numbers and see balance sheet coming down 14%, yet fee income going up significantly. We've got a lot of momentum in that business. Is every quarter going to be replicatable like this quarter?

對 GBM 來說，本季的產出是過去幾年該市場業務大量工作的成果。當你查看這些數字時，你會發現資產負債表下降了 14%，但費用收入卻大幅上升。我們在該業務上取得了很大的進展。每個季度都會像本季一樣具有可複製性嗎？

Maybe not. But I think we're building the foundations for sustainability here and a real growth in capital velocity and fee income. So feeling really good about that. The Canadian business, good sequential improvement and a lot of work going on in the Canadian business. We have a lot of work to do in the Canadian business as well.

或許不是。但我認為我們正在為永續發展奠定基礎，實現資本流通速度和費用收入的真正成長。所以對此感覺非常好。加拿大業務連續取得良好進展，並且正在進行大量工作。我們在加拿大業務方面也有很多工作要做。

What I highlighted in my opening comments was that small business and commercial business mix move, and you don't see loan growth in commercial, but you see PTPP growth up 20%, and that's around the optimization of the balance sheet. That's around the cross-sell. That's around the transaction banking. And that's the area we've got to start seeing some growth into next year, and I'm confident by looking at the mid-market by focusing more on transaction banking.

我在開場白中強調的是，小型企業和商業業務組合在變化，你看不到商業貸款成長，但你會看到 PTPP 成長率達到 20%，這是圍繞資產負債表優化而實現的。這就是交叉銷售。這涉及交易銀行業務。這是我們明年開始看到成長的領域，我相信透過專注於中端市場並更加關注交易銀行業務。

We will do that. And so that's the area that this whole team is really leaning into to start to see higher ROEs into '26 and '27. But if you look back at Investor Day seven quarters ago, I think we're tracking at or above what we said we were going to do, and we're looking into 2026, with growth rates higher than what we told you several quarters ago. So all in all, I think feeling pretty good about strategy execution.

我們會這麼做的。因此，這是整個團隊真正傾向於在 26 年和 27 年實現更高的 ROE 的領域。但如果你回顧七個季度前的投資者日，我認為我們正在追蹤或超過我們所說的目標，而我們展望 2026 年，成長率將高於我們幾個季度前告訴你的。總而言之，我認為對策略執行感覺相當良好。

Good, thank you.

好的，謝謝。

John Aiken, Jefferies.

約翰艾肯，傑富瑞。

Good morning, Phil, in your commentary, you talked about the negative credit migration within commercial and on the international side. Is there -- was there any particular region or particular sector that was causing that?

早上好，菲爾，在您的評論中，您談到了商業和國際方面的負面信貸遷移。是否有某個特定地區或特定部門導致了這種情況？

Yes. So I think generally, as you -- as we look at international commercial, it's interesting -- it's basically market dynamics within those particular markets. It's not necessarily related to trade uncertainty. And we're not seeing anything from trade impacting Peru or Chile.

是的。所以我認為一般來說，當我們觀察國際商業時，這很有趣——它基本上是那些特定市場內的市場動態。這不一定與貿易不確定性有關。我們還沒有看到貿易對秘魯或智利產生任何影響。

As we focus on Mexico, that's where we're starting to see some weaknesses on our portfolio and in the commercial business. And so positive on Chile, Peru, still sort of constructive on Mexico. Francisco and I are spending a lot of time there with our teams, helping them navigate the uncertainty in that market.

當我們把注意力集中在墨西哥時，我們開始看到我們的投資組合和商業業務中存在一些弱點。對智利、秘魯的看法較為積極，對墨西哥的看法也有一定的建設性。弗朗西斯科和我花了很多時間與我們的團隊一起在那裡，幫助他們應對市場的不確定性。

Thanks, Phil. If I can keep you on your toes and pivot to the domestic 90-day past due, we saw strong sequential improvement in credit cards. How much of that is seasonality and how much of that is actually more strengthened in terms of the Canadian household? Or am I just reading too much into this?

謝謝，菲爾。如果我能讓您保持警惕並轉向國內 90 天逾期，我們會看到信用卡的強勁連續改善。其中有多少是季節性因素，又有多少是加拿大家庭實際上受到的影響較大？或者我只是對此過度解讀了？

It's a wonderful question. It's -- if I look at the dynamics in the portfolio, it has to do with how we're focused on originations. We've been very thoughtful about how we're looking at growth in that portfolio. We've been very surgical around the type of originations that we're doing to this environment. And we've also spent a lot of time on collections. Aris, myself, our teams collectively as a management group, we're spending time on the operational effectiveness of our collections area, and you're starting to see that pay off there.

這是一個非常好的問題。如果我觀察投資組合的動態，就會發現它與我們如何關注起源有關。我們非常認真地考慮如何看待該投資組合的成長。我們對針對此環境所採取的發起類型非常謹慎。我們也花了很多時間進行收藏。阿里斯、我本人以及我們的團隊作為一個管理團隊，正在花時間提高收藏領域的營運效率，而您已經開始看到回報。

I do think from a Canadian consumer health perspective, it's really mixed right now. You're seeing signs of stress, particularly in younger clients. If you look at where we see some -- from a demographic perspective, where we're seeing some pockets of weakness, it's really that 18- to 26-year old population. Now having said that, we saw retail sales up 2.3% in Q2, which potentially leads to some growth for the remainder of the year. And for the first time since Liberation Day, we saw discretionary spend improving over spend on essentials in that portfolio of credit as we look at the credit card spend data. And so there's some green shoots coming, but we're still really cautiously optimistic about the outlook.

我確實認為，從加拿大消費者健康的角度來看，目前的情況確實很複雜。您會看到壓力的跡象，尤其是在年輕客戶身上。如果你從人口統計學角度來看，我們發現了一些弱點，這些弱點實際上集中在 18 至 26 歲的人口中。話雖如此，我們看到第二季零售額成長了 2.3%，這可能會為今年剩餘時間帶來一些成長。從信用卡支出數據來看，自解放日以來，我們首次發現信貸組合中可自由支配的支出超過了必需品支出。雖然已經出現了一些復甦的跡象，但我們對前景仍然持謹慎樂觀的態度。

Thanks. I appreciate the call. Thank you.

謝謝。我很感謝你的來電。謝謝。

Matthew Lee, Canaccord Genuity.

Canaccord Genuity 的 Matthew Lee。

Hi, morning. Maybe for the Canadian banking business, that goal for positive operating leverage, when you think about that inflection point, when do you think we can reach positive operating leverage? And can you do so even if loan growth at industry level stays pretty muted?

嗨，早安。也許對於加拿大銀行業務來說，正經營槓桿的目標是，當您考慮這個拐點時，您認為我們什麼時候可以達到正經營槓桿？即使行業層面的貸款成長保持相當低迷，您還能這樣做嗎？

Aris here. Thank you for the question. So it's our long-term desire, obviously, to have positive operating leverage on a sustainable basis. And as part of our strategy that we laid out, our privacy strategy at Investor Day, we're investing in our business and we're investing to get not only revenue growth down the road, but also productivity.

這裡是阿里斯。謝謝你的提問。因此，顯然，我們的長期願望是在可持續的基礎上擁有積極的經營槓桿。作為我們在投資者日制定的隱私策略的一部分，我們正在對我們的業務進行投資，我們的投資不僅是為了未來的收入成長，也是為了提高生產力。

And we've been making substantial investments in technology and cloud and our payment platforms and also in our channels to engineer the transformation we want to be a more digital mobile-led bank. And then we're also working on the productivity side with investments to digitize and that will pay dividends going forward. So we're optimistic that over time, as these investments pay out, we're going to drive operating leverage positive on a sustainable basis. So that's the way we're positioning it.

我們一直在技術、雲端、支付平台和通路方面進行大量投資，以實現我們想要成為一家更數位化、行動主導的銀行的轉型。然後，我們還在生產力方面進行投資以進行數位化，這將在未來帶來回報。因此，我們樂觀地認為，隨著時間的推移，隨著這些投資獲得回報，我們將在可持續的基礎上推動營運槓桿的正成長。這就是我們的定位方式。

Is that like a 2026 thing or kind of longer term when you think about that?

您認為這是否是 2026 年的事情，還是更長期的事情？

No, I would say going into next year, that's the aim as these investments start to generate the paybacks and the returns that we envisage.

不，我想說，進入明年，這就是目標，因為這些投資開始產生我們預期的回報和收益。

Okay. Then maybe a follow-up for you, Aris. When we talk about multiproduct customers, this seems fit into that. Does that program resonate with customers? Or are there maybe other avenues to might explore to better cater to mass affluent and above audiences?

好的。那也許可以跟進一下你，Aris。當我們談論多產品客戶時，這似乎很合適。該計劃是否能引起客戶的共鳴？或者是否有其他途徑可以探索以更好地迎合大眾富裕及以上的觀眾？

In terms of Scene, as you know, roughly 26% of our Scene plus base today has a payment product, and it's a valuable source going forward of obviously, multiproduct cross buy with that base. We're working very hard to actually extract the data with our Scene plus partners to try and identify and target the right customer for the right product over time.

就場景而言，如您所知，目前我們大約 26% 的場景加上基礎用戶都擁有支付產品，這顯然是未來該基礎用戶進行多產品交叉購買的寶貴資源。我們正在努力與我們的 Scene plus 合作夥伴一起提取數據，以便隨著時間的推移嘗試識別和定位適合正確產品的正確客戶。

So that should help product penetration and drive primacy. But we still have a bit of work to do in terms of getting that penetration up and we're optimistic over the coming periods as we invest in data and in technology that this will be a rich source of future primacy growth of the business.

因此這應該有助於提高產品滲透率並推動其領先地位。但在提高滲透率方面我們還有一些工作要做，我們對未來時期充滿信心，因為我們在數據和技術方面的投資將成為未來業務主要成長的豐富來源。

All right, I appreciate it.

好的，我很感激。

Gabriel Dechaine, National Bank Financial.

加布里埃爾·德尚 (Gabriel Dechaine)，國家銀行金融。

First question is just for an updated outlook for the corporate segment. Obviously seeing the beneficial impact of lower rates on the revenue line there. If we get the type of rate cuts that are being forecasted in Canada and the US over the course of the next half year or so, does that go to zero?

第一個問題是關於企業部門的最新展望。顯然，較低利率對那裡的收入產生了有利影響。如果我們在未來半年左右的時間內看到加拿大和美國預測的那種降息，那麼利率是否會降至零？

And then at some point, could we maybe see a profit? I just want to -- from the corporate segment, I just want to know what the likelihood of that scenario is?

那麼在某個時候，我們是否可以看到利潤？我只是想——從企業層面來說，我只是想知道這種情況發生的可能性有多大？

Sure, Gabe. It's Raj. The corporate segment, you saw meaningful improvement this quarter, right? So it's now to the mid-50s earnings loss in the segment. I think just to look one quarter forward and to be clear, we are not considering our economists -- our house call is not for any more rate cuts this year, both in the US and Canada. And you know we are most sensitive only to the Canadian situation. In the US is like borrowing and lending is on a variable basis. So it's not an impact for us.

當然，加布。是拉吉。就企業部門而言，本季您看到了顯著的改善，對嗎？因此，目前該部門的獲利損失已達 50% 左右。我認為，展望未來一個季度，需要明確的是，我們不會考慮經濟學家的意見——我們的內部呼籲是今年不會再降息，無論是在美國還是加拿大。你知道，我們只對加拿大的情況最為敏感。在美國，借貸就像是可變的。所以對我們沒有影響。

Assuming we had a rate cut or even without a rate cut, I think it will be somewhere in the low 40s next quarter as it improves on some of the line items over there, including taxes, which we paid this quarter on with only taxes is in that segment. So I think it's a little hard to predict the segment. There's lots of components that go into it, Gabe, but any rate cuts that happen. The benefit will show up in this segment. That much I can tell you.

假設我們降息或甚至不降息，我認為下個季度的利率將在 40% 左右，因為那裡的一些項目有所改善，包括稅收，我們本季度支付的只有稅收屬於這一部分。所以我認為預測這個部分有點困難。加布，這其中涉及很多因素，但任何降息都會發生。效益將體現在這一部分。我可以告訴你這麼多。

Could it go around to zero at some point? I think it's better to have the conversation in November as I get a better understanding of how the rate situation and our forecast plays out across the segments, mortgage repricing, all that stuff. But the intention is to keep it stable and low compared to what we had in the last two years when it was volatile.

它能在某個時刻回到零嗎？我認為最好在 11 月進行討論，因為我可以更好地了解利率情況以及我們的預測在各個部分、抵押貸款重新定價等方面的影響。但我們的目的是保持其穩定和較低水平，與過去兩年波動的水平相比。

Gabe, just remember, what we're doing here is allocating out the appropriate cost to the business line so they can price effectively. And as we drive this client finance making sure you have the right price discovery, right conversations with your clients, et cetera.

加布，請記住，我們在這裡所做的是將適當的成本分配給業務線，以便他們可以有效地定價。當我們推動客戶融資時，我們會確保您擁有正確的價格發現、與客戶進行正確的對話等等。

And that is why you're starting to see return metrics increase and while we continue to optimize the balance sheet. So I think this is just taking hold, but you're not going to see big floats in this other segment because the cost of goods sold over the funding rates our costs are going to be sticking with the business line and those can be relatively consistent. So that's the objective. It's very strategic, and it's going to drive a great outcome for shareholders over time.

這就是為什麼您開始看到回報指標增加，同時我們繼續優化資產負債表。所以我認為這才剛開始，但你不會在其他領域看到大的浮動，因為銷售商品的成本超過了融資利率，我們的成本將堅持業務線，而且這些可以相對一致。這就是目標。這是非常具有戰略意義的，並且從長遠來看它將為股東帶來巨大的利益。

Right. Okay. And then just in the Canadian business, both sides of the balance sheet triggered some questions here. And then just a clarification. Is the message that the de-banking phase in the commercial business is at or near an end? And then sometime in next quarter or in 2026, we start having commercial loan growth again. And by extension, could that be one of the primary drivers of rebound in PTPP growth for the segment?

正確的。好的。然後就在加拿大業務中，資產負債表的兩邊都引發了一些問題。然後只是澄清一下。這個訊息是否意味著商業銀行去銀行化階段已經結束或即將結束？然後在下個季度或 2026 年的某個時候，我們的商業貸款將再次開始成長。並進一步說，這是否會成為該領域 PTPP 成長反彈的主要驅動力之一？

And then on the other side of the balance sheet, I just noticed a small but notable personal deposits were down sequentially. That been doing nothing but increase over the last couple of years as you're trying to improve your loans to deposit ratio. Just wondering if there's a -- you've hit kind of like your target and maybe don't need to be as competitive on deposit pricing going forward, and that's another potential driver for next year in that segment?

然後在資產負債表的另一邊，我注意到個人存款雖然金額不大，但卻明顯連續下降。由於您試圖提高貸款與存款比率，所以過去幾年這個比率一直在增加。只是想知道，您是否已經達到了目標，也許不需要在未來的存款定價上那麼有競爭力，這是明年該領域的另一個潛在驅動力？

So let me -- let me cover commercial first. So I think over the last 18 months, we've been around the journey, as Scott referred to, to drive value versus volume. And as we focus on balance sheet optimization around return enhancement, client primacy and actually getting referrals to wealth bringing the whole bank to the client. I think that journey is now coming to an end. And when we look at the pipeline in commercial going into the next year, we should be growing with the market in commercial banking.

那麼讓我——讓我先談談商業。所以我認為，在過去的 18 個月裡，正如史考特所說，我們一直在努力實現價值而非數量的成長。我們專注於圍繞回報提升、客戶至上以及實際獲得財富推薦來優化資產負債表，將整個銀行服務帶給客戶。我認為這段旅程現在即將結束。當我們展望明年的商業通路時，我們應該與商業銀行市場一起成長。

So I think that phase -- that phase is coming. I think I have to again reiterate what Scott said. The PTPP in our commercial is up 25% year-on-year. Our margins are up 16 basis points year-on-year. So we've really been successful in driving more value and more velocity out of the balance sheet that we deploy. This is a big capital consumer. So it's been a really successful run, but now it's time to grow. And of course, the market we'll predicate a lot of the growth, and we're starting to see the pipeline, as I mentioned, build.

所以我認為那個階段——那個階段即將到來。我想我必須再次重申斯科特所說的話。我們商業中的 PTPP 年比成長了 25%。我們的利潤率年增了16個基點。因此，我們確實成功地從我們部署的資產負債表中獲得了更多的價值和更快的速度。這是一個巨大的資本消耗者。所以這是一次非常成功的運行，但現在是時候成長了。當然，我們預測市場將有很大的成長，而且正如我所提到的，我們開始看到通路的建設。

In terms of deposits, you mentioned about the deposit growth year-on-year or quarter-on-quarter, I think it's important to separate term deposits, which are falling -- investment market phenomenon. But what's important is we've grown core deposits, that's day-to-day checking savings. In the last quarter, we've grown more in the last quarter than in the previous seven months of our business. So the efforts we're doing, as I mentioned in the last call, end-to-end across the value chain from our scorecards and our branches all the way to the products and the whole marketing mix, we're starting to see impact in that core deposit growth. Remember, we've added $50 billion in deposits since 2023, and the loan-to-deposit ratio has shut down by, I think, 10 basis points.

就存款而言，您提到了存款同比增長或環比增長，我認為重要的是將定期存款分開，定期存款正在下降——這是投資市場現象。但重要的是，我們增加了核心存款，即日常支票儲蓄。上個季度，我們的業務成長比前七個月還要快。因此，正如我在上次電話會議中提到的那樣，我們正在做的努力貫穿了從記分卡和分支機構到產品和整個行銷組合的整個價值鏈，我們開始看到核心存款成長的影響。請記住，自 2023 年以來，我們增加了 500 億美元的存款，而貸存比我認為已經下降了 10 個基點。

The other important thing that has to be mentioned is along with the core deposit growth, AUM, branch-driven mutual fund growth is also very strong. We grew 7% sequentially, 11% year-on-year. And this is also a very important part of our business that we also highlighted during Investor Day, getting more mutual fund sales in our branch and this, to get the core deposits and the AUM growing at the same time and savings is a very big achievement for this business. And it's one quarter, but that's the strategy as we go forward.

另一個值得一提的重要事情是，隨著核心存款的成長，AUM、分公司驅動的共同基金的成長也非常強勁。我們季增 7%，年增 11%。這也是我們業務的一個非常重要的部分，我們在投資者日期間也強調了這一點，在我們的分支機構中獲得更多共同基金銷售，從而使核心存款和 AUM 同時增長，而儲蓄對於這項業務來說是一個非常大的成就。雖然只佔一個季度，但這是我們未來的策略。

Okay, thanks.

好的，謝謝。

Doug Young, Desjardins Capital Markets.

道格楊 (Doug Young)，德斯雅爾丹資本市場 (Desjardins Capital Markets)。

Hi, good morning. Phil, I guess the last comment you had in your prepared remarks was impaired PCLs are below guidance that you're cautious. And if I go back to last quarter, I think you thought or you stated, I think, the second half of fiscal '25 will be at or slightly above Q2 levels on an impaired basis. I think that was 57 basis points. So you came in 51 basis points.

嗨，早安。菲爾，我猜你在準備好的發言中最後一條評論是受損的 PCL 低於指導值，因此你要謹慎。如果我回顧上個季度，我想您認為或您說過，我認為 25 財年下半年的業績將達到或略高於第二季度的水平。我認為那是 57 個基點。所以你的得分是 51 個基點。

And I know there's a lot going on here between impaired and performing and macro on trends. But can you maybe dig a little bit more into what you mean by cautious relative to in the fourth quarter? And if you could kind of care to talk about next year, that would be great? I'm trying to just get a sense of how we should be thinking about the trend on impaired PCLs.

我知道在受損和表現以及宏觀趨勢之間有很多事情發生。但是，您能否更深入地解釋一下相對於第四季的謹慎是什麼意思？如果您願意談談明年的情況，那就太好了？我只是想了解我們應該如何看待受損 PCL 的趨勢。

Yes. No. Thanks, Doug. I appreciate the question. We were really encouraged by how the impaired PCL showed up this quarter. But I think it's too early to tell if the trends are sustainable. There's obviously a lot going on in the Canadian economy, particularly. We still have trade uncertainty that's hitting us. Canadian consumer is still selling some signs of stress, as I mentioned earlier. But maybe let me walk you through each one of the business lines and tell you how we're thinking about it.

是的。不。謝謝，道格。我很感謝你提出這個問題。本季受損的 PCL 的表現確實令我們感到鼓舞。但我認為現在判斷這種趨勢是否可持續還為時過早。顯然，加拿大經濟正在發生很多事情。我們仍面臨貿易不確定性的影響。正如我之前提到的，加拿大消費者仍然表現出一些壓力的跡象。但也許讓我帶您了解每一條業務線，並告訴您我們是如何考慮的。

If I start with IB, impaired PCLs here were generally stable quarter-over-quarter. And I think we're doing a good job in collections, primacy and that's starting to really bear fruit on those portfolios. But it's a big global footprint, and we're cautious about weakness in Mexico and some variability as possible there.

如果我從 IB 開始，這裡受損的 PCL 整體上每季都比較穩定。我認為我們在收集、首要任務方面做得很好，而這些工作開始真正對這些投資組合產生影響。但它在全球的影響巨大，我們對墨西哥的疲軟以及可能的波動持謹慎態度。

If I turn to nonretail, impaired PCLs were down $14 million quarter-over-quarter. And we're not really seeing anything in these portfolios that gives us concern. But as you know, these can be a bit lumpy as different clients are sort of navigating in some of the economic uncertainty, particularly here in Canada. And that really brings me to Canadian retail, which is where you saw the biggest improvement in impaired this quarter.

如果我轉向非零售業，受損的PCL環比下降了1400萬美元。我們並沒有在這些投資組合中看到任何令我們擔憂的東西。但如你所知，這些可能會有點不穩定，因為不同的客戶正在應對一些經濟不確定性，特別是在加拿大。這確實讓我想到了加拿大零售業，這是本季受損狀況改善最大的領域。

And I've talked a lot in the past about the automotive portfolio, the prime automotive portfolio, specifically, the originations that we did on used cars during the pandemic. And we're starting to see -- and this is a technical risk term, but we're starting to see the pig moving through the pipeline. We're almost halfway or maybe more through that pipeline that with those 2022 and 2023 vintages.

過去我曾多次談論汽車投資組合、主要汽車投資組合，特別是我們在疫情期間對二手車的投資。我們開始看到——這是一個技術風險術語，但我們開始看到清管器在管道中移動。2022 年和 2023 年的葡萄酒生產工作已經完成了近一半甚至更多。

So I think the worst has passed us as we look at that auto book. And similarly, if you look at unsecured lines of credit, we saw continued improvement this quarter. And so if I look at where we are now versus where we were last quarter, some big improvements, particularly on the retail side. If I look forward, I'm encouraged by the trends. However, I don't think the worst has necessarily passed us. And I think we still need to be very thoughtful about the macroeconomic dynamic. We're still waiting for Canada, US trade agreement. And so this uncertainty is still clouding some of the outlook.

因此，當我們看那本汽車書時，我認為最糟糕的時期已經過去了。同樣，如果你看看無擔保信用額度，我們會看到本季繼續改善。因此，如果我將我們現在的狀況與上一季的狀況進行比較，就會發現有一些重大改進，特別是在零售方面。如果我向前看，趨勢就會讓我感到鼓舞。然而，我認為最糟糕的情況還未過去。我認為我們仍然需要認真思考宏觀經濟動態。我們仍在等待加拿大和美國的貿易協定。因此，這種不確定性仍然給一些前景蒙上陰影。

No, no, it is. And then, Raj, just if I look on slide 7, your internal capital generation, 13 basis points. I'm more interested in through a cycle, what you think that should be? And obviously, ROE improvement kind of what helped kind of benefit that metric. But when you think of a target or what you think is a reasonable through-the-cycle internal capital generation, what is that?

不不不，是的。然後，Raj，如果我看第 7 張投影片，你的內部資本產生率為 13 個基點。我對循環更感興趣，您認為應該怎麼做？顯然，ROE 的提高對這項指標有一定的幫助。但是當您想到一個目標或您認為合理的整個週期內部資本產生時，那是什麼？

I think through '26, perhaps even into '27 perhaps, right? When I look at it, this bank should generate somewhere between 15 basis points to 20 basis points of internal capital generation per quarter. And that's going to come through some of the growth that we talked about. It's going to come through as our market-facing businesses start performing even better, whether it's wealth or GBM, both of them are hitting their stride at this time. And those are highly accretive to internal capital generation, as you know.

我認為可能持續到 26 年，甚至可能持續到 27 年，對嗎？我認為，這家銀行每季的內部資本產生應該在 15 個基點到 20 個基點之間。這將透過我們談到的一些成長來實現。隨著我們面向市場的業務開始表現得更好，這一點就會實現，無論是財富還是 GBM，它們現在都處於鼎盛時期。如您所知，這些對於內部資本的產生具有很高的增值作用。

So I think somewhere between 15 basis points to 20 basis points is the right number for this company. Looking forward to the immediate future and eventually, our expectation is we want the number to continue to improve. It's all the basis of how do you get better returns for the capital to deploy the capital velocity is a term heard from a number of my colleagues over here. But looking through into '26, that's probably the right number.

因此我認為 15 個基點到 20 個基點之間是適合這家公司的正確數字。展望不久的將來以及最終，我們的期望是希望這個數字能繼續提高。這一切都取決於如何讓資本獲得更好的回報，而資本速度是我在這裡的許多同事都聽過的術語。但縱觀 26 年，這可能是正確的數字。

Appreciate the color. Thank you.

欣賞色彩。謝謝。

Paul Holden, CIBC.

加拿大帝國商業銀行 (CIBC) 的保羅霍爾頓 (Paul Holden)。

Thank you. Good morning. I want to ask a question on the trading. You called out very good quarter for fixed income trading. We see that in the numbers, I think [$4.32], significantly higher than we've seen in any previous quarter. Maybe you can talk through that? Like how much of it is sustainable? How much of it might have been more specific to Q3?

謝謝。早安.我想問一個關於交易的問題。您稱本季固定收益交易表現非常好。我們從數字上看到，我認為 [4.32 美元] 明顯高於我們之前任何季度的數字。也許你可以談談這個？其中有多少是可持續的？其中有多少可能更具體地針對 Q3？

Sure. This is Travis. I want to reiterate, we had an excellent quarter. We're obviously very proud of our results. We're super focused on our -- the velocity of our balance sheet, as we mentioned and utilizing our capital efficiently. But you're absolutely right, we benefited from the volatile feeding environment and robust equity markets. In addition, we also had a record year in investment bank.

當然。這是特拉維斯。我想重申一下，我們度過了一個出色的季度。我們顯然對我們的成果感到非常自豪。正如我們所提到的，我們非常關注我們的資產負債表的速度以及有效利用我們的資本。但您完全正確，我們受益於動盪的餵食環境和強勁的股票市場。此外，我們在投資銀行業務方面也創下了紀錄。

So every -- all the pieces were really coming together well. We are focused on building a more durable franchise. We have a lot of new initiatives in place which should alleviate some of the volatility that you may see in the trading business, and we'll continue to invest in the future. So I think said another way, it's probably difficult, as Scott mentioned, to replicate this quarter, every quarter, but we're definitely building a durable franchise where we think this will be more of the norm.

所以，所有部分都很好地結合在一起了。我們致力於打造更持久的特許經營權。我們已經採取了許多新舉措，這些舉措應該可以減輕您在貿易業務中可能看到的一些波動，並且我們將在未來繼續投資。所以我認為換句話說，正如斯科特提到的那樣，每個季度都複製這個季度的情況可能很困難，但我們肯定正在建立一個持久的特許經營權，我們認為這將變得更常態。

Okay. And I want to go back to Phil for my second question. So (inaudible) formations were up 7% quarter-over-quarter, not a huge move, but still directionally going the opposite way of impaired PCLs. Sometimes when investors see that, they're like, oh, great, is that a sign that impaired PCLs next quarter are going to be higher.

好的。我想回到菲爾那裡回答我的第二個問題。因此（聽不清楚）陣型環比增長了 7%，這不是一個巨大的變化，但方向仍然與受損的 PCL 方向相反。有時，當投資者看到這種情況時，他們會想，哦，太好了，這是不是預示著下個季度受損的個人殘障賠償金會更高呢？

And we know that's not always the case. So maybe you can talk through in Scotia's specific circumstance, why hopefully, is not true, but why or why not it might be an indication of future impaired PCLs? Thanks.

我們知道情況並非總是如此。因此，也許您可以談談斯科舍省的具體情況，為什麼希望這不是真的，但為什麼它可能預示著未來 PCL 受損？謝謝。

Thanks, Paul. I appreciate it. We definitely saw some higher formations in certain pockets of the business. If I look at Canada, I mentioned Canadian commercial earlier, you still have consumers that are customers, clients that are still moving through this -- the uncertainty with the trade environment. I think in international, I mentioned some of the activity in Mexico.

謝謝，保羅。我很感激。我們確實在某些業務領域看到了一些更高級的形式。如果我看加拿大，我之前提到加拿大商業，你仍然有消費者，也就是客戶，他們仍在經歷貿易環境的不確定性。我認為在國際上，我提到了墨西哥的一些活動。

And then in GBM, there's something there, too. But sorry, the gills were lower rather than GBM. So more so an improvement in that business. I think in this case, though, Paul, if I look forward in terms of what I'm seeing in our forecasting, I don't think you're going to see the translation of these gills enter into higher PCLs. And so we're feeling confident that we're digesting these deals. We're working out through the situation, and it's not going to translate into higher loan losses next year.

然後在 GBM 中，也存在一些東西。但很抱歉，鰓比GBM低。因此，該業務的改善更為顯著。不過，保羅，我認為在這種情況下，如果我從我們的預測中看到的情況來看，我認為你不會看到這些鰓的翻譯進入更高的 PCL。因此，我們有信心消化這些交易。我們正在努力解決這個問題，並且這不會導致明年更高的貸款損失。

Okay, that's it for me. Thanks for the time.

好的，對我來說就這樣了。謝謝你的時間。

Jill Shea, UBS.

瑞銀的吉爾·謝伊（Jill Shea）。

Good morning. Thanks for taking the question. Perhaps just on the margin, the Canadian banking margin was up a little bit this quarter, and I think you had mentioned the deposit mix was a helper and Aris talked about the core deposit growth. Should we expect that deposit mix improvement to continue? And maybe bigger picture, how should we think about the Canadian NIM going forward?

早安.感謝您回答這個問題。也許只是在利潤率方面，本季度加拿大銀行的利潤率略有上升，我認為您提到存款組合是一個幫助因素，而阿里斯談到了核心存款的增長。我們是否應該期待存款結構持續改善？也許從更大的角度來看，我們應該如何看待加拿大 NIM 的未來發展？

Sure, Jill. It's Raj. Yes, I think the 2 basis points improvement quarter-over-quarter, mostly driven from deposit margin expansion. Aris talked about the business mix shift, like you mentioned, on savings and demand. This is going to be our area of focus completely. Like when we think about deposits, term deposits will always be part of the solution. It's about customer preferences and so on.

當然，吉爾。是拉吉。是的，我認為季度環比提高了 2 個基點，主要是由於存款保證金的擴大。正如您所說，阿里斯談到了儲蓄和需求方面的業務組合轉變。這將成為我們關注的重點領域。就像我們考慮存款時一樣，定期存款永遠是解決方案的一部分。這與顧客偏好等等有關。

But we really want to focus on primacy. We want to improve the deposit mix over there. We want to get more savings. And likewise, we want to have more demand deposits be it in commercial or in the retail book. The expansion, our caveat is only one item. It depends on if there are future rate cuts in the Bank of Canada's annual, right?

但我們確實想集中精力於首要地位。我們希望改善那裡的存款組合。我們想要節省更多。同樣，我們希望有更多的活期存款，無論是商業還是零售帳戶。擴展，我們的警告只有一項。這取決於加拿大央行未來年度是否會降息，對嗎？

Like I mentioned in my previous answer, we don't have any assumptions of rate cuts for the remainder of the fiscal year or even the calendar year for that matter in Canada. If rate cuts happen, it obviously impacts the deposit NIM in the Canadian business, it will benefit the bank as a whole, but the Canadian bank could be impacted. But excluding that, because that's not our assumption, we think we should be continuously seeing sequential, but small improvements in the Canadian Bank NIM starting next quarter as well.

正如我在之前的回答中提到的那樣，我們對加拿大本財政年度剩餘時間甚至日曆年度的降息沒有任何假設。如果降息，顯然會影響加拿大業務的存款淨利差，這將使整個銀行受益，但加拿大銀行可能會受到影響。但排除這一點，因為這不是我們的假設，我們認為從下個季度開始，我們應該會持續看到加拿大銀行淨利息收益率出現連續但小幅的改善。

Okay. Very helpful. And then perhaps just turning to the international banking segment as well and just same theme, the margin was a little bit better than we expected. I think it's trending better than that $4.45, $4.50 range you guys have talked about. And the margin has been sort of drifting higher over the past year. Could you just talk about the puts and takes there and how we should think about the international banking margin as well?

好的。非常有幫助。然後也許只是轉向國際銀行業務，同樣的主題，利潤率比我們預期的要好一點。我認為它的趨勢比你們談論的 4.45 美元、4.50 美元的範圍要好。過去一年來，利潤率一直在走高。您能否談談其中的看跌期權和看漲期權以及我們應該如何看待國際銀行保證金？

Sure. International banking NIM, as you know, lots of countries, right? The Latin American countries are impacted by local rate changes. The Caribbean is dependent on the US rate changes. So there's a lot of dynamics over there. Then there is inflation. So multiple factors impact that NIM. You're right. I think our sustained NIM expectations is $4.45, $4.50. This quarter, we picked up a few more basis points because we just had opportunistic trades in Brazil because of the significant arbitrage between, say, offshore rates and onshore rates in Brazil. A couple of transactions that's all that moved it.

當然。國際銀行業務 NIM，如您所知，很多國家都有，對吧？拉丁美洲國家受到當地利率變動的影響。加勒比地區依賴美國的利率變化。所以那裡有很多動態。然後就是通貨膨脹。因此，有多種因素會影響 NIM。你說得對。我認為我們持續的淨利差預期是4.45美元到4.50美元。本季度，我們又增加了幾個基點，因為我們在巴西進行了機會性交易，因為巴西離岸利率和在岸利率之間存在大量套利。只需幾筆交易就能改變一切。

But to put it in perspective, the 4 basis points improvement, the $4.50 to $4.54 in International Banking is about 0.5 basis point for the bank as whole because of proportionality. But international banking is on the same path as the Canadian banking answer I gave you. They want to grow core deposits as our strategy, whether it's in retail or commercial. We'll continue to be thoughtful about it. We want to increase primacy over there.

但從整體來看，由於比例關係，國際銀行業務的 4 個基點的提高（即 4.50 美元至 4.54 美元）對於整個銀行而言約為 0.5 個基點。但國際銀行業務與我給你的加拿大銀行業務的答案是相同的。他們希望將增加核心存款作為我們的策略，無論是在零售還是商業領域。我們將繼續深思熟慮。我們希望增強那裡的首要地位。

That NIM will be likely stable between $4.45 to $4.50 for the foreseeable future and should start improving afterwards as we track better core deposit growth in the business. And we have better primacy on the lending side where the lending margins could start improving, but that's slightly a 2027 story.

在可預見的未來，NIM 可能會穩定在 4.45 美元至 4.50 美元之間，隨著我們追蹤業務中核心存款更好的成長，之後應該會開始改善。我們在貸款方面佔據著更好的主導地位，貸款利潤率可能會開始提高，但那是 2027 年的事情了。

Okay, thank you. Very, helpful.

好的，謝謝。非常有幫助。

Darko Mihelic, RBC Capital Markets.

Darko Mihelic，加拿大皇家銀行資本市場。

Hi, thank you. Good morning. My questions are for Francisco. And maybe it's easiest to do this if you look at slide 27 and slide 28 of your presentation. And if what I'm getting -- I'm getting the sense that maybe the client's deselection program is sort of nearing its end. And I'm trying to get a sense of magnitude. So for example, if I look at slide 27, I see the balances down year-over-year. And let's say, on a constant currency basis, that's $5 billion.

你好，謝謝。早安.我的問題是針對弗朗西斯科的。如果您查看簡報的第 27 張和第 28 張投影片，也許最容易做到這一點。如果我得到的訊息是——我感覺客戶的取消選擇程序可能已經接近尾聲了。我試著去感受它的規模。例如，如果我看第 27 張投影片，我會看到餘額比去年同期下降。假設以固定匯率計算，這個數字是 50 億美元。

But there's two moving parts, right? There's the part where you've deselected and there's originations. And so for all I know, you've removed $10 billion and you've had originations of $5 million. So that's what I'm trying to get at, Francisco is, how much of this has been client selection? What's the underlying sort of origination rate? And as we get past the deselection, like could we be expecting significant growth once your -- what sounds like you're done with the selection? I hope you understand that question, and maybe you can give me an order of magnitude, please?

但有兩個活動部件，對嗎？其中有您取消選擇的部分，還有起源。據我所知，您已經撤走了 100 億美元，並且您已經獲得了 500 萬美元的資金。所以這就是我想要知道的，弗朗西斯科，這其中有多少是客戶選擇的？底層起源率是多少？當我們完成取消選擇後，我們是否可以期待顯著的增長 - 聽起來您已經完成了選擇？我希望您能理解這個問題，也許您可以給我一個數量級，好嗎？

No, thanks for the question and being thorough on this because this is very much at the core of the strategy and the changes that we're driving. The first element that I will draw you in is a little bit of the big picture. When we started at Investor Day, we were growing at 1%. We're now growing at 3% revenue and earnings at 6%. And when we committed to the two-year transformation, we did not anticipate growth. This is in spite of find this selection and a deliberate effort to improve our asset mix and reducing ROA below target.

不，感謝您提出這個問題，並且對此進行了徹底的探討，因為這正是我們所推動的策略和變革的核心。我要向你們介紹的第一個元素是一幅大圖。當我們在投資者日開始時，我們的成長率為 1%。目前我們的營收成長率為 3%，獲利成長率為 6%。當我們致力於為期兩年的轉型時，我們並沒有預料到成長。儘管我們找到了這個選擇，並刻意努力改善資產組合，並將 ROA 降低到目標以下，但情況仍然如此。

So we are way ahead in terms of that optimization. That's not to say that the discipline is going to change. We will remain absolutely focused on maintaining that target of about 2% return on risk-weighted assets. And that's driving a lot of the decision making across all businesses. So that's not going to change.

因此，我們在優化方面遙遙領先。這並不是說該學科將會改變。我們將繼續全心全意致力於維持風險加權資產回報率約 2% 的目標。這推動了所有企業的許多決策。所以這不會改變。

Now in terms of client deselection, a significant effort went on primarily in commercial, where we moved really to focus on clients where we can drive GTB or transaction banking opportunities. And that process is well advanced, and I would say pretty much done.

現在，在客戶取消選擇方面，我們主要在商業領域做出了巨大努力，我們真正將重點放在可以推動 GTB 或交易銀行機會的客戶身上。這個過程目前進展順利，我想說基本上已經完成了。

On the retail bank, our effort has been really around the mass market, first, understanding it to segmenting across all segments. And today, we're now, as we speak, rolling out the new value propositions, Mexico first. With the new image of branding campaign being launched next week. And all of that will just continue to drive the right acquisition with the right value proposition, multiproduct getting us closer from inception to primacy.

在零售銀行方面，我們的努力實際上一直圍繞著大眾市場，首先，了解大眾市場，然後將其細分到所有細分市場。今天，正如我們所說，我們正在推出新的價值主張，首先是墨西哥。新的品牌形象宣傳活動將於下週推出。而這一切將繼續推動正確的收購和正確的價值主張，多產品使我們從起步走向領先地位。

So in the exercise of this election is primarily mass market focused. And in that exercise, what we're doing is separating clients where we cannot penetrate further and therefore, we're diselecting. But also when we see mass market, we see a lot of opportunity closer to top of mass because mass market not only gives us scale to pay for all expenses, therefore, a necessary evil to keep in our target market, but also it's a very strong feeder to the top of mass, where we see significant opportunity across all markets.

因此，這次選舉主要以大眾市場為中心。在這過程中，我們所做的就是分開那些我們無法進一步滲透的客戶，因此，我們會取消選擇。但是，當我們看到大眾市場時，我們也看到了許多接近大眾頂級市場的機會，因為大眾市場不僅為我們提供了規模來支付所有費用，因此，這是我們在目標市場中必須保持的必要之惡，而且它還是大眾頂級市場的強大供給者，我們在所有市場都看到了巨大的機會。

So you're going to see us continuing probably to deselect some mass market but also going forward, the acquisition pace in the mass market is slower. I'm acquiring 20% less in the mass market that I was historically acquiring. And I'm growing faster in retail than I ever was growing, because of penetrating more in the core segments, affluent, emerging affluent and top of mass. And this is without the new value props fully rolled out.

因此，你會看到我們可能會繼續取消選擇一些大眾市場，但展望未來，大眾市場的收購步伐也會變慢。我在大眾市場的收購量比過去減少了 20%。由於我們在核心細分市場、富裕階層、新興富裕階層和大眾頂層市場的滲透率更高，零售業的成長速度比以往任何時候都要快。而這還不是新的價值主張完全推出的情況。

So as I look forward and the core to your question is, when are we going to see growth? Well, number one, we are growing, and we're growing much faster than we anticipated during the transformation. But more importantly, the concept we're introducing, as we look at plan 2026 and beyond is the pivot to growth. And that is now that we have the organization in place we will have any value propositions in place. We need to translate all of that into targeted deliberate growth in a segment business as we go quarter in, quarter out.

因此，當我展望未來時，你的問題的核心是，我們什麼時候才能看到成長？首先，我們正在成長，我們的成長速度比我們在轉型期間預期的要快得多。但更重要的是，當我們展望 2026 年及以後的計畫時，我們引入的概念是成長的關鍵。現在我們已經建立了組織，我們將制定任何價值主張。我們需要將所有這些轉化為細分業務中每個季度都有針對性的有計劃的成長。

So it will be a gradual transition where we want to see the right returns, the right path to primacy, the right acquisition trends by segment. So I will see 2026 as that pivot year. And you're going to see that pivot year in commercial banking and in retail banking where both businesses are now regionalized, repositioned and consistently organized throughout the international banking footprint. So it's a very exciting time because this is where we see all the efforts pay off as we begin to look at growth probably sooner than we anticipated when we did the Investor Day presentation.

因此這將是一個漸進的過渡，我們希望看到正確的回報、正確的首要地位之路以及正確的細分收購趨勢。因此我將 2026 年視為關鍵的一年。您將會看到商業銀行和零售銀行業務的關鍵一年，這兩項業務現在都已區域化、重新定位，並在整個國際銀行業務範圍內進行統一組織。所以這是一個非常令人興奮的時刻，因為我們看到所有的努力都得到了回報，因為我們開始專注於成長，可能比我們在投資者日演示時預期的要早。

Okay. And just a follow-up on the commercial and corporate books, proportionately a bigger decline in investment grade. Is that the way forward to think of really a bigger push on noninvestment grade? Is that how we should think about that?

好的。從商業和公司帳簿來看，投資等級的下降幅度相對較大。這是否是真正考慮大力推動非投資等級債券發展的前進方向？我們該這樣思考嗎？

No at all. Not at all. No, this is just a simple exercise where we looked at share of wallet, where we looked at returns as we had balance sheet out there and understand how can we improve returns with those clients and with that asset deployment.

一點也不。一點也不。不，這只是一個簡單的練習，我們查看了錢包份額，查看了資產負債表的回報，並了解如何透過這些客戶和資產配置來提高回報。

And in many instances, the conclusion was that, number 1, we were over deployed. So we have narrowed down some of that capital out there. Number 2, we've gone to clients trying to get more of the share of wallet beyond just lending; and number 3, where we are now is that we are pretty much done in GBM, and we're looking to grow.

在很多情況下，結論都是：第一，我們的部署過度了。因此，我們縮小了部分資本範圍。第二，我們試圖在貸款之外獲得更多的客戶份額；第三，我們現在在 GBM 領域基本上已經完成，我們正在尋求成長。

So one of the elements to keep in mind is that this growth cannot come at the expense of lower returns. And that is just not going to happen. Every dollar of lending needs to come with very powerful cash management penetration. And that's what we're operating at. So you're going to see higher returns around every dollar of capital deployed. Mexico is a key engine for growth around our GBM business, no secret.

因此，要記住的一點是，這種成長不能以較低的回報為代價。但這根本不可能發生。每一筆貸款都需要伴隨非常強大的現金管理滲透。這就是我們的工作。因此，您將看到所部署的每一美元資本都會獲得更高的回報。墨西哥是我們 GBM 業務成長的關鍵引擎，這是眾所周知的。

The economy is contracting 1.5% this year. So that is impacting our growth. Brazil has been deliberately bringing assets down because we had a high concentration of low returning, high-quality assets. So we're going to see that we convert into higher returning, more cross-sold penetration around wallet share.

今年經濟萎縮了1.5%。這會影響我們的成長。巴西一直在故意降低資產價值，因為我們擁有大量低迴報、高品質的資產。因此，我們將看到我們轉化為更高的回報，更多的圍繞錢包份額的交叉銷售滲透。

So our aim, as with, I mentioned, commercial and retail in 2026 is a pivot to growth. But the engine for growth is wallet share. It's not just assets. We want to see those returns reflective of the on the line risk as we operate in emerging markets. So there's got to be a premium return for the risk we take. And that comes through deeper penetration of the wallet.

因此，正如我所提到的，我們的目標是 2026 年的商業和零售業實現成長。但成長的引擎是錢包份額。這不僅僅是資產。我們希望這些回報能反映我們在新興市場營運時所面臨的風險。因此，我們承擔的風險必須帶來溢價報酬。而這需要對錢包進行更深入的滲透。

Francisco, does it make sense to touch on GTV and all the work that's been done because it's global. So it impacts Travis' business and Aris' business and your IB, but maybe just for the audience a little bit on what we're doing on transaction.

弗朗西斯科，由於 GTV 是全球性的，談論 GTV 及其已完成的所有工作是否有意義？因此，它會影響 Travis 的業務、Aris 的業務和您的 IB，但可能只是讓觀眾稍微了解一下我們在交易方面所做的事情。

Absolutely. And I think the key element here is, one, we have the team in place, and it's a world-class team, not only with the very strong talent we had at Scotiabank, where we complemented that strong talent with key hires from the market that has strengthened our product capability and knowledge that has strengthened our sales knowledge from world-class players in this space and also brought alternative experiences to how to lead for our competitors that have been in this business for much longer than what we have.

絕對地。我認為這裡的關鍵因素是，首先，我們擁有一支世界一流的團隊，不僅擁有豐業銀行非常優秀的人才，我們還從市場上招募了關鍵人才，增強了我們的產品能力和知識，增強了我們在這個領域世界級參與者的銷售知識，也為那些在這個行業中比我們經驗更豐富的競爭對手帶來了不同的領導經驗。

So it's an exciting time. Our pipeline has grown 5 times over the last year as we focused in Canadian commercial, GBM, US GBM, very exciting time in the US as October 1, we rolled out fully our cash management capabilities for the first time in the US. And as the North America corridor connectivity, that is a fundamental piece of the puzzle that we did not have that will contribute greatly to this aspiration of deeper penetration on wallet share.

這是一個令人興奮的時刻。由於我們專注於加拿大商業、GBM、美國GBM，我們的通路在過去一年中成長了5倍，10月1日，我們在美國首次全面推出了現金管理功能，這是一個非常令人興奮的時刻。而北美走廊的連通性，是我們以前沒有的一個基本難題，它將極大地促進我們實現更深層的錢包份額滲透的願望。

And internationally, it's a connected proposition. So when you look at how we come differently to these conversations is that we come connect it, meaning we're going to service you in every country we're in, and you're going to connect these countries through the treasury management portal. And that's something that we did not have. That is something that we have strongly rolled out and will be core to the way we come across our clients as a platform they should operate in the North American corridor and beyond.

從國際上看，這是一個相關的主張。因此，當您看到我們如何以不同的方式進行這些對話時，我們會將其連接起來，這意味著我們將在我們所在的每個國家/地區為您提供服務，並且您將透過財務管理入口網站連接這些國家。而這是我們所不曾擁有的。這是我們大力推廣的一項舉措，它將成為我們與客戶接觸的核心，並成為他們在北美走廊及其他地區開展業務的平台。

So we are very well set up for it. We are investing heavily in this business, but very targeted in terms of the capabilities we want. So this is not more of the same. This is a different proposition for our client. And when you look at other Canadian banks, or US banks, we are uniquely positioned to win here because we are a universal bank in these countries.

因此我們已經做好了充分的準備。我們對這項業務投入了大量資金，但就我們想要的能力而言，我們非常有針對性。所以這不再是同樣的事了。對我們的客戶來說，這是一個不同的主張。當你看看其他加拿大銀行或美國銀行時，你會發現我們在這裡有獨特的優勢，因為我們是這些國家的全能銀行。

Let's not forget, I have the opportunity to provide payroll services to multinational clients in all these countries at scale. And when you look at traditional cash management providers, that's not the case. So that's a big differentiating factor that when you add to that a powerful treasury management portal with strong capabilities across markets, with a sales force that is coordinated across commercial and GBM across countries, I think it's a very exciting proposition, and our clients are all for it.

別忘了，我有機會為所有這些國家的跨國客戶提供大規模的薪資服務。但如果你看看傳統的現金管理供應商，情況就不是這樣了。因此，這是一個很大的差異化因素，當你添加一個強大的資金管理門戶，該門戶具有強大的跨市場能力，以及一支在各個國家的商業和 GBM 之間協調的銷售隊伍時，我認為這是一個非常令人興奮的提議，我們的客戶都對此表示贊同。

Okay, I think I've formed a view. Thank you very much for those answers. It's been good.

好的，我想我已經形成了一個觀點。非常感謝您的回答。一切都很好。

Thank you operator. Operator, we have time for one last question.

謝謝接線生。接線員，我們還有時間回答最後一個問題。

Sohrab Movahedi, BMO Capital Markets.

Sohrab Movahedi，BMO 資本市場。

Okay, thank you. I appreciate you squeezing me in. Maybe just to bring it all together, I mean, we've heard from Aris, he is targeting positive operating leverage. Francisco has turned things around. Which one of these two segments is likely to outgrow the other segment when you think over the next six quarters?

好的，謝謝。我很感謝你擠進我。也許只是為了把所有一切結合起來，我的意思是，我們從阿里斯那裡聽說，他的目標是積極的經營槓桿。弗朗西斯科扭轉了局面。如果您考慮未來六個季度，這兩個細分市場中哪一個細分市場的成長速度可能會超過另一個細分市場？

Sohrab, it's Scott. I mean, I think one of the things we haven't talked about today is our wealth business and that connectivity between Canada and wealth and IB and wealth, which you actually see in the numbers, which we've been talking about a lot. But Jacqui, can you maybe just give Sohrab an overview of the progress we're making on wealth?

索拉布，我是史考特。我的意思是，我認為我們今天還沒有談論的事情之一是我們的財富業務以及加拿大與財富、 IB 與財富之間的聯繫，你可以在數字中看到這一點，我們也一直在談論這個話題。但是 Jacqui，你能否向 Sohrab 概述一下我們在財富方面所取得的進展？

Yes, sure. Like, we really see wealth is, I think, the glue to the client privacy strategy that we're trying to drive at the all-bank level. And if I think about the progress that we've made since Investor Day, I publish it on four key areas. The first would be around what Aris talked about, our retail investment advice priority. Really happy with the progress here, $1.7 billion in acquisitions year-to-date compared to same period last year would be $900 million in net redemption. So really good progress there, a lot more to come, most importantly though, improving our penetration, which is again driving primacy.

是的，當然。就像，我認為，我們確實認為財富是我們試圖在全銀行層級推動的客戶隱私策略的黏合劑。如果我考慮自投資者日以來我們取得的進展，我會在四個關鍵領域發布它。首先是圍繞著阿里斯談論的，我們的零售投資建議重點。我對這裡的進展感到非常高興，今年迄今的收購金額為 17 億美元，與去年同期相比，淨贖回金額為 9 億美元。所以這方面確實取得了很好的進展，未來還會有更多進展，但最重要的是提高我們的滲透率，這再次推動了我們的首要地位。

The second area would be our Canadian Wealth and advisory businesses that would be McLeod, Pick, Jaroslawski, Fraser, Private Wealth, as well as as well as MD. These businesses are really firing on all cylinders. We're seeing really strong growth in net sales, about 85% up year-over-year. So really strong growth engines for our wealth.

第二個領域是我們的加拿大財富和諮詢業務，包括 McLeod、Pick、Jaroslawski、Fraser、Private Wealth 以及 MD。這些企業確實正在全力發展。我們看到淨銷售額成長非常強勁，年增約 85%。這確實是我們財富的強勁成長引擎。

The third will be Private Banking, we're seeing double-digit loan and deposit growth so far this year. We've also launched our signature banking initiative. We're probably on track to convert roughly 2 times the number of households that we had targeted for this business by year-end and then I'd have to end with international wealth management. We still have a tremendous opportunity there. We're thrilled by hitting our record earnings in IWM this quarter, but we also had record earnings in our Mexican Wealth Management business. So lots more to come from Wealth Management.

第三個是私人銀行業務，今年到目前為止，我們看到貸款和存款都實現了兩位數的成長。我們還推出了我們的標誌性銀行計劃。到今年年底，我們可能會將轉換大約兩倍於我們為這項業務設定的目標家庭數量，然後我必須以國際財富管理作為結束。我們在那裡仍然擁有巨大的機會。我們很高興本季 IWM 的獲利創下了歷史新高，但我們的墨西哥財富管理業務的獲利也創下了歷史新高。財富管理領域還有更多發展空間。

That's great and that connection that we're seeing between Canada and wealth is -- I mean, through the referrals through the redemption has been fantastic. I think if your question was Canada and ID, we are pivoting the growth in ID for sure. I think that's going to take some time to see. We're never going to see that back to 10% growth. We're going to keep kind of in that I don't know, Francisco, 5%, 6% growth.

這很棒，我們看到的加拿大和財富之間的聯繫是——我的意思是，透過推薦和贖回，這種聯繫非常棒。我想，如果您的問題是關於加拿大和 ID，那麼我們肯定會專注於 ID 的成長。我認為這需要一些時間才能看到。我們永遠不會再看到 10% 的成長。我們將保持某種程度的成長率，弗朗西斯科，我不知道，5% 還是 6%。

5% to 7%.

5%至7%。

But we are going to see in Canada as we move to '26 and '27 as significant growth -- significant growth in net income on the back of that operating leverage that we talked about significant growth on the back of commercial optimization, small business movement and then having some traction on retail. So the Canadian bank, as I look to '26 and '27, is what I'm really excited about is this pivot from optimization to growth.

但是，隨著我們進入 26 年和 27 年，我們將看到加拿大的顯著增長——在經營槓桿的推動下，淨收入將顯著增長，我們所說的顯著增長是在商業優化、小型企業運動以及零售業的一些推動下實現的。因此，展望 26 年和 27 年，我真正感到興奮的是加拿大銀行從優化到成長的轉變。

I appreciate you squeezing in. Thank you.

感謝您的參與。謝謝。

Thank you. This is all the time we have for questions. I would now like to turn the meeting over to Raj Viswanathan.

謝謝。我們回答問題的時間就這麼多了。現在我想將會議交給 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 to you again at our Q4 call in December. Have a great day.

謝謝。我謹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 12 月的第四季度電話會議上再次與您交談。祝你有美好的一天。

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

謝謝。會議現已結束。此時請斷開您的線路，感謝您的參與。