Bank of Nova Scotia (BNS) 2025 Q4 法說會逐字稿

Good morning, and welcome to Scotiabank's Q4 results presentation. My name is Meny Grauman, and I'm Head of Investor Relations. 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. Following our comments, we'll be glad to take your questions.

早安，歡迎參加加拿大豐業銀行第四季業績發表會。我叫梅尼‧格勞曼，我是投資人關係主管。今天早上向大家介紹的是加拿大豐業銀行總裁兼執行長史考特湯姆森、財務長拉傑維斯瓦納坦和首席風險長菲爾托馬斯。在我們發言之後，我們很樂意回答您的問題。

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. 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. All the remarks today will be on an adjusted basis.

出席並回答問題的還有以下豐業銀行高管：加拿大銀行業務部的 Aris Bogdaneris；全球財富管理部的 Jacqui Allard；國際銀行業務部的 Francisco Aristeguieta；以及全球銀行和市場部的 Travis Machen。在我們開始之前，我謹代表今天發言的各位，請大家參閱我們簡報的第 2 張投影片，其中包含加拿大豐業銀行關於前瞻性聲明的警告。今天的所有發言都將根據情況進行調整。

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

接下來，我將把電話交給史考特。

Thank you, Manny, and good morning, everyone. Our Q4 results cap off a year of strong and consistent financial performance, and we've entered into fiscal 2026 from a position of strength. 2025 was a year of execution. We did what we said we were going to do despite the emergence of unexpected trade-related economic challenges. We accomplished this by focusing on what we can control and delivering our strategic plan.

謝謝你，曼尼，大家早安。我們第四季的業績為全年強勁穩定的財務表現畫上了圓滿的句號，我們已從強勁的勢頭進入2026財年。 2025年是執行力最強的一年。儘管出現了意想不到的與貿易相關的經濟挑戰，但我們還是履行了我們承諾要做的事情。我們透過專注於我們能夠控制的事情並執行我們的策略計劃來實現這一目標。

Overall, EPS grew by 10% for the full year. We also ended Q4 with an ROE of 12.5%, up 190 basis points year-over-year and an efficiency ratio of 54.3% and an improvement of 180 basis points versus the prior period. These results demonstrate clear and measurable progress against our medium-term financial targets. Recapping our strategic objectives, our focus on client privacy is yielding results as we drive strong cooperation across the bank.

全年每股收益成長10%。在第四季末，我們的淨資產收益率為 12.5%，年成長 190 個基點；效率比率為 54.3%，較上一季提高 180 個基點。這些結果表明，我們在實現中期財務目標方面取得了清晰、可衡量的進展。回顧我們的策略目標，我們對客戶隱私的重視正在取得成效，因為我們推動了全行範圍內的緊密合作。

Closed referrals between Canadian retail, commercial and wealth were $15 billion for the year, up 18% over last year and our emphasis on deposit gathering is also paying off as we increased our mix of P&C deposits for the second year in a row. We've added 400,000 primary clients since we launched our new strategy, and I am confident we will continue to accelerate client acquisition as we enhance our client experience and build out our data and personalization capabilities.

今年加拿大零售、商業和財富保險之間的成交額達到 150 億美元，比去年增長了 18%，我們對存款募集的重視也取得了成效，我們連續第二年增加了財產和意外傷害保險存款的比例。自從我們推出新策略以來，我們新增了 40 萬個主要客戶，我相信隨著我們不斷提升客戶體驗並建立數據和個人化能力，我們將繼續加速客戶獲取。

We also remain disciplined in our approach to reallocating capital to key growth areas and continue to strengthen our balance sheet and maintain a strong capital position. We reduced our wholesale funding ratio by 60 basis points this past year, while our loan-to-deposit ratio closed the year at 104%. On capital, we ended the year with a CET1 ratio of 13.2% after repurchasing 10.8 million shares in fiscal 2025.

我們將繼續秉持嚴謹的態度，將資本重新分配到關鍵成長領域，並持續強化資產負債表，維持強勁的資本實力。去年，我們的批發融資比率下降了 60 個基點，而我們的存貸比在年底達到了 104%。在資本方面，我們在 2025 財年回購了 1,080 萬股股票後，年底的 CET1 比率為 13.2%。

Turning to our Q4 results. We delivered earnings of $2.6 billion or $1.93 per share, up 23% year-over-year. Our quarterly results exclude a restructuring charge with the majority related to actions taken to simplify our Canadian operations. While these types of decisions are always difficult, they are nevertheless necessary as we work to boost the value of the Canadian bank.

接下來來看看我們第四季的業績。我們實現了 26 億美元的獲利，即每股 1.93 美元，較去年同期成長 23%。我們的季度業績不包括重組費用，其中大部分與簡化我們在加拿大的業務運營所採取的措施有關。雖然這類決定總是很困難，但為了提升加拿大銀行的價值，這些決定又是必要的。

The actions simplify and streamline our organizational setup, which will free up capacity to further invest in technology and revenue-generating sales staff to propel future revenue growth. We do not anticipate additional charges, but we remain focused on running our bank as efficiently as possible, including taking full advantage of emerging technologies.

這些舉措簡化和優化了我們的組織架構，從而釋放了更多資源，可以進一步投資於技術和創收銷售人員，以推動未來的收入成長。我們預計不會收取額外費用，但我們將繼續專注於盡可能有效地經營我們的銀行，包括充分利用新興技術。

Our technology spend in 2026 will be concentrated in the following key areas: further building out our global transaction banking platform, enhancing our technology platforms, including AI investments, balancing security and client experience with a continued focus on fraud and transaction monitoring and adding new product capabilities to drive client primacy.

2026 年，我們的技術支出將集中在以下幾個關鍵領域：進一步建立我們的全球交易銀行平台，增強我們的技術平台（包括人工智慧投資），在繼續關注詐欺和交易監控的同時，平衡安全性和客戶體驗，並增加新的產品功能以推動客戶至上。

Moving to our operating segments. Fiscal 2025 stands as a pivotal year for our Canadian banking unit as we laid the groundwork to drive stronger earnings growth in the years ahead. We did this by improving client privacy through growth in core deposits and increased in-branch sales of mutual funds, improving our channel mix with a focus on increasing our sales capacity and improving efficiency.

接下來進入我們的營運部門部分。2025 財年對我們的加拿大銀行業務部門來說至關重要，因為我們為未來幾年更強勁的獲利成長奠定了基礎。我們透過增加核心存款和提高分行共同基金銷售額來改善客戶隱私，並透過提高銷售能力和效率來改善管道組合，從而實現了這一目標。

Performance in Canada has improved sequentially over the past two quarters, setting this business up for strong earnings growth in 2026. Our Mortgage Plus program remains a key contributor to the growth we are seeing in multiproduct banking relationships with over 90% of all mortgage originations, including a product bundle, helping drive both deposits and cards growth.

過去兩個季度，加拿大市場的業績環比改善，為該業務在 2026 年實現強勁的獲利成長奠定了基礎。我們的「抵押貸款附加計畫」仍然是我們實現多產品銀行關係成長的關鍵因素，超過 90% 的抵押貸款發放都包含產品組合，這有助於推動存款和信用卡業務的成長。

We are capturing an increasing share of money in motion, especially in the retail bank, where day-to-day and savings deposits rose by 6% year-over-year and closed referrals between Retail Banking and Wealth Management came in at $8.1 billion or up 20% from fiscal 2024.

我們正在獲取越來越多的流動資金份額，尤其是在零售銀行領域，日常存款和儲蓄存款年增 6%，零售銀行和財富管理之間的轉介交易額達到 81 億美元，比 2024 財年增長 20%。

In Commercial Banking, full year pretax pre-provision earnings were up 21% and even as average loan balances declined by 1%, evidence that our focus on value over volume is delivering tangible results. Our commercial bank is an important and growing source of referrals with our Global Wealth Management unit with closed referrals up 35% this year and a growing source of revenue for our Global Banking and Markets unit, especially in the FX business.

在商業銀行業務方面，全年稅前撥備前收益增加了 21%，即使平均貸款餘額下降了 1%，也證明我們注重價值而非數量的策略正在帶來切實可見的成果。我們的商業銀行是我們全球財富管理部門重要的、不斷增長的客戶推薦來源，今年的成交推薦數量增長了 35%，也是我們全球銀行和市場部門不斷增長的收入來源，尤其是在外匯業務方面。

Global Wealth Management continued its positive momentum with record earnings across Global Asset Management, Canadian Wealth Management, Private Banking and Scotia McLeod. Rising markets are helping drive assets under management higher, and we are also seeing strong underlying performance as full year net sales improved by $11.5 billion versus fiscal 2024.

全球財富管理業務持續保持良好勢頭，全球資產管理、加拿大財富管理、私人銀行和豐業麥克勞德業務均創下獲利紀錄。市場上漲推動資產管理規模擴大，同時，全年淨銷售額較 2024 財年成長 115 億美元，基本面表現強勁。

In Canadian Wealth Management, we are seeing strong momentum in our differentiated private bank offering, including double-digit loan and deposit growth. At the same time, we onboarded 5,000 households to our recently launched Signature Bank offering and our full-service Scotia cloud brokerage unit saw double-digit growth in fee-based assets helped by net sales of approximately $6 billion in fiscal 2025.

在加拿大財富管理領域，我們看到我們差異化的私人銀行服務發展勢頭強勁，貸款和存款均實現了兩位數的成長。同時，我們最近推出的 Signature Bank 產品吸引了 5,000 個家庭用戶，而我們的全方位服務的 Scotia 雲經紀部門在 2025 財年淨銷售額達到約 60 億美元的情況下，其收費資產實現了兩位數的增長。

In our Global Asset Management business, retail net sales improved by almost $7 billion in fiscal 2025, led by our own branch channel. And this past year, we launched four new private asset funds delivering compelling private asset solutions tailored for our wealth and institutional investors. We continue to see strong growth within the liquid alternatives asset class and remain a market leader in this space. And in our international wealth business, earnings were up 14% for the year with 20% growth in Mexico.

在我們的全球資產管理業務中，2025 財年零售淨銷售額成長了近 70 億美元，這主要得益於我們自己的分公司通路。去年，我們推出了四支新的私募資產基金，為我們的財富和機構投資者提供量身訂製的、極具吸引力的私募資產解決方案。我們持續看到流動性另類資產類別的強勁成長，並保持著該領域的市場領先地位。在我們的國際財富管理業務中，全年收益成長了 14%，其中墨西哥的收益成長了 20%。

We also delivered continued progress in our International Banking segment, with results in fiscal 2025 coming in ahead of what we committed to at our Investor Day. This happened in what is still a challenging economic environment as we demonstrated the benefits of our geographic diversification and executed to our plan. Performance in our International Banking segment continues to be driven by solid execution, including strong expense management and improved profitability metrics as we shift our business mix to deeper and more profitable client relationships.

我們在國際銀行業務領域也取得了持續進展，2025 財年的表現超過了我們在投資者日上所做的承諾。在當前依然充滿挑戰的經濟環境下，我們證明了地域多元化帶來的好處，並按計劃執行，取得了成功。國際銀行業務部門的業績持續得益於穩健的執行，包括強有力的費用控制和盈利能力指標的提高，因為我們將業務組合轉向更深入、更盈利的客戶關係。

We recently launched our singular retail brand and value proposition across Mexico, Peru and Chile, which highlights the work we are doing around both regionalization and client segmentation. For the year, expenses were flat and ROE came in at almost 15%, up 110 basis points versus the prior year. We look to maximize shareholder value across all the markets we operate in, the depth of the end of transaction that closed yesterday is a prime example of that. This deal creates additional scale in Colombia and is immediately accretive with further upside from the benefits of scale and diversification as well as from future collaboration.

我們最近在墨西哥、秘魯和智利推出了我們獨特的零售品牌和價值主張，這突顯了我們在區域化和客戶細分方面所做的工作。本年度支出持平，淨資產收益率接近 15%，較上年增長 110 個基點。我們致力於在我們營運的所有市場中實現股東價值最大化，昨天完成的交易的深度就是一個很好的例子。這項交易在哥倫比亞擴大了規模，並立即帶來收益，規模和多元化的好處以及未來的合作將帶來進一步的成長。

Finally, Global Banking and Markets delivered another strong quarter as we continue to benefit from constructive markets, but also from our organic investments in new capabilities, particularly in the US. Our prime services business, where we believe we have a competitive advantage relative to our Canadian bank peers is a growing contributor to GBM's earnings, and we will continue to build on our relationships with top-tier US managers.

最後，全球銀行及市場業務又迎來了一個強勁的季度，我們不僅繼續受益於積極的市場環境，也受益於我們對新能力的有機投資，尤其是在美國。我們相信，相對於加拿大銀行同行，我們在主要服務業務方面具有競爭優勢，該業務對 GBM 的收益貢獻越來越大，我們將繼續加強與美國頂級經理人的關係。

Fiscal 2025 was the best year for underwriting and advisory fees in our history, rising 35%. Looking ahead, we have a strong pipeline to execute in 2026 and the federal government's Grow Canada initiative with a focus on energy and mining is well suited to our core capabilities. The US contributed 50% of GBM earnings in fiscal 2025, and we will continue to invest in our US capabilities in fiscal 2026 to increase this contribution over time. Part of that investment is going to the build-out of our US cash management business.

2025 財年是我們歷史上承銷和諮詢費收入最高的一年，成長了 35%。展望未來，我們在 2026 年有強大的專案儲備可以執行，聯邦政府的「發展加拿大」計畫重點是發展能源和採礦業，這與我們的核心能力非常契合。美國在 2025 財年貢獻了 GBM 50% 的收益，我們將繼續在 2026 財年投資於我們在美國的能力，以隨著時間的推移增加這一貢獻。部分投資將用於拓展我們在美國的現金管理業務。

After a successful pilot, we officially launched this fall. Across all business lines, we increased the number of enterprise-wide cash management clients by 15,000 in fiscal 2025, exceeding our own internal targets. Success here will help us grow primary client relationships further reduce our reliance on wholesale funding and drive fee income. Our focus on accelerating the velocity of our balance sheet and growing fee income is delivering results. For the year as a whole, GBM loan balances were down 13%, but earnings in this division were up 30% and ROE increased by 320 basis points.

經過成功的試點，我們於今年秋天正式上線。2025 財年，我們所有業務線的企業級現金管理客戶數量增加了 15,000 家，超過了我們自己的內部目標。在此取得成功將有助於我們進一步發展主要客戶關係，減少對批發融資的依賴，並推動手續費收入的成長。我們專注於加快資產負債表的周轉速度和增加手續費收入，並已取得成效。全年來看，GBM貸款餘額下降了13%，但該部門的收益增加了30%，淨資產收益率提高了320個基點。

Looking ahead to our strategic priorities for fiscal 2026. We will continue to improve our business mix as we further deepen our client relationships. In Canada, mortgage growth is outpacing growth in commercial loans and cards. But nevertheless, we are making progress in deepening client relationships, thanks to our success in growing core deposits and investments.

展望2026財年的戰略重點。我們將繼續優化業務組合，同時進一步深化與客戶的關係。在加拿大，抵押貸款的成長速度超過了商業貸款和信用卡的成長速度。儘管如此，由於核心存款和投資的成長，我們在深化客戶關係方面取得了進展。

Looking ahead, we aim to accelerate card growth by further tapping into our Scene+ loyalty program and building on the momentum of our mortgage plus proposition. And in commercial, the pipeline is growing as we target markets and regions that we've historically been less focused on, which should gradually improve loan growth in 2026.

展望未來，我們計劃進一步利用 Scene+ 忠誠度計劃，並鞏固抵押貸款附加方案的勢頭，從而加速信用卡業務的成長。在商業領域，隨著我們瞄準過去不太關注的市場和地區，貸款業務正在成長，這應該會在 2026 年逐步改善貸款成長。

We will continue to build on the strength of our business lines. In Canadian Banking and International Banking, this means building a more efficient, digitally forward bank that seamlessly integrates our branch network with mobile customer service capabilities, meeting our clients where it is most convenient for them.

我們將繼續鞏固我們現有業務的優勢。在加拿大銀行業和國際銀行業，這意味著要建立一個更有效率、更數位化的銀行，將我們的分行網路與行動客戶服務功能無縫集成，在最方便客戶的地方滿足他們的需求。

In Global Wealth Management, we will continue to build on our strong sales momentum as well as grow the number of relationship managers in both our Private Bank and Scotia Mac Cloud. And in Global Banking and Markets, we will focus on accelerating our balance sheet velocity as we further optimize our use of capital. In the US, this includes pursuing a thoughtful organic growth strategy by expanding our product offering while avoiding areas where we do not have scale to compete.

在全球財富管理領域，我們將繼續保持強勁的銷售勢頭，並增加私人銀行和豐業銀行Mac雲端服務的客戶經理人數。在全球銀行和市場業務方面，我們將專注於加快資產負債表的周轉速度，同時進一步優化資本的使用。在美國，這意味著要採取深思熟慮的有機成長策略，擴大我們的產品供應，同時避免進入我們沒有規模競爭力的領域。

Finally, we are focused on further improving connectivity across the North American corridor. We are pursuing deeper connectivity as we continue to build out our global transaction banking business and optimize the value of our international footprint.

最後，我們將致力於進一步改善北美走廊的連結性。隨著我們不斷拓展全球交易銀行業務並優化國際佈局的價值，我們正在尋求更深層的互聯互通。

In closing, we feel good about our earnings momentum heading into 2026 and the ability to continue to execute on our strategic priorities and deliver our medium-term financial objectives, including achieving an ROE of 14%-plus.

最後，我們對2026年的獲利動能以及繼續執行策略重點和實現中期財務目標的能力感到樂觀，其中包括實現14%以上的淨資產收益率。

Improved revenue growth, coupled with positive operating leverage should help us deliver double-digit annual EPS growth in fiscal 2026 despite what remains an uncertain operating environment. Canada's renewed focus on natural resource development will drive higher GDP growth and improve national prosperity over the medium term. The rest memorandum of understanding on energy between the Canadian federal government and the province of Alberta is a very significant development in our view and proof that Canada truly is on a new economic trajectory.

儘管經營環境仍然不明朗，但營收成長的改善以及積極的經營槓桿作用應該能夠幫助我們在 2026 財年實現兩位數的年度每股收益成長。加拿大重新重視自然資源開發，將在中期內推動國內生產毛額成長，並提高國家繁榮程度。加拿大聯邦政府與阿爾伯塔省就能源問題簽署的其餘諒解備忘錄，在我們看來是一項非常重要的進展，也證明加拿大確實走上了一條新的經濟發展道路。

This renewed focus also plays into our bank strengths as a trusted provider of capital and advice to key sectors such as mining, energy and critical infrastructure. We are well positioned to contribute to the ambitious plans of the major projects office by helping our clients drive forward large-scale infrastructure projects.

這項新的關注點也發揮了我們銀行的優勢，使其成為採礦、能源和關鍵基礎設施等關鍵產業值得信賴的資金和諮詢提供者。我們有能力為重大專案辦公室的宏偉計劃做出貢獻，幫助我們的客戶推進大型基礎設施專案。

This includes pipelines that will enable Canadian oil and gas producers to access global markets, strengthen export opportunities and support Canada's energy competitiveness. And we will continue to advocate for those measures that will unlock greater economic prosperity within our markets.

這其中包括能夠使加拿大石油和天然氣生產商進入全球市場、加強出口機會並支持加拿大能源競爭力的管道。我們將繼續倡導那些能夠釋放市場更大經濟繁榮潛力的措施。

Our results this year have truly been an enterprise-wide team effort, and I would like to thank our entire Scotiabank team for their many contributions in 2025. Two years into our strategic journey, we head into 2026 with momentum and excitement of what all that we will accomplish in the year ahead.

我們今年的成績確實是全公司團隊共同努力的成果，我要感謝豐業銀行全體員工在 2025 年所做的許多貢獻。經過兩年的策略規劃，我們滿懷動力和熱情邁入 2026 年，對未來一年的成就充滿期待。

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

現在我將把這份報告交給 Raj 進行更詳細的財務審查。

Thank you, Scott, and good morning, everyone. This quarter's net income was impacted by $299 million of adjusting items after tax and non-controlling interest or $0.28 of earnings per share and approximately 7 basis points on the common equity Tier 1 ratio. The adjusting items include a $268 million after-tax charge to simplify the Canadian banking organization, right-sized global banking and market operations in Asia and regionalized activities in international banking, in line with the bank's strategy.

謝謝你，斯科特，大家早安。本季淨收入受到稅後及少數股東權益調整項目2.99億美元的影響，相當於每股收益減少0.28美元，普通股一級資本充足率下降約7個基點。調整項目包括 2.68 億美元的稅後費用，用於簡化加拿大銀行機構、調整亞洲全球銀行和市場業務規模以及國際銀行業務的區域化活動，以符合該銀行的策略。

Legal provisions of $54 million, a $43 million credit related to the Colombia and Central America transaction and our usual amortization of acquisition-related intangibles. All my comments that follow will be on an adjusted basis and on a constant dollar basis for the International Bank.

5400萬美元的法律準備金，與哥倫比亞和中美洲交易相關的4300萬美元信貸，以及我們通常的與收購相關的無形資產攤銷。我接下來的所有評論都將以國際銀行的調整後美元為基礎。

Starting on slide 7 for a review of the fiscal 2025 results. The Bank ended the year with adjusted diluted earnings per share of $7.09, up 10% compared to the prior year and a return on equity of 11.8% is up 50 basis points and a return on tangible common equity of 14.3% that was up 60 basis points.

從第 7 張投影片開始回顧 2025 財年業績。該銀行本年度調整後稀釋每股收益為 7.09 美元，較上年增長 10%；股本回報率為 11.8%，增長 50 個基點；有形普通股回報率為 14.3%，增長 60 個基點。

Revenue was up 12% year-over-year, while expenses grew 9% resulting in positive operating leverage of 3% for the year. The provision for credit losses were $4.7 billion, driven mainly by higher performing PCLs. Canadian Banking earnings were $3.4 billion, down 9%, impacted by higher PCLs of approximately $600 million and lower margins due to rate cuts. Revenue grew 3%, driven by solid asset and deposit growth, while expenses were up 5%.

營收年增 12%，而支出成長 9%，導致全年經營槓桿率為 3%。信貸損失準備金為 47 億美元，主要原因是表現較好的 PCL。加拿大銀行業獲利為 34 億美元，下降 9%，受到約 6 億美元的額外利潤損失和降息導致的利潤率下降的影響。受資產和存款穩健增長的推動，收入增長了 3%，而支出增長了 5%。

Global Wealth Management earnings of $1.7 billion were up 17% year-over-year benefiting from strong AUM growth of 16%. Revenues were up 15%, driven by higher fee revenue and net interest income across the Canadian and international businesses. Global Banking and Markets reported earnings of $1.9 billion, up 30%, driven by higher trading-related revenues, fees and commissions, underwriting and advisory revenues and higher net interest income.

全球財富管理業務獲利17億美元，年增17%，這得益於資產管理規模（AUM）強勁成長16%。受加拿大和國際業務手續費收入和淨利息收入增加的推動，收入增加了 15%。全球銀行及市場業務報告稱，獲利19億美元，成長30%，主要得益於交易相關收入、手續費和佣金、承銷和諮詢收入以及淨利息收入的成長。

International Banking earnings were $2.7 billion, up 1% year-over-year. Revenues were up 2%, while expenses were up 1% year-over-year, resulting in positive operating leverage. The other segment reported a loss of $347 million compared to a loss of $815 million in 2024, benefiting from significantly lower funding costs. As disclosed on slide 25, excluding the foregone income from the sale of Colombia, Central America and Credit Scotia in Peru, 2025 adjusted earnings were $9.3 billion up 9% year-over-year.

國際銀行業務獲利27億美元，年增1%。營收年增 2%，而支出年增 1%，從而實現了正向經營槓桿。另一業務部門報告虧損 3.47 億美元，而 2024 年預計虧損 8.15 億美元，這得益於融資成本大幅降低。如投影片 25 所示，若不計出售哥倫比亞、中美洲和秘魯的加拿大信貸銀行所損失的收入，2025 年調整後的收益為 93 億美元，年增 9%。

Now a few comments on the outlook for 2026. Our outlook commentary normalizes fiscal 2025 to exclude the contribution of the now divested operations. The Bank expects to generate strong earnings growth in 2026, underpinned by growth in both net interest income and non-interest revenue. The earnings are also expected to benefit from lower provision from credit losses, mainly performing, partially offset by a higher tax rate that is expected to be around 25%.

現在對2026年的前景做一些評論。我們的展望評論對 2025 財年進行了正常化處理，排除了現已剝離業務的貢獻。該銀行預計在2026年實現強勁的獲利成長，這主要得益於淨利息收入和非利息收入的成長。預計收益也將受益於信貸損失撥備的減少（主要為正常信貸損失），但部分將被預期約為 25% 的較高稅率所抵銷。

Net interest income is expected to grow from both loan and deposit growth and benefit from margin expansion. Non-interest revenue is expected to grow across all business segments. Expenses are expected to grow from increased technology spend to strengthen and strategically grow the Bank. The Bank is expected to generate positive operating leverage in 2026.

預計淨利息收入將因貸款和存款的成長而成長，並受益於利潤率的擴大。預計所有業務部門的非利息收入都將成長。預計為加強銀行實力和實現策略性成長，技術投入將會增加，進而導致支出成長。預計該銀行將在 2026 年實現正向經營槓桿。

From a business line perspective, Canadian Banking is expected to generate double-digit earnings growth driven by good revenue growth and moderating loan losses. The business will continue to maintain strong expense discipline with a focus on generating positive full year operating leverage. International Banking earnings are expected to be modestly higher adjusting for the impact of divestitures.

從業務線角度來看，在良好的收入成長和貸款損失放緩的推動下，加拿大銀行業預計將實現兩位數的獲利成長。公司將繼續保持嚴格的成本控制，重點是實現全年積極的營運槓桿效應。剔除資產剝離的影響後，國際銀行業務的收益預計將略有成長。

Good growth in pretax pre-provision earnings is expected to be offset by slightly elevated loan loss provisions and a higher tax rate. Global Wealth Management is expected to generate strong earnings growth in 2026. The Global Banking and Markets earnings are expected to grow modestly after a very strong fiscal 2025.

稅前撥備前收益的良好增長預計將被略微增加的貸款損失撥備和較高的稅率所抵消。預計全球財富管理業務將在 2026 年實現強勁的獲利成長。預計在經歷了非常強勁的 2025 財年之後，全球銀行和市場業務的收益將溫和成長。

Moving to slide 8 for a review of the fourth quarter results. The Bank reported quarterly earnings of $2.6 billion, is up 21% and diluted earnings per share of $1.93, an increase of $0.36 compared to last year. Return on equity was 12.5%, up 190 basis points year-over-year, driven by strong pretax pre-provision growth of 19%. Net interest income grew 13% year-over-year from higher net interest margin and loan growth.

接下來請看第 8 張投影片，回顧第四季業績。該銀行公佈季度獲利為 26 億美元，成長 21%；稀釋後每股收益為 1.93 美元，比去年同期成長 0.36 美元。股本回報率為 12.5%，年增 190 個基點，主要得益於稅前撥備前利潤強勁成長 19%。淨利息收入年增 13%，主要得益於淨利差擴大和貸款成長。

The all bank NIM expanded significantly, up 25 basis points year-over-year mainly from lower funding costs. Quarter-over-quarter NIM expanded 4 basis points from business line margin expansion. Non-interest income was $4.2 billion, up 16% year-over-year from higher wealth management and underwriting and advisory fees and the contribution from the KeyCorp investment.

銀行間淨利差大幅擴大，較去年同期上升 25 個基點，主要原因是融資成本下降。環比淨利差擴大 4 個基點，主要得益於業務線利潤率的提升。非利息收入為 42 億美元，年增 16%，主要得益於財富管理、承銷和諮詢費用的增加以及 KeyCorp 投資的貢獻。

Expenses grew 11% year-over-year and 4% quarter-over-quarter, driven by higher personnel costs including performance-based compensation and technology costs. The PCLs were approximately $1.1 billion, mostly impaired and the PCL ratio was 58 basis points. The Bank's effective tax rate increased to 23.6% from 21.8% last year due primarily to lower income and lower tax jurisdictions and the implementation of the global minimum tax.

支出較去年同期成長 11%，較上季成長 4%，主要原因是人員成本（包括績效薪資）和技術成本增加。不良貸款約 11 億美元，大部分已減值，不良貸款率為 58 個基點。由於收入和低稅收管轄區減少以及全球最低稅的實施，該銀行的實際稅率從去年的 21.8% 上升至 23.6%。

Moving to slide 9, which shows the evolution of the CET1 ratio and risk-weighted assets during the quarter. The bank's CET1 capital ratio was 13.2%, down approximately 10 basis points quarter-over-quarter. Internal capital generation was 9 basis points while gains from higher fair values of OCI securities contributed 5 basis points. This was offset by the allocation of capital to share repurchases of approximately 12 basis points and 7 basis points from the impact of adjusting items.

接下來是第 9 張投影片，其中顯示了本季度 CET1 比率和風險加權資產的變化。該銀行的CET1資本充足率為13.2%，季減約10個基點。內部資本產生貢獻了 9 個基點，而其他綜合收益證券公允價值上漲所帶來的收益貢獻了 5 個基點。但這被分配到股票回購的資本所抵消，約有 12 個基點，調整專案的影響則有 7 個基點。

Risk-weighted assets grew $6 billion, excluding the impact of FX to $474 billion from book size and book quality changes of $4 billion, the impact of model updates and higher operational risk, partly offset by lower market risk. The bank remains committed to maintaining strong capital and liquidity ratios in 2026.

風險加權資產成長 60 億美元（不包括外匯影響），達到 4,740 億美元，其中帳面規模和帳面品質變化 40 億美元，模型更新和營運風險增加的影響，部分被較低的市場風險所抵銷。該銀行仍致力於在 2026 年保持強勁的資本和流動性比率。

Turning now to the business line results, beginning on slide 10. Canadian Banking reported earnings of $942 million, up 1% year-over-year as pretax pre-provision profit growth of 3% was mostly offset by a substantial increase in loan loss provisions. The average loans were up 2% year-over-year as mortgages grew 4% and credit cards, 1%, partially offset by lower personnel and commercial loans.

現在就來看業務線業績，從第 10 頁開始。加拿大銀行業報告獲利9.42億美元，年增1%，稅前撥備前利潤成長3%基本上被貸款損失撥備的大幅增加所抵銷。平均貸款額年增 2%，其中抵押貸款成長 4%，信用卡成長 1%，但部分被人員貸款和商業貸款的減少所抵消。

Although deposits were down 1% year-over-year, retail savings deposits grew 7% and the retail day-to-day balances grew 6%. This was offset by an 8% reduction in retail term deposits and a 2% decline in non-personal deposits that improve the deposit mix in line with our strategic objectives.

儘管存款年減了 1%，但零售儲蓄存款增加了 7%，零售日常餘額增加了 6%。零售定期存款減少 8% 和非個人存款減少 2% 抵消了上述損失，從而改善了存款結構，符合我們的策略目標。

Net interest income grew 1% year-over-year due primarily to loan growth, while year-over-year net interest margin was down 2 basis points due to business mix changes. Quarter-over-quarter net interest margin expanded 1 basis point from higher asset and deposit margins, partly offset by the impact of changes in business mix.

淨利息收入年增 1%，主要得益於貸款成長；而淨利差較去年同期下降 2 個基點，主要原因是業務組合變動。受資產和存款利潤率提高的影響，淨利差環比擴大 1 個基點，但部分被業務組合變化的影響所抵消。

Non-interest income was up 8% compared to the prior year due to elevated private equity gains, higher mutual fund distribution fees and insurance income. The PCL ratio was 43 basis points. Expenses grew a modest 2% year-over-year and 1% quarter-over-quarter from higher investments in technology that support our strategic initiatives.

由於私募股權收益增加、共同基金分銷費上漲以及保險收入，非利息收入比上年增長了 8%。PCL比率為43個基點。由於對支持我們策略措施的技術投入增加，支出較去年同期成長 2%，較上季成長 1%。

The fiscal 2025 operating leverage was negative 1.6%. Turning now to Global Wealth Management on Slide 11. Earnings of $453 million were up 17%. Canadian earnings grew 16% year-over-year to $390 million, driven by higher brokerage revenues, net interest income from private banking and strong mutual fund fee growth driven by assets under management growth of 15%. International Wealth generated earnings of $63 million, up 30% year-over-year, driven by higher net interest income and higher mutual fund fees as AUM grew 25%.

2025 財年的經營槓桿率為負 1.6%。現在請看第 11 頁投影片，了解全球財富管理。獲利達 4.53 億美元，成長 17%。加拿大收益年增 16% 至 3.9 億美元，主要得益於經紀業務收入增加、私人銀行業務淨利息收入增長以及共同基金費用強勁增長（資產管理規模增長 15%）。國際財富業務獲利 6,300 萬美元，年增 30%，主要得益於淨利息收入增加和共同基金費用增加，資產管理規模增加了 25%。

The full year operating leverage was positive 1.6%. The spot AUM increased 16% year-over-year to $430 billion and AUA grew 13% year-over-year to almost $800 billion, driven by market appreciation and higher net sales.

全年營運槓桿率為正1.6%。現貨資產管理規模年增 16% 至 4,300 億美元，資產管理規模年增 13% 至近 8,000 億美元，主要得益於市場升值和淨銷售額的成長。

Turning to slide 12. Global Banking and Markets delivered earnings of $519 million, up 50% year-over-year. Revenue increased 24% year-over-year as capital markets revenues were up 43% driven by strong growth across both FICC and Global Equities. Quarter-over-quarter revenues were up 3%, driven by higher business banking revenues. Year-over-year, net interest income was up 29% from higher lending margins and deposit volumes.

翻到第12張投影片。全球銀行及市場業務獲利 5.19 億美元，年增 50%。受固定收益、大宗商品和全球股票業務強勁成長的推動，資本市場收入年增 43%，公司營收年增 24%。受企業銀行業務收入成長的推動，季度環比營收成長 3%。由於貸款利潤率和存款額增加，淨利息收入年增 29%。

Quarter-over-quarter net interest income was up 4% from higher deposit margins and volume growth. Loan balances declined 8% year-over-year and were in line with last quarter. However, deposits were up 4% quarter-over-quarter and year-over-year.

由於存款利潤率提高和交易量增長，淨利息收入環比增長 4%。貸款餘額年減 8%，與上一季持平。然而，存款環比和年比均成長了 4%。

The non-interest income was up 23% year-over-year, driven by higher fee and commission revenues and underwriting and advisory fees. Expenses were up 11% year-over-year, mainly due to higher personnel costs including performance-based compensation and higher technology costs. Operating leverage was a strong 7.7% in fiscal 2025.

非利息收入年增 23%，主要得益於手續費和佣金收入以及承銷和諮詢費的增長。支出年增 11%，主要原因是人員成本（包括績效工資）和技術成本增加。2025財年經營槓桿率高達7.7%。

Moving to slide 13 for a review of International Banking. The segment delivered earnings of $638 million, up 3% year-over-year but down 7% quarter-over-quarter. Revenue was up 3% year-over-year as non-interest income grew 7% from higher capital markets revenues, while net interest income increased 2% year-over-year from margin expansion of 12 basis points mainly from lower funding costs. Deposits were up 4% year-over-year with personal deposits growing at 1% and non-personnel up 5%. Loans were down 2% year-over-year as business loans declined 7%, while retail loans grew 4%. The provision for credit losses was 144 basis points, up 5 basis points quarter-over-quarter.

接下來請看第 13 張投影片，回顧國際銀行業務。該業務板塊實現盈利 6.38 億美元，年增 3%，但環比下降 7%。由於資本市場收入增加，非利息收入成長了 7%，營收年增 3%；淨利息收入年增 2%，主要由於融資成本降低，利潤率擴大了 12 個基點。存款年增 4%，其中個人存款成長 1%，非人員存款成長 5%。貸款總額較去年同期下降 2%，其中商業貸款下降 7%，而零售貸款增加 4%。信貸損失準備金為 144 個基點，比上一季增加 5 個基點。

Expenses were up a modest 2% compared to the prior year and prior quarter from continued disciplined expense management, resulting in full year operating leverage of positive 1.6%. The effective tax rate increased to 22.9% from 20.7% in the prior year due to global minimum tax implementation and earnings mix changes. The GBM business in International Banking generated earnings of $295 million, up 19% year-over-year or up 13% on a constant FX basis, driven by good performance in Brazil and Mexico.

由於持續嚴格的費用管理，與去年同期和上一季相比，支出僅小幅增加了 2%，使得全年營運槓桿率為正 1.6%。由於全球最低稅的實施和收入結構的變化，實際稅率從上一年的 20.7% 上升至 22.9%。國際銀行業務的 GBM 業務獲利 2.95 億美元，年增 19%，以固定匯率計算成長 13%，主要得益於巴西和墨西哥的良好表現。

Turning to slide 14. The other segment reported an adjusted net loss of $34 million, an improvement of $22 million compared to the prior quarter.

翻到第14張投影片。另一業務部門經調整後的淨虧損為 3,400 萬美元，比上一季改善了 2,200 萬美元。

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

接下來，我會把電話交給菲爾，讓他來討論風險問題。

Thank you, Raj, and good morning, everyone. This quarter, we continue to operate in what remains a highly uncertain macroeconomic environment. Shifting tariff policy and an unclear path board and trading patients are muting economic activity even as some indicators are showing signs of resilience.

謝謝你，拉傑，大家早安。本季度，我們將繼續在高度不確定的宏觀經濟環境下運作。關稅政策的轉變以及貿易夥伴和病患貿易前景不明朗，抑制了經濟活動，儘管一些指標顯示出復甦的跡象。

Looking at this quarter's results, all bank PCLs were approximately $1.1 billion or 58 basis points, up $72 million or 3 basis points quarter-over-quarter. Impaired PCLs were approximately $1 billion or 54 basis points, up 3 basis points quarter-over-quarter and in line with the outlook we provided in Q3. The increase in impaired was mainly driven by our retail portfolios across both Canadian and International Banking.

從本季業績來看，所有銀行的PCL約為11億美元，即58個基點，比上一季增加了7,200萬美元，即3個基點。受損的PCL約為10億美元，即54個基點，比上一季增加3個基點，與我們在第三季度提供的展望一致。不良資產增加​​主要是由於我們在加拿大和國際銀行業務中的零售資產組合所致。

Now turning to the business lines. In Canadian Banking, PCLs were $494 million, 43 basis points, up 3 basis points quarter-over-quarter. In retail, PCLs were $354 million, up $34 million quarter-over-quarter. Performing retail PCLs were $21 million, primarily driven by negative migration that was partially offset by improvements in prime auto and releases as performing mortgage allowances migrated to impaired. Impaired retail PCLs were 36 basis points, up 2 basis points quarter-over-quarter, driven primarily by unsecured lines and Canadian mortgages.

現在來看業務線。加拿大銀行業PCL為4.94億美元，上漲43個基點，較上季上漲3個基點。零售業的PCL為3.54億美元，比上一季成長了3,400萬美元。正常零售 PCL 為 2,100 萬美元，主要原因是負向遷移，部分被優質汽車貸款的改善以及正常抵押貸款準備金遷移至不良貸款所抵消。受損零售信貸額度為 36 個基點，較上季上升 2 個基點，主要受無擔保信貸額度和加拿大抵押貸款的拖累。

Although clients are showing some signs of stress, partially due to elevated unemployment, these remain isolated and not systemic. Overall, 94% of our Canadian retail exposure is secured with an average FICO score above 790. 90-day plus mortgage delinquency ticked up 4 basis points quarter-over-quarter. Increased delinquency was seen across both fixed rate and variable rate clients, driven primarily from weakness in Ontario and more specifically in the GTA.

儘管客戶表現出一些壓力跡象，部分原因是失業率上升，但這些跡象仍然是孤立的，而不是系統性的。整體而言，我們94%的加拿大零售貸款都有擔保，平均FICO信用評分高於790。90天以上的抵押貸款拖欠率較上月上升了4個基點。固定利率和浮動利率客戶的拖欠率均有所上升，這主要是由於安大略省的經濟疲軟，尤其是大多倫多地區的經濟疲軟所致。

On unsecured, we continue to see some weakness with delinquency driven mainly by non-primary and younger clients. In our Canadian commercial portfolio, PCLs totaled $140 million, up $4 million from Q3, notably new formations slowed quarter-over-quarter.

在無擔保貸款方面，我們仍然看到一些疲軟的跡象，拖欠款項主要由非主要藉款人和年輕客戶造成。在我們的加拿大商業投資組合中，PCL 總額為 1.4 億美元，比第三季增加了 400 萬美元，值得注意的是，新地層較上季放緩。

Moving to International Banking. The PCL ratio was 144 basis points, up 5 basis points quarter-over-quarter, driven primarily by impaired PCLs. In international retail, total PCLs were 239 basis points, up $21 million quarter-over-quarter, excluding FX. Performing retail PCLs were $32 million, driven by portfolio growth and continued credit quality deterioration primarily in Chile Consumer Finance. Impaired PCLs were $468 million, up $17 million, excluding FX, driven by Chile Consumer Finance and increased net write-offs in Mexico.

轉入國際銀行業務。PCL比率為144個基點，較上季上升5個基點，主要原因是PCL減損。在國際零售領域，總利潤損失為 239 個基點，季增 2,100 萬美元（不包括外匯影響）。表現良好的零售 PCL 為 3,200 萬美元，主要受投資組合成長和信貸品質持續惡化（尤其是智利消費金融）的推動。不計匯率影響，受損的 PCL 為 4.68 億美元，增加了 1,700 萬美元，主要原因是智利消費金融公司和墨西哥淨減損增加。

On a full year basis, our all-bank PCL ratio was 62 basis points, of which 54% was impaired. The significant performing build in Q2 contributed to an increase of performing allowances by $630 million in fiscal 2025. That helped increase the total ACL ratio by 10 basis points year-over-year to 98 basis points.

以全年計算，我們所有銀行的 PCL 比率為 62 個基點，其中 54% 已減損。第二季顯著的業績成長使得 2025 財年的業績準備金增加了 6.3 億美元。這使得 ACL 總比率比去年同期提高了 10 個基點，達到 98 個基點。

Looking ahead to fiscal 2026, we expect the full year impaired ratio to be in the high 40s to mid-50s basis point range. The outlook reflects the expectation that we will continue to operate in an environment of elevated global macroeconomic uncertainty in fiscal 2026.

展望 2026 財年，我們預期全年減損率將在 40 多到 50 多個基點之間。該展望反映了我們預計在 2026 財年將繼續在全球宏觀經濟高度不確定的環境下運作。

In Canada, the absence of a trade deal with the US and elevated unemployment continue to weigh on sentiment. However, we are cautiously optimistic that the federal budget will contribute to greater economic growth and improved consumer and business sentiment that will benefit the performance in the latter half of the year.

在加拿大，與美國未能達成貿易協議以及高企的失業率繼續對市場情緒構成壓力。然而，我們謹慎樂觀地認為，聯邦預算將有助於促進經濟成長，改善消費者和企業信心，從而有利於下半年的經濟表現。

In International Banking, the outlook across the region remains mixed, characterized generally by subdued economic activity and evolving political dynamics in Peru and Chile. Looking across our markets. In Mexico, trade negotiations continue to weigh on overall sentiment, but GDP forecasts are being revised upwards, suggesting some resilience and may not go in uncertainty. Chile's forecast remained stable, supported by strong commodity prices. However, unemployment remains elevated.

國際銀行業方面，整個地區的前景依然喜憂參半，秘魯和智利的經濟活動普遍低迷，政治局勢也不斷變化。縱觀我們的市場。在墨西哥，貿易談判繼續對整體市場情緒構成壓力，但GDP預測正在向上修正，這表明墨西哥經濟具有一定的韌性，可能不會陷入不確定性。受強勁的大宗商品價格支撐，智利的預測保持穩定。然而，失業率仍居高不下。

And as a result, we are seeing continued softness in our consumer finance portfolio. Peru's GDP outlook remained stable. However, the benefit of the pension fund withdrawals and client liquidity is tapering and political uncertainty will linger until we get past next year's presidential and parliamentary elections.

因此，我們看到消費金融業務組合持續疲軟。秘魯GDP前景保持穩定。然而，退休基金提款和客戶流動性帶來的好處正在逐漸減少，政治不確定性將持續到明年總統和國會選舉之後。

It is important to note that we are seeing the early signs of our primacy strategy in International Banking, driving improved credit outcomes across the region. All these benefits are observable in the behavior of our newer vintages since 2023, overall credit performance is still being impacted by older vintages. In closing, the credit picture remains stable. The trade uncertainty continues to be a factor across our markets. We remain comfortable with the adequacy of our allowances and the overall quality of our portfolio.

值得注意的是，我們已經看到我們在國際銀行業務領域採取的首要策略初見成效，推動了整個地區信貸業績的改善。自 2023 年以來，所有這些好處都可以在我們較新的年份的表現中觀察到，但整體信貸表現仍然受到較老年份的影響。總之，信貸情勢維持穩定。貿易不確定性仍然是影響我們各個市場的重要因素。我們對目前的津貼充足性和投資組合的整體品質仍然感到滿意。

With that, I will pass it back to Meny for Q&A.

接下來，我將把問題交還給梅尼進行問答。

(Operator Instructions)

（操作說明）

Ebrahim Poonawala, Bank of America.

Ebrahim Poonawala，美國銀行。

Hey, good morning. I guess maybe, Raj, I think you mentioned double-digit EPS growth in the Canadian Banking segment. If you don't mind unpacking that for us in terms of -- how much of that is like PCL normalization relative to the impaired guidance you just put out? And then what should we expect in terms of the PTPP growth? Is it loan growth that's going to be driving it? Is it margin expansion? If you could just dig into that a little.

嘿，早安。Raj，我想你之前提到加拿大銀行業每股盈餘實現了兩位數的成長。如果您不介意的話，請您為我們詳細解釋一下——相對於您剛發布的受損指導意見，其中有多少類似於 PCL 標準化？那麼，我們對PTPP的成長應該抱持什麼樣的預期呢？是貸款成長推動了這一趨勢嗎？這是利潤率擴張嗎？如果你能稍微深入研究一下就好了。

Yeah, sure, Ebrahim. Good morning. I think the growth will come from what I would call mid-single-digit PTPP growth. And there's going to be a combination just from loan growth, Ebrahim, to be very clear, you've seen the deposit growth that we've been showing quarter after quarter in the Canadian bank, and more importantly, the right deposit growth. So that's contributing to margin expansion, which even this quarter was 1 basis point up quarter-over-quarter. So it's going to come from margin expansion, driven both by -- the repricing of the loans, there's a lot of fixed rate mortgages that are coming up for repricing in 2026.

是啊，當然，易卜拉欣。早安.我認為成長將來自我所說的個位數中等水準的PTPP成長。埃布拉希姆，非常明確地說，貸款成長會帶來多種因素的綜合影響。你已經看到了我們在加拿大銀行連續幾季實現的存款成長，更重要的是，這是正確的存款成長。因此，這有助於利潤率的擴張，即使是本季度，利潤率也比上一季度提高了 1 個基點。因此，這將來自利潤率的擴張，而利潤率的擴張又是由貸款重新定價推動的，2026 年將有很多固定利率抵押貸款需要重新定價。

Improvement in our deposit margin as we continue to build out through primacy, some of our very valuable deposits and take down some of the term deposits. which naturally also move towards the wealth segment as we know. So it's a combination of that. And of course, expense management is going to be more disciplined, including the benefits of some of the restructuring charge that they're expected to get.

隨著我們繼續透過優先投資策略拓展業務，我們的存款利潤率有所提高，一些非常有價值的存款將被納入我們的投資組合，而一些定期存款將被收回。正如我們所知，這些存款自然也會轉移到財富管理領域。所以這是兩者的綜合作用。當然，費用管理也會更加嚴格，包括他們預計將獲得的一些重組費用收益。

Not all of that restructuring charge benefits are likely to fall to the bottom line because we are going to invest in our product capabilities and our frontline people so that we can continue to grow the business. So that's kind of the composition of the PTPP growth.

並非所有重組費用收益都會轉化為利潤，因為我們將投資於我們的產品能力和第一線員工，以便我們能夠繼續發展業務。這就是PTPP成長的大致組成。

You're absolutely right. PCL was expected to normalize is probably the way I would call it. Like this quarter was 43 basis points. We think that will be somewhere in the high 30s next quarter. I mean, you just heard next year. You just heard Phil talk a little bit about his outlook, slightly elevated impaired perhaps in the first couple of quarters and then normalize down is our expectation at this time. So PCL will be a meaningful contributor to the bottom-line growth. I think. Harris might have a couple of more comments.

你說得完全正確。PCL 預計會趨於正常化，我大概會這麼稱呼它。例如本季是43個基點。我們認為下個季度這個數字會在30%以上。我的意思是，你剛才聽到的就是明年了。你剛剛聽到菲爾談到了他的前景，我們目前的預期是，在最初的幾個季度裡，他的經濟狀況可能會略有改善，然後會恢復正常。因此，PCL 將成為公司獲利成長的重要貢獻者。我認為。哈里斯可能還有幾點要補充。

Hi, Ebrahim. Aris here. Just wanted to add one thing to what Raj said. I think it's important also on the fee line. We're going to see very good fee growth, almost double digit next year across insurance mutual fund fees as we grow and also card fees. And so this is something we've been investing in and working on very hard, and we'll start to see that impact in F '26, which will also help us drive positive operating leverage.

你好，易卜拉欣。我是阿里斯。我只想補充Raj所說的一點。我認為費用方面也很重要。隨著我們的發展，明年保險共同基金費用和信用卡費用將實現非常可觀的成長，接近兩位數。因此，我們一直在大力投資和努力，我們將在 2026 年秋季開始看到這種影響，這也將有助於我們實現積極的經營槓桿。

Got it. Thank you for that. And I guess maybe one, Scott, for you. you made significant progress over the last two years as we think about the ROE journey from here, two questions. One, structurally, like a lot of your peers are targeting a 15%, 16% ROE structurally, are there any reasons that Scotia cannot attain a 16% ROE, number one? And second, in terms of capital deployment, talk to us in terms of priorities, good M&A, you've talked about US being obviously the second most important market. Is there any tactical M&A that you would look to do over the course of the next year? Thanks.

知道了。謝謝。我想，史考特，也許還有一個問題想問你。過去兩年你取得了顯著的進步，展望未來的 ROE 之路，我有兩個問題。第一，從結構上看，像你們許多同行一樣，目標是實現 15%、16% 的 ROE，那麼，Scotia 有什麼原因無法實現 16% 的 ROE 呢？其次，就資本部署而言，請談談優先事項，好的併購，您已經提到美國顯然是第二重要的市場。在未來一年中，您是否會考慮進行任何戰術性併購？謝謝。

Right. So as we said when we rolled out the Investor Day two years ago, we said 14%-plus, and we thought 14% was a conservative estimate. And we are tracking ahead of that plan to date, seen good ROE expansion in our international bank, good ROE expansion in our GBM Bank continued growth in wealth, which we know is ROE accretive.

正確的。正如我們兩年前推出投資者日時所說，我們當時說的是 14% 以上，而且我們認為 14% 是保守的估計。到目前為止，我們的進展都超過了計劃，國際銀行的 ROE 實現了良好的增長，GBM 銀行的 ROE 也實現了良好的增長，財富持續增長，我們知道這會提高 ROE。

And next year, you're going to see significant earnings growth in our Canadian bank and significant ROE expansion in our Canadian bank. And so as we sit here next year at this time, I'm confident you're going to see another step in that ROE journey, which is going to get us a lot closer to that 14%, probably a year earlier than we thought. And so is 14%-plus conservative. I continue to believe it's conservative. But part of this journey is continuing to deliver day in and day out for our shareholders on a consistent basis and do what we say we're going to do. And we're eight quarters now into doing that. So we're going to continue on that journey.

明年，您將會看到我們加拿大銀行的利潤大幅成長，以及我們加拿大銀行的淨資產收益率大幅提升。因此，明年這個時候，我相信你們將會看到 ROE 成長道路上的又一步，這將使我們更接近 14% 的目標，可能比我們預想的要早一年。保守派的得票率也超過 14%。我仍然認為它是保守的。但這段旅程的一部分，就是持續不斷地為股東創造價值，並說到做到。我們現在已經完成了八個季度的工作。所以我們會繼續這段旅程。

In terms of your question on capital allocation, the focus is on organic -- we've got so many opportunities with organic deployment, and we saw what GBM is doing in terms of new product capabilities and opportunity there. You see this new economic trajectory in Canada, where I do think there's going to be a demand for capital. We have a pivot to growth in IB, which will start to come in the back half of this year. And then our Canadian and commercial business as well. I think in the back half of this year, we'll start to attract some capital in segments that we haven't historically been in. So that would be priority one.

關於您提出的資本配置問題，重點是內生成長——我們有很多內生成長的機會，我們看到了 GBM 在新產品能力和機會方面所做的工作。你可以看到加拿大正在形成新的經濟軌跡，我認為那裡將會出現對資本的需求。我們已將投資銀行業務轉向成長，這將在今年下半年開始實現。還有我們在加拿大的商業業務。我認為今年下半年，我們將開始吸引一些我們過去從未涉足的領域的資本。所以，這應該是首要任務。

Priority two, given the relative valuation and given our confidence in our plan, we will continue to be repurchasing shares. And you've seen us do that in the last year, you'll continue to see us do that in 2026. And then lastly, if there's some product capabilities or some capabilities that we can fill via tuck-ins in the US, I'm thinking wealth here, as we've talked about that, relatively small tuck-ins that help Jacqui grow her business or help Travis close a couple of gaps, and we'll think about that, but that would be certain on the priority list, and there's nothing in the hopper right now for us to be thinking about in that regard.

第二優先事項，鑑於相對估值以及我們對自身計畫的信心，我們將繼續回購股票。過去一年你們已經看到我們這樣做了，2026年你們也會繼續看到我們這樣做。最後，如果我們在美國可以透過一些補充業務來填補某些產品或能力上的不足，我這裡指的是財富管理，就像我們之前討論過的，一些相對較小的補充業務可以幫助 Jacqui 發展她的業務，或者幫助 Travis 填補一些空白，我們會考慮這些，但這肯定會在優先事項清單上，目前我們還沒有任何這方面的計劃需要考慮。

Thank you.

謝謝。

John Aiken, Jefferies.

約翰艾肯，傑富瑞集團。

Good morning. I get the messaging on the outlook for credit next year. But just when we take a look at the domestic retail formations as well as the 90-day-plus impact on the quarter. Is this I guess as a messaging, is this more seasonality than underlying weakness that we're seeing that might be a continued trend?

早安.我明白明年信貸前景的預期。但當我們審視國內零售格局以及90多天對本季的影響時，就會發現…我猜這是一種訊息傳遞方式，我們看到的這種現象更多的是季節性因素，而不是潛在的疲軟，而這種疲軟可能會成為一種持續的趨勢？

Hey, John, thanks for the question. As I said in my prepared remarks, mostly what we're seeing on GILsin Canada related to mortgages and particularly mortgages in the GTA. And so we're -- if I look broadly across the Canadian retail portfolio, I'm quite confident that what we're seeing is not systemic. We're seeing -- still seeing strong FICOs around 790 in the portfolio.

嘿，約翰，謝謝你的提問。正如我在準備好的演講稿中所說，我們在加拿大 GILs 上看到的大部分內容都與抵押貸款有關，特別是大多倫多地區的抵押貸款。因此，如果我縱觀整個加拿大零售業，我很有信心，我們所看到的現象並非系統性的。我們看到—投資組合中仍然可以看到 FICO 值在 790 左右的強勁表現。

And even if I look at where we have 90-plus on the LTV -- or sorry, 90-plus delinquencies, the LTVs are still in the low 60s, so showing that these mortgages are fairly well collateralized. So I'm comfortable overall with the trends in the Canadian portfolio. There are some weaknesses as I've mentioned in my prepared remarks, but I'm confident that as we look forward into 2026, we'll start to see deals normalize in the latter half of the year similar to PCLs.

即使我查看貸款價值比 (LTV) 超過 90% 的情況——或者抱歉，是拖欠率超過 90% 的情況——貸款價值比仍然在 60% 左右，這表明這些抵押貸款的抵押品相當充足。因此，我對加拿大投資組合的整體趨勢感到滿意。正如我在準備好的演講稿中提到的，這其中存在一些不足，但我相信，展望 2026 年，我們將在下半年開始看到交易恢復正常，類似於 PCL 的情況。

And then, Phil, just as a follow-on, you did mention that the commercial performance in the quarter domestically was very strong. again, can I take this as a potential positive indicator that we may actually see a bit of a rebound in that segment?

菲爾，我再補充一點，你剛才提到本季國內市場的商業表現非常強勁。我是否可以將此視為一個潛在的積極信號，表明我們可能會看到該領域出現一些反彈？

Yeah. I was very happy to see that commercial GILs and PCLs normalize this quarter. I think that's a lot due to the resilience and the lending quality standards that we have in the Canadian bank and frankly, the good management that I'm seeing both from the business and from the risk team. As you know, that these portfolios can be a bit lumpy, and you may have one or two files that jump up every now and again, but I'm confident in the outlook for next year and particularly in the Canadian bank that will probably be sort of flat to where we are today in the commercial space.

是的。我很高興地看到，本季商業 GIL 和 PCL 已恢復正常。我認為這很大程度上歸功於加拿大銀行的韌性和貸款品質標準，坦白說，也歸功於我從業務部門和風險團隊看到的良好管理。如你所知，這些投資組合可能會有些波動，偶爾會有一兩個文件大幅上漲，但我對明年的前景充滿信心，尤其是加拿大銀行業，其商業領域的前景可能會與目前持平。

Great. Thanks for the color. I'll go back to the queue.

偉大的。謝謝你提供的色彩。我回去排隊。

Gabriel Dechaine, National Bank.

加布里埃爾·德鏈，國家銀行。

Hey, good morning. I was wondering, Scott, Raj, if you can just walk me through or maybe confirm some of my high-level conclusions here on your double-digit EPS growth outlook for next year. So on a segment basis, double digits in Canada, probably the same for wealth, mid-singles for capital markets and international from the sounds of it. Corporate at least the back half will be flat, probably, but who knows. So overall, high single digits plus the buybacks to get into double digits? Is that how you're thinking about it?

嘿，早安。Scott、Raj，我想請教一下，你們能否幫我解讀一下，或者確認一下我對你們明年兩位數每股收益增長預期的一些高層次結論？因此，從細分市場來看，加拿大市場成長率將達到兩位數，財富市場可能也是如此，資本市場和國際市場成長率預計將達到個位數左右。至少公司後半部會比較平坦，但誰知道呢。所以整體而言，接近兩位數的增幅加上股票回購，最終達到兩位數？你是這麼想的嗎？

Yeah, Gabe, it's Raj. I think you got it mostly right. I'll just make one correction on wealth. I think it might be high single digit. That's probably the one I would say. And for IB and GBM, I'd call it modest growth is a term we use, and that would equate to like a low single-digit growth rather than mid. Now obviously, right, markets play a role because we do have a GBM business in IB, GBM is always subject to markets.

是的，蓋布，我是拉傑。我覺得你基本上都說對了。關於財富，我只想做一點更正。我覺得可能是接近兩位數。我大概會選那個。至於 IB 和 GBM，我們稱之為適度成長，這相當於個位數低成長，而不是中等成長。顯然，市場發揮作用，因為我們在投資銀行部門有GBM的業務，而GBM總是受市場影響。

And of course, the other segment like your point, or the whole year loss is $347 million. The most recent quarter is $30 million-odd. So that's got to give us back roughly about $200 million. And of course, repurchase, right? But we don't need to have repurchases to get to double digit. I think it's a contributor. I think the businesses themselves will get to double digit.

當然，還有你提到的另一部分，或者說全年虧損 3.47 億美元。最近一個季度的營收約為3000萬美元。所以這應該可以為我們帶來大約2億美元的收益。當然，還有回購，對吧？但我們並不需要進行回購才能達到兩位數的成長率。我認為這是一個因素。我認為企業本身的成長率將達到兩位數。

Just to find your point on capital markets, the implication there is that your earnings in that business are going to be above the run rate, which the guidance run rate is $425 million to $450 million of earnings per quarter maybe stale at this point? Is that.

為了弄清楚你關於資本市場的觀點，這意味著你在該業務中的收益將高於預期水平，而目前的預期水平是每季度收益 4.25 億美元至 4.5 億美元，這個數字現在可能已經過時了？就是這樣。

Yeah. I mean you heard Scott talk a lot about the investments we have done both in product capabilities and people, particularly in the US. I think this quarter, $519 million, I'd probably say $475 million to $500 million is probably the business contributing, and some part of it is markets for sure that's helping. Markets remain constructive. This business is ready to capitalize on it.

是的。我的意思是，你聽斯科特多次談到我們在產品能力和人才方面的投資，尤其是在美國。我認為本季 5.19 億美元的營收中，我估計 4.75 億至 5 億美元可能是業務貢獻，當然，市場因素也起到了一定的推動作用。市場依然保持樂觀。這家企業已經準備好從中獲利。

Okay. Great. And then we talk a lot about buybacks these days for obvious reasons. But what happens, Scott, if you own 15% of KeyCorp, and they decided to participate in the M&A consolidation trend in US regional banking. Would you -- I mean the details, of course, if you like the deal or not, let's say you do like it. And do you want to be diluted? Or do you want to maintain your position? What's your thought process?

好的。偉大的。最近我們常談到股票回購，原因顯而易見。但是史考特，如果你持有 KeyCorp 15% 的股份，而他們決定參與美國區域銀行業併購整合的趨勢，會發生什麼事？你會——我是指細節，當然，你是否喜歡這筆交易，假設你喜歡它。你想被稀釋嗎？還是你想維持現狀？你的思考過程是怎麼樣的？

Yeah. I think we're really happy with the KeyCorp stake. Jacqui is sitting on the Board now. I think we're getting a lot of good insights into the kind of the overall environment. It's contributing now from a dividend perspective on a very attractive basis given it's in the significant investment bucket. There's not a plan here to increase beyond our current 15%. And I think we'll just have to see what KeyCorp does from a strategic perspective and then deal with it at that time. But I think we're pretty comfortable with the stake we have. And I'll leave it at that.

是的。我認為我們對 KeyCorp 的股份非常滿意。杰奎琳現在是董事會成員。我認為我們對整體環境有了很多有益的了解。從股利角度來看，鑑於它屬於重大投資類別，目前的股利貢獻非常可觀。目前沒有計劃將增幅提高到15%以上。我認為我們只能看看 KeyCorp 從戰略角度會採取什麼行動，然後再來處理這個問題。但我認為我們對目前的投資規模相當滿意。我就說到這裡吧。

All right. Well, thank you.

好的。謝謝。

Doug Young, Desjardins Capital Markets.

道格楊，德斯賈丁資本市場。

Yeah, good morning. Just something on capital, Raj, organic capital generation of CET1 generation 9 basis points. Is this around what we should expect for Scotia net of dividends. And can you maybe talk a bit about the puts and takes that maybe take you higher over the next few years, if that's something that you think? And then Scott, can you remind us what the minimum CET1 ratio target is for the Bank and what you're comfortable going down to?

早安.Raj，關於資本方面，CET1 世代的有機資本產生量為 9 個基點。這是否與我們對豐業銀行扣除股利後的預期收益大致相同？如果您認為未來幾年內，哪些買入和賣出策略可能會讓您獲得更高的收益，您能否談談這方面的看法？史考特，你能否提醒我們一下，英國央行的最低CET1比率目標是多少，以及你能接受的最低CET1比率是多少？

Sure, Doug. I think fee income will always contribute to higher capital generation, and we're starting to see improvements in the fee income, as we talked about earlier. So that should help. 9 basis points, I would say, is at the lower end, frankly, Doug, I think this should progressively improve each quarter, I think 10 to 15 basis points by the time we get to the end of 2026. For the quarterly contribution after dividends is likely the run rate we're looking for.

當然可以，道格。我認為手續費收入始終有助於提高資本積累，而且正如我們之前討論的那樣，我們已經開始看到手續費收入有所改善。這樣應該會有幫助。坦白說，9個基點算是比較低的，道格，我認為這個數字應該每季逐步改善，到2026年底應該可以達到10到15個基點。扣除股利後的季度貢獻率很可能就是我們所預期的運作率。

Obviously, if businesses like wealth and GBM, they perform well, they just contribute directly to capital generation. So we'll see how the year goes in '26. But fee income is a big component. And as far as the capital levels go, I think we'll be around 13%. We'll be north of 13% first couple of quarters.

顯然，如果財富管理和GBM等業務運作良好，它們就會直接為資本創造做出貢獻。所以，讓我們看看2026年情況如何。但手續費收入是其中很大一部分。至於資本水平，我認為我們會在 13% 左右。前兩季我們將維持在13%以上。

We'll see how the loan growth evolves. And the x factor, Phil talked a little bit from a PCL perspective -- as you know, capital also gets impacted when we see migration. But even this quarter, you see this $2 billion of RWA on migration, which equates to roughly 5 to 6 basis points of capital.

我們將觀察貸款成長情況如何發展。至於 X 因素，菲爾從 PCL 的角度談了一些——正如你所知，當我們看到人口遷移時，資本也會受到影響。但即使在本季度，你也能看到與移民相關的 20 億美元風險加權資產，這相當於大約 5 到 6 個基點的資本。

So we'll see how that evolves. That could be the only drag I can think of, which potentially is very hard to estimate, but could be small. But capital ratios, 13%-plus funding all the organic requirements as we see in the profit plan, I think it's a good position to be in to capitalize on other opportunities that may come along.

所以我們將拭目以待事態發展。這可能是我唯一能想到的阻礙因素，雖然很難估計，但可能很小。但從利潤計畫來看，資本充足率超過 13%，足以滿足所有有機成長需求，我認為這是一個很好的位置，可以抓住可能出現的其他機會。

And the only thing I'll add is tying it into Ebrahim's question around ROE. I mean, the strategic journey we're on is business mix, right? And that's around increasing fee income, increasing capital velocity. It's really encouraging to see what Aris' plans are next year in terms of insurance cards, et cetera, driving fees. You see outsized growth from our wealth business. You see outsized growth from a fee perspective from Travis' business. So I think this 9 basis points is kind of the floor. And from here, we will grow, which will contribute to the ROE contribution of the overall bank.

我唯一要補充的是，要將它與易卜拉欣關於ROE的問題聯繫起來。我的意思是，我們正在進行的策略之旅就是業務組合，對吧？這主要是為了增加手續費收入，提高資本週轉速度。看到 Aris 明年在保險卡、駕駛費用等方面的計劃，真是令人鼓舞。我們的財富管理業務實現了超乎尋常的成長。從費用角度來看，Travis 的業務實現了超乎尋常的成長。所以我認為這9個基點算是底線了。我們將以此為基礎發展壯大，這將有助於提高銀行整體的淨資產收益率。

Okay. And then just second, just back to the guidance, Phil, the PCL, I just want to confirm this a little slow this point but guidance that you gave, I assume that's for total. And if that's the case, can you break it out between impaired and performing or any sense? Or -- and then on the International Banking, modest earnings growth. I assume that's off the base excluding Colombia for fiscal '25. Just wanted to confirm those two items.

好的。其次，回到指導意見上，Phil，PCL，我只是想確認一下，這一點可能有點慢，但你給的指導意見，我假設是指總和。如果情況確實如此，你能區分一下受損狀態和正常狀態，或是說完全喪失感知能力嗎？或者－在國際銀行業方面，獲利成長較為溫和。我假設這是不包括哥倫比亞在內的 2025 財年基數。只是想確認一下這兩項內容。

Yeah, I'll start on PCL. The guidance I gave is on impaired PCL.

好的，我先從PCL開始。我提供的指導是關於受損的PCL。

Okay.

好的。

And as far as your IB assumptions, you're right. I think we have disclosed on slide 25 and 26 the foregone income related to the divested operations as it relates to lines because the bottom line is not big, but there's a lot of changes that happens on revenue expenses PCL. So you have all the numbers by quarter, and the growth rate of modest growth is after excluding the forgone income in 2025.

至於你對IB的假設，你是對的。我認為我們已經在第 25 和 26 頁披露了與剝離業務相關的損失收入，因為最終結果並不大，但收入支出 PCL 方面發生了很多變化。所以，你已經得到了所有按季度劃分的數據，而溫和成長的成長率是在排除 2025 年放棄的收入之後得出的。

Perfect. Thank you.

完美的。謝謝。

Matthew Lee, Canaccord Genuity.

Matthew Lee，Canaccord Genuity。

Hi, morning, guys. Maybe a bigger picture question. You've highlighted in the past the importance of US presence or an expanding US presence for the North American corridor strategy -- but now you sort of mentioned that M&A is not a priority for this year. Does that imply that you can run the quarter strategy with a larger US footprint or maybe through partnerships or maybe through key? Or is the US acquisition still on the wish list, but down the road?

大家早安。或許應該從更宏觀的角度來看這個問題。您過去曾強調美國的存在或擴大美國的存在對於北美走廊戰略的重要性——但現在您似乎提到，併購不是今年的優先事項。這是否意味著您可以擴大在美國的業務規模，或透過合作夥伴關係或關鍵管道來實施季度策略？或者，收購美國仍然是公司的願望清單上的一部分，但要等到以後才能實現？

Yeah. So let me start and then Travis, maybe talk to you about what you're building in GBM. But as we've always said, the corridor strategy is primarily focused on wealth and our GBM business. And we do need to, as I talked about, potential capability in hands, we do have to have a US offshore booking for into our Latin American wealth clients and our Canadian wealth clients. So that's something that we'll continue to look for. But in terms of what Travis is building, it's been an organic build over time, and you're starting to see the results from that. And so maybe to give a sense of what you're trying to add from a product capability.

是的。那麼，就讓我先開始吧，然後特拉維斯，也許可以和你聊聊你在GBM裡正在開發的東西。但正如我們一直所說，走廊策略主要集中在財富管理和我們的GBM業務。正如我剛才所說，我們需要掌握潛在的能力，我們需要在美國境外設立帳戶，以便服務我們的拉丁美洲財富客戶和加拿大財富客戶。所以這是我們會繼續尋找的方向。但就特拉維斯正在打造的東西而言，這是一個隨著時間推移自然而然發展起來的過程，而你現在也開始看到由此帶來的成果。所以，或許可以藉此表達一下您希望透過產品功能添加什麼。

Yeah, absolutely. Everything we're doing is very intentional and we're trying to build an Americas connected bank really starts on the GTB side on the cash management and then follows through our corporate investment banking business and our markets business and trying to help our clients navigate both North and South America.

是的，絕對的。我們所做的一切都是有目的的，我們正在努力打造一家與美洲緊密相連的銀行，這實際上是從 GTB 的現金管理開始的，然後擴展到我們的企業投資銀行業務和市場業務，並努力幫助我們的客戶駕馭北美和南美市場。

And so some of the capabilities that we're building and Francisco's leading on the GTB side are going to be very, very important to providing that client connectivity and that durable franchises that -- a word we use a lot and so we're quite excited. We think we can do organically. We have a lot of talent that wants to join the bank. And we've been building organically and been very successful at it.

因此，我們正在建立的一些功能，以及 Francisco 在 GTB 方面領導的工作，對於提供客戶連接和持久的特許經營權（我們經常使用這個詞）來說，將非常非常重要，所以我們感到非常興奮。我們認為我們可以自然而然地做到。我們有很多優秀人才想要加入銀行。我們一直採取有機成長的方式，並且取得了巨大的成功。

And Francisco, GTB, I mean we had our pilots this quarter for the first time. And this is essentially connecting Canada, US, Mexico, maybe just give the group an overview of where we are in GTB.

還有，Francisco，GTB，我的意思是，我們本季首次有了試飛員。這本質上是將加拿大、美國、墨西哥連結起來，或許只是讓大家了解我們在GTB中的位置。

Absolutely. Thank you, Scott. I think the important element to understand is what makes us different. -- how can we gain wallet share in the journey. And geographically, North America is the core. The tool is connectivity like Travis just said. And I think the tool of connecting clients through cash management is essential. So we're very focused on it. And super excited that in October, we rolled out for the very first time, our basic cash management capabilities. We have a very clear rollout schedule throughout '26 to continuously enhance that proposition on a connected basis.

絕對地。謝謝你，斯科特。我認為關鍵在於理解我們的獨特之處——我們如何在客戶消費旅程中贏得他們的錢包份額。從地理位置來看，北美是核心。正如特拉維斯剛才所說，這個工具的關鍵在於連接性。我認為透過現金管理將客戶聯繫起來這一工具至關重要。所以我們非常關注這件事。更令人興奮的是，我們在 10 月首次推出了我們的基本現金管理功能。我們在 2026 年制定了非常清晰的推廣計劃，以持續、互聯地增強這一優勢。

So we now have a global transaction banking organization for the very first time, and we have a consolidated sales effort that allows us to manage centrally our pipeline and onboarding and roll out of new capabilities, allowing us to prioritize investment and keep track with that investment.

因此，我們現在首次擁有了全球交易銀行機構，並且我們整合了銷售工作，使我們能夠集中管理銷售管道、新客戶的引入和新功能的推出，從而使我們能夠優先考慮投資並追蹤投資情況。

So it is really about how effectively do we cover global clients, and I think Travis has done an amazing job in bringing leaders that understand how you're going to have connect global clients. and using the right tools in terms of bringing a differentiated value proposition. And as we see in the core countries where we operate other global banks leaving that footprint, we now stand in a very important position to capture share as we connect the countries on behalf of our clients.

所以關鍵在於我們如何有效地服務全球客戶，我認為特拉維斯在組建能夠理解如何與全球客戶建立聯繫並運用合適的工具來提供差異化價值主張的領導者方面做得非常出色。正如我們在我們開展業務的核心國家看到的其他全球性銀行留下的足跡一樣，我們現在處於非常重要的地位，可以代表我們的客戶連接各個國家，從而獲得市場份額。

That's helpful. So what I'm hearing is that you don't necessarily need a traditional P&C or commercial bank to kind of do your strategy?

那很有幫助。所以我的理解是，你不一定需要傳統的財產保險或商業銀行來制定你的策略？

I think right now, we have so many organic opportunities in front of us, but that's going to be the focus area.

我認為目前我們有很多有機成長的機會擺在我們面前，但這將是我們的重點領域。

Okay, that's helpful.

好的，這很有幫助。

Paul Holden, CIBC.

Paul Holden，加拿大帝國商業銀行。

Good morning. First question is for Francisco. So just going back to the 2026 growth guidance of low single digits or modest growth. I think that's probably a little bit lower than what was originally in the plan, which would have been, I think, high single digits for this year. So maybe talk about some of the factors that are contributing to it, assuming it's macro, but maybe we can understand better just the intended pivot to balance sheet growth? I know that was an important part of the plan for '26 and if that's still part of the plan

早安.第一個問題問弗朗西斯科。所以，我們還是回到2026年的成長預期，也就是個位數低成長或溫和成長。我認為這可能比原計劃略低一些，原計劃今年的目標應該是接近兩位數。那麼，或許可以討論一下導致這種情況的一些因素（假設這是宏觀層面的），但或許我們可以更好地理解旨在實現資產負債表成長的轉型目標？我知道那是2026年計劃的重要組成部分，如果它仍然是計劃的一部分的話。

Thank you. I think what's important to understand is where are we today. And where we are today is a position of strength. We have now completed the full regionalization of all the business lines and support functions and that is allowing us to centrally drive the right investment and the right returns at scale. I can't stress enough the importance of the in the transaction.

謝謝。我認為重要的是要明白我們今天身處何方。而我們現在所處的地位是強大的。我們現在已經完成了所有業務線和支援職能的全面區域化，這使我們能夠集中推動正確的投資，並大規模地獲得正確的回報。我再怎麼強調它在交易中的重要性都不為過。

It is allowing us to simplify our operating model and operate at scale in all the countries in which we operate in today. And that is a massive advantage for us going forward. I think the element to understand is that as we pivot to growth, what you're going to see is GBM, for example, that has been in a very deliberate effort to deselect low-returning loans and clients. We have completed that exercise in 2025. So you're going to see loan growth in GBM on the double-digit side of things for the first time in the last couple of years.

它使我們能夠簡化營運模式，並在我們目前運營的所有國家/地區大規模運作。這對我們的未來發展來說是一個巨大的優勢。我認為需要理解的關鍵在於，隨著我們轉向成長，你會看到，例如，GBM一直在非常刻意地努力剔除低迴報的貸款和客戶。我們已於 2025 年完成了這項工作。因此，近幾年來，GBM的貸款成長率將首次達到兩位數。

We're now returning ROA was north of 2% in GBM for the first time in a long time. And this is all in alignment with Travis' organization in a highly connected deliberate effort to drive multi-country clients penetration and GTB and that's going to perform strongly in 2026. We just onboarded a new leader, for example, for capital markets, and that's bringing new capabilities that we didn't have, again, accretive to capturing wallet share with clients that we didn't participate in most of those activities before.

我們現在看到，GBM 的 ROA 已經很久沒有超過 2% 了。這一切都與 Travis 的組織高度協調一致的努力一致，旨在推動跨國客戶滲透和 GTB，這將在 2026 年取得強勁表現。例如，我們剛剛聘請了一位新的資本市場負責人，這為我們帶來了以前不具備的新能力，再次增強了我們贏得客戶錢包份額的能力，而我們以前很少參與這些活動。

When you look at commercial banking, we now have regionalized the commercial bank and changed the strategy to a cash-first strategy, meaning if we don't have cash management, we will not give you a loan as simple as that. And that's a massive change in our strategy because it's going to drive higher returns, better penetration across the world of those clients and drive consistent performance going forward.

從商業銀行的角度來看，我們現在已經實現了商業銀行的區域化，並將策略轉變為現金優先策略，這意味著如果我們沒有現金管理，我們就不會給你貸款，就這麼簡單。這將對我們的策略產生巨大影響，因為它將帶來更高的回報，更好地滲透到全球客戶群中，並推動未來持續的業績成長。

And on retail, as Scott mentioned in his opening remarks, we're tremendously excited because for the first time, we now have rolled out multi-country a common value proposition for our most important clients being affluent and emerging affluent under the singular common brand. And that's a major, major step in delivering the strategy that we set out to achieve in 2023.

至於零售方面，正如斯科特在開場白中提到的那樣，我們感到非常興奮，因為我們首次在多個國家推出了一項共同的價值主張，為我們最重要的客戶——富裕客戶和新興富裕客戶——提供單一的共同品牌。這是實現我們2023年所訂定的策略目標的重要一步。

So when you put all that together, you're going to have mid-single-digit PTPP growth in 2026, trying to offset still increasing PCLs, like Phil mentioned, and higher taxes. So 2026 is a strong year from the performance point of view, but we have some offsets to do. And this is also in the midst of a geographic GDP growth, which is still very modest. I mean you see in Mexico barely breaking the one, the positive growth GDP for 2026 and still Chile, Peru and Colombia not benefiting from political change resulting from elections that we will see in '26. So it's a strong year within very much the strategy and timeline that we set out to achieve in 2023.

所以綜合所有因素來看，到 2026 年，PTPP 將實現個位數中段的增長，試圖抵消像 Phil 提到的那樣不斷增長的 PCL 和更高的稅收。因此，從業績角度來看，2026 年是強勁的一年，但我們仍有一些抵銷措施要做。而且，此時正值地理 GDP 成長時期，但成長幅度仍非常有限。我的意思是，你看墨西哥勉強突破了 1%，2026 年 GDP 實現了正增長，而智利、秘魯和哥倫比亞仍然沒有從 2026 年的選舉帶來的政治變革中受益。因此，今年在實現我們2023年制定的策略和時間表方面取得了顯著的成績。

All right. Okay. That's helpful. Thanks a lot. And then a question for Travis, and I guess it's almost kind of a long similar vein. -- because we've talked about a number of drivers, I think, for your business, Travis. Maybe you could highlight sort of, I don't know if it's top 3 or whatever the right number is. What would you say are the top drivers that are going to contribute to that revenue earnings growth in 2026. In other words, what should we be tracking for success in '26.

好的。好的。那很有幫助。多謝。然後我想問崔維斯一個問題，我覺得這個問題和之前討論的問題有點類似——因為我們已經討論過很多關於你公司司機的問題了，特拉維斯。或許你可以重點突出一下，我不知道是前三名還是其他數字。您認為到 2026 年，哪些主要因素將推動營收成長？換句話說，為了在 2026 年取得成功，我們應該關注哪些面向？

Sure. Listen, excellent question. I'm pretty proud. If you look at what we did in 2025 and some of the drivers, which I think will continue, we clearly had significant net interest margin expansion, and it's just absolute relentless focus on our balance sheet. Thinking about our capital velocity, understanding how we price our deposits driving more core operating deposits and looking at our loans.

當然。好的，這個問題問得好。我感到非常自豪。如果你看看我們在 2025 年所做的事情以及一些我認為會繼續下去的驅動因素，我們顯然實現了顯著的淨息差擴張，而且我們對資產負債表的關注是絕對不懈的。思考我們的資本週轉速度，了解我們如何為存款定價以推動更多核心營運存款，並審視我們的貸款。

We haven't changed the risk profile of our lending book, but I think we've been highly selective on our loan portfolio. You've seen our loans are actually down and our ROE is up significantly, and we've still been able to maintain the fee growth and the net interest margin expansion despite the loans coming down. So I think that just highlights a little bit about the discipline that we're having on our balance sheet.

我們沒有改變貸款組合的風險狀況，但我認為我們對貸款組合的選擇非常謹慎。您已經看到，我們的貸款實際上下降了，而我們的淨資產收益率大幅上升，儘管貸款下降，我們仍然能夠保持手續費成長和淨利差擴張。所以我認為這在某種程度上突顯了我們在資產負債表方面所秉持的嚴謹態度。

And I think from a strategic standpoint, there's a lot of low-hanging fruit. I mean when we just think about the -- exactly what Francisco said, the global connectivity of this franchise is incredibly powerful, unlike any bank I've ever seen. -- the ability to connect clients from Canada to the US to Latin America, there's no other bank that can replicate what we're trying to do. And we see tremendous opportunities.

我認為從戰略角度來看，有很多唾手可得的成果。我的意思是，正如弗朗西斯科所說，這家銀行的全球互聯互通能力極其強大，是我見過的任何一家銀行都無法比擬的——它能夠將從加拿大到美國再到拉丁美洲的客戶連接起來，沒有其他銀行能夠複製我們正在做的事情。我們看到了巨大的機會。

We see relatively low penetration rates of some of our clients, and we see a lot of cross-border activity. So I think as we continue to build that connectivity and we continue to build the capabilities on the products and on the services and on the advisory side, I think you'll see our fee income and our non-interest income continue to grow.

我們發現部分客戶的市場滲透率相對較低，而且跨國業務活動很多。所以我認為，隨著我們不斷加強這種聯繫，不斷提升產品、服務和諮詢方面的能力，我們的手續費收入和非利息收入將會持續成長。

On the market side, I think we remain incredibly disciplined. We clearly have some beta and alpha in this quarter. We've seen highly constructive markets. You're seeing spreads all-time tight. You're seeing the capital markets incredibly constructive.

在市場方面，我認為我們仍然保持著極強的自律性。本季我們顯然會有一些β值和α值。我們看到了極具建設性的市場。你現在看到的是歷史最低點的價差。你會看到資本市場呈現極為正面的態勢。

You're seeing a lot of our clients' access to capital markets, and we're playing a leading role. And I think as we upscale our coverage and our advisory capabilities, I think you'll see more growth in those line items, too. And so I look around, and we've been pushing on every single driver in the GBM business. I think that's this beat is reflective of every single one of those things hitting well. And we're going to hopefully continue that momentum, and our pipelines remain healthy right now.

您可以看到我們許多客戶都獲得了進入資本市場的管道，而我們在這方面發揮了主導作用。我認為，隨著我們擴大服務範圍和提升諮詢能力，這些項目也會有更大的成長。所以我環顧四周，發現我們一直在努力推動GBM業務中的每位司機。我認為這個節奏完美地體現了所有這些因素的契合。希望我們能保持這種勢頭，而且我們目前的供應鏈依然暢通。

I'll leave it there. Thank you.

我就說到這兒吧。謝謝。

Mario Mendonca, TD Securities.

馬裡奧門東卡，道明證券。

Good morning. Can we start on the deposit strategy first. Maybe just in Canada specifically speak to the sort of runoff of these commercial deposits that we saw this quarter -- or not commercial, I'm sorry, term deposits that we saw this quarter and the growth in retail maybe just describe what you experienced in the quarter and what your outlook is on the domestic deposit front.

早安.我們先來討論一下存款策略吧。或許可以專門談談加拿大本季我們看到的商業存款流失情況——或者抱歉，不是商業存款，而是本季我們看到的定期存款流失情況，以及零售存款的成長情況。或許可以描述一下您在本季的經驗以及您對國內存款的展望。

Sure. Thank you for the question. Before I dig into that question, just to remind everyone on the strategy in the Canadian bank, and it's threefold. It's driving the primacy of our clients' depth. That's the first, and that's continued.

當然。謝謝你的提問。在我深入探討這個問題之前，先提醒大家加拿大銀行的策略，該策略分為三個部分。它凸顯了我們客戶實力雄厚的重要性。這是第一點，而且這種情況還在繼續。

The second one is the business mix, changing the basis mix and changing the operating model, improving them both. And that feeds into the deposit question. And third is a very intentional deployment of capital and marginal costs in our business, and that's what we continue to do. Now getting back to the deposit question. Since Investor Day, we've added $22 billion in deposits and $15 billion in mutual funds.

第二點是業務組合，改變基礎業務組合和營運模式，進而改善這兩方面。這就牽涉到存款問題了。第三點是我們在業務中非常有意識地部署資本和邊際成本，而這正是我們一直在做的。現在回到存款問題上來。自投資者日以來，我們新增了 220 億美元的存款和 150 億美元的共同基金。

So we've become a money in bank. This is very different from the way this bank operated in the past. More importantly, as rates have come down and people have gotten out of term, we've been managing to capture that in our day-to-day savings and investment fund business.

所以我們現在就像銀行裡的存款一樣。這與這家銀行過去的經營方式截然不同。更重要的是，隨著利率下降和人們到期，我們一直在日常儲蓄和投資基金業務中設法抓住這一機會。

And we've had record amount of sales in mutual funds in the quarter in the Canadian bank. And this idea of getting primacy is driving across the whole value chain, whether it's scorecard improvements in the branches. -- focus on payroll and focus on very deliberate and personalization strategies to drive more deposits from our existing base, but also what we call competitive steel. That is up 13% quarter-on-quarter as we get more clients from outside into the bank. So all this is driving what you saw in the fourth quarter, improved NIM in our deposit book.

加拿大銀行本季共同基金的銷售額創下歷史新高。這種爭取領先地位的理念正在貫穿整個價值鏈，無論是分支機構的績效考核改進，還是專注於薪酬管理，以及製定周密且個性化的策略來吸引現有客戶群的更多存款，亦或是打造我們所謂的「競爭優勢」。由於我們吸引了更多外部客戶進入銀行，該數字環比增長了 13%。所以，所有這些因素共同促成了第四季存款帳簿淨利差的改善。

And this continued focus on deposits is what we count on doing quarter after quarter. We're seeing it every quarter and also linking it to the day-to-day savings growth you saw in the quarter, I think we're up in the retail side, 7% on day-to-day and 17 -- or sorry, 14% on the savings. So it's materializing. We're seeing it in the numbers. This will continue quarter-on-quarter.

而我們指望每季都能繼續專注於存款業務。我們每季都能看到這種情況，而且與本季看到的日常儲蓄成長也有關聯，我認為零售方面有所成長，日常儲蓄成長了 7%，儲蓄成長了 17%——或者抱歉，是 14%。所以它正在變成現實。我們從數據中就能看出這一點。這種情況將逐季持續。

But I think it's also important to talk about how we're getting longer-term relationships to our investment fund sales in the branches, something that we were historically not very strong at, but now we're seeing record levels. And I would pass it on to Jacqui, who is working very closely wealth in the Canadian bank in creating this connection in getting the right banker in front of the client to ensure we get the wealth of the client. So Jacqui?

但我認為同樣重要的是要談談我們如何在分支機構與投資基金銷售建立更長期的關係，這在歷史上我們一直不太擅長，但現在我們看到了創紀錄的水平。我會把這個消息轉達給 Jacqui，她與加拿大銀行的財富管理部門密切合作，致力於建立這種聯繫，讓合適的銀行家與客戶對接，以確保我們能夠獲得客戶的財富。那麼，杰奎琳呢？

Yeah. Thanks, Aris. I actually think that's the best marker of our strategy execution is the net sales growth momentum that we have built together between Walt and Canadian Banking. Obviously, markets have been really constructive for us, both in the quarter and the full year. But together, we saw $4.8 billion in net sales in the quarter between retail and wealth.

是的。謝謝你，阿里斯。我認為衡量我們策略執行的最佳指標，是我們與沃爾特和加拿大銀行共同建立的淨銷售成長動能。顯然，無論從季度還是全年來看，市場對我們都非常有利。但本季零售和財富管理業務合計淨銷售額為 48 億美元。

That's to put it in perspective, that was a 16-quarter high for us. It's also a record quarter for -- and I'd say also, this isn't a quarter four story alone. This has been a consistent trend for us for the whole year. Our whole year net sales, I think, Scott as is up $11.5 billion versus the prior year. Well, $7 billion of that improvement came in Canadian retail channels alone the just to tie on to Aris' point, since Investor Day, we've seen an 850-basis point improvement in our retail client base for investments, which is quite remarkable.

這麼說吧，這是我們16個季度以來的最高紀錄。這也是創紀錄的一個季度——而且我認為，這不僅僅是一個四層樓的季度。這已成為我們全年一貫的趨勢。我認為，斯科特公司全年淨銷售額比前一年增長了 115 億美元。嗯，其中 70 億美元的成長僅來自加拿大零售通路。正如 Aris 所說，自投資者日以來，我們的零售客戶投資基礎已經提高了 850 個基點，這非常了不起。

The rest of the growth is coming from our wealth businesses. Full year net sales in Canadian Wealth Management is up 54%. International wealth is up 76% from the prior year. And I'd say that we would expect this momentum to carry into F '26.

其餘成長來自我們的財富管理業務。加拿大財富管理業務全年淨銷售額成長54%。國際財富比上年增長了76%。我認為我們預計這種勢頭將延續到 2026 年秋季。

All right. If we could move over to mortgages, again, domestic. Could you help me understand that the origination dynamics this quarter, like 30% up in the it was down sort of meaningfully last quarter. So obviously, something changed in mortgage originations in the GTA. And then also help me understand that, the extent to which mortgage growth is emerging in the broker channel versus, say, Scotia's advisers or the branch channel. Those are the two mortgage questions I have.

好的。如果我們能再談談抵押貸款，同樣是國內抵押貸款的話。您能否幫我理解本季的貸款發放動態，例如本季成長了 30%，而上個季度則出現了顯著下降？顯然，大多倫多地區的抵押貸款發放情況發生了一些變化。另外，也請您幫我了解一下，抵押貸款的成長在多大程度上是透過經紀人管道實現的，而不是透過豐業銀行的顧問或分行管道實現的。這就是我關於房貸的兩個問題。

So just to make the background on the mortgages in the quarter. So we saw a bit of softening in the GTA and the GVA, especially in the condo market. But that said, Mortgage applications quarter-on-quarter are up 13% as lower home prices in Toronto, Vancouver, are bringing buyers back as well as lower rates. So we're seeing a little bit of a pickup in demand. And we should see that more continuing in the 2026 as affordability improves -- and there's a very active refi switching market going on given the big increase in maturities that we will see next year as we saw this year.

所以，這裡先介紹一下本季抵押貸款的背景狀況。因此，我們看到大多倫多地區和大溫哥華地區的房地產市場出現了一些疲軟，尤其是在公寓市場。但即便如此，由於多倫多和溫哥華的房價下跌以及利率下降，購屋者紛紛回歸，房貸申請量較上月增加了 13%。所以我們看到需求略有回升。隨著可負擔性的提高，我們應該會在 2026 年看到這種情況繼續下去——鑑於明年到期債務將像今年一樣大幅增加，再融資轉換市場非常活躍。

Now our growth is being boosted, of course, by -- the work we've done on renewals, we've been very strong. Our portfolio renewal rate in the fourth quarter was over 90%. We've invested a lot in virtual advisers who are driving renewal volume. So that's been very strong. We're also seeing good front book margins in our mortgage business in the fourth quarter.

當然，現在我們的成長也得益於——我們在續約方面所做的工作，我們做得非常出色。第四季我們的投資組合續約率超過 90%。我們投入巨資聘請虛擬顧問，他們正在推動續約業務的成長。所以這方面表現非常強勁。第四季度，我們的抵押貸款業務也取得了良好的首期貸款利潤率。

And of course, Mortgages, which we've talked about today in our broker channel, 99% of all originations are coming with a mortgage bundle. In terms of the originations you question, we're getting roughly 60% in our broker channel. We're getting 30%, 35% in our HFA channel and the rest through our branches.

當然還有抵押貸款，正如我們今天在經紀人頻道中討論的那樣，99% 的貸款發放都包含抵押貸款套餐。關於您提到的貸款發放，我們大約有 60% 的貸款是透過經紀管道獲得的。我們透過 HFA 管道獲得了 30% 到 35% 的收益，其餘的則透過我們的分公司獲得。

Total originations in the quarter in Toronto, in the Toronto region have grown. I think what's the percentage, I don't know off the top of my head, but have grown from $3.5 billion to $4.5 billion year-on-year. So it's, as I said, as the lower home prices are kicking in and affordability, they're starting to see a pickup there in terms of originations in the GTA.

本季多倫多及多倫多地區的貸款發放總量有所成長。我一時想不起來具體的百分比是多少，但每年都從 35 億美元增加到 45 億美元。正如我所說，隨著房價走低和購屋能力提高，大多倫多地區的貸款發放量開始出現回升。

Thank you.

謝謝。

Darko Mihelic, RBC Capital Markets.

Darko Mihelic，加拿大皇家銀行資本市場。

Hi. Thank you, good morning. My question is also for Aris. And I'm just trying to pin down a better understanding of your comment that fee revenue will also be stronger in 2026. And what I'm specifically after is I'm trying to understand private equity and how that's helped you.

你好。謝謝，早安。我的問題也是問Aris的。我只是想更好地理解您所說的「2026 年手續費收入也會更強」這句話的意思。我具體想了解的是，我想了解私募股權以及它如何幫助你。

This is the second quarter this year where you mentioned that private equity gains have somehow benefited the Canadian business. So I'm wondering if you can maybe just size that like annually, how much are you getting from private equity gains, where it's coming from, a little bit unclear to me. And what your expectation is for 2026 on that front?

這是今年第二個季度，您提到私募股權收益在某種程度上惠及了加拿大企業。所以我想知道，您能否按年估算一下，您從私募股權收益中獲得了多少收益，這些收益來自哪裡，我對此有點不清楚。那麼，您對2026年這方面有何預期呢？

Darko, I'll start on private equity and then pass it on to Aris on the fee. I'll be quick. Private equity earlier this year in Q1 was over $30 million. I think it was $33 million, if I remember right. And this quarter is like a little over $10 million.

Darko，我會先從私募股權投資入手，然後把收益轉給 Aris。我會盡快。今年第一季度，私募股權投資額超過3,000萬美元。如果我沒記錯的話，應該是3,300萬美元。本季營收略高於1000萬美元。

So it is a reason when you look at year-over-year, which is a comment I made on private equity gains helping us with the non-interest revenue. And private equity is something that's hard to forecast Darko. It comes down to our folks who manage that. It's a small portfolio. It's not very big.

所以，從同比來看，這就是原因所在，我之前也提到過，私募股權收益有助於我們獲得非利息收入。達科，私募股權投資很難預測。歸根結底，這取決於我們負責管理的人員。這是一個小型投資組合。它不大。

It's primarily through the Road business that is part of the Canadian banking portfolio. And there from time to time if they believe that the investments that they've made and sometimes many years back, and they realize the full potential value or they end up going public, we realized gains. So it's not something that we look forward to forecasting, but it does create some noise when you look at non-interest revenue, whether you look at it quarter-over-quarter or year-over-year.

這主要透過加拿大銀行業務組合中的公路運輸業務來實現。有時候，如果他們認為自己多年前進行的投資已經發揮了全部潛在價值，或者最終上市，我們就獲得了收益。因此，我們並不期待預測這種情況，但當你查看非利息收入時，無論是按季度還是按年查看，它都會造成一些幹擾。

So -- would it be another $50 million year unlikely, I would say, in 2026. But then it's also very hard to predict if the valuations are there, they will make the decision to take the gains. Aris, do you want to talk.

所以——2026年不太可能再出現5000萬美元的年收入。但是，也很難預測，如果估值合適，他們是否會決定獲利了結。阿里斯，你想談談嗎？

Sure. On fees, as I mentioned earlier, there's four important fee components in the Canadian bank that we'll see acceleration in F '26 mutual fund fees as we continue to drive mutual fund sales in the branches. We're starting to really build up momentum there. You see it quarter-on-quarter. I think card fees will also increase as we now reposition the card portfolio to more premium cards.

當然。關於費用，正如我之前提到的，加拿大銀行有四個重要的費用組成部分，隨著我們繼續在分行推動共同基金的銷售，我們將在 2026 年秋季共同基金費用中看到這些費用加速增長。我們在這方面正逐漸累積勢頭。你可以看到它逐季度變化。我認為隨著我們將信用卡產品組合重新定位為更高端的信用卡，信用卡手續費也會增加。

We're seeing the spend per account go up and the actual value of our car business increase as the premium clients take up a greater proportion. Third is insurance course, insurance is an important part of our business linked not only to our lending business, but also stand-alone we've invested and continue to invest in our insurance business, we'll start to see some pickup there.

我們看到每個帳戶的消費額增加，隨著高端客戶佔比越來越大，我們汽車業務的實際價值也隨之成長。第三是保險業務，保險是我們業務的重要組成部分，不僅與我們的貸款業務相關，而且也是一項獨立的業務。我們已經投資並將繼續投資我們的保險業務，我們將開始看到這方面的成長。

And then finally, cash management in commercial and small business -- that's another growing component where we're investing a lot of money and effort and sales people in the field to drive transaction banking in Canada to strengthen primacy. So between these four drivers we're going to see close to double digit, if not double-digit fee growth in the Canadian Bank.

最後，商業和小型企業的現金管理——這是另一個不斷增長的領域，我們投入了大量資金和精力，並在現場配備了銷售人員，以推動加拿大的交易銀行業務，從而加強其主導地位。因此，在這四個驅動因素的推動下，加拿大銀行的手續費成長率將接近兩位數，甚至可能達到兩位數。

That's very helpful. Thank you, Aris. I appreciate that. And for the purposes of this call, I'm going to try and keep my last question, very, very simple and straightforward. I think it's aimed at Travis, but maybe, Phil, you can also speak to this as well. I'm getting a lot of questions on private credit.

那很有幫助。謝謝你，阿里斯。我很感激。為了本次通話的目的，我將盡量讓我的最後一個問題非常簡單明了。我認為這是針對崔維斯的，不過菲爾，或許你也可以談談這方面。我收到了很多關於私人信貸的問題。

And essentially, what we're looking for is we really want to be able to measure Scotia sort of exposure to private credit relative to others that actually have a call report. So I wonder if, Travis, maybe you can -- I'm assuming most of this is coming from the capital markets business. I wonder if you can tell us sort of the on-balance sheet exposure to private credits and maybe even off-balance sheet or like non-committed lines? And then, Phil, the pertinent question might be what do losses look like for this kind of business in the stress test?

從本質上講，我們真正想要衡量的是，我們真的希望能夠衡量 Scotia 對私人信貸的風險敞口相對於其他擁有監管報告的機構而言的情況。所以我想知道，特拉維斯，也許你能——我假設這大部分都來自資本市場業務。我想請您告知我們資產負債表內對私人信貸的風險敞口，甚至可能包括資產負債表外或未承諾信貸額度的風險敞口？那麼，菲爾，相關的問題可能是，這類企業在壓力測試中會遭受怎樣的損失？

Hey, Darko, this is Travis. Listen, excellent question. Totally there's some broader market questions around private credit, and they're very understandable. If you sort of step back and think about it, there's been a massive growth in non-bank financials, a lot of estimates in the US that that's nearly two-thirds of all assets.

嘿，達科，我是崔維斯。好的，這個問題問得好。私人信貸領域確實存在一些更廣泛的市場問題，這些問題非常容易理解。如果你退後一步仔細想想，你會發現非銀行金融業已經出現了巨大的成長，美國有許多估計表明，這幾乎佔所有資產的三分之二。

This is really a result of Dodd-Frank, and you've seen the move. And so is sort of hard to be a bank and not have some sort of connectivity to the non-bank financial market. But if you step back and just sort of think about what we do in the non-bank financials, we have roughly $31 billion of loans outstanding. If you just unpack that a little bit, Darko, around half of that is subscription finance and then the other half would be in the private credit -- I'm sorry, about half of that is in the private credit market. And if you break that half down, half of that would be subscription finance and the other half would be in the CLO business.

這其實是《多德-弗蘭克法案》帶來的結果，你們也看到了這個趨勢。因此，對於銀行來說，很難不與非銀行金融市場建立某種連結。但如果你退後一步，仔細想想我們在非銀行金融領域所做的事情，我們大約有 310 億美元的未償還貸款。達爾科，如果你稍微分析一下，其中大約一半是訂閱融資，另一半是私人信貸——抱歉，大約一半在私人信貸市場。如果將這一半再細分，一半是認購融資，另一半是 CLO 業務。

But if you look at what we do in those businesses, those are highly rated, where our effective average rating is between A and A+ or AA. So we're not really -- we are not participating, I can tell you, in the equity or the lower quality tranches, if you will. And so we feel like we're participating in a very high-end A+ rated part of the capital structure within this portfolio, and we're quite comfortable with it. We've hired some real experts, both on the risk side and on the banking side. So I'm happy to take any more questions you have on that topic or -- and Phil, we do -- we do frequent stress tests we can talk about.

但如果你看看我們在這些業務中所做的，你會發現這些業務的評級都很高，我們的平均有效評級在A到A+或AA之間。所以我可以明確地告訴你，我們並沒有參與股權或低品質的融資環節。因此，我們感覺自己參與了該投資組合中非常高端的 A+ 級資本結構部分，對此我們感到非常滿意。我們聘請了一些真正的專家，包括風險管理的專家和銀行業務的專家。所以，我很樂意回答你關於這個主題的任何其他問題，或者——菲爾，我們確實——我們經常進行壓力測試，我們可以談談這個。

I'm happy to go through that or Phil on the stress testing side.

我很樂意接受壓力測試的測試，或和菲爾一起進行測試。

And maybe I'll just jump in quickly, Darko. We've been along for the ride with Travis and his team on this journey, and we've been Obviously, we've been staffing up the risk team as well. And just in terms of stress testing, we do run rigorous stress tests and they can tell you even in extreme cases where all exposures are downgraded to non-investment grade, projected losses in this book would remain a fraction of the net revenue that this business generates, which really underscores the strength of our structures and the underwriting that we have underway.

也許我會迅速加入進來，達科。在這段旅程中，我們一直與崔維斯和他的團隊並肩前行，而且顯然，我們也一直在擴充風險管理團隊的人員。就壓力測試而言，我們確實進行了嚴格的壓力測試，測試結果可以告訴你，即使在所有風險敞口都被降級為非投資級的極端情況下，該業務的預計損失仍將只是該業務淨收入的一小部分，這真正突顯了我們結構和承保工作的穩健性。

Thank you. That's very helpful. Travis, just a quick question. If $31 billion, if half of that is private credit, what's the other half?

謝謝。那很有幫助。崔維斯，問你個問題。如果總額為 310 億美元，其中一半是私人信貸，那麼另一半是什麼？

The other half would be just traditional insurance companies, pension funds and some other holding companies. again, all highly rated.

另一半則包括傳統的保險公司、退休基金和其他一些控股公司。同樣，這些公司的評級都很高。

Okay. Thank you.

好的。謝謝。

Jill Shea, UBS.

Jill Shea，瑞銀集團。

Thanks, good morning. Perhaps just piggybacking on Mario's earlier question on deposits. You already addressed some of the nice progress you're seeing on your deposit strategies. But perhaps just tying that to your net interest margin outlook, like when we look at the year-over-year margin that's improved with lower funding costs. I'm just curious if there's any more room to go with funding costs continuing to come down or a favorable mix shift away from term?

謝謝，早安。或許只是藉用一下馬裡奧之前關於存款的問題。您已經提到了一些您在存款策略方面取得的良好進展。但或許可以將其與你的淨利差前景聯繫起來，例如，當我們查看同比息差時，由於融資成本降低而有所改善。我只是好奇，隨著融資成本持續下降，或是投資組合向非長期融資傾斜，是否還有進一步的空間？

Sure. I can start this at the all-bank level, Jill. Absolutely, deposits are a big component of where we see the net interest margin expansion coming from -- apart from the pricing that we have, it's going to happen in the fixed rate mortgages that I mentioned, and we've disclosed it in the 2026 year. So both are going to contribute 240 basis points NIM this quarter, expanded 4 basis points. we see that continuously expanding each quarter at more modest levels to be completely clear.

當然。吉爾，我可以從所有銀行層面開始著手。當然，存款是我們看到淨利差擴張的重要來源——除了我們現有的定價之外，它還將發生在我提到的固定利率抵押貸款中，我們已經在 2026 年披露了這一點。因此，這兩家公司本季將貢獻240個基點的淨利差，較上季擴大4個基點。需要明確的是，我們看到每季淨利差都在以較為溫和的幅度持續擴大。

So it's not going to come from the funding cost benefit that we saw in 2025, which is our wholesale funding cost coming down because we're not forecasting any more rate cuts in Canada. Obviously, if it happens, it's going to help us. But it's primarily going to come from the Canadian bank is going to come from our GTB operations. Like this quarter, we have started disclosing GBM's NIM for purpose because GTB has contributed to GBM's NIM expanding 14 basis points in one quarter.

因此，它不會像我們在 2025 年看到的那樣，透過融資成本的降低來實現，因為我們預計加拿大不會再降息，批發融資成本也會下降。顯然，如果這件事發生，對我們絕對有幫助。但主要資金將來自加拿大銀行，也就是我們的GTB業務。與本季一樣，我們開始揭露 GBM 的淨利差，因為 GTB 的貢獻使得 GBM 的淨利差在一個季度內成長了 14 個基點。

It's worth a little over 2 basis points for the all bank. And that's going to continue. We talked a lot on this call about the investments we're making on the GDP front. So it's going to come from good quality deposit growth in the Canadian bank margin expansion on the mortgage book and from the GTB deposits. You should see this happening incrementally each quarter, like I said modestly, not 4 basis points each quarter to be totally candid with you, Jill, but I think you should see expansion happen throughout 2026.

對於所有銀行而言，這相當於略高於 2 個基點。這種情況還會繼續下去。我們在這次電話會議中詳細討論了很多關於我們在GDP方面的投資。所以，成長將來自加拿大銀行優質存款的成長、抵押貸款業務利潤率的擴張以及GTB的存款。你應該會看到這種情況每季逐步發生，就像我之前說的，穩步推進，坦白說，吉爾，不是每個季度 4 個基點，但我認為你應該會在 2026 年看到擴張。

Okay. Very helpful. Thank you.

好的。很有幫助。謝謝。

And there are no further questions on the line. I would now like to turn the meeting over to Raj Viswanathan.

目前電話線上沒有其他問題了。現在我將會議交給拉傑·維斯瓦納坦主持。

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 Q1 call in February. This concludes our fourth quarter results call. Have a great holiday season and a great day.

我謹代表整個管理團隊，感謝各位今天參加我們的電話會議。我們期待在二月的第一季電話會議上再次與您交流。我們的第四季業績電話會議到此結束。祝您假期愉快，也祝您今天過得愉快。