Canadian Imperial Bank of Commerce (CM) 2023 Q2 法說會逐字稿

Good morning, and welcome to the CIBC Quarterly Financial Results Conference Call. Please be advised that this call is being recorded. I would now like to turn the meeting over to Geoff Weiss, Senior Vice President, Investor Relations. Please go ahead, Geoff.

早上好，歡迎來到 CIBC 季度財務業績電話會議。請注意，此通話正在錄音中。我現在想將會議轉交給投資者關係高級副總裁 Geoff Weiss。請繼續，傑夫。

Thank you, and good morning, everyone. We will begin this morning's presentation with opening remarks from Victor Dodig, our President and Chief Executive Officer; followed by Hratch Panossian, our Chief Financial Officer; and Frank Guse, our Chief Risk Officer. Also on the call today are a number of our group heads, including Shawn Beber, U.S. region; Harry Culham, Capital Markets and Direct Financial Services; and Jon Hountalas, Canadian Banking. They are all available to take questions following the prepared remarks.

謝謝大家，早上好。我們將以我們的總裁兼首席執行官 Victor Dodig 的開場白開始今天上午的演講；其次是我們的首席財務官 Hratch Panossian；和我們的首席風險官 Frank Guse。今天也有我們的一些小組負責人參加電話會議，包括美國地區的 Shawn Beber； Harry Culham，資本市場和直接金融服務；和加拿大銀行業的 Jon Hountalas。他們都可以在準備好的發言後回答問題。

For those participating on the Q&A, given you have a hard stop to get to another presentation at 8:30, please limit your questions to 1 so we can allow as many of you as possible to participate. We will make ourselves accessible after the call for questions or follow-ups. As noticed on Slide 2 of our investor presentation, our comments may contain forward-looking statements, which involve assumptions and have inherent risks and uncertainties. Actual results may differ materially.

對於參與問答的人，鑑於您很難在 8:30 參加另一場演講，請將您的問題限制在 1 個以內，以便我們可以讓盡可能多的人參與。在電話提問或跟進後，我們將讓自己可以訪問。正如我們在投資者介紹的幻燈片 2 中註意到的那樣，我們的評論可能包含前瞻性陳述，這些陳述涉及假設並具有固有的風險和不確定性。實際結果可能存在重大差異。

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

有了這個，我現在將把電話轉給維克多。

Thank you, Geoff, and good morning, everyone. I'll start our call today with an overview of our second quarter performance, followed by insights on the current financial sector dynamics as well as CIBC's resilience as we navigate a fluid economic environment.

謝謝你，傑夫，大家早上好。我將在今天開始我們的電話會議，概述我們第二季度的業績，然後是對當前金融部門動態的見解以及 CIBC 在我們應對多變的經濟環境時的彈性。

This morning, we announced adjusted second quarter revenue of $5.7 billion, which is up 6% from the prior year. Our strong performance is a testament to our client-focused strategy and the hard work of our CIBC team members to create value for all of our stakeholders. During the quarter, we continued to leverage past investments, while moderating expense growth. Expenses of $3.2 billion were down 1% sequentially and up 7% year-over-year, and this is within the previous guidance that we've provided you. Pre-provision pretax earnings of $2.5 billion were up 6% from the prior year, while net income of $1.6 billion was 2% lower as impaired credit provisions continued to normalize, again, as expected.

今天上午，我們宣布調整後的第二季度收入為 57 億美元，比去年同期增長 6%。我們的出色表現證明了我們以客戶為中心的戰略以及我們 CIBC 團隊成員為所有利益相關者創造價值的辛勤工作。本季度，我們繼續利用過去的投資，同時放緩費用增長。 32 億美元的支出環比下降 1%，同比增長 7%，這在我們之前為您提供的指導範圍內。撥備前稅前利潤為 25 億美元，比上年增長 6%，而淨收入為 16 億美元，下降 2%，因為減值信貸撥備繼續正常化，這再次符合預期。

We are vigilant in our risk management and continue to closely monitor our asset classes and client segments for signs of stress, taking proactive steps to address potential exposures. Broadly speaking, our loan portfolio continues to perform well in an evolving economic environment. We're comfortable with what we're seeing, despite market-wide challenges in certain pockets of commercial real estate, particularly in the U.S. office sector.

我們在風險管理方面保持警惕，並繼續密切監控我們的資產類別和客戶細分市場是否存在壓力跡象，並採取積極措施應對潛在風險。從廣義上講，我們的貸款組合在不斷變化的經濟環境中繼續表現良好。儘管某些商業地產領域面臨市場範圍內的挑戰，尤其是在美國寫字樓領域，但我們對所看到的情況感到滿意。

Overall, our portfolio is prudent and disciplined lending standards, with conservative caps on loan-to-value ratios and good debt service coverage. Now Frank will provide additional details on our portfolio in a few minutes.

總的來說，我們的投資組合是審慎和紀律嚴明的貸款標準，對貸款價值比率有保守的上限和良好的償債覆蓋率。現在，Frank 將在幾分鐘內提供有關我們產品組合的更多詳細信息。

Earnings per share were $1.70 this quarter, and we have announced a $0.02 dividend increase to our common shareholders. Going forward, we will adopt an annual review of our dividend payment instead of the semiannual pattern of the past. We will review our dividend on our fourth quarter earnings call and annually thereafter. We intend to continue increasing dividends in line with earnings growth, while maintaining a dividend payout ratio of between 40% and 50% over the long term. Our capital position remains strong with a CET1 ratio of 11.9%. I'll have further comments on our capital and liquidity following comments on our core businesses.

本季度每股收益為 1.70 美元，我們已宣布向普通股股東增加 0.02 美元的股息。展望未來，我們將對股息支付進行年度審查，而不是過去每半年一次的模式。我們將在第四季度的財報電話會議上審查我們的股息，此後每年審查一次。我們打算隨著盈利增長繼續增加股息，同時長期保持 40% 至 50% 的股息支付率。我們的資本狀況依然強勁，CET1 比率為 11.9%。在對我們的核心業務發表評論後，我將進一步評論我們的資本和流動性。

So I'll turn to the core businesses now. First, our Canadian consumer franchise. Our investments here are deepening client relationships, they're driving strong client acquisition and robust volume growth. Over the last 12 months, net personal client acquisition totaled approximately 500,000 net new clients to our bank. We're pleased that the progress we're making franchising co-brand cardholders, who've also joined our bank last year. To date, these clients have brought over $3 billion of incremental funds managed to CIBC beyond their credit card balances.

所以我現在將轉向核心業務。首先，我們的加拿大消費者專營權。我們在這裡的投資正在加深客戶關係，它們正在推動強大的客戶獲取和強勁的銷量增長。在過去的 12 個月裡，我們銀行的淨個人客戶獲取總量約為 500,000 名淨新客戶。我們很高興我們在特許經營聯合品牌持卡人方面取得了進展，他們去年也加入了我們的銀行。迄今為止，這些客戶已將超過 30 億美元的增量資金帶到 CIBC 管理，超出了他們的信用卡餘額。

Our North American Commercial Banking and Wealth Management businesses continued to see year-over-year loan growth in the 9% to 10% range, albeit at a slower pace than prior quarters, again, something we expected. Not surprisingly, client sentiment is more cautious as macroeconomic headwinds weigh on the near-term investment outlook. Given the environment, we're focusing on supporting our clients and helping them navigate this period of increased volatility, something that the CIBC does through the ups and downs of the economic cycle. We remain thoughtful and maintain a disciplined and prudent approach to capital deployment.

我們的北美商業銀行和財富管理業務繼續實現 9% 至 10% 的貸款同比增長，儘管增速低於前幾個季度，這再次符合我們的預期。毫不奇怪，由於宏觀經濟逆風對近期投資前景造成壓力，客戶情緒更加謹慎。鑑於環境，我們專注於支持我們的客戶並幫助他們度過這段波動加劇的時期，這是 CIBC 在經濟周期的起伏中所做的事情。我們保持深思熟慮，並保持紀律和審慎的資本配置方式。

In Wealth Management, while challenging market conditions tempered client activity during the quarter, our unique structure of Commercial Banking and Wealth Management teams working together will continue to drive strong referral activity to serve both the business and personal needs of the entrepreneurs we serve within our bank.

在財富管理方面，雖然充滿挑戰的市場條件在本季度緩和了客戶活動，但我們獨特的商業銀行和財富管理團隊結構將繼續推動強大的推薦活動，以滿足我們在銀行內服務的企業家的業務和個人需求.

In Capital Markets, our franchise continue to deliver top-line growth despite a slower underwriting environment. In line with our strategic objectives in this business, we continue to grow our revenues in the United States and play a leadership role in sustainable financing. This quarter, Direct Financial Services reported strong results as currency conversion activity increased with travel recovery and simply Financial benefited from higher deposit margins.

在資本市場，儘管承銷環境放緩，但我們的特許經營權繼續實現收入增長。根據我們在這項業務中的戰略目標，我們繼續增加在美國的收入，並在可持續融資方面發揮領導作用。本季度，Direct Financial Services 報告了強勁的業績，因為貨幣兌換活動隨著旅行的恢復而增加，而 simply Financial 受益於更高的存款利潤率。

So now let me spend a moment on the current banking sector environment. In recent months, isolated challenges emerged for several banks outside of Canada. Over the past several years, armed with lessons learned and the resolve to be a more durable bank for our stakeholders, we've been executing on our long-term strategy to build a strong and resilient bank that CIBC is today.

現在讓我花點時間談談當前的銀行業環境。最近幾個月，加拿大以外的幾家銀行出現了孤立的挑戰。在過去的幾年裡，吸取經驗教訓並決心成為一家對我們的利益相關者而言更持久的銀行，我們一直在執行我們的長期戰略，以打造今天的 CIBC 這家強大而有彈性的銀行。

We have a strong, well-capitalized balance sheet, and we have the capabilities required to generate capital on an ongoing basis, while also supporting our growth. We continue to build on our capital position this quarter, and at 11.9%, our CET1 ratio is now approximately $3 billion above the current regulatory requirement.

我們擁有強大、資本充足的資產負債表，我們擁有持續產生資本所需的能力，同時也支持我們的增長。本季度我們繼續鞏固我們的資本狀況，我們的 CET1 比率為 11.9%，現在比當前監管要求高出約 30 億美元。

We also have a sustainable funding strategy that's underpinned by a well-diversified, high-quality client deposit franchise and supplemented by wholesale funding that's purposefully constructed across investor types, across geographies, across currency maturities and across funding instruments. Helped by our stable funding base, we ended the quarter with a liquidity coverage ratio of 124%, including $177 billion in high-quality liquid assets, which represents a $34 billion of surplus over our cash outflow obligations under a 30-day stress scenario.

我們還有一個可持續的融資戰略，該戰略以多元化、高質量的客戶存款特許經營權為基礎，並輔之以有目的地跨投資者類型、跨地域、跨貨幣期限和跨融資工具構建的批發融資。在我們穩定的資金基礎的幫助下，我們在本季度結束時的流動性覆蓋率為 124%，其中包括 1770 億美元的優質流動資產，這意味著在 30 天的壓力情景下，我們的現金流出義務有 340 億美元的盈餘。

Also embedded in our strategy and our approach to doing business is our commitment to enable a more secure, equitable and sustainable future. We continue to make good progress on our ESG initiatives across the spectrum this quarter. We were recognized as 1 of Canada's best diversity employers for the 13th consecutive year, and we ranked #1 in Canada for gender equality by Equileap for the third consecutive year. These recognitions are testaments to the work we're driving -- doing to drive positive change, and we're committed to continuing our efforts using our resources and our technology investments for good.

我們的戰略和經營方式中還體現了我們對實現更安全、公平和可持續未來的承諾。本季度，我們在各個領域的 ESG 舉措上繼續取得良好進展。我們連續第 13 年被評為加拿大最佳多元化雇主之一，我們連續第三年在 Equileap 的性別平等方面排名加拿大第一。這些認可證明了我們正在推動的工作——推動積極的變革，我們致力於繼續努力，利用我們的資源和技術投資實現良好的目標。

In closing, while the near-term macroeconomic environment remains challenging, I think we all see that with expected headwinds to economic growth and geopolitical instabilities, we have the strength to weather periods of uncertainty in the near term, and importantly, the right strategy to drive solid results over the long term.

最後，雖然近期宏觀經濟環境仍然充滿挑戰，但我認為我們都看到，在經濟增長和地緣政治不穩定的預期阻力下，我們有能力度過短期的不確定時期，重要的是，正確的戰略長期推動穩固的成果。

And with that, I'd like to pass the call over to Hratch for a detailed review of our financial results. Hratch?

有了這個，我想將電話轉給 Hratch，以詳細審查我們的財務業績。哈拉奇？

Thank you, Victor, and good morning, everyone. Thank you for joining us. Our bank delivered solid results for the second quarter of 2023, supported by the embedded growth momentum from our past strategic investments, which is helping offset the impact of a more challenging environment.

謝謝你，維克多，大家早上好。感謝您加入我們。在我們過去戰略投資的內在增長勢頭的支持下，我們的銀行在 2023 年第二季度取得了穩健的業績，這有助於抵消更具挑戰性環境的影響。

Diluted earnings per share were $1.76 for the quarter, up 9% year-over-year. Excluding items of note, we generated adjusted EPS of $1.70 and ROE of 13.9%. And despite the disruptions faced by the broader banking industry during the quarter, our balance sheet remained resilient as we strengthened our capital ratios and maintained excess liquidity.

本季度稀釋後每股收益為 1.76 美元，同比增長 9%。排除注意事項，我們產生了 1.70 美元的調整後每股收益和 13.9% 的股本回報率。儘管本季度更廣泛的銀行業面臨混亂，但我們的資產負債表仍然保持彈性，因為我們加強了資本比率並保持了過剩的流動性。

The balance of my presentation will refer to adjusted results, which exclude items of note, starting with Slide 9. Adjusted net income of $1.6 billion for the quarter was down 2% from the prior year, driven primarily by higher credit provisions largely in our U.S. portfolio. While provisions for credit losses continue the anticipated normalization, our overall credit quality remains strong, as Frank will cover in further detail. Revenues of $5.7 billion and pre-provision pretax earnings of $2.5 billion were up 6% from a year ago, benefiting from balance sheet growth across all our businesses, resilient margins and higher fee income. Expenses were up 7% from the prior year and down 1% sequentially for the second consecutive quarter.

我的演示文稿的其餘部分將提及調整後的結果，其中不包括注意事項，從幻燈片 9 開始。本季度調整後的淨收入為 16 億美元，比去年同期下降 2%，這主要是由於我們在美國的信貸撥備增加所致。文件夾。雖然信貸損失撥備繼續正常化，但我們的整體信貸質量仍然強勁，弗蘭克將進一步詳細介紹。收入為 57 億美元，撥備前稅前利潤為 25 億美元，比一年前增長 6%，這得益於我們所有業務的資產負債表增長、彈性利潤率和更高的費用收入。費用較上年同期增長 7%，連續第二個季度下降 1%。

Slide 10 highlights the drivers of net interest income, which was up 3% from the prior year. And excluding trading, NII was up 10% as a result of continued loan and deposit growth. Total bank NIM, excluding trading was largely stable over the quarter, benefiting from strong margin expansion in our P&C businesses offset by lower margins in the U.S. and capital markets. Canadian P&C NIM of 257 basis points was up 9 basis points sequentially and 19 basis points over the same period in 2022. Deposit margins continue to expand in this business supported by higher rates, partly offset by pressure on asset margins, most notably mortgages.

幻燈片 10 重點介紹了淨利息收入的驅動因素，該收入較上年增長 3%。不包括交易，由於貸款和存款的持續增長，NII 上漲了 10%。銀行淨息差總額（不包括交易）在本季度基本保持穩定，這得益於我們的財產險業務利潤率的強勁增長被美國和資本市場的利潤率下降所抵消。加拿大財產險淨息差為 257 個基點，比 2022 年同期上升 9 個基點和 19 個基點。在較高利率的支持下，該業務的存款利潤率繼續擴大，部分被資產利潤率的壓力所抵消，尤其是抵押貸款。

NIM in our U.S. segment was 341 basis points up 2 basis points year-over-year and down 13 basis points from the prior quarter. While deposits in our U.S. bank have been stable over the year, the segment's NIM this quarter was impacted by recent deposit trends across the industry and the lag in rate resets on loans. As we've communicated previously, we manage our balance sheet to protect margins and deliver sustainable NII outperformance over the medium term. As a result, we continue to expect modest upward momentum in NIM, excluding trading, which will support ongoing NII growth.

我們美國分部的 NIM 為 341 個基點，同比上升 2 個基點，比上一季度下降 13 個基點。雖然我們美國銀行的存款在一年中一直保持穩定，但該部門本季度的 NIM 受到整個行業近期存款趨勢和貸款利率重置滯後的影響。正如我們之前所傳達的那樣，我們管理我們的資產負債表以保護利潤率並在中期實現可持續的 NII 優異表現。因此，我們繼續預計 NIM 的溫和上升勢頭（不包括交易），這將支持持續的 NII 增長。

Slide 11 provides further disclosure on balance sheet growth and margins. Loan balances averaged $535 billion in the quarter, an increase of 9% from the prior year, supported by all businesses. Client deposit growth outpaced loans over the same period, increasing 10% to an average balance of $520 billion. While we continue to see a shift from noninterest-bearing to interest-bearing deposit, betas on notice and demand deposits are performing well and have been supportive of overall margin stability. We have a strong deposit franchise across our bank, which supports balanced stability and profitable growth. We continue to be focused on growing funds managed with an emphasis on stable client deposits and lending in key client segments with strong risk-adjusted returns.

幻燈片 11 進一步披露了資產負債表的增長和利潤率。在所有業務的支持下，本季度貸款餘額平均為 5350 億美元，比上年增長 9%。同期客戶存款增長超過貸款，增長 10% 至平均餘額 5,200 億美元。雖然我們繼續看到從無息存款轉向有息存款，但通知存款和活期存款的貝塔值表現良好，並支持整體利潤率的穩定性。我們在整個銀行擁有強大的存款業務，支持平衡的穩定性和盈利增長。我們繼續專注於增加管理的基金，重點是穩定的客戶存款和關鍵客戶群的貸款，並提供強勁的風險調整後回報。

Turning to Slide 12. Noninterest income of $2.5 billion was up 10% from the prior year, supported by growth in trading income, which moderated this quarter from a very strong Q1. Excluding trading, market-related fees continued to see some pressure down 1% year-over-year and sequentially. Offsetting this, transaction-related fees were up 4% year-over-year, driven by strong card and credit fees, while sequential declines were mainly related to less days in the quarter.

轉到幻燈片 12。在交易收入增長的支持下，非利息收入為 25 億美元，比上年增長 10%，本季度的交易收入從非常強勁的第一季度有所放緩。不包括交易在內，市場相關費用繼續面臨一定壓力，同比和環比下降 1%。抵消了這一點，在強勁的信用卡和信用卡費用的推動下，交易相關費用同比增長 4%，而環比下降主要與本季度天數減少有關。

Turning to Slide 13. Expenses were up 7% from a year ago, largely due to a higher employee compensation, the impact of inflation and our focused strategic investments to deepen our capabilities in high-growth segments, build our future differentiators and to simplify our bank. These investments accounted for approximately half the expense growth over the last year, and they are already delivering results. Specifically, client acquisition in key segments, robust revenue growth, positive employee engagement scores and strong client satisfaction.

轉到幻燈片 13。費用比一年前增長了 7%，這主要是由於更高的員工薪酬、通貨膨脹的影響以及我們專注於深化我們在高增長領域的能力、建立我們未來的差異化因素並簡化我們的戰略投資銀行。這些投資約佔去年費用增長的一半，並且已經取得了成果。具體來說，關鍵領域的客戶獲取、強勁的收入增長、積極的員工敬業度得分和強大的客戶滿意度。

As previously communicated, we continue to take proactive steps to manage our expense base. By maintaining steady strategic investment in priority areas, while continuing to realize opportunities for efficiency improvements in everything we do. As we have demonstrated, this will result in relatively stable quarterly expenses in the short term, fiscal 2023 expense growth of mid-single digits and positive operating leverage over the medium term.

如前所述，我們將繼續採取積極措施來管理我們的費用基礎。通過在優先領域保持穩定的戰略投資，同時繼續在我們所做的每一件事中發現提高效率的機會。正如我們所證明的那樣，這將導致短期內相對穩定的季度支出、2023 財年中等個位數的支出增長以及中期的積極經營槓桿。

Turning to Slide 14. Our capital position improved 26 basis points sequentially, driven by strong organic generation and share issuances, partially offset by RWA growth. As we had telegraphed, the net impact of the Basel III reforms was modest, contributing a few basis points. We are confident that our CET1 ratio will continue trending higher, ending 2023 above 12% as we've previously guided.

轉到幻燈片 14。在強勁的有機發電和股票發行的推動下，我們的資本狀況連續改善了 26 個基點，部分被 RWA 增長所抵消。正如我們所傳達的那樣，巴塞爾協議 III 改革的淨影響不大，貢獻了幾個基點。我們相信，我們的 CET1 比率將繼續走高，到 2023 年結束時將超過我們之前指導的 12%。

Despite the disruption in funding markets during the quarter, our liquidity position remained well above minimum regulatory requirements throughout the quarter. Our average LCR was a 124% and we ended the quarter significantly higher than that. We expect to maintain modestly higher liquidity in the short term given the uncertain environment.

儘管本季度融資市場出現中斷，但我們的流動性頭寸在整個季度仍遠高於最低監管要求。我們的平均 LCR 為 124%，本季度結束時遠高於此。鑑於不確定的環境，我們預計短期內將保持適度較高的流動性。

Starting on Slide 15, we highlight our strategic business unit results. Personal and Business Banking net income was $643 million, up 11% from the prior year and 8% sequentially driven by robust revenue momentum. Revenue of $2.3 billion was up 7% year-over-year, helped by strong deposit margins and volume growth. On a sequential basis, revenue was up 1% driven by expanding margins, which more than offset the impact of the shorter quarter. Expenses of $1.3 billion were up 8% from the same period last year, driven by employee count and compensation changes as well as expenses related to the co-brand credit card portfolio, which was acquired partway through the second quarter last year.

從幻燈片 15 開始，我們重點介紹了我們的戰略業務部門的成果。個人和商業銀行業務淨收入為 6.43 億美元，比上年增長 11%，在強勁的收入勢頭推動下環比增長 8%。收入為 23 億美元，同比增長 7%，這得益於強勁的存款利潤率和交易量增長。在利潤率擴大的推動下，收入環比增長 1%，這大大抵消了較短季度的影響。 13 億美元的支出比去年同期增長 8%，這主要受員工數量和薪酬變化以及與去年第二季度中途收購的聯名信用卡組合相關的支出的推動。

Moving on to Slide 16. Net income in Canadian Commercial Banking and Wealth Management was $452 million. Pre-provision pretax earnings of $663 million were up 2% from a year ago. Pre-tax, pre-provision earnings growth benefited from 15% revenue growth in Commercial Banking, partially offset by 6% revenue decline in Wealth Management due to the negative impact of markets. Expenses increased 3% from a year ago, mainly due to higher employee costs, partially offset by lower performance-based compensation.

轉到幻燈片 16。加拿大商業銀行和財富管理的淨收入為 4.52 億美元。撥備前稅前利潤為 6.63 億美元，同比增長 2%。稅前撥備前收益增長得益於商業銀行業務 15% 的收入增長，部分被財富管理業務因市場負面影響而下降 6% 的收入所抵消。費用較上年同期增長 3%，主要是由於員工成本增加，部分被基於績效的薪酬減少所抵消。

Net income of USD 50 million in U.S. Commercial Banking and Wealth Management was down 67% from the prior year, most notably due to higher credit provisions. Revenues were up 2% over the same period, driven by an 11% increase in net interest income supported by higher volumes, partially offset by 15% market-related decline in noninterest income. Expenses were 4% higher year-over-year due to ongoing investments in people and technology, offset by variable expenses. While we anticipate continued investment in this segment, we expect expense growth to moderate through fiscal 2023 and operating leverage to improve.

美國商業銀行和財富管理業務的淨收入為 5000 萬美元，較上年下降 67%，主要原因是信貸撥備增加。同期收入增長 2%，這是由於交易量增加導致淨利息收入增長 11%，部分被與市場相關的非利息收入下降 15% 所抵消。由於對人員和技術的持續投資，費用同比增長 4%，但被可變費用所抵消。雖然我們預計將繼續對該領域進行投資，但我們預計到 2023 財年費用增長將放緩，經營槓桿將有所改善。

Turning to Slide 18 and our Capital Markets business. Net income of $497 million was down 8% year-over-year from a very strong quarter last year. Revenues of $1.4 billion were up 3% over the prior year, supported by direct financial services growth of 34% largely due to deposit margin expansion in simply. This was largely offset by lower trading revenues and underwriting activity due to market conditions. Expenses of $664 million were up 12% compared to the prior year, largely due to investments in our team and infrastructure to support key initiatives.

轉向幻燈片 18 和我們的資本市場業務。淨收入為 4.97 億美元，與去年非常強勁的季度相比下降了 8%。收入為 14 億美元，比上年增長 3%，這得益於直接金融服務增長 34%，這主要歸功於存款利潤率的擴大。這在很大程度上被市場狀況導致的交易收入和承銷活動減少所抵消。 6.64 億美元的支出比上一年增長 12%，這主要是由於為支持關鍵計劃而對我們的團隊和基礎設施進行的投資。

Slide 19 reflects the results of our Corporate and Other business unit. Net loss of $33 million was $104 million better than the prior year and $14 million better than the prior quarter. Revenues of $76 million were up $53 million from a year ago, driven largely by our International Banking business and higher revenues from strategic investments. Expenses were down 5% from the prior year and 6% sequentially. We maintain our medium-term guidance of $75 million to $125 million quarterly loss in this segment, including the cost of maintaining elevated liquidity reserves.

幻燈片 19 反映了我們公司和其他業務部門的結果。淨虧損 3300 萬美元，比上年減少 1.04 億美元，比上一季度減少 1400 萬美元。收入為 7600 萬美元，比一年前增加了 5300 萬美元，這主要是由我們的國際銀行業務和戰略投資帶來的更高收入推動的。費用較上年下降 5%，環比下降 6%。我們維持該部門季度虧損 7500 萬至 1.25 億美元的中期指導，包括維持高流動性儲備的成本。

In closing, this quarter's results underscore the benefits of our client-focused strategy, our disciplined approach to resource allocation and the resilience of the CIBC franchise in the face of market headwinds. Recent industry events have demonstrated the value of our diversified business, conservative risk posture and strong, stable balance sheet. These strengths position us well to deliver long-term sustainable value for all our stakeholders through periods of disruption. As we've done this quarter, we will continue to manage through the current macro uncertainties proactively by emphasizing margins and efficiency to deliver near-term results without sacrificing the long term.

最後，本季度的業績凸顯了我們以客戶為中心的戰略的優勢、我們嚴格的資源分配方法以及 CIBC 特許經營權在面對市場逆風時的彈性。最近的行業事件證明了我們多元化業務的價值、保守的風險態度和強大、穩定的資產負債表。這些優勢使我們能夠在混亂時期為所有利益相關者提供長期可持續的價值。正如我們在本季度所做的那樣，我們將繼續通過強調利潤率和效率來積極應對當前的宏觀不確定性，以在不犧牲長期利益的情況下取得近期成果。

With that, let me turn the call over to Frank.

有了這個，讓我把電話轉給弗蘭克。

Thank you, Hratch, and good morning, everyone. In Q2, our retail in business and government portfolios continue to show resilience. While uncertainty remains on the macroeconomic outlook, as expected, we continue to see a normalization of credit conditions to prepandemic levels.

謝謝你，Hratch，大家早上好。在第二季度，我們的零售業務和政府投資組合繼續表現出韌性。正如預期的那樣，儘管宏觀經濟前景仍存在不確定性，但我們繼續看到信貸狀況正常化至大流行前水平。

Turning to Slide 22. Our total provision for credit losses was $438 million in Q2, compared with $295 million last quarter. The provision on impaired loans was $379 million, up $120 million quarter-over-quarter. We experienced higher impaired provisions in both retail and business and government loans this quarter.

轉到幻燈片 22。我們在第二季度的信貸損失準備金總額為 4.38 億美元，而上一季度為 2.95 億美元。減值貸款撥備為 3.79 億美元，環比增加 1.2 億美元。本季度，我們在零售和商業貸款以及政府貸款方面的減值撥備均有所增加。

In retail, write-offs trended higher as expected, reflective of delinquencies returning towards pre-pandemic levels. In business and government loans, high impaired provisions were mainly attributable to office exposures in the U.S. institutional real estate book. The provision on performing loans was $59 million in Q2, reflective of changes in forward-looking indicators for our retail portfolios. This was more than offset by changes to our economic outlook and credit migration in the U.S. commercial portfolio.

在零售業，註銷趨勢如預期的那樣上升，反映拖欠率恢復到大流行前水平。在商業和政府貸款中，高額減值撥備主要歸因於美國機構房地產賬簿中的辦公室敞口。第二季度的履約貸款準備金為 5900 萬美元，反映了我們零售組合前瞻性指標的變化。這被我們對美國商業投資組合的經濟前景和信貸轉移的變化所抵消。

Turning to Slide 23. Our allowance remains prudent given the economic backdrop. The overall increase this quarter is mainly driven by our revisions to the economic outlook. We remain comfortable with our allowance coverage overall, which are also above pre-pandemic levels.

轉到幻燈片 23。鑑於經濟背景，我們的配額仍然謹慎。本季度的整體增長主要是由我們對經濟前景的修正所推動的。我們仍然對我們的整體津貼覆蓋率感到滿意，這也高於大流行前的水平。

Slide 24 focuses on our lending portfolio mix. Consistent with previous quarters, our portfolio reflects strong credit quality. Our total loan balances were $538 billion of which 55% is real estate secured lending. Our variable rate mortgage portfolio accounts for a little over 1/3 of our mortgage portfolio and show strong credit quality and performance.

幻燈片 24 側重於我們的貸款組合組合。與前幾個季度一致，我們的投資組合反映出強勁的信用質量。我們的總貸款餘額為 5380 億美元，其中 55% 是房地產擔保貸款。我們的浮動利率抵押貸款組合占我們抵押貸款組合的 1/3 多一點，並顯示出強大的信用質量和表現。

The average loan-to-value for our uninsured mortgage portfolio was 53%, up from 46% a year ago as we have seen a continued house price softening in most markets. Recent trends seem to indicate a stabilization in major markets, and we would expect loan-to-value ratios to improve in the quarters ahead. The overall business and government portion of the portfolio has an average risk rating equivalent to a strong BBB, which has remained steady and continues to perform well.

由於我們看到大多數市場的房價持續走軟，我們未投保抵押貸款組合的平均貸款價值比為 53%，高於一年前的 46%。最近的趨勢似乎表明主要市場趨於穩定，我們預計未來幾個季度貸款價值比將有所改善。投資組合的整體企業和政府部分的平均風險評級相當於強大的 BBB，該評級一直保持穩定並繼續表現良好。

Slide 25 details our gross impaired loans. Overall balances were up in Q2, mainly driven by good business and government loans. New formations were also up in Q2. On the new formations this quarter, $370 million is related to our U.S. commercial real estate business.

幻燈片 25 詳細說明了我們的總減值貸款。第二季度總體餘額有所上升，主要受良好商業和政府貸款的推動。第二季度也出現了新的編隊。在本季度的新組建中，有 3.7 億美元與我們的美國商業房地產業務有關。

Slide 26 details the net write-off and 90-plus day delinquency rates of our Canadian consumer portfolios. As communicated in prior quarters, we continue to expect write-offs and delinquencies to revert towards pre-pandemic levels. The overall delinquency and write-off movements in retail this quarter are well in line with our expectations.

幻燈片 26 詳細介紹了我們加拿大消費者投資組合的淨註銷率和 90 天以上的拖欠率。正如前幾個季度所傳達的那樣，我們繼續預計註銷和拖欠將恢復到大流行前的水平。本季度零售業的整體拖欠和註銷變動符合我們的預期。

Slide 27 provides an overview of our Canadian real estate secured personal lending portfolio. Our overall late-stage delinquency rates continue to remain low and stable compared with pre-pandemic levels. The mortgage portfolio continues to show resilience to interest rate increases with renewal metrics that are stable.

幻燈片 27 概述了我們的加拿大房地產擔保個人貸款組合。與大流行前的水平相比，我們的整體後期拖欠率繼續保持低位和穩定。抵押貸款組合繼續顯示出對利率上升的彈性，更新指標穩定。

Our non-amortizing portion of the variable rate mortgage portfolio has meaningfully improved quarter-over-quarter from $52 billion down to $44 billion. Our clients are adjusting to higher interest rates by taking proactive steps to address their variable rate mortgage payment shortfalls. Around 75% of the reduction this quarter is driven by clients voluntarily increasing contractual fixed payments for the remaining terms with the balance of clients renewing or converting to fixed rate mortgages. We will continue to work closely with our clients as we closely monitor interest rate and market developments.

我們可變利率抵押貸款組合的非攤銷部分從上一季度的 520 億美元顯著改善至 440 億美元。我們的客戶正在通過採取積極措施解決他們的可變利率抵押貸款支付缺口來適應更高的利率。本季度約 75% 的減少是由於客戶自願增加剩餘期限的合同固定付款，其餘客戶續籤或轉換為固定利率抵押貸款。我們將繼續與客戶密切合作，密切關注利率和市場發展。

Slide 28 covers details of our commercial real estate exposures in both Canada and the U.S. 69% of our Canadian portfolio and 58% of our U.S. portfolio are investment grade at quarter end. We have prudent lending standards for our commercial real estate exposures in both countries with the strategic focus remaining on clients, where we can develop and maintain long-term relationships. Our exposures in these 2 regions remain well diversified and continue to perform well notwithstanding the pressure we are seeing within the U.S. office portfolio.

幻燈片 28 涵蓋了我們在加拿大和美國的商業房地產風險敞口的詳細信息。截至季度末，我們加拿大投資組合的 69% 和美國投資組合的 58% 屬於投資級別。我們對我們在這兩個國家的商業房地產敞口都有審慎的貸款標準，戰略重點仍然是客戶，我們可以在客戶身上發展和維持長期關係。儘管我們在美國寫字樓投資組合中看到壓力，但我們在這兩個地區的風險敞口仍然多元化並繼續表現良好。

On Slide 29, I'd like to provide some additional details on our U.S. office exposure. The U.S. office portfolio represents 1% of our total loan book and comprises 21% of our overall U.S. commercial real estate, and that is down from 26% in 2019. Over 50% of the portfolio consists of Class A properties. We have a dedicated team of experienced commercial real estate professionals, who are actively and proactively managing and monitoring the portfolio. Remain comfortable with provisions at this time, but the U.S. commercial real estate market continues to evolve, and we are very focused on working with our clients.

在幻燈片 29 上，我想提供一些關於我們美國辦事處風險的額外細節。美國寫字樓投資組合占我們貸款總額的 1%，占我們整個美國商業房地產的 21%，低於 2019 年的 26%。超過 50% 的投資組合由 A 級物業組成。我們擁有一支由經驗豐富的商業地產專業人士組成的敬業團隊，他們積極主動地管理和監控投資組合。目前對條款保持滿意，但美國商業房地產市場繼續發展，我們非常專注於與客戶合作。

In closing, our performance is still within our expectations and remain stronger than pre-pandemic levels. Our credit portfolio quality and coverage continued to remain robust. Communicated in the prior quarters, we are seeing impaired provisions for credit losses gradually increase. We remain comfortable with our guidance on overall losses in the 25 to 30 basis point range. Depending on prevailing market conditions in the second half of the year, we could expect to trend to the high end of this range. The economic conditions evolve, we will continue to proactively work with our clients.

最後，我們的表現仍然在我們的預期之內，並且仍然強於大流行前的水平。我們的信貸組合質量和覆蓋範圍繼續保持穩健。在前幾個季度中，我們看到信用損失的減值準備金逐漸增加。我們仍然對 25 至 30 個基點範圍內的整體損失的指導感到滿意。根據今年下半年的普遍市場狀況，我們預計會趨向於該範圍的高端。隨著經濟形勢的發展，我們將繼續積極與客戶合作。

And I will now turn back -- the call back to the operator.

我現在將返回——將電話返回給接線員。

(Operator Instructions) Our first question is from Ebrahim Poonawala, Bank of America.

（操作員說明）我們的第一個問題來自美國銀行的 Ebrahim Poonawala。

I guess maybe a question for you, Hratch. Look, just going back to the Slide 10 around the margin breakdown both in Canada and the U.S. Obviously, your Canadian NIM, it feels like buck the trend relative to what we've seen from peers. So just talk to us about the 3 components you outlined there. One, what's unique? I appreciate you've been hedging the balance sheet up little bit more differently than some of the peers. So talk to us when we think about your margin, one, outlook on deposit margin both in the U.S. and Canada? And then is there something differentiating with regards to your hedging strategy that should lead to more better margin resiliency relative to what we've heard from peers?

我想也許有一個問題要問你，Hratch。看，回到加拿大和美國利潤率崩潰的幻燈片 10。顯然，你的加拿大 NIM，相對於我們從同行那裡看到的情況，感覺就像逆勢而上。因此，只需與我們談談您在那裡概述的 3 個組成部分。一、有什麼獨特之處？我很欣賞你對沖資產負債表的方式與一些同行略有不同。那麼，當我們考慮您的保證金時，請與我們談談，一個，美國和加拿大的存款保證金前景？那麼，相對於我們從同行那裡聽到的，您的對沖策略是否有什麼不同之處應該會導致更好的保證金彈性？

Yes. Thank you, Ebrahim, for the question. Generally, we're very pleased with our margin and NII performance. It has been materializing according to the guidance that we provided in our expectations largely. We do emphasize stability of margins, as we've said before. And so as the environment changes, and it has changed. It mutes the impact of that to margins. And so to backtrack for a second, we've grown our NII 10% year-over-year. We guided to stable NIMs across the overall bank in the first half of the year with some upward momentum in the back half. And we still expect that, and that is because of our balance sheet. We know the factors that impact the balance sheet. We know how we're hedging it. We're controlling the things that we can control.

是的。易卜拉欣，謝謝你提出這個問題。總的來說，我們對我們的保證金和 NII 表現非常滿意。它主要是根據我們在預期中提供的指導實現的。正如我們之前所說，我們確實強調利潤率的穩定性。因此，隨著環境的變化，它也發生了變化。它減輕了對利潤率的影響。因此，回溯一下，我們的 NII 同比增長了 10%。上半年我們引導全行淨息差保持穩定，下半年有上行勢頭。我們仍然期望如此，這是因為我們的資產負債表。我們知道影響資產負債表的因素。我們知道我們如何對沖它。我們正在控制我們可以控制的事情。

And on the margin, the deposit trends are the big ones, I would say at this point that are a little bit different, both in Canada and the U.S., we're expecting more intense shift from noninterest-bearing to interest-bearing and term over the back half. But again, the impact of that, as I said in my remarks, is largely muted because we are seeing strong margins. And in some areas, we've actually been able to pull some pricing levers in addition to hedging in the businesses in order to emphasize margins in the short term on the deposit side.

在邊際上，存款趨勢是大趨勢，我想說在這一點上有點不同，在加拿大和美國，我們預計從無息到有息和期限的轉變會更強烈在後半部分。但同樣，正如我在發言中所說，這種影響在很大程度上是微弱的，因為我們看到了強勁的利潤率。在某些領域，除了業務對沖之外，我們實際上已經能夠拉動一些定價槓桿，以在短期內強調存款方面的利潤率。

So just to give you a little bit more in each of those businesses. So in the Canadian P&C side, we benefit a few basis points a quarter from our hedging strategy and higher rates that continues to be a case. Even though there is some volatility in rates curve forwards, which is asked we're still going to have 300 basis points plus in the 5-year swap range and what's rolling off and off our book is in the 100 to 150 range for the foreseeable future, actually similar levels in the U.S. So both U.S. and Canada will benefit from rising rates coming into deposits.

所以只是為了讓你在每一個業務中多一點。因此，在加拿大 P&C 方面，我們每季度從我們的對沖策略和更高的利率中受益，這種情況仍然存在。儘管遠期利率曲線存在一些波動，但我們仍將在 5 年期互換範圍內有 300 個基點以上的波動，而在可預見的範圍內，我們賬面上的波動幅度在 100 到 150 之間未來，實際上美國的水平相似，因此美國和加拿大都將受益於存款利率上升。

In Canada, I think what you saw this quarter is the pressure from the asset margins we were seeing, and that's largely from the mortgages. It moderated a bit. And so the margin expansion deposits were being offset more in the past by mortgages, and we're seeing that subside a little bit.

在加拿大，我認為你在本季度看到的是我們所看到的資產利潤率帶來的壓力，這主要來自抵押貸款。它緩和了一點。因此，保證金擴張存款在過去更多地被抵押貸款所抵消，我們看到這種情況有所消退。

In the U.S. to cover the deposits in the U.S. a little bit, we are still seeing the benefit from interest rates. There were several basis points positive from the interest rates this quarter, but that shift in mix and the decline in volumes and deposits more than offset that this quarter. Going forward, we're expecting deposits to be more stable and that mix shifts to be less of a factor. And so we will see upward momentum as our expectation on deposits.

在美國，為了支付一點美國的存款，我們仍然看到利率帶來的好處。本季度的利率有幾個基點是積極的，但這種結構的轉變以及交易量和存款的下降遠遠抵消了本季度的影響。展望未來，我們預計存款會更加穩定，而這種混合變化將不再是一個因素。因此，我們將看到上升勢頭作為我們對存款的預期。

And then on the loan side, the negative 5 basis points, you see that largely this quarter, that was affected by it takes some time for loans to reset after the 2 Fed increases and the SOFR rates to reset on the loans, right? So, so that we will see as well reverse. So net-net, in both businesses, I would expect some upward momentum. And what that will do at the total bank level towards the end of the year, we're still expecting single-digit increase from last Q4 to this Q4. I'd probably peg it in the high 160s total bank x trading.

然後在貸款方面，負 5 個基點，你看到這在很大程度上受本季度的影響，這是受美聯儲 2 次加息和 SOFR 利率重置貸款後需要一段時間重置貸款的影響，對嗎？所以，這樣我們也會看到反轉。因此，在這兩項業務中，我預計會有一些上升勢頭。到今年年底，這將在整個銀行層面產生什麼影響，我們仍然預計從上一季度到本季度的個位數增長。我可能會把它掛在 160 年代的高總銀行 x 交易中。

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

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

Yes, along that line of questioning. I just wonder about your liquidity coverage ratio, I've never asked about that, but it went down 10 points sequentially and you're now at the low end of the group. Is that where you want to be if -- what would you need to see to maybe bring that back up? Or what was the motivation to bring it down? Because just in my simple way of viewing things, if you have to bring it up, you have to bring on extra liquidity and the margin story we're hearing now could change.

是的，沿著那條質疑線。我只是想知道你的流動性覆蓋率，我從來沒有問過這個問題，但它連續下降了 10 個百分點，你現在處於集團的低端。那是你想去的地方嗎——你需要看到什麼才能恢復？或者降低它的動機是什麼？因為以我簡單的看待事物的方式，如果你必須提出它，你必須帶來額外的流動性，我們現在聽到的保證金故事可能會改變。

Yes. Thanks, Gabe, for the question. It's a good question, certainly on all of our minds this quarter. And so first thing I'd start with is averages don't tell the story of quarters. And so this quarter's average versus last quarter's average sort of heighten the path that we've been on, and I mentioned some of this in my remarks. But just to give you a bit of the background, recall in Q1, we were talking about higher liquidity levels than we would usually operate at. We like operating in the mid-20s in a normal benign environment, mid-120s that is, and so we were working our way down.

是的。謝謝 Gabe 提出的問題。這是一個很好的問題，本季度我們所有人都在思考這個問題。所以我首先要說的是平均數並不能說明季度的情況。因此，本季度的平均水平與上一季度的平均水平相比，在某種程度上加強了我們所走的道路，我在發言中提到了其中的一些。但只是為了給你一些背景知識，回想一下第一季度，我們談論的流動性水平比我們通常運營的要高。我們喜歡在 20 多歲的正常良性環境中運營，也就是 120 多歲，所以我們一直在努力。

So where we ended the quarter and where we started the second quarter was not the mid-130s, which was last quarter's average. And then we faced a disruption, and we're actually very pleased and this, I think, shows the stability of our balance sheet. Even though we entered the quarter in the 120s, we had the disruption in the markets for a couple of weeks, a week of complete shutdown of the markets on the funding side and then slowly opening back up. We maintained the resilience and only a few points of LCR is what we dropped during that time, and we were still well above the 100% level, as I said in my remarks.

因此，我們在本季度結束和第二季度開始的地方不是 130 年代中期，這是上個季度的平均水平。然後我們面臨中斷，我們實際上非常高興，我認為這表明我們資產負債表的穩定性。儘管我們在 120 年代進入本季度，但市場中斷了幾週，資金方面的市場完全關閉了一周，然後慢慢開放。正如我在發言中所說，我們保持了彈性，在那段時間我們只下降了幾個 LCR 點，而且我們仍然遠高於 100% 的水平。

And then once the markets opened up, we had anticipated a riskier environment, and so we've brought that LCR back up. And so as I said in my remarks, we ended the quarter significantly higher than that. Mid-130s again is where I would say we are at this point in time. And as I said in my remarks, in this environment, we're probably going to keep it that way, 5 to 10 basis points higher than our normal operating level, because of the risk in the environment.

然後，一旦市場開放，我們就預料到一個風險更高的環境，因此我們已經恢復了 LCR。因此，正如我在發言中所說，我們在本季度末的業績遠高於此。 130 年代中期再次是我要說的是我們在這個時間點。正如我在發言中所說，在這種環境下，由於環境風險，我們可能會保持這種狀態，比我們的正常運營水平高出 5 到 10 個基點。

And yes, there will be a cost to that, and I referenced that in my remarks as well in the Corporate and Other segment. We expect that $75 million to $125 million loss per quarter range. And part of that is higher cost of liquidity that we've already done the liquidity and the funding, the higher cost isn't fully reflected this quarter, will get reflected next quarter and beyond.

是的，這將是有代價的，我在我的評論中以及公司和其他部門都提到了這一點。我們預計每季度虧損 7500 萬至 1.25 億美元。其中一部分是更高的流動性成本，我們已經完成了流動性和融資，更高的成本沒有在本季度完全反映出來，將在下個季度及以後得到反映。

Yes. And Gabriel, just to add on to Hratch's comments. The other thing that underpins all of that is we're staying close to our clients. We have exceptional client relationships. We're diversified across geographies and businesses, and all our channels are open, and they continue to see largely positive inflows from clients.

是的。還有 Gabriel，我想補充一下 Hratch 的評論。支撐所有這些的另一件事是我們與客戶保持密切聯繫。我們擁有卓越的客戶關係。我們在各個地區和業務上實現多元化，我們所有的渠道都是開放的，他們繼續看到客戶大量流入。

The second thing is we have an exceptional treasury team. So the spot ended up much higher, as Hratch noted, because we also watch our costs. When the markets open up, we fill up our tanks, so we make sure we have the liquidity in place for the bank overall. It's a highly connected function between treasury and our client functions. We work really well together, which is why we're exceptionally pleased with how we ended the quarter.

第二件事是我們擁有一支出色的財務團隊。因此，正如 Hratch 指出的那樣，現貨價格最終高得多，因為我們也關注我們的成本。當市場開放時，我們會加滿油箱，以確保銀行整體擁有足夠的流動性。它是財務部門與我們的客戶職能部門之間高度相關的職能部門。我們合作得非常好，這就是為什麼我們對本季度結束的方式感到非常滿意。

And Victor, thank you for grabbing the mic because my next question was for you. I get asked pretty regularly from investors, mostly in the U.S. about Canadian banks becoming more opportunistic on acquisitions in the U.S. given the depressed valuations, disruption and all that stuff. And there are a few other banks that, like, would probably rule out at the moment because of various factors.

維克多，謝謝你拿起麥克風，因為我的下一個問題是給你的。投資者經常問我，主要是在美國，鑑於估值低迷、業務中斷和所有其他因素，加拿大銀行在美國的收購中變得更加投機取巧。由於各種因素，目前還有一些其他銀行可能會排除。

CIBC, I would say maybe there's a possibility there. It's been a long time since your last acquisition, that being the main reason. And -- but you've been so preaching more of the organic growth strategy in the U.S. for the past couple of years. I'm just wondering if -- if you've got any shift in mindset there at all with regards to M&A in the U.S.?

CIBC，我想說也許有可能。自上次收購以來已經有很長時間了，這是主要原因。而且 - 但在過去的幾年裡，你一直在美國宣傳更多的有機增長戰略。我只是想知道，對於美國的併購，您的思維方式是否有任何轉變？

I think the disruption in the U.S. banking market is in its early innings. And when I said it's early innings, you realized that the game will last 9 innings. This is probably the third inning, so our focus continues to be on organic growth across our franchise. This last 12 months, we've attracted over 0.5 million clients in our Canadian franchise through our Personal Bank and our Direct Financial Services business.

我認為美國銀行業市場的混亂還處於初期階段。當我說這是早局時，你意識到比賽將持續 9 局。這可能是第三局，所以我們的重點仍然是我們特許經營權的有機增長。在過去的 12 個月裡，我們通過個人銀行和直接金融服務業務吸引了超過 50 萬加拿大特許經營客戶。

Our goal now, Gabriel, is we've made significant investments in our business. Our entire management team is shifting to harvesting those investments, making sure you can see the depth and richness of those client relationships, both in the Canadian market and in every business we operate in, including the U.S.

加布里埃爾，我們現在的目標是對我們的業務進行重大投資。我們的整個管理團隊正在轉向收穫這些投資，確保您能夠看到這些客戶關係的深度和豐富性，無論是在加拿大市場還是在我們經營的每項業務中，包括美國。

Having said that, you keep your antenna up and see how the baseball game evolves here. And like I said, I think we're in the early innings, so the most important thing is harvest our investments, continued to demonstrate operational resilience in periods of volatility and deliver for our shareholders on a consistent basis quarter-after-quarter.

話雖如此，您還是要保持警惕，看看這裡的棒球比賽是如何演變的。就像我說的，我認為我們處於早期階段，所以最重要的是收穫我們的投資，在波動時期繼續展示運營彈性，並在每季度一致的基礎上為我們的股東提供服務。

Maybe use the hockey analogy since we're...

也許使用曲棍球類比，因為我們...

But you use the hockey analogy, too. Well, can you use many -- we'll talk later about sports analogies, but thank you for your questions.

但你也使用曲棍球類比。好吧，你能用很多嗎——我們稍後會討論體育類比，但謝謝你的提問。

Our following question is from Meny Grauman from Scotiabank.

我們的以下問題來自豐業銀行的 Meny Grauman。

I just wanted to dig a little bit deeper into differences between the Canadian and U.S. office market and just better understand what accounts for those differences as you see them? How do you explain those differences? So maybe that's the first question there.

我只是想更深入地了解加拿大和美國寫字樓市場之間的差異，並更好地了解造成這些差異的原因是什麼？你如何解釋這些差異？所以也許這是那裡的第一個問題。

Yes. Thank you for the question, Meny. I think most of it is indeed driven by differences in the market and how the markets are structured and that relate to levels of recourse that you would see in those different markets, and that would also be reflected in our lending portfolios. You would see, if you particularly you go into office sector, you would see differences in the ownership structures between those 2 markets. And again, that would be reflected in our lending portfolios as well.

是的。謝謝你的問題，Meny。我認為其中大部分確實是由市場差異和市場結構差異驅動的，這與您在這些不同市場中看到的追索權水平相關，這也將反映在我們的貸款組合中。你會發現，如果你特別進入寫字樓領域，你會發現這兩個市場之間的所有權結構存在差異。同樣，這也將反映在我們的貸款組合中。

I would say where you don't see a difference for us is in our underwriting and lending standards that we have very consistent across both markets. And as I said in my prepared remarks, taking a very prudent approach to the sector in both. And as I said, we've taken a bottoms-up approach. We have been through our Canadian portfolio. On the office side, we have been through our U.S. side, while we do expect the U.S. office sector to remain somewhat elevated from an impaired perspective, we do not see any signs of stress in our Canadian book.

我想說的是，你看不出我們有什麼不同，那就是我們在兩個市場上的承銷和貸款標準非常一致。正如我在準備好的發言中所說，在這兩個領域都採取非常謹慎的態度。正如我所說，我們採取了自下而上的方法。我們已經完成了我們在加拿大的投資組合。在寫字樓方面，我們已經經歷了美國方面的情況，雖然我們確實預計美國寫字樓部門從受損的角度來看會保持一定程度的高位，但我們在加拿大的書中沒有看到任何壓力跡象。

Because what I was getting at was one might think that there was just more of a timing difference rather than a more substantive difference in terms of when we'll see sort of some of the pressures that you're seeing in the U.S. come through to Canada. But I guess, paraphrasing you're saying that, that's not your view?

因為我的意思是，有人可能會認為，就我們何時會看到您在美國看到的某些壓力而言，存在更多的時間差異而不是更實質性的差異。加拿大。但我想，換句話說，你不是這麼說的嗎？

We have -- as I said, we have taken a very proactive approach. We are through a bottom-up loan-by-loan review of the files. I wouldn't attribute it to timing. One difference that I can call out, we do see a somewhat front-loaded maturity profile in our U.S. businesses. So far, we have seen 24% of the entire office book renewing in the first half of the calendar year. We expect close to another 30% renewing in the second half of the calendar year. That is a little bit more, but then again, we have done a loan-by-loan review regardless of maturity profiles. And I wouldn't attribute it to timing. We do not foresee any major stress in our Canadian books.

正如我所說，我們已經採取了非常積極主動的方法。我們正在對文件進行自下而上的逐筆貸款審查。我不會將其歸因於時機。我可以指出的一個區別是，我們確實在美國業務中看到了某種程度的前期成熟度概況。到目前為止，我們已經看到整個日曆年上半年更新了 24% 的辦公書籍。我們預計下半年將有近 30% 的客戶續約。這有點多，但話又說回來，無論到期情況如何，我們都對貸款進行了逐筆審查。而且我不會將其歸因於時機。我們預計我們的加拿大書籍不會有任何重大壓力。

And then just as a follow-up, I wanted to ask about the performing recovery in the Canadian Personal & Business Banking segment. It just stands out to me as a little odd, so I wanted to understand it better. What's driving that? I wouldn't have expected to see that just given the kind of conservatism that we're talking about broadly that the bank's conservative posture here, so if you could just help me understand that line in particular.

然後作為後續行動，我想詢問加拿大個人和商業銀行業務部門的表現復甦情況。它對我來說有點奇怪，所以我想更好地理解它。是什麼推動了它？考慮到我們廣泛討論的那種保守主義，銀行在這裡的保守姿態，我沒想到會看到這一點，所以如果你能幫助我特別理解那條線。

Sure, Meny. I would say a lot of that is relative to our starting points. If you recall, we started increasing our performing allowances early last year with updates to our economic outlook and specifically in retail, where we have taken a more pessimistic view early on. I wouldn't say we are now having a more optimistic view. We probably have a little less pessimistic outlook on the retail side, and that is driven by both forward-looking indicators, but it's also driven by the resilience that we are actually seeing in our books.

當然，梅尼。我想說的是，其中很多與我們的起點有關。如果你還記得的話，我們去年初開始增加我們的績效津貼，更新了我們的經濟前景，特別是在零售業，我們早些時候對零售業持更悲觀的看法。我不會說我們現在有更樂觀的看法。我們對零售方面的看法可能不那麼悲觀，這是由兩個前瞻性指標驅動的，但它也受到我們在賬面上實際看到的彈性的驅動。

And then we will say well in line -- it's actually coming in better than expected. If you look into delinquencies, if you look into impairments, if you look into losses that we are actually taking, data point I would throw out is, year-over-year, we still added $70 million in provisions on the performing side for retail. And if you compare it to Q1 '20, so pre-pandemic, our performing allowances are 60% higher still, and continue to remain very, very comfortable and well not conservative, but prudent in that regard.

然後我們會說很好——它實際上比預期的要好。如果你研究拖欠，如果你研究減值，如果你研究我們實際承受的損失，我要拋出的數據點是，與去年同期相比，我們仍然在零售業的執行方面增加了 7000 萬美元的準備金.如果你將它與 20 年第一季度進行比較，那麼在大流行之前，我們的績效津貼仍然高出 60%，並且繼續保持非常、非常舒適並且不保守，但在這方面是謹慎的。

Our following question is from Mario Mendonca from TD Securities.

我們的以下問題來自道明證券的 Mario Mendonca。

Can you help me [reconciling] (inaudible) things you said -- you talked about the overall bank margin likely trending a little higher. And I think you gave us some -- like a nice clear explanation as to why. But I'd like to think about it -- about of the context of the increase in your LCR.

你能幫我[調和]（聽不清）你說的話嗎——你談到了整體銀行利潤率可能會上升一點。我想你給了我們一些——比如一個關於原因的清晰解釋。但我想考慮一下 - 關於 LCR 增加的背景。

Taking the LCR from, say, 124 to 134 or like the mid-130s as you said, that does imply a lot of -- like a fairly meaningful increase in your high-quality liquid assets, which sort of tells me that the bank has done a fair bit of funding in the wholesale market to support that LCR.

將 LCR 從 124 提高到 134，或者如您所說的 130 多在批發市場上做了相當多的資金來支持 LCR。

So where I'm struggling is how do you get overall margin expansion with deposits, competition a lot higher, the shift to higher cost wholesale funding or higher wholesale funding costs, the increase in the LCR, how do you get to a higher margin in an environment, where everything seems to be pushing in the other direction?

所以我正在努力的地方是你如何通過存款獲得整體利潤率擴張，競爭更加激烈，轉向更高成本的批發融資或更高的批發融資成本，LCR 的增加，你如何獲得更高的利潤率一個環境，在這個環境中，一切似乎都在朝著另一個方向發展？

Yes. Thanks, Mario, for the question. And so you are right, we were very active and the funding markets after the markets open back up and as Victor said, that in combination with our deposit franchise, both in terms of stability of balances and frankly, as I referenced in my remarks, with the pricing discipline we've had, that helps the overall cost of liabilities actually stay fairly contained despite some of those mix shifts. And we provided that extra disclosure on our balance sheet and the cost of liabilities, and you'll see that.

是的。謝謝馬里奧提出這個問題。所以你是對的，我們非常活躍，市場開放後的融資市場重新開放，正如維克多所說，結合我們的存款特許經營權，無論是在餘額穩定性方面，還是坦率地說，正如我在發言中提到的那樣，憑藉我們所擁有的定價紀律，這有助於負債的總成本實際上保持在相當可控的水平，儘管其中有一些混合變化。我們在資產負債表和負債成本上提供了額外的披露，你會看到的。

If you look at the demand category, I would say it's probably on the margin better than our modeled betas is what we're seeing when you look at -- on the right side of Slide 11 there. Our demand notice deposits have gone from 20 to 93 basis points average cost, that dynamic will continue. And so we do believe that, that will help the bank, and that's the few basis points a quarter upside momentum as I mentioned.

如果您查看需求類別，我會說它可能比我們在幻燈片 11 右側看到的模型貝塔更好。我們的活期通知存款的平均成本已從 20 個基點上升到 93 個基點，這種動態將持續下去。所以我們確實相信，這將有助於銀行，正如我提到的那樣，這就是每季度幾個基點的上行勢頭。

The asset side, there's still some uncertainty on mortgages, margins keep moving around and so forth. But overall, we do anticipate a lot of that is behind us. And so net-net, that will contribute to the bank's increased margins going forward. And on the funding side, particularly, yes, that's a significant amount of HQLA, but not that significant in the context of over $500 billion of client deposits, of which about half is behaving with characteristics that are helping us on the pricing side, right?

資產方面，抵押貸款仍存在一些不確定性，利潤率不斷波動等等。但總的來說，我們確實預計很多事情已經過去了。因此淨淨，這將有助於銀行提高未來的利潤率。在資金方面，特別是，是的，這是大量的 HQLA，但在超過 5000 億美元的客戶存款的背景下並不那麼重要，其中大約一半的行為特徵有助於我們在定價方面，對吧？

So we feel pretty confident in that upwards momentum despite the shift. And we do think the demand notice side is probably going to be more stable from here versus some of what we've seen so far in the year because there's a lot of the incentive, if you will, that there was as yields went up and GICs and CDs had better opportunities for clients and interest-bearing opportunities versus noninterest-bearing, that spread grew as interest rates went up that's starting to stabilize.

因此，儘管發生了轉變，我們對這種上升勢頭還是很有信心的。而且我們確實認為需求通知方面可能會比我們今年迄今為止看到的一些情況更穩定，因為有很多動機，如果你願意的話，那就是收益率上升和GIC 和 CD 為客戶提供了更好的機會，並且有息機會與無息機會相比，隨著利率上升並開始趨於穩定，這種利差擴大了。

And so we do think the mix side will stabilize as well. And like I said in my remarks, and Victor emphasized it, we've got a very strong deposit franchise. We've got broad relationships with these clients and that helps us on the pricing side, and we'll continue to emphasize our margins while doing what's right for our clients.

因此，我們確實認為混合方面也會穩定下來。就像我在發言中所說的那樣，維克多也強調了這一點，我們擁有非常強大的存款專營權。我們與這些客戶建立了廣泛的關係，這有助於我們在定價方面，我們將繼續強調我們的利潤率，同時為我們的客戶做正確的事情。

Okay. Let's flip over to commercial real estate. There is -- I see the disclosure here that 58% of the exposure is investment grade. Of course, that means 42% is below investment grade. Can you talk about what proportion was investment grade, let's say, a year ago, 6 months ago, how has that changed from -- has it gone from investment grade like up 75% down to 58%? Help me think through how much that's changed.

好的。讓我們轉向商業地產。有—我在這裡看到披露，58% 的敞口是投資級別。當然，這意味著 42% 低於投資級別。你能談談投資級別的比例是多少嗎，比方說，一年前，6 個月前，它是如何變化的——從投資級別的 75% 下降到 58%？幫我想一想這改變了多少。

I would say, Mario, it's very stable. We have seen some downward migration. But I would say on the balance, it has remained very stable, and that is reflected both in our CRE disclosures, but it would also hold true for the entire business in government portfolio. We may have seen a number of downgrades. As we talked about, we have seen a number of impairments, but on the balance and across all sectors that we're showing on the slide, the portfolio actually has remained very stable. And yes, we have seen those downgrades. I wouldn't say that number has meaningfully changed.

我會說，馬里奧，它非常穩定。我們已經看到一些向下遷移。但我要說的是，總的來說，它一直非常穩定，這反映在我們的 CRE 披露中，但它也適用於政府投資組合中的整個業務。我們可能已經看到了一些降級。正如我們所談到的，我們已經看到了一些減值，但總的來說，我們在幻燈片上展示的所有部門，投資組合實際上一直保持非常穩定。是的，我們已經看到了這些降級。我不會說這個數字發生了有意義的變化。

So it was still around that sort of 60% range of investment grade in commercial real estate about a year ago?

所以大約一年前，商業房地產的投資等級仍然在 60% 左右？

Yes. Mario, if you actually look at the slides, where we show commercial real estate in previous quarters, you'll see similar numbers.

是的。馬里奧，如果你真的看幻燈片，我們在前幾個季度展示了商業房地產，你會看到類似的數字。

The following question is from Lemar Persaud from Cormark Securities.

以下問題來自 Cormark Securities 的 Lemar Persaud。

Maybe sticking with Frank there. I appreciate the disclosure on the U.S. office portfolio. So if we flip over that slide, maybe could you maybe talk to what the average LTV would be today if that portfolio was mark-to-market because it looks like the LTV given is at origination. So that 60% I'm referring to.

也許在那裡堅持弗蘭克。我感謝有關美國辦事處投資組合的披露。因此，如果我們翻過那張幻燈片，也許你可以談談如果該投資組合按市值計價，那麼今天的平均 LTV 是多少，因為它看起來像是給定的 LTV 是最初的。所以我指的是 60%。

Yes. Lemar, you're right, it is the ad origination LTV. Assessing LTVs in the office sector, specifically, given how fluid it is, is a very hard task at the moment, there is not a lot of market comparables out there. Some of the market comparables, you would look at are probably way too low and finding a bottom. .

是的。 Lemar，你是對的，它是廣告來源 LTV。評估寫字樓領域的 LTV，特別是考慮到它的流動性，目前是一項非常艱鉅的任務，那裡沒有很多市場可比對象。您會看到的一些市場可比對象可能太低並且正在尋找底部。 .

As I said, we have taken a very proactive and prudent approach. We looked at LTVs from a cap rate perspective. What I would say is averages would be very misleading to give out here. It is a loan by loan, and it is a file-by-file asset-by-asset review and it's very hard to give you a precise number here. I would say, well, it's very hard to give you a precise number here.

正如我所說，我們採取了非常積極和謹慎的做法。我們從資本化率的角度來看 LTV。我要說的是，在這裡給出平均值會產生誤導。這是一筆一筆的貸款，是逐個文件逐個資產審查，很難在這裡給你一個準確的數字。我會說，嗯，很難在這裡給你一個準確的數字。

Again, Lemar and all our sell-side analysts and investors, it's important to recognize a couple of things. One is our office sector loan portfolio consists of 2% of our overall loan portfolio at CIBC, roughly half and half between Canada and the United States. It's all originated 60% loan-to-value. We see what's happening in the market. I would anchor it in the 25 to 30 basis point risk for impaired guidance that Frank has provided, so we feel comfortable we're at. We recognize the volatility. We'll manage through it. We'll get through this. And I'm convinced that values are surfacing and investors will start showing up to snap up these properties, and people will start coming back to the office more. This is not going to be a steady state. Things will turn around, and we will manage through this.

同樣，Lemar 和我們所有的賣方分析師和投資者，重要的是要認識到幾件事。一個是我們的辦公部門貸款組合占我們在 CIBC 整體貸款組合的 2%，大約一半在加拿大和美國之間。這一切都源於 60% 的貸款價值比。我們看到了市場上正在發生的事情。我會將其固定在弗蘭克提供的指導受損的 25 到 30 個基點風險中，因此我們感到很自在。我們認識到波動性。我們會解決的。我們會度過難關的。而且我相信價值正在浮出水面，投資者將開始出現搶購這些房產，人們將開始更多地回到辦公室。這不會是一個穩定的狀態。事情會好轉的，我們會度過難關的。

I appreciate that. And maybe if I could try it just a little bit differently and just pull a little deeper here. As I read more and more about commercial real estate and office specifically, the more I realize it's actually based on the specific building itself. So I'm going to ask this very directly, Frank, maybe you could provide some guidance on how you see losses evolving on this portfolio specifically?

我很感激。也許我可以嘗試一些不同的方法，在這裡更深入一點。隨著我越來越多地了解商業地產和辦公樓，我越來越意識到它實際上是基於特定的建築本身。所以我要非常直接地問這個問題，弗蘭克，也許你可以就你如何看待這個投資組合的損失演變提供一些指導？

Now I appreciate the guidance on the [25 to 30] and potentially towards the higher end of that range. But just specifically, if you could just give me some color on that, that would be very helpful.

現在我很欣賞關於 [25 到 30] 的指導，並可能朝著該範圍的高端方向發展。但具體來說，如果你能給我一些顏色，那將非常有幫助。

Yes, sure. And as you said, it is asset by asset, and it is a very different answer for different assets that we are seeing. What I would say specifically, and as Victor said, specifically to the U.S. sector, which is about 1% of our total loan portfolio, we should expect losses to remain elevated. They could be a little higher in the next coming quarters, but they will moderate over time, in line with our maturity profile in early 2024, and that's specific to our U.S. portfolio. We are not seeing anything similar in our Canadian portfolios, so we feel very confident. And then again, overall, that 25 to 30 basis point range is something we will continue to give as guidance, even including some of the impairments and stress we are seeing in U.S. office.

是的，當然。正如您所說，它是逐個資產的，對於我們所看到的不同資產，這是一個非常不同的答案。我要具體說的，正如 Victor 所說，特別是美國部門，約占我們總貸款組合的 1%，我們應該預計損失會繼續增加。在接下來的幾個季度中，它們可能會略高一些，但隨著時間的推移，它們會有所緩和，這與我們 2024 年初的到期情況一致，這特定於我們的美國投資組合。我們在加拿大的投資組合中沒有看到任何類似的東西，因此我們感到非常有信心。然後，總體而言，我們將繼續提供 25 到 30 個基點的範圍作為指導，甚至包括我們在美國辦公室看到的一些損害和壓力。

Our following question is from Joo Ho Kim from Credit Suisse.

我們的以下問題來自瑞士信貸的 Joo Ho Kim。

Not to beat the dead horse, but I just wanted to square up on the U.S. office exposure as well. And then correct me, if I'm wrong here, but I think some of the performing build from the U.S. this quarter was due to the worsened outlook in the CRE sector specifically. And correct me, if I'm wrong, but is there any way you could kind of give us a sense of what the allowances are backing that about, call it for doing dollar of U.S. office CRE. I appreciate the disclosure of the historic losses, but we wanted to get a sense of how prudent or conservative the allowance were there.

不是為了打敗死馬，而是我也想在美國辦公室的曝光率上有所作為。然後糾正我，如果我在這裡錯了，但我認為本季度美國的一些表現良好是由於 CRE 行業前景惡化。並糾正我，如果我錯了，但有什麼方法可以讓我們了解津貼支持的是什麼，稱之為美國辦公室 CRE 的美元。我很欣賞歷史損失的披露，但我們想了解那裡的津貼是多麼謹慎或保守。

Yes. So what I would say is a lot of the performing build, you would have seen this quarter is allocated through the U.S. portfolio. A lot of the previous build would also be allocated to the U.S. office portfolio. At this point, I cannot give you a precise number on the performing coverage that we have. But what I would say is we feel a very prudent coverage at this point in time, and we feel very comfortable with that coverage for what we expect on the portfolio.

是的。所以我要說的是很多表現良好的構建，你會看到本季度是通過美國投資組合分配的。許多以前的構建也將分配給美國辦公室組合。在這一點上，我無法為您提供有關我們所擁有的執行覆蓋率的準確數字。但我要說的是，我們在這個時間點感到非常謹慎的覆蓋範圍，我們對我們對投資組合的預期覆蓋範圍感到非常滿意。

Our following question is from John Aiken from Barclays.

我們的以下問題來自巴克萊銀行的約翰艾肯。

I wanted to dive in a little bit more about the move to an annual dividend increase. Was this something -- is this a move that just gives you another 6 months of capital under your belt? And is this something that was raised by the management team to the Board? Or was this actually a Board action?

我想更深入地了解每年增加股息的舉措。這是什麼——這是一個讓你再有 6 個月資本的舉動嗎？這是管理團隊向董事會提出的嗎？或者這實際上是董事會的行動？

Our dividend actions are always recommended by the management team to the Board. We're effectively just trying to simplify everything, John. So our yield is high, our target payout ratio is at the high end, the consistencies you should get from what we're going to do going forward. Aside from the annual change is that we will grow our dividends as earnings grow. Our plan is to grow earnings and to be within that 40% to 50% payout range. At times, you can be outside it, but I would expect over the cycle we'll work our way toward the middle again. We're at the high end right now. That's the only thing you should read into it.

我們的股息行動始終由管理團隊向董事會推薦。我們實際上只是在努力簡化一切，約翰。所以我們的收益率很高，我們的目標派息率處於高端，你應該從我們未來要做的事情中獲得一致性。除了年度變化之外，我們將隨著收益的增長而增加股息。我們的計劃是增加收入並保持在 40% 到 50% 的支出範圍內。有時，你可以在它之外，但我希望在這個週期中我們會再次朝著中間方向努力。我們現在處於高端。這是您唯一應該閱讀的內容。

Our capital generation plan, just as I touched on capital, our plan as a leadership team is to generate capital organically. We are able to do that. Obviously, we're going to do that in the 10 to 15 basis point range, probably more like 10 over the short to medium term. We have our [DRIP] in place, which generates about 10 basis points, and we can always strategically reposition our balance sheet to free up more capital. As Hratch said, our goal at the end of the fourth quarter is to be north of 12%. We're very pleased with the capital levels that we're at today, particularly given that we've settled all this litigation of the deep past and are working our way to north of 12% by the end of this year.

我們的資本生成計劃，就像我談到資本一樣，我們作為領導團隊的計劃是有機地產生資本。我們有能力做到這一點。顯然，我們將在 10 到 15 個基點範圍內做到這一點，在中短期內可能更像是 10 個。我們有我們的 [DRIP] 到位，它產生大約 10 個基點，我們總是可以戰略性地重新調整我們的資產負債表以釋放更多資本。正如 Hratch 所說，我們在第四季度末的目標是超過 12%。我們對我們今天的資本水平感到非常滿意，特別是考慮到我們已經解決了過去的所有這些訴訟，並且正在努力到今年年底達到 12% 以上。

Our following question is from Scott Chan from Canaccord Genuity.

我們的以下問題來自 Canaccord Genuity 的 Scott Chan。

For John, on the Canadian side, Wealth and Asset Management. Can you kind of qualitatively comment on the flows that you're seeing and how that is interconnected with the bank? And then maybe more specifically, can you comment on CIBC's like high interest ETF product now that (inaudible) starting to look at a bit more closely.

對於約翰，在加拿大方面，財富和資產管理。您能否定性地評論您所看到的流量以及它與銀行的關聯方式？然後也許更具體地說，你能否評論 CIBC 的類似高利率 ETF 產品，現在（聽不清）開始更仔細地觀察。

So let me start with the flow question. On the Asset Management side, I mean, the whole industry is in redemption, right, and we're #3. So we target #3 or #2, that's where we'd like to be. So good results, but we need more constructive markets to really show our stuff. On the Wood Gundy side, that's probably where the Commercial Wealth referrals work best because it's more high end, that's working very well. Our flows are good, second best on record. Again, it's lower this year than last. There's less M&A in the commercial bank, so you're seeing less Wealth flows overall.

那麼讓我從流程問題開始。在資產管理方面，我的意思是，整個行業都在贖回，對吧，我們排名第三。所以我們的目標是#3 或#2，這就是我們想要的位置。如此好的結果，但我們需要更有建設性的市場來真正展示我們的東西。在 Wood Gundy 方面，這可能是商業財富推薦最有效的地方，因為它更高端，效果很好。我們的流量很好，有記錄以來排名第二。同樣，今年比去年低。商業銀行的併購活動較少，因此整體財富流動較少。

I'm also just going to add to John's comments. So we look at -- our leadership team looks at 2 things. What does our money in profile look like? What does our money out profile look like? And we seek to compete, obviously, with the peer group that we're competing against day after day, but also manage margins. So the shift that we've seen under John's leadership is to shift to both competing, but also managing margins so that we can expand margins, which very much ties to the NIM narrative that Hratch shared with you earlier. We've made some significant investments on the money inside, when it comes to mutual funds.

我還要補充 John 的意見。所以我們看——我們的領導團隊看兩件事。我們的錢在個人資料中是什麼樣子的？我們的資金流出概況是什麼樣的？顯然，我們尋求與我們日復一日競爭的同行競爭，但也在管理利潤率。因此，我們在 John 的領導下看到的轉變是轉向既競爭又管理利潤率，以便我們可以擴大利潤率，這與 Hratch 之前與您分享的 NIM 敘述密切相關。當涉及到共同基金時，我們已經對內部資金進行了一些重大投資。

Our digital financial planning platform is seeing real results. We are going to be rolling out e-documentation for investments, so our financial advisers in our Imperial Service can get on a virtual call with a financial planner, to a digital financial plan and invest with e-documentation within a very short period of time for our clients, taking the friction out of investing with the bank.

我們的數字財務規劃平台正在取得實際成果。我們將推出電子投資文件，這樣我們帝國服務部門的財務顧問就可以與財務規劃師進行虛擬通話，制定數字財務計劃，並在很短的時間內使用電子文件進行投資對於我們的客戶，消除與銀行投資的摩擦。

In terms of our deposit products, our checking accounts are really well positioned in terms of pricing in the marketplace. We did really well in terms of term deposit market share growth early last year, and we're pleased with that, so we're not chasing a trend. We identified the trend and did the right thing for our clients and our direct financial services platform simply is well positioned to get those clients, especially students and newcomers, where we've seen a robust growth in our market share and our market position to further grow deposits.

就我們的存款產品而言，我們的支票賬戶在市場定價方面確實處於有利地位。去年初，我們在定期存款市場份額增長方面做得非常好，我們對此感到滿意，所以我們沒有追逐趨勢。我們發現了趨勢並為我們的客戶做了正確的事情，我們的直接金融服務平台完全有能力吸引這些客戶，尤其是學生和新移民，我們在這些客戶中看到我們的市場份額和市場地位穩步增長增長存款。

Our following question is from Nigel D'Souza from Veritas Investment Research.

我們的以下問題來自 Veritas Investment Research 的 Nigel D'Souza。

Two quick follow-up questions for you. The first was on the PCL reversal in Canadian Banking this quarter. Just trying to get a sense of the rationale behind it, because coming out of the pandemic, you have substantial excess allowances and despite of management overlay to retain those allowances despite an improving macroeconomic outlook. And now we're in a more challenging environment, perhaps on the prospect of recession, why not apply that management overlay again and retain those allowances instead of releasing them to earnings?

兩個快速跟進問題。第一個是本季度加拿大銀行業的 PCL 逆轉。只是想了解其背後的基本原理，因為從大流行中走出來，你有大量的超額配額，儘管宏觀經濟前景有所改善，但管理層仍保留這些配額。現在我們處於一個更具挑戰性的環境中，也許是在經濟衰退的前景中，為什麼不再次應用該管理覆蓋並保留這些津貼而不是將它們釋放到收益中？

Yes. Thank you, Nigel, for the question. I mean ultimately, GDP and unemployment have changed to a less pessimistic outlook. Our coverage ratios remain very healthy, and we are constantly applying management overlays and looking at expert credit judgment along the way. Ultimately, we have to and we did disclose, what we feel comfortable with, and that is in our results and disclosures this quarter.

是的。謝謝你，奈傑爾，提出這個問題。我的意思是，最終，GDP 和失業率的前景已經變得不那麼悲觀了。我們的覆蓋率仍然非常健康，並且我們一直在不斷地應用管理覆蓋並在此過程中關注專家的信用判斷。最終，我們必須而且我們確實披露了我們感到滿意的內容，這就是我們本季度的結果和披露。

Okay. And then my second question, when I look at the FDIC [bit] summary for Silicon Valley Bank. It looks like CIBC did put a bid in there. Is that right? And Victor mentioned that it's early innings, but it looks like you took a swing on the first fit. So just trying to understand the rationale behind that bit?

好的。然後是我的第二個問題，當我查看矽谷銀行的 FDIC [位] 摘要時。看起來 CIBC 確實在那裡出價了。是對的嗎？維克多提到這是早局，但看起來你在第一局就揮桿了。所以只是想了解那一點背後的基本原理？

And Nigel, it's Shawn. Thanks for the question. Look, as Victor said, we always have our antenna up. We watch for what kind of developments are going on in the market, and so to the extent we see opportunity that aligns with our strategy, we'll certainly look at those opportunities.

奈傑爾，是肖恩。謝謝你的問題。看，正如 Victor 所說，我們總是豎起天線。我們關注市場正在發生什麼樣的發展，因此只要我們看到符合我們戰略的機會，我們肯定會關注這些機會。

That you bid on -- can you comment on the bid, (inaudible) the Wealth Business or...

你出價 - 你能評論出價嗎，（聽不清）財富業務或......

Nigel, we're not going to comment on anything specifically, like we keep our antenna up. Anything that we do has got to be accretive to the capital in a short period of time. That's how we think about things, right? So the most accretive way to build capital is to invest organically right now, that is really the focus. I think Shawn feels very much that way, so that's all I would say right now.

奈傑爾，我們不會對任何具體內容髮表評論，就像我們保持天線向上一樣。我們所做的任何事情都必須在短時間內為資本增值。這就是我們思考事情的方式，對吧？因此，積累資本的最增值方式是現在進行有機投資，這才是真正的重點。我認為肖恩非常有這種感覺，所以這就是我現在要說的。

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

我們的以下問題來自 BMO Capital Markets 的 Sohrab Movahedi。

Okay. I just wanted to see if maybe a little bit early to do this, but I wanted to see if you could look beyond the next couple of quarters, Victor, Hratch. I mean, I think you guys have talked about it being a bit of a challenging operating environment. Maybe reserves are going to have to go up, maybe revenues are going to slow down. I'm just curious to get a sense of how much that's within your control here? I'm thinking the expenses and risk taking. Just can you give me a sense of your cost share right now, whether or not you think you need to tap on the brakes harder on either 1 of them looking into next year?

好的。我只是想看看是否可以早一點做這件事，但我想看看你是否可以在接下來的幾個季度之後，Victor，Hratch。我的意思是，我認為你們已經談到它是一個具有挑戰性的操作環境。也許儲備將不得不增加，也許收入將放緩。我只是想知道你能控制多少？我在考慮費用和冒險。你現在能告訴我你的成本分攤嗎，你是否認為你需要在明年的其中任何一個上更加努力地踩剎車？

It's three questions. So I'll start off, so my colleagues can chime in as they see fit. There's a couple of things I'd note and stress once again. Last year, we saw some robust growth at our bank and a lot of it was tied to the investments that we're making across our franchise. And we've always said, and we've always guided that once that economic environment starts to shift, we're going to shift our investment posture, and we're going to take our expense growth down to a more normalized level.

是三個問題。所以我要開始了，所以我的同事們可以在他們認為合適的時候插話。有幾件事我要再次強調。去年，我們在銀行看到了一些強勁的增長，其中很大一部分與我們在我們的特許經營中進行的投資有關。我們一直在說，我們一直在指導，一旦經濟環境開始轉變，我們就會改變我們的投資態勢，我們會將我們的費用增長降低到一個更正常的水平。

So I think that from a revenue standpoint, you're going to see a world of normalization, when it comes to NIMs. You're going to see a world of normalization, when it comes to volumes. From an expense standpoint, you're going to see the CIBC team continue to deliver expenses in the mid-single-digit range and continue to be relatively flat sequentially over the short term as we work through this economic environment and harvest the investments that we've made.

所以我認為，從收入的角度來看，當談到 NIM 時，你會看到一個標準化的世界。當涉及到數量時，你將看到一個標準化的世界。從費用的角度來看，您將看到 CIBC 團隊繼續在中等個位數範圍內交付費用，並且隨著我們在這種經濟環境中工作並收穫我們的投資，短期內繼續相對持平做了。

I think from a provisioning standpoint, Frank has been very clear in terms of what our stance is. So this environment is normalizing and we are well prepared to deal with that normalizing environment. We've built the franchise that we have today purposefully with the client base that we have and the client base that's growing in a world that's normalizing. So that, in general, is how I see ourselves positioned.

我認為從供應的角度來看，弗蘭克非常清楚我們的立場。因此，這種環境正在正常化，我們已做好應對這種正常化環境的準備。我們已經有目的地建立了我們今天擁有的特許經營權，我們擁有的客戶群以及在正常化的世界中不斷增長的客戶群。所以，總的來說，這就是我如何看待自己的定位。

And no need -- I mean, I'd just for crystal clarity, it's going to be a tough revenue environment. You're not going to be adjusting your risk appetite necessarily more aggressive or more conservative. Is that a fair statement?

不需要——我的意思是，我只是為了清楚起見，這將是一個艱難的收入環境。你不一定會調整你的風險偏好更激進或更保守。這是一個公平的說法嗎？

Yes. Sohrab, I'll jump in. I think on the risk appetite, that's a fair statement. And in terms of appetite on the investment side as well, I don't think we need to adjust beyond what Victor said. We do understand that the environment is normalizing. Cost of credit will go up, revenues may slow down. We're controlling the things we can control. We've shown you what we're doing with expenses. And the only thing I would add is our investments were well worth making.

是的。 Sohrab，我會加入。我認為就風險偏好而言，這是一個公平的說法。就投資方面的興趣而言，我認為我們不需要進行超出 Victor 所說的調整。我們確實了解環境正在正常化。信貸成本將上升，收入可能會放緩。我們正在控制我們能控制的事情。我們已經向您展示了我們在處理費用方面所做的事情。我唯一要補充的是我們的投資非常值得。

We said at Investor Day that we would have over $2 billion going into '24, '25 of pre-tax, pre-provision earnings from those. We have over $1 billion of contribution this year is what we're forecasting from those investments, which is ahead of plan. And what we've done is we've -- we don't want to get there on our expenses by not investing in the business. That's why I said in my remarks, we're continuing to invest at a steady level. We're focusing that investment in key areas, where we have a good return, so we're making some trade-offs, and on the flip side, we're trying to take out expenses and you see our disclosures on that. We're creating efficiency, and we want to do more of that going forward.

我們在投資者日表示，我們將有超過 20 億美元進入 24、25 年的稅前、撥備前收益。我們今年有超過 10 億美元的貢獻是我們從這些投資中預測的，這比計劃提前了。我們所做的是我們已經 - 我們不想通過不投資業務來實現我們的支出。這就是為什麼我在發言中說，我們將繼續以穩定的水平進行投資。我們將投資重點放在我們有良好回報的關鍵領域，因此我們正在做出一些權衡，另一方面，我們正在努力減少開支，你會看到我們在這方面的披露。我們正在創造效率，我們希望在未來做更多的事情。

Okay. I think all of you going to bolt before I make my closing remarks. I might as well start now. I want to thank you all for joining today. So to wrap up, a couple of things. Despite the market volatility you're seeing, our leadership team, those who spoke on the call today and those are around the table this morning is delivering solid results. We delivered them this quarter. We plan on doing that going forward. We're going to control what we can control by being highly disciplined in both our capital allocation and how we manage our expenses, while still investing as Hratch just said now in strategic areas for future growth.

好的。我想在我結束髮言之前你們所有人都會逃跑。我不妨現在就開始。我要感謝大家今天的加入。總結一下，有幾件事。儘管您看到了市場波動，但我們的領導團隊、今天在電話會議上發言的人以及今天早上坐在桌旁的人都取得了可觀的成果。我們在本季度交付了它們。我們計劃繼續這樣做。我們將通過嚴格控制我們的資本分配和我們如何管理我們的費用來控制我們可以控制的東西，同時仍然像 Hratch 剛才所說的那樣投資於未來增長的戰略領域。

CIBC has a resilient, well diversified business model. We're well positioned in this current challenging environment and it's probably the strong balance sheet that can withstand any potential short-term headwinds. We're also executing on our strategic priorities. We're leveraging our market advantages to deliver more for our clients, and we're bringing more clients to our platform. We're managing CIBC with thoughtfulness and with agility to optimize margins and to optimize efficiency during this very unique period and maintain an unwavering focus on creating value for all of you, our investors.

CIBC 擁有靈活且多元化的商業模式。我們在當前充滿挑戰的環境中處於有利地位，它可能是強大的資產負債表，可以承受任何潛在的短期逆風。我們也在執行我們的戰略重點。我們正在利用我們的市場優勢為我們的客戶提供更多服務，我們正在為我們的平台帶來更多客戶。在這個非常獨特的時期，我們以深思熟慮和敏捷的方式管理 CIBC，以優化利潤率和效率，並堅定不移地專注於為你們所有人創造價值，我們的投資者。

I want to thank our CIBC team for their continued dedication to helping our clients realize their ambitions day-in and day-out. Their collective efforts are really essential to building the resilient relationship-oriented bank we have today. And again, I want to thank you all for your continued support, your insightful questions, and we hope that we answered all of them to your satisfaction and look forward to seeing you next quarter and speaking between now and then. Thank you.

我要感謝我們的 CIBC 團隊日復一日地致力於幫助我們的客戶實現他們的雄心壯志。他們的集體努力對於建立我們今天擁有的以關係為導向的有彈性的銀行來說非常重要。再次，我要感謝大家一直以來的支持和富有洞察力的問題，我們希望我們對所有這些問題的回答都令您滿意，並期待在下個季度與您見面並在此期間進行交流。謝謝。

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

謝謝。會議現已結束。請此時斷開您的線路，我們感謝您的參與。