Canadian Imperial Bank of Commerce (CM) 2024 Q1 法說會逐字稿

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

早安.歡迎參加 CIBC 季度財務業績電話會議。請注意，此通話正在錄音。我想將會議交給投資者關係高級副總裁 Geoff Weiss 主持。請繼續，傑夫。

Thanks very much, and good morning, everyone. We will begin this morning 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.

非常感謝，大家早安。今天上午，我們將由我們的總裁兼執行長維克多·多迪格 (Victor Dodig) 致開幕詞；其次是我們的財務長 Hratch Panossian；以及我們的首席風險長 Frank Guse。今天參加電話會議的還有我們的一些小組負責人，包括美國地區的 Shawn Beber； Harry Culham，資本市場與直接金融服務；和 Jon Hountalas，加拿大銀行業。他們都可以在準備好的發言後回答問題。

Once again, this quarter, we have a hard stop at 8:30 to give everyone an opportunity to participate, please limit your questions to one. As noted 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.

本季我們再次在 8:30 硬停，給大家一個參與的機會，請將您的問題限制在一個。正如我們投資者簡報投影片 2 中所指出的，我們的評論可能包含前瞻性陳述，其中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.

現在，我將把電話轉給維克多。

Thank you, Geoff, and good morning, everyone. On today's call, I'll provide a brief high-level overview of our Q1 results, followed by an update on the progress we're making against key strategic initiatives. Building on the growth momentum we've established over the last few years, we delivered a strong start to this fiscal 2024 year. We continue to successfully navigate through a fluid economic backdrop and execute on our client-centric strategy, supported by the addition of 700,000 net new clients over the last 12 months. Our performance this quarter was a reflection of our diversified business model and a strategy that is working.

謝謝傑夫，大家早安。在今天的電話會議上，我將簡要介紹我們第一季的業績，然後介紹我們在關鍵策略舉措方面取得的進展的最新情況。憑藉過去幾年建立的成長勢頭，我們在 2024 財年取得了良好的開端。在過去 12 個月新增 70 萬名淨新客戶的支持下，我們繼續成功應對瞬息萬變的經濟背景，並執行以客戶為中心的策略。我們本季的業績反映了我們多元化的業務模式和有效的策略。

Turning to our adjusted results for the first quarter. We reported net earnings of $1.8 billion and earnings per share of $1.81. These results were driven by record revenue and prudent expense management resulting in 8% pre-provision pretax earnings growth and 2% positive operating leverage. Our capital position remains strong with a CET1 ratio of 13%. This positions us comfortably above rate requirements and internal targets, allowing us to continue deploying capital in support of our clients. Our adjusted return on equity was 13.8% during the quarter.

轉向我們第一季的調整後業績。我們公佈的淨利潤為 18 億美元，每股收益為 1.81 美元。這些業績得益於創紀錄的收入和審慎的費用管理，導致撥備前稅前獲利成長 8%，營運槓桿率為 2%。我們的資本狀況依然強勁，CET1 比率為 13%。這使我們能夠輕鬆地高於利率要求和內部目標，使我們能夠繼續部署資本來支持我們的客戶。本季調整後的股本報酬率為 13.8%。

Helping our clients realize their ambitions is our North Star. As we regulated in the past, our strategy is supported by 4 key priorities that are aligned to long-term market opportunities and competitive advantages that we have built within our bank.

幫助我們的客戶實現他們的抱負是我們的北極星。正如我們過去所監管的那樣，我們的策略由 4 個關鍵優先事項支持，這些優先事項與我們在銀行內建立的長期市場機會和競爭優勢相一致。

Our first strategic priority is to grow our mass affluent franchise in Canada as well as our private wealth franchise on both sides of the border to drive growth in deposits, investments and enhanced return. To enable this, we've made important investments in our unique Imperial Service and private wealth businesses to elevate our platform capabilities. As an example, we're leveraging our predictive client analytics to deeper relationships and accelerate high-value client introductions from personal banking to Imperial Service, resulting in robust inflows of client assets.

我們的首要策略重點是發展我們在加拿大的大眾富裕特許經營權以及我們在邊境兩側的私人財富特許經營權，以推動存款、投資和更高回報的成長。為了實現這一目標，我們對獨特的帝國服務和私人財富業務進行了重要投資，以提升我們的平台能力。例如，我們利用預測性客戶分析來加深關係，並加速將高價值客戶從個人銀行業務引入帝國服務，從而實現客戶資產的強勁流入。

In Canadian private wealth, financial plans completed by our clients were up 54% year-over-year. This is a great example of how we're leveraging modern financial planning technology and our strong advice capabilities to deliver an improved client experience and build deeper, longer-term relationships.

在加拿大私人財富領域，我們的客戶完成的財務計畫年增 54%。這是我們如何利用現代財務規劃技術和強大的建議能力來改善客戶體驗並建立更深入、更長期的關係的一個很好的例子。

Finally, in the U.S., we're building on our industry-leading CIBC private wealth platform for high net worth client segments because during the quarter, we continued to invest in our talent and our physical presence in strategic growth markets, including Boston, South Florida and San Francisco.

最後，在美國，我們正在為高淨值客戶群建立業界領先的 CIBC 私人財富平台，因為在本季度，我們繼續投資於策略性成長市場的人才和實體業務，包括波士頓、南部佛羅裡達州和舊金山。

Our second priority is to attract and deepen relationships with our personal banking clients by leveraging our CIBC digital capabilities, including through our simply financial platform. Improvements in our digital channels meet our clients' evolving needs for self-service capabilities. This quarter, we were the first of our competitors to introduce a new digital banking solution bundle leveraging AI to streamline the application process for newcomers to Canada into a single digital application.

我們的第二要務是利用我們的 CIBC 數位能力（包括透過我們的簡單金融平台）吸引並加深與個人銀行客戶的關係。我們數位管道的改進滿足了客戶對自助服務能力不斷變化的需求。本季度，我們是第一個推出新數位銀行解決方案包的競爭對手，利用人工智慧將加拿大新移民的申請流程簡化為單一數位應用程式。

In our Canadian personal banking platform, we're seeing a digital adoption rate of 86% while improvements in our retail offering have resulted in 38% of product sales originated digitally. In Simplii Financial, our direct digital bank, we're also seeing strong momentum with 180,000 net new clients added over the last 12 months. We'll continue to expand our digital channels and capabilities to build our pipeline of clients for future growth.

在我們的加拿大個人銀行平台中，我們看到數位化採用率為 86%，而零售產品的改進使 38% 的產品銷售源自數位化。在我們的直接數位銀行 Simplii Financial 中，我們也看到了強勁的勢頭，在過去 12 個月內淨增加了 180,000 名新客戶。我們將繼續擴大我們的數位管道和能力，為未來的成長建立我們的客戶管道。

The third priority of our strategy centers on our highly connected platform across the bank to drive referrals, to generate recurring revenue and to enhance relationship returns. It's something our clients say differentiates us, and it provides us with a competitive advantage in a world where capital requirements and costs continue to increase. On both sides of the border, we have a unique organizational structure that combines commercial banking with wealth management.

我們策略的第三個重點是我們在整個銀行內的高度互聯的平台，以推動推薦、產生經常性收入並提高關係回報。我們的客戶認為，這是我們與眾不同的地方，它為我們在資本要求和成本不斷增加的世界中提供了競爭優勢。在邊境兩側，我們擁有獨特的商業銀行與財富管理相結合的組織結構。

In Canada, 31% of our commercial clients have a CIBC Private Wealth relationship. In the U.S., that number is 17% while we've been making progress on both sides of the border, there is room to grow. Also core to this strategic priority is our differentiated capital markets business, which delivered record revenues in the first quarter. Global Markets client activity was seasonally higher this quarter and is likely to normalize, but we expect a continued recovery in M&A activity and a pickup in corporate bond issuances through the year to provide a tailwind to this business. We're excited about the opportunity ahead as we continue to leverage a connected approach across our bank to deliver a seamless and holistic client experience to deepen our relationships and enhance returns.

在加拿大，我們 31% 的商業客戶擁有 CIBC Private Wealth 關係。在美國，這個數字是 17%，雖然我們在邊境兩側都取得了進展，但仍有成長的空間。這項策略重點的另一個核心是我們差異化的資本市場業務，該業務在第一季創造了創紀錄的收入。本季全球市場客戶活動季節性增加，並可能正常化，但我們預計全年併購活動持續復甦以及公司債發行量增加將為該業務提供動力。我們對未來的機會感到興奮，因為我們將繼續利用整個銀行的互聯方法來提供無縫和全面的客戶體驗，以加深我們的關係並提高回報。

Finally, our fourth priority is to enable, simplify and protect our bank to ensure that we maintain operational resilience and improve the efficiency with which we deliver for our clients. Over the past few years, we've made significant technology investments across our businesses to improve client experience, enhance revenue growth, increase productivity and generate positive operating leverage.

最後，我們的第四個優先事項是啟用、簡化和保護我們的銀行，以確保我們保持營運彈性並提高為客戶提供服務的效率。在過去的幾年裡，我們在各個業務領域進行了大量技術投資，以改善客戶體驗、促進收入成長、提高生產力並產生積極的營運槓桿。

As we look forward, we are increasingly leveraging AI to drive this strategy and have already unlocked high-impact use cases across our bank. This kind of innovation presents tremendous opportunity, and we will continue to be responsible as we adopt these tools to create sustainable benefits for all stakeholders.

展望未來，我們將越來越多地利用人工智慧來推動這項策略，並且已經在整個銀行解鎖了具有高影響力的用例。這種創新提供了巨大的機會，我們將繼續負責任地採用這些工具，為所有利害關係人創造可持續的利益。

A review of our strategy would not be complete without highlighting our commitment to supporting a more sustainable world through our focus on the environment, social investment in our communities and delivering on high standards of governance.

如果不強調我們致力於透過關注環境、對社區的社會投資和實現高標準的治理來支持一個更永續的世界，那麼對我們策略的審查就不完整。

During the quarter, we were selected by the Government of Canada as the sole structuring advisor on its recently updated green bond framework. We also issued our own EUR 500 million CIBC green bond to fund eligible projects aligned with our sustainability strategy.

本季度，我們被加拿大政府選為其最近更新的綠色債券框架的唯一結構顧問。我們也發行了自己的 5 億歐元 CIBC 綠色債券，為符合我們永續發展策略的合格專案提供資金。

Putting it all together, our disciplined execution will lead to growth in our client franchise and improved returns for our shareholders as we focus on targeted client segments, advance our digital capabilities and deepen connectivity, all while maintaining a laser focus on efficiency. And we expect the relative performance we've demonstrated to continue, supported by the positive outcomes of our strategy.

總而言之，我們嚴格的執行力將導致我們的客戶業務成長，並提高股東的回報，因為我們專注於目標客戶群，提高我們的數位能力並深化連接，同時保持對效率的高度關注。我們預計，在我們策略的正面成果的支持下，我們所展示的相對績效將持續下去。

And with that, I'll turn the call over to Hratch. Over to you.

然後，我會將電話轉給赫拉奇。交給你了。

Thank you, Victor, and good morning to you all. As Victor said, we're pleased to deliver another strong quarter to kick off fiscal 2024 as laid out on Slide 7. Our team's consistent and strong execution against the strategic priorities Victor described continues to drive sustainable growth and profitability in line with our targets. This quarter, solid client activity across our diversified business, margin expansion and productivity gains contributed to diluted earnings per share of $1.77 and ROE of 13.5% on a reported basis. Excluding the items of note, adjusted EPS was $1.81, and adjusted ROE was 13.8%.

謝謝你，維克多，祝大家早安。正如Victor 所說，我們很高興能夠提供另一個強勁的季度來拉開幻燈片7 中所述的2024 財年的序幕。我們的團隊對Victor 所描述的策略優先事項始終如一、強有力的執行，將持續推動永續成長和獲利能力符合我們的目標。本季度，我們多元化業務的穩健客戶活動、利潤率擴張和生產力提高，導致稀釋後每股收益達到 1.77 美元，淨資產收益率 (ROE) 達到 13.5%。排除值得注意的項目，調整後每股收益為 1.81 美元，調整後淨資產收益率為 13.8%。

Strong capital generation and liquidity further bolstered our resilient balance sheet, ending the quarter with a CET1 ratio of 13%, an average LCR of 137%, both of which exceed our normal course or operating targets.

強勁的資本產生和流動性進一步增強了我們富有彈性的資產負債表，本季末 CET1 比率為 13%，平均 LCR 為 137%，這兩項都超出了我們的正常進程或營運目標。

The balance of my presentation will refer to adjusted results, which exclude items of note, starting with Slide 8. Adjusted net income of $1.8 billion decreased 4% year-over-year due to the impact of the credit cycle on credit losses, which Frank will discuss in more detail. Supported by the strategic investments we've made in recent years, we delivered record revenue of $6.2 billion this quarter, up 5% from a year ago. We also continue to successfully balance ongoing investments in our business with efficiency gains to contain expense growth and generate positive operating leverage of over 2% resulting record pre-provision pretax earnings of $2.9 billion increased 8% year-over-year, aligned with our medium-term earnings growth target.

我的簡報的其餘部分將涉及調整後的結果，其中不包括值得注意的項目，從幻燈片8 開始。由於信貸週期對信貸損失的影響，調整後淨利潤為18 億美元，比去年同期下降4% ，弗蘭克將更詳細地討論。在我們近年來進行的策略性投資的支持下，本季我們實現了創紀錄的 62 億美元收入，比去年同期成長 5%。我們也持續成功地平衡對業務的持續投資與效率提升，以控制費用增長並產生超過2% 的正營運槓桿，從而實現創紀錄的撥備前稅前盈利29 億美元，同比增長8%，與我們的中期業績一致長期獲利成長目標。

Slide 9 and 10 highlight key trends and drivers of net interest income. Excluding trading, NII was up 6% over the year, driven by continued balance sheet growth and improving margins. Total bank NIM rating was up 6 basis points from the prior quarter and year, partly helped by classification changes associated with the implementation of FRTB, which attributed 3 basis points. The balance of the increase was from continued margin expansion with our guidance. Canadian P&C NIM of 268 basis points was up 1 basis point sequentially, largely due to balance sheet repricing to higher rates, net of higher interest expense on deposits. In the U.S. segment, NIM of 349 basis points was up 5 basis points from the prior quarter, mainly due to improved loan margins and deposit growth in excess of earning assets.

投影片 9 和 10 強調了淨利息收入的主要趨勢和驅動因素。不包括交易在內，受資產負債表持續成長和利潤率改善的推動，NII 年成長 6%。銀行總淨利差評級較上一季和上年同期上升 6 個基點，部分原因是與 FRTB 實施相關的分類變化，該評級上升了 3 個基點。成長的其餘部分來自我們指導下的持續利潤率擴張。加拿大財產和意外險淨利差為 268 個基點，環比上升 1 個基點，主要是由於資產負債表根據更高的利率重新定價，扣除了較高的存款利息費用。在美國市場，淨利差為 349 個基點，較上一季上升 5 個基點，主要是因為貸款利潤率改善以及存款成長超過生息資產。

As we've often communicated, we positioned our balance sheet to stabilize margins and drive sustainable NII growth. While we continue to expect some upward momentum, margins will start stabilizing over the next few quarters based on current rate forecast.

正如我們經常溝通的那樣，我們調整資產負債表以穩定利潤率並推動NII 的可持續成長。雖然我們繼續預計會有一些上升勢頭，但根據當前的利率預測，未來幾季的利潤率將開始穩定。

With that, let's turn to further detail on our balance sheet on Slide 10. Average client loans and deposits continued to grow, but slowed in line with industry trends. Average loans and deposits grew 2% year-over-year. And sequentially, our stable, well-diversified deposit base grew 3% and experienced a modest mix shift to higher cost term deposits during the quarter. We expect continued growth in client loans and deposits at healthy margins to support NII going forward.

接下來，讓我們進一步詳細了解投影片 10 上的資產負債表。平均客戶貸款和存款持續成長，但成長速度與產業趨勢一致。平均貸款和存款年增2%。隨後，我們穩定、多元化的存款基礎成長了 3%，並在本季適度轉向成本較高的定期存款。我們預計客戶貸款和存款將繼續以健康的利潤率成長，以支持未來NII的發展。

Turning to Slide 11. Noninterest income of $3 billion was up 9% from the prior year due to growth in trading revenues as well as market-related and transactional fees. Excluding trading, market-related fees increased 3% year-over-year as higher underwriting, advisory and investment management and custodial revenues were partly offset by lower mutual fund fees and FX related to treasury funding activities. Transaction-related fees were up 4% year-over-year, driven by growth in credit as well as deposit and payment fees.

轉向幻燈片 11。由於交易收入以及市場相關費用和交易費用的增長，非利息收入為 30 億美元，比上年增長 9%。不包括交易在內，市場相關費用年增 3%，原因是承保、諮詢和投資管理以及託管收入的增加被共同基金費用和與財務融資活動相關的外匯費用的下​​降部分抵消。受信貸以及存款和支付費用成長的推動，交易相關費用年增 4%。

Slide 12 highlights our continued success in balancing investments with productivity gains to manage overall expense growth. Year-over-year expense growth of 3% continue to moderate in line with our guidance. Over the last year, we crystallized almost 2% in efficiencies while maintaining a higher level of strategic investment across our bank. This allowed us to deliver positive operating leverage of over 2% as investments made over the last few years supported the revenue growth in excess of our net expense growth. For fiscal '24, we continue to expect expense growth at the low end of mid-single digits, and we're targeting positive operating leverage barring a material change in the revenue outlook.

投影片 12 強調了我們在平衡投資與生產力提高以管理整體費用成長方面的持續成功。 3% 的年比費用成長持續放緩，符合我們的指引。去年，我們的效率提高了近 2%，同時整個銀行維持了較高的策略投資。這使我們能夠實現超過 2% 的正營運槓桿，因為過去幾年的投資支持了超過淨費用成長的收入成長。對於 24 財年，我們繼續預計費用將增長在中個位數的低端，並且我們的目標是積極的營運槓桿，除非收入前景發生重大變化。

Slide 13 highlights the strength of our balance sheet. We improved our CET1 ratio to 13% over the quarter, driven by organic capital generation, share issuance and RWA reductions driven by the implementation of methodology changes, net of organic growth in the quarter. Methodology changes this quarter included the adoption of the internal ratings-based approach for the majority of our U.S. bank portfolio and the implementation of new regulatory approaches related to FRTB CVA and negative amortization mortgages. Based on the strength of our capital position and current outlook, we intend to eliminate the discount on our DRIP program after the payment of our Q2 dividend on April 29.

投影片 13 強調了我們資產負債表的力量。我們將本季的 CET1 比率提高至 13%，這得益於有機資本生成、股票發行以及方法變更實施帶來的 RWA 減少（扣除本季的有機成長）。本季度的方法變更包括對我們的大多數美國銀行投資組合採用基於內部評級的方法，以及實施與 FRTB CVA 和負攤銷抵押貸款相關的新監管方法。根據我們的資本狀況和當前前景，我們打算在 4 月 29 日支付第二季股息後取消 DRIP 計劃的折扣。

Our liquidity position improved further during the quarter, helped by deposit growth in excess of loans, resulting in the average LCR of 137%. With both our capital and liquidity ratios ahead of normal course operating targets, we are well positioned to withstand any potential macro headwinds while deploying balance sheet to support our clients and drive growth when market activity picks up.

在存款成長超過貸款的幫助下，本季我們的流動性狀況進一步改善，平均 LCR 達到 137%。由於我們的資本和流動性比率均高於正常營運目標，我們有能力抵禦任何潛在的宏觀阻力，同時部署資產負債表來支持我們的客戶並在市場活動回升時推動成長。

Starting on Slide 14, we highlight our strategic business unit results. Net income in Personal and Business Banking was $655 million, up 10% year-over-year, supported by core business momentum offset by higher credit provisions. Benefiting from recent investments and strong execution, this segment delivered a 25% increase in pre-provision pretax earnings supported by revenue momentum and strong operating leverage. Revenues of $2.5 billion were up 10% year-over-year, helped by 25 basis point increase in margins along with volume growth on both sides of the balance sheet. Expenses of $1.3 billion were down modestly from the prior year as the business redirected resources over the last year to support its current strategic priorities. We expect expenses to increase over the year and maintain our guidance for full year growth in the low to mid-single-digit range.

從投影片 14 開始，我們將重點放在我們的策略事業部門績效。個人和商業銀行業務的淨利潤為 6.55 億美元，年增 10%，這得益於信貸撥備增加所抵銷的核心業務動能。受益於近期的投資和強勁的執行力，在收入勢頭和強大的營運槓桿的支持下，該部門的撥備前稅前收益增長了 25%。由於利潤率成長 25 個基點以及資產負債表兩側銷量的成長，營收達到 25 億美元，較去年同期成長 10%。由於該公司在去年調整了資源以支持當前的戰略重點，因此支出較上一年略有下降，為 13 億美元。我們預計全年費用將增加，並將全年成長指引維持在中低個位數範圍內。

Turning to Slide 15. Net income in Commercial Banking and Wealth Management for the quarter was $498 million. Pre-provision pretax earnings of $705 million were up 3% from a year ago, largely supported by the wealth management business. Revenues of $1.4 billion were up 2% from the prior year as Wealth Management revenues increased 3%, while Commercial Banking revenues were comparable to last year.

轉向投影片 15。本季商業銀行和財富管理業務的淨利為 4.98 億美元。撥備前稅前獲利為 7.05 億美元，年增 3%，主要得益於財富管理業務。營收為 14 億美元，較上年成長 2%，其中財富管理收入成長 3%，而商業銀行收入與去年相當。

Our combined Canadian Personal Commercial franchise continues to exit strong momentum, delivering revenue growth of 8%, operating leverage of 7% and pre-provision pretax earnings growth of 15% over the prior year. Additional details on our best-in-class Canadian franchise have been included in the appendix.

我們合併後的加拿大個人商業特許經營業務繼續保持強勁勢頭，與上一年相比，收入增長了 8%，營運槓桿率提高了 7%，撥備前稅前盈利增長了 15%。有關我們一流的加拿大特許經營權的更多詳細資訊已包含在附錄中。

Turning to U.S. Commercial Banking and Wealth Management. Net income of USD 48 million was down from the prior year, largely due to higher credit provisions in the office portfolio. Revenues were down 4% from last year, partly to a lower annual performance being Wealth Management. Excluding these performance fees in both periods, revenues were up 1% from core business momentum. Expenses were up 4% year-over-year, reflecting investments across our business and infrastructure, which we expect to sustain. We remain focused on scaling our U.S. business and our position to drive long-term profitable growth across both Commercial Banking and Wealth Management.

轉向美國商業銀行和財富管理。淨利潤較上年下降 4,800 萬美元，主要是由於辦公室投資組合中的信貸撥備增加。營收較去年下降 4%，部分原因是財富管理業務的年度表現較低。剔除這兩個時期的績效費用，核心業務動力帶來的收入成長了 1%。費用年增 4%，反映了我們對業務和基礎設施的投資，我們預計這些投資將持續下去。我們仍然專注於擴大我們的美國業務以及推動商業銀行和財富管理領域長期獲利成長的地位。

Turning to Slide 17. Net income of $575 million in capital markets and DFS was down 6% year-over-year. Revenues of $1.5 billion were up 2% over the prior year, driven by strength across all business lines, which more than offset the impact of the federal budget proposal in our markets business. Excluding the impact of this budget proposal, reported revenues were up 5%, supported by a 14% increase in corporate and investment banking and a 5% increase in direct financial services. Expenses of $712 million were up 10% compared to the prior year, largely due to continued investments in growth and higher employee-related compensation.

轉向投影片 17。資本市場和 DFS 淨利潤為 5.75 億美元，年減 6%。在所有業務線實力的推動下，營收達到 15 億美元，比上年增長 2%，遠遠抵消了聯邦預算提案對我們市場業務的影響。排除本預算提案的影響，報告收入增長了 5%，這得益於企業和投資銀行業務增長 14%，以及直接金融服務增長 5%。支出為 7.12 億美元，比上年增長 10%，這主要是由於持續投資於成長和更高的員工相關薪酬。

Finally, Slide 18 reflects the results of the Corporate and Other business units. Net loss of $23 million compared with a net loss of $47 million in the prior year as higher revenue from a lower TEB offset and lower credit provisions were partly offset by higher expenses. This quarter's expenses included onetime costs related to the outsourcing of our check processing operations as we've taken yet another step to simplify our bank.

最後，幻燈片 18 反映了公司和其他業務部門的結果。淨虧損 2,300 萬美元，而前一年的淨虧損為 4,700 萬美元，原因是 TEB 抵銷額減少和信貸準備金減少帶來的收入增加，部分被費用增加所抵銷。本季的費用包括與支票處理業務外包相關的一次性成本，因為我們又採取了簡化銀行的措施。

In closing, we're proud of the results our team delivered this quarter. Record revenues and pre-provision pretax earnings reflect strong execution against our strategy and momentum across our diversified, but connected franchise. Combined with our strong balance sheet, this momentum positions us well to navigate an environment that continues to be fluid as we remain intensely focused on achieving our medium-term strategic and financial targets.

最後，我們對我們的團隊本季所取得的成果感到自豪。創紀錄的收入和撥備前稅前收益反映了我們在多元化但互聯的特許經營中對策略和勢頭的強勁執行力。結合我們強勁的資產負債表，這種勢頭使我們能夠很好地應對持續變化的環境，因為我們仍然高度專注於實現中期策略和財務目標。

With that, I'll turn the call over to Frank.

這樣，我就把電話轉給弗蘭克。

Thank you, Hratch, and good morning, everyone. Our credit portfolios performed within our expectations this quarter and in line with the current macroeconomic environment. In the U.S., we have made good progress managing through the stressed office environment in and out through the majority of substantiative issues in this portfolio. All other commercial real estate sectors within our Canadian and U.S. portfolios, have been performing well with no systemic issues. Our allowance levels remain robust for expected changes in the economy.

謝謝你，赫拉奇，大家早安。本季我們的信貸投資組合的表現符合我們的預期，並符合當前的宏觀經濟環境。在美國，我們在解決該組合中的大多數實質問題時，在應對緊張的辦公環境方面取得了良好進展。我們加拿大和美國投資組合中的所有其他商業房地產領域都表現良好，沒有系統性問題。對於經濟的預期變化，我們的補貼水準仍然保持強勁。

Turning to Slide 22. Our total provision for credit losses was $585 million in Q1 compared to $541 million last quarter. Over the past 12 months, our allowance levels have grown by over $800 million or 14 basis points, creating further resilience for future changes in the macro economy. Our performing provision was $93 million in Q1, mainly attributable to an increase in provisions for the U.S. office sector, model parameter updates and credit migration. Provision on impaired loans was $492 million, which is up slightly $14 million quarter-over-quarter. And this was largely due to higher impairments in the Canadian real estate portfolios and was offset by lower impairments in the U.S. commercial portfolios.

轉向投影片 22。我們第一季的信貸損失撥備總額為 5.85 億美元，而上季為 5.41 億美元。在過去 12 個月中，我們的準備金水準成長了超過 8 億美元，即 14 個基點，為未來宏觀經濟的變化創造了更大的彈性。第一季我們的績效撥備為 9,300 萬美元，主要歸因於美國辦公部門撥備增加、模型參數更新和信貸遷移。減損貸款撥備為 4.92 億美元，季減 1,400 萬美元。這主要是由於加拿大房地產投資組合減損較高，並被美國商業投資組合減損較低所抵銷。

Slide 23 summarizes our gross impaired loans information. Gross impaired balances were up slightly in Q1, mainly driven by our Canadian retail portfolio as well as the commercial real estate sector in the U.S. partially offset by write-offs in business and government loans. Overall, new formations remained relatively stable quarter-over-quarter with the increase in retail, offset by a reduction in business and government.

投影片 23 總結了我們的總減損貸款資訊。第一季的總減損餘額略有上升，主要是由我們的加拿大零售投資組合以及美國商業房地產行業推動，但部分被商業和政府貸款沖銷所抵消。總體而言，隨著零售業務的增加，新業務環比保持相對穩定，但被企業和政府業務的減少所抵消。

Slide 24 summarizes the net write-off and 90-plus day delinquency rates of our Canadian consumer portfolios. We've seen 90-plus day delinquency rates trending higher over the past 12 months reflecting the impact of higher rates and cost pressures our clients are facing. However, the overall credit quality and portfolio health of our clients remain strong. Our credit card and mortgage delinquency rates continue to remain below 2019 levels.

投影片 24 總結了我們加拿大消費者投資組合的淨沖銷率和 90 天以上的拖欠率。我們發現過去 12 個月 90 多天的拖欠率呈上升趨勢，反映出利率上升和客戶面臨的成本壓力的影響。然而，我們客戶的整體信用品質和投資組合健康狀況仍然強勁。我們的信用卡和抵押貸款拖欠率繼續保持在 2019 年水準以下。

Slide 25 for an overview of our Canadian real estate secured personal lending portfolio. The 90-plus day delinquency rate trends reflect the continued seasoning of prior vintages, coupled with a slower housing market. We remain comfortable with this portfolio given the overall reasonable loan-to-value metrics and do not expect to see material losses in this portfolio. Consistent with last quarter, our analysis on clients who are renewing in the next 12 months demonstrates that only 1% of these renewal balances are clients at higher risk from a credit perspective. We've included an updated version of the previous stressed mortgage disclosure slide on Page 42 of this presentation.

投影片 25 概述了我們的加拿大房地產擔保個人貸款投資組合。超過 90 天的拖欠率趨勢反映了前幾年的持續衰退，以及房地產市場的放緩。鑑於整體合理的貸款價值比指標，我們對該投資組合仍然感到滿意，並且預計該投資組合不會出現重大損失。與上季一致，我們對未來 12 個月內續約客戶的分析表明，從信用角度來看，這些續約餘額中只有 1% 是面臨較高風險的客戶。我們在本簡報的第 42 頁上提供了先前強調的抵押貸款揭露投影片的更新版本。

Turning to Slide 26. We are providing an updated view of our U.S. office portfolio. Our team's focus has reduced the portfolio by more than 10% year-over-year. This quarter, we also increased the performing allowance from 9.1% to 13.7%. Assuming market conditions don't materially deteriorate, we expect to see more muted P&L and capital impact in office for the remainder of the year. We have managed to the vast majority of stressed loans. In line with the comments made in prior quarters, we expect impaired levels to decline in the back half of 2024. This quarter, we've also included incremental disclosures in the appendix on our multifamily exposures, both in Canada and the U.S. Multifamily continues to exhibit strong credit performance with very limited watch list and impaired exposures. We've also not seen any losses in this portfolio in the last 12 months.

轉向投影片 26。我們提供了美國辦事處投資組合的最新視圖。我們團隊的重點是將投資組合年減 10% 以上。本季度，我們也將績效津貼從 9.1% 提高到 13.7%。假設市場狀況沒有大幅惡化，我們預期今年剩餘時間內損益和資本影響將更加溫和。我們已經成功處理了絕大多數壓力貸款。根據前幾季的評論，我們預計減損水準將在 2024 年下半年下降。本季度，我們還在附錄中對加拿大和美國的多戶型風險敞口進行了增量披露。表現出強勁的信用表現，但觀察名單非常有限且風險敞口受損。在過去 12 個月中，我們也沒有看到該投資組合出現任何損失。

In closing, while loan losses trended marginally higher in Q1, the portfolio continues to perform well within our expectations. The economy evolves, our allowance levels remain strong and provide us prudent levels of coverage. We expect our office portfolio to have the vast majority of issues well provisioned with impairment levels reducing in the quarters ahead.

最後，雖然第一季貸款損失略有上升，但該投資組合的表現仍符合我們的預期。經濟正在發展，我們的津貼水準仍然強勁，並為我們提供了審慎的覆蓋範圍。我們預計我們的辦公室投資組合中的絕大多數都將配備齊全，並且未來幾季的減損水準將有所下降。

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

現在我將把電話轉回給接線生。

(Operator Instructions) First question is from Gabriel Dechaine, National Bank Financial.

（操作員說明）第一個問題來自國家銀行金融部門的 Gabriel Dechaine。

Yes, I just want to go back to that CRE commentary. So can you maybe explain a bit more why you believe the most problematic loans have been dealt with or in the rearview mirror? And at a high level, this is -- that portfolio has been about 1/3 of your impaired loan losses over the past 4 quarters. As that moderates, is it your expectation that will be a natural offset to higher impaired loans across the rest of the bank portfolios like the Canadian consumer, et cetera, so that you're going to stick within your expected loss guidance -- loss ratio guidance?

是的，我只想回到 CRE 的評論。那麼，您能否再解釋為什麼您認為最有問題的貸款已經被處理或已成為過去？從高水準來看，過去 4 個季度該投資組合約佔您減損貸款損失的 1/3。隨著這種情況的緩和，您的預期是否會自然抵消其他銀行投資組合（例如加拿大消費者等）的較高減損貸款，以便您能夠堅持預期損失指引（損失率）指引？

Yes, sure. So I'll tackle them one by one. So on the U.S. office specifically, we have done and we have said that in prior quarters, we have done a very thorough assessment of the portfolio. We have a team of specialists working on that portfolio on an ongoing basis. And with that, we feel comfortable that we have identified, provisioned all of the stressed loans that we expect in that portfolio.

是的，當然。所以我會一一解決它們。因此，特別是在美國辦事處，我們已經做了並且我們已經說過，在前幾個季度，我們對投資組合進行了非常徹底的評估。我們擁有一支專家團隊，持續致力於該產品組合。因此，我們感到放心的是，我們已經確定並撥備了我們預期在該投資組合中的所有壓力貸款。

And with that, when I said a more muted P&L impact, what we should expect to see is some migration into impaired but that should be largely offset by a reduction in our performing allowances then if we take one step further, once we get into the recovery and resolution of those files, we should also see a release from an RWA perspective, given the amount of capital we hold from an unexpected loss perspective against those loans.

因此，當我說損益影響更加溫和時，我們應該期望看到一些人陷入受損狀態，但這應該在很大程度上被我們績效津貼的減少所抵消，那麼如果我們更進一步，一旦我們進入在這些文件的恢復和解決之後，我們也應該看到從RWA 角度來看的釋放，考慮到我們從這些貸款的意外損失角度持有的資本金額。

And to your second question, as we always guided, there will be a moderation in that, and that will offset some of the expected gradual increases that we should or could see in other portfolios and all of that well within our guidance of mid-30s that we provided earlier.

至於你的第二個問題，正如我們一直在指導的那樣，這方面將會有所緩和，這將抵消我們應該或可能在其他投資組合中看到的一些預期的逐步增長，而所有這些都在我們30 多歲中期的指導範圍內我們之前提供的。

The next question is from Meny Grauman from Scotiabank.

下一個問題來自豐業銀行的 Meny Grauman。

Another credit-related question. Obviously, we're seeing some stress across the group in terms of unsecured credit cards specifically. Frank, I'm curious if you're seeing any sort of interesting patterns in how these portfolios are performing specifically, I'm wondering the Costco portfolio relative to the other card portfolios that you have? Is there any divergence in performance there? And then also in terms of single product clients versus multiproduct lines, anything there that you would know?

另一個與信用相關的問題。顯然，我們看到整個集團在無擔保信用卡方面面臨一些壓力。弗蘭克，我很好奇您是否看到這些投資組合的具體表現有任何有趣的模式，我想知道 Costco 投資組合相對於您擁有的其他卡投資組合？那裡的性能有什麼差異嗎？然後，就單一產品客戶與多產品線而言，您有什麼了解嗎？

Well, I mean, overall, I would say the portfolio specifically is performing as expected, so well within our expectations. We always expected it to trend up. We call it normalization. We are still favorable to what we would have seen pre-pandemic. You touched on some of the trends. So our co-brand card portfolio is exhibiting and we expect that better credit quality. And that is, of course, supporting the overall portfolio.

嗯，我的意思是，總的來說，我想說的是，該投資組合的具體表現符合預期，完全符合我們的預期。我們一直預期它會呈上升趨勢。我們稱之為標準化。我們仍然對大流行前的情況持樂觀態度。您談到了一些趨勢。因此，我們的聯名卡組合正在展示，我們預計會有更好的信用品質。當然，這是對整個產品組合的支持。

But we also continue to invest in business strategies, risk strategies to improve that, and those are proving to be quite successful as well. In all of that I wouldn't say there's any other trends to call out specifically. I mean, one maybe we have always talked about a franchise client. It's usually performing better from a credit perspective. So that's something we are seeing and something that we continue to expect and that is well in line with our strategy of going deeper after client relationships and driving those shares up of those clients that have those relationships. But outside of that, as I said, we continue to be quite happy with the credit performance, and it is well within our expectations.

但我們也持續投資於商業策略、風險策略來改善這一點，事實證明這些策略也相當成功。綜上所述，我不會說還有其他趨勢需要特別指出。我的意思是，也許我們一直在談論特許經營客戶。從信用角度來看，它通常表現得更好。因此，這是我們所看到的，也是我們繼續期待的，這非常符合我們深入客戶關係並推動擁有這些關係的客戶份額上升的策略。但除此之外，正如我所說，我們仍然對信貸表現感到非常滿意，並且完全符合我們的預期。

And then maybe just related, just a bigger picture question in terms of -- the -- when do we expect to see improvement here? Is it driven by rate cuts? Or is there something else that's important here? Or is rate cuts really the key variable that's going to see the pressure on these unsecured portfolios really start to ease?

然後也許只是相關的，只是一個更大的問題，即我們預計什麼時候會看到改進？是降息推動的嗎？或者這裡還有其他重要的事情嗎？或者降息真的是這些無擔保投資組合的壓力真正開始緩解的關鍵變數嗎？

Yes. So it's probably a little bit too early to give you a longer-term outlook. I think we talked about our '24 outlook being in the mid-30s and various offsetting pieces in that portfolio. From what is driving that, I would say it's the overall economy driving it. So single rate card or 2 rate cards won't have a material impact on the portfolio. And it really depends on how unemployment continues to evolve, how rate cuts continue to evolve. What I would reiterate is everything we are seeing so far is going well within our expectations from a forward-looking information and forecast perspective. So assuming that everything continues to go within those expectations, we wouldn't expect any material changes to our performance here.

是的。因此，現在為您提供長期前景可能還為時過早。我想我們討論了 24 年 30 年代中期的前景以及該投資組合中的各種抵消部分。從推動因素來看，我認為是整體經濟推動的。因此，單一價目表或兩張價目表不會對產品組合產生重大影響。這實際上取決於失業率如何繼續發展，降息如何繼續發展。我要重申的是，從前瞻性資訊和預測的角度來看，我們迄今為止所看到的一切都在我們的預期之內。因此，假設一切繼續符合這些預期，我們預期我們的表現不會有任何重大變化。

The next question is from Mario Mendonca from TD Securities.

下一個問題來自道明證券的 Mario Mendonca。

This might be best for you. So I'm watching CIBC's performance here over the last couple of quarters, maybe more than a couple of quarters. And there's probably little doubt that performance has been better than your peers. I think you highlighted that in your opening remarks that you expect to maintain this relative outperformance. But I can't help observing at the same time that the bank also trades at the lowest multiple in the group. So clearly, there's a disconnect here between your performance and the way the market values it. And I can't help but think that it relates to certain things, a concern that something could go wrong.

這可能最適合你。因此，我正在關注 CIBC 在過去幾個季度（甚至可能不只幾個季度）的表現。毫無疑問，您的表現比您的同行更好。我認為您在開場白中強調了您希望保持這種相對優異的表現。但我同時不禁觀察到，該銀行的本益比也是該集團中最低的。很明顯，你的表現與市場對其的評價方式之間存在著脫節。我情不自禁地認為這與某些事情有關，擔心某些事情可能會出錯。

So I want to go through a couple of those, what could go wrong and get your impression. First, on U.S. commercial real estate. I think the message here is that the issues are behind you. Domestic mortgages that always comes up as a particular risk at CIBC, if interest rates remain higher. So the broad question for you is this, what could go wrong? What do you think investors are worried about? And how would you respond to those concerns?

所以我想回顧一下其中的幾個，可能會出現什麼問題並讓您印象深刻。首先是美國商業房地產。我認為這裡傳達的訊息是，問題已經過去了。如果利率持續走高，國內抵押貸款總是會成為 CIBC 的一個特殊風險。所以對你來說最廣泛的問題是，什麼可能會出錯？您認為投資者擔心什麼？您將如何回應這些擔憂？

Well, Mario 2 things. Just on the specific concerns that you've raised, I think Frank did a very good job. And the team, quite frankly, under Shawn's leadership, has done a very good job in rectifying a problem with U.S. real estate that none of us were pleased with. We were disappointed with the performance. When these loans were originated, they were well within our risk tolerance, both in terms of size and the nature of the business, nobody expected a global pandemic. That happened. We worked through it. And that issue, as we've outlined, is really in the rearview mirror as we work through the rest of the year. On domestic mortgages, we feel very comfortable in the mortgages that we've underwritten and the client relationships that we're building. The overwhelming majority of our clients have deeper relationships with them -- with us.

嗯，馬裡奧2的事。就你提出的具體問題而言，我認為弗蘭克做得非常好。坦白說，在肖恩的領導下，該團隊在糾正美國房地產問題方面做得非常好，但我們對此都不滿意。我們對錶現感到失望。當這些貸款發放時，無論是規模還是業務性質，它們都完全在我們的風險承受範圍之內，沒有人預料到會出現全球性大流行。那事發生了。我們解決了這個問題。正如我們所概述的，這個問題在我們今年剩餘時間的工作中確實出現在後視鏡中。在國內抵押貸款方面，我們對承保的抵押貸款和正在建立的客戶關係感到非常放心。我們的絕大多數客戶與他們——與我們——有著更深厚的關係。

They have more deposits then they had pre-pandemic. They're employed, they're working through things. That doesn't mean they're not anxious. But from a bank's standpoint, the loan-to-value across the board is on average about 50%, it varies location by location. So that doesn't remain a concern. Quite frankly, what's really a bigger concern is the lack of housing. That's a bigger concern for me, that's an issue. Well, what can go wrong for us, it's really geopolitics, Capital G, Capital P, but we don't own that. We don't own the economy. We own our strategy and what we've committed to or shareholders, Mario is to deliver on our strategy of growing in the affluent and the high net worth space, attracting clients to our bank.

他們的存款比大流行前還要多。他們有工作，他們正在解決問題。這並不意味著他們不焦慮。但從銀行的角度來看，整體貸款價值比平均約為 50%，具體情況因地點而異。所以這不再是一個問題。坦白說，真正更令人擔憂的是缺乏住房。這對我來說是一個更大的擔憂，這是一個問題。好吧，我們可能會出問題，這實際上是地緣政治，G資本，P資本，但我們不擁有它。我們不擁有經濟。我們擁有我們的策略以及我們對股東的承諾，馬裡奧將實現我們在富裕和高淨值領域發展的策略，吸引客戶到我們的銀行。

Clients are running to our bank. There are 700,000 net new clients attracted to our bank building connectivity across our bank and using technology and the technology investments we've made to drive scale and to drive better operating efficiencies. And what you see quarter-over-quarter over time, is improved operating leverage quarter-over-quarter over time, pre-provision pretax earnings growth improving. And our goal is just to continue to deliver on that consistently going forward to make sure that strategy continues to work. And over time, we will earn the rights of more shareholders to invest in our bank. And with that, we will close those multiple gaps and continue to grow and prosper. So thanks for the question. I'm always worried, but I'm not worried about our strategy.

客戶紛紛湧向我們的銀行。我們的銀行吸引了 70 萬名淨新客戶，他們在整個銀行建立連接，並利用技術和我們所做的技術投資來擴大規模並提高營運效率。隨著時間的推移，您會看到，隨著時間的推移，營運槓桿逐季提高，撥備前稅前獲利成長也在改善。我們的目標只是繼續不斷地向前推進，以確保策略繼續發揮作用。隨著時間的推移，我們將贏得更多股東投資我們銀行的權利。這樣，我們將縮小這些多重差距，並繼續發展和繁榮。謝謝你的提問。我總是擔心，但我並不擔心我們的策略。

Right. And on your -- for the -- I can't think of a better term, like your risk dashboard presumably, you have something to that effect, some report that you look at -- is there anything...

正確的。關於你的——對於——我想不出更好的術語，比如你的風險儀表板，你有一些類似的東西，你看的一些報告——有什麼......

Yes, we do. We look risk appetites, risk dashboards. We look at operational risk, we look at market risk, we look at credit risk, we look at reputational risk, and we manage all of that.

是的，我們願意。我們關注風險偏好、風險儀表板。我們專注於營運風險、市場風險、信用風險、聲譽風險，並管理所有這些風險。

Is there anything there on the dashboard today that you would want to highlight for us?

今天儀表板上有什麼您想向我們強調的嗎？

I would want to highlight our Capital Markets business, which has consistently delivered market-leading return on equity. Market-leading VAR in terms of return on low VAR. It's just -- really the business is highly connected, more than 30% of revenues are connected to the rest of the bank. The U.S. business is growing. So when I look at all of that, our goal is just to make sure that we continue to deliver and make sure that we have operational resilience. That is something that we need to always continue to focus on.

我想強調一下我們的資本市場業務，該業務始終提供市場領先的股本回報率。就低 VAR 回報而言，市場領先的 VAR。事實上，該業務是高度關聯的，超過 30% 的收入與銀行的其他部門相關。美國業務正在成長。因此，當我審視所有這些時，我們的目標只是確保我們繼續交付並確保我們具有營運彈性。這是我們需要始終持續關注的事情。

The next question is from Sohrab Movahedi from BMO Capital Markets.

下一個問題來自 BMO 資本市場的 Sohrab Movahedi。

Maybe just quickie for Jon Hountalas. Obviously, a good set of underlying results. I wonder if you could pinpoint any of it on the Costco credit card acquisition or if there's any updates you want to give us on how that vector of growth is performing for you?

也許對喬恩·霍塔拉斯來說只是速戰速決。顯然，這是一組很好的基礎結果。我想知道您是否可以指出 Costco 信用卡收購中的任何內容，或者您​​是否想向我們提供有關該成長向量對您的影響的任何最新資訊？

Thank you for the question. The results were good, sorry, if you see them. Just high level, I'd say the revenue was 50% rates, 25% broad volume and just 25%, let's call it, pricing discipline. The Costco deal has gone well. It's still a small part of our overall results. I would tell you on the Costco transaction, every key metric we look at, revolve rate, loan losses, outstandings, new clients, every key rate is performing better than business case. Our franchising efforts are going well or better than we hoped. So it's performing better than we thought. But I can't tell you that Costco is the key contributor to these results. These results are broad-based on a lot of hard work, a lot of execution against many smart investments that have been made over the years. I hope I answered your question.

感謝你的提問。結果很好，抱歉，如果你看到的話。就高水準而言，我想說收入是 50% 的稅率，25% 的整體成交量，只有 25%，我們稱之為定價紀律。 Costco 的交易進展順利。這仍然只是我們整體結果的一小部分。我想告訴你，關於 Costco 交易，我們關注的每一個關鍵指標，循環利率、貸款損失、未償債務、新客戶，每一個關鍵利率的表現都比商業案例更好。我們的特許經營工作進展順利，甚至比我們希望的還要好。所以它的表現比我們想像的還要好。但我不能告訴你 Costco 是這些結果的關鍵貢獻者。這些成果是基於多年來所做的大量艱苦工作和大量明智投資的大量執行。我希望我回答了你的問題。

The next question is from Lemar Persaud from Cormark Securities.

下一個問題來自 Cormark Securities 的 Lemar Persaud。

Yes. A bit of a busy morning. So apologies if you addressed this in your opening remarks. But for Hratch, the stability of margins through this rising rate environment. Can you talk about expectations as you see rates move lower in Canada and the U.S.? And does stable rates, I guess, include potential rate cuts? And then moving forward, does this experience to lagging margin gains relative to peers and weaker stock price performance change how you're going to manage rate sensitivity over the longer term, perhaps you'd look at making the bank more rate sensitive moving forward?

是的。早上有點忙。如果您在開場白中提到了這一點，我深表歉意。但對赫拉奇來說，在這種不斷上升的利率環境下利潤率保持穩定。您能談談您對加拿大和美國利率下降的預期嗎？我猜穩定利率是否包括潛在的降息？然後，展望未來，相對於同業的利潤率成長滯後和股價表現疲軟的經歷是否會改變您長期管理利率敏感性的方式，也許您會考慮讓銀行未來對利率更加敏感？

Thank you, Lemar, for the question. So look, I'll start with the first part of that. We're very pleased with our margin performance. And off the bat, I'll answer your question. We think we have the right approach. We're not changing our approach. Our approach in managing the balance sheet is not to take a position on rates. We don't believe that's a productive risk to take if you look at it over time. And so we manage the margins for stability. We've shown you the slide, the stability through unprecedented movements down and now up and maybe back down on rates has been, we think, remarkable, and we'll continue managing that way.

謝謝勒馬爾提出的問題。所以看，我將從第一部分開始。我們對我們的利潤率表現非常滿意。首先，我會回答你的問題。我們認為我們有正確的方法。我們不會改變我們的方法。我們管理資產負債表的方法不是對利率採取立場。如果你長期觀察的話，我們認為這並不是一個有效的風險。因此，我們管理利潤以實現穩定。我們已經向您展示了幻燈片，我們認為，透過前所未有的下降和現在的上升以及可能的利率回落所保持的穩定性是顯著的，我們將繼續以這種方式進行管理。

But in terms of what we've done, right, that margin stability has helped us. We've shown the strong track record of keeping that stable overall. We've expanded non-trading NIM by more than 10 basis points since the end of '22 as we've gone on this journey. That's been supported by all the businesses.

但就我們所做的事情而言，利潤率的穩定性對我們有幫助。我們已經展示了保持整體穩定的良好記錄。自 22 世紀末以來，隨著我們踏上這趟旅程，我們的非交易淨利差已擴大了 10 個基點以上。這得到了所有企業的支持。

Strong CAD P&C, which is up more than 20 basis points over that time. Stable NIM in the U.S., if you look at it over that entire time period, despite the dislocations that we saw last March in that market, right? And in both P&C and Canada and in the U.S., you had the unprecedented shift to term deposits from demand, unprecedented increase in deposit costs, a lot more dislocation in the U.S. And through all of that, those business margins have been stable and improving.

CAD P&C 強勁，同期上漲超過 20 個基點。美國的淨利差保持穩定，如果你從整個時間段來看的話，儘管我們去年三月在該市場看到了混亂，對嗎？在財產和意外險、加拿大以及美國，您都經歷了前所未有的從需求轉向定期存款、存款成本空前增加、美國出現更多混亂的情況。透過這一切，這些業務利潤率一直保持穩定並有所改善。

And that's what has allowed us to drive NII. We grew NII on a nontrading basis, 10% in 2023. We've got 6% year-over-year this quarter, and we think there is continued momentum. In terms of what happens going forward is this stability helps us, right, but rates have plateaued. And so over time, we've said benefit a few basis points a quarter from the repricing of the balance sheet. That's helped us offset some of those headwinds.

這就是我們推動 NII 的原因。我們在非交易基礎上成長了 NII，到 2023 年成長了 10%。本季我們的年成長率為 6%，我們認為勢頭會持續下去。就未來發生的情況而言，這種穩定性對我們有幫助，對吧，但利率已經趨於穩定。因此，隨著時間的推移，我們說過每季都會從資產負債表的重新定價中受益幾個基點。這幫助我們抵消了一些不利因素。

We will continue to have those benefits going forward. And based on everything we see, including some further pressure on pricing and mix of deposits and so forth, we expect on the core stable to upwards trending margins, which will stabilize over time. And I think we'll be more stable coming down if rates do drop as expected because of the way we manage things. So no, I wouldn't change anything.

未來我們將繼續享受這些好處。根據我們所看到的一切，包括定價和存款組合等方面的進一步壓力，我們預計核心利潤率將穩定上升，並隨著時間的推移而穩定。我認為，如果由於我們管理事物的方式，利率確實如預期下降，我們的下降將會更加穩定。所以不，我不會改變任何事。

This question is from Nigel D'Souza from Veritas Investment Research.

這個問題來自 Veritas Investment Research 的 Nigel D'Souza。

I wanted to touch on U.S. commercial real estate again. We're seeing smaller banks in the U.S. look to asset sales in the pre-portfolio to help us with the capital release. And there seems to be a disconnect between the market based and the carrying value where the discounts on the market bags are too, I guess, greater for gap to transact on these asset sales. So is that your experience when you were exploring your institutional CRE sale? And how do you think that gap will eventually be bridged? Because it doesn't sound like you expect another round of impairments or provisions to bridge that gap between market pricing and carrying value?

我想再談談美國商業地產。我們看到美國的小型銀行希望透過預投資組合中的資產出售來幫助我們釋放資本。基於市場的價值和帳面價值之間似乎存在脫節，我認為，市場袋子的折扣對於這些資產銷售的交易缺口也更大。這就是您在探索機構 CRE 銷售時的經驗嗎？您認為這種差距最終將如何彌合？因為聽起來您並不期望另一輪減損或準備金來彌合市場定價和帳面價值之間的差距？

Well, thank you for the question. I think -- I mean we have reacted to that gap by adjusting our provisions to reflect what we believe a reasonable market value is. And we have been through a couple of successful dispositions in the market where we actually realized what we expected to realize and what we were provisioned for. So I think we will continue that strategy. And as I said, we believe our current allowances that we have are prudently reflecting that, and we will continue the strategy of working through those assets. And then again, as I said before, I mean, the overall capital impact through those provisions -- sorry, the overall P&L impact through that provision should be more muted on a go-forward basis.

嗯，謝謝你的提問。我認為——我的意思是，我們已經透過調整我們的規定來應對這一差距，以反映我們認為合理的市場價值。我們在市場上經歷了幾次成功的配置，我們實際上實現了我們期望實現的目標以及我們的配置。所以我認為我們將繼續這項策略。正如我所說，我們相信我們目前擁有的津貼謹慎地反映了這一點，我們將繼續實施利用這些資產的策略。再說一次，正如我之前所說，我的意思是，這些條款對整體資本的影響——抱歉，從長遠來看，該條款對整體損益的影響應該會更加減弱。

The next question is from Ebrahim Poonawala from Bank of America.

下一個問題來自美國銀行的 Ebrahim Poonawala。

I guess I just wanted to follow up maybe to Mario's question about -- not about what could go wrong, but what could go right? And Victor, when we look at the ROE, 13.8% this quarter, your target, I believe, still is 16% plus, just walk through in terms of where the franchise today is under earning the most in order to bridge that gap? Is it excess capital, PCLs, efficiency? Would love to hear your thoughts.

我想我只是想跟進馬裡奧的問題，不是關於什麼可能會出錯，而是關於什麼可能會正確？維克多，當我們看到本季度的 ROE 為 13.8% 時，我相信您的目標仍然是 16% 以上，請看看​​今天的特許經營權在哪裡賺取最多，以彌補這一差距？是過剩資本、PCL、效率嗎？很想聽聽您的想法。

Good morning, Ebrahim, that all kind of goes to our strategy. It goes to our Investor Day of June of 2022, where we laid out business by business and for the overall enterprise that we plan on achieving through the cycle. And it's been a journey through that cycle. It always is through a cycle, but we're delivering -- we're delivering on our ROE targets at 13.8%. We're still far way away from the 16%. But if you look at our strategy again, a high net worth affluent strategy is capital light, it's ROE enhancing, attracting clients for the future where we're -- we have a leadership position in newcomers and students through our CIBC branded and simply platforms, a large majority of those become affluent. They tend to become affluent over time. So this -- that growth into the future.

早安，易卜拉欣，這一切都符合我們的策略。 2022 年 6 月是我們的投資者日，我們逐項列出了業務以及我們計劃在整個週期中實現的整體企業目標。這是一個經歷這個週期的旅程。它總是要經歷一個週期，但我們正在實現——我們正在實現 13.8% 的 ROE 目標。我們離16%還有很遠的距離。但如果你再看看我們的策略，高淨值富裕策略是輕資本，它可以提高股本回報率，吸引未來的客戶——我們透過 CIBC 品牌和簡單的平台在新移民和學生中處於領先地位，其中絕大多數變得富裕。隨著時間的推移，他們往往會變得富裕。所以這——未來的成長。

The connectivity strategy, Ebrahim, that we have, also drives an enhanced ROE because as we do work with our balance sheet to help our clients realize their ambitions, we make sure that they're actually doing business in other parts of our bank. And what you will see from CIBC in the quarters ahead is a continued focus on that connectivity theme because that connectivity theme is also ROE enhancing. It's capital enhancing. And the last thing I'd say is just the fourth pillar of our strategy, which is the -- which are the investments that we've made. If you look back over the last number of years, as we were working through a more positive operating leverage and improving our earnings profile, it was the result of us investing for the future.

我們擁有的 Ebrahim 連結策略也推動了 ROE 的提高，因為當我們利用資產負債表來幫助客戶實現他們的抱負時，我們確保他們實際上在我們銀行的其他部門開展業務。您將在未來幾季從 CIBC 看到的是對連結性主題的持續關注，因為連結性主題也能提高股本回報率。這是資本增值。我要說的最後一件事是我們策略的第四個支柱，也就是我們所做的投資。如果你回顧過去幾年，我們正在努力實現更積極的營運槓桿並改善我們的獲利狀況，這是我們為未來投資的結果。

We've made a lot of those investments. We continue to do so. We're not holding back, but we're now trying to scale those investments for returns, all of which should be capital enhancing. I think when you add all of that up in terms of the quality of the revenue growth, our ability to control expenses, the credit quality and the overwhelming majority of our book, as Frank has articulated, you'll see that ROE improve over time. You'll see us continue to build capital over time, and you'll see a better return. And I can tell you that the leadership team of our bank is focused on ROE and is focused on high-quality earnings per share growth.

我們已經進行了大量投資。我們將繼續這樣做。我們不會退縮，但我們現在正在努力擴大這些投資以獲得回報，所有這些都應該是資本增值。我認為，當你將收入成長的品質、我們控制費用的能力、信貸品質以及我們書中的絕大多數內容（正如弗蘭克所闡述的那樣）加起來時，你會發現淨資產收益率隨著時間的推移而提高。隨著時間的推移，您會看到我們繼續累積資本，並且您會看到更好的回報。而且我可以告訴大家，我們銀行的領導團隊非常注重ROE，注重每股盈餘的高品質成長。

And just on that building capital, Victor CET1 at 13%, give us a thought process, does that build from your appetite if there are dislocations in the U.S. in terms of capitalizing on M&A in the U.S.?

就建築資本而言，維克多 CET1 為 13%，給我們一個思考過程，如果美國在利用美國併購資本方面出現混亂，這是否會根據您的胃口建立？

I'm going to share the podium here with my colleague, Hratch. So Hratch, over to you.

我將與我的同事赫拉奇 (Hratch) 一起登上講台。那麼，赫拉奇，交給你了。

Thanks for the question, Ebrahim. Thanks, Victor. So we're very pleased with where CET1 has landed this quarter. And frankly, over the last 4 to 5 quarters, the progress we've made, right? And as we said in my remarks, Ebrahim, it is above our operating targets. We've always said what we've managed to is to be well clear of regulatory requirements and to be within the peer group. If you look at what we've done, over the last 5 quarters. We've built up 130 basis points of CET1 which is the equivalent of over $4 billion of capital. Yes, we've issued some, but we've issued just over $1.5 billion worth. The rest of it has been organic generation and discipline in our balance sheet and efficiency of the balance sheet. We've stood some headwinds through that. We've increased our allowance by about $1 billion while doing that. And we've done all of that without constraining growth.

謝謝你的提問，易卜拉欣。謝謝，維克多。因此，我們對 CET1 本季的進展感到非常滿意。坦白說，在過去的 4 到 5 個季度中，我們取得了進展，對嗎？正如我們在演講中所說，易卜拉欣，它高於我們的營運目標。我們總是說，我們所做的就是充分滿足監管要求並躋身同行行列。如果你看看我們在過去 5 個季度所做的事情。我們已經建立了 130 個基點的 CET1，相當於超過 40 億美元的資本。是的，我們已經發行了一些，但我們發行的價值剛剛超過 15 億美元。剩下的就是我們資產負債表的有機生成和紀律以及資產負債表的效率。我們在這方面遇到了一些阻力。在此過程中，我們的津貼增加了約 10 億美元。我們在沒有限製成長的情況下完成了所有這些。

We've delivered pretax pre-provision growth in our target range, and we've protected our ROE by being disciplined. And so when we end up at 13% this quarter, which is above our operating targets, as we said, we feel very comfortable. And as we said, we intend to stop the DRIP discount that we can continue to generate that growth while having enough capital through organic generation to fund that growth. And we will stabilize the CET1 around where there is no reason to keep building the CET1 from the current levels. We are comfortably where we need to be in. And so the focus is really generating capital. Victor described exactly how we believe ROE will continue enhancing over time. And that generation will keep our organic growth going. But certainly, we're in a position to generate capital in excess of what we need to grow organically.

我們已經實現了目標範圍內的稅前撥備前成長，並且我們透過遵守紀律保護了我們的淨資產回報率。因此，當我們本季的成長率達到 13%（高於我們的營運目標）時，正如我們所說，我們感到非常放心。正如我們所說，我們打算停止 DRIP 折扣，這樣我們就可以繼續產生這種成長，同時透過有機發電擁有足夠的資本來為這種成長提供資金。我們將把 CET1 穩定在沒有理由在當前水準上繼續建造 CET1 的地方。我們已經輕鬆地處於我們需要的位置。因此，重點是真正產生資本。 Victor 準確地描述了我們如何相信 ROE 將隨著時間的推移而繼續提高。那一代人將保持我們的有機成長。但可以肯定的是，我們能夠產生超過有機成長所需的資本。

The next question is from Darko Mihelic from RBC Capital Markets.

下一個問題來自加拿大皇家銀行資本市場 (RBC Capital Markets) 的達科·米赫利奇 (Darko Mihelic)。

Just a question for Jon. I just wanted to sort of revisit the mortgages in Canada. I wanted to just ask like when we look at the amount of originations in the quarter, would you say that you would be gaining share or losing share in the mortgage market with the $7 billion of originations?

只是問喬恩一個問題。我只是想重新審視加拿大的抵押貸款。我想問的是，當我們查看本季的發放金額時，您會說您會在抵押貸款市場中透過 70 億美元的發放獲得份額還是失去份額？

Roughly in line with -- Darko's, this is Jon, roughly in line with market.

大致上與達科的一致，這是喬恩，大致與市場一致。

And so then when I look at Slide 32, and I see the inflow spread on mortgage, I question why not push for more good origination. Why not compete a little bit, given that that's the highest inflow spread we've seen since Q2 of 2022?

因此，當我查看幻燈片 32 時，我看到抵押貸款的流入擴散，我質疑為什麼不推動更好的起源。鑑於這是自 2022 年第二季以來我們看到的最高流入利差，為什麼不進行一點競爭呢？

Thanks, Darko. I mean we're in the mix. There just isn't a lot of mortgage volume is one. Two, look we don't chase kind of product per se, right? We are a relationship bank where we think we can build deep relationships, trust me, we price to win. If we think it's going to be a mortgage and 3 to 5 years later, it will be gone. It's not really our thing. So maybe a little less about market per se and more about building relationships with people that appreciate what we do and want to do more with us.

謝謝，達科。我的意思是我們是混合在一起的。其中之一就是抵押貸款數量並不多。第二，看起來我們並不追逐某種產品本身，對嗎？我們是一家關係銀行，我們認為我們可以建立深厚的關係，相信我，我們以價格獲勝。如果我們認為它會成為抵押貸款，三到五年後，它就會消失。這確實不是我們的事。因此，也許少一點關於市場本身，更多地關注與那些欣賞我們所做的事情並希望與我們一起做更多事情的人建立關係。

And that we're doing. So I think you'll continue to see us grow roughly in the mix, but we will do it with clients that we think want to do more things with us. We have -- I think we have smart people in the front line, they can figure that out, and we have a lot of data that helps us realize the potential that we have with clients outside of our bank and what we think we can bring inside our bank. I hope that answers your question.

我們正在做的事情。因此，我認為您將繼續看到我們在混合中大致增長，但我們將與我們認為希望與我們一起做更多事情的客戶一起這樣做。我們有——我認為我們在第一線有聰明的人，他們可以解決這個問題，我們有大量的數據可以幫助我們認識到我們與銀行以外的客戶的潛力以及我們認為我們可以帶來什麼我們銀行裡面。我希望這能回答你的問題。

Yes, it does. Would you argue that today, the credit quality of the mortgage being underwritten is very high, given the strict underwriting rules, the stress test being where it is, would you say that the credit quality of what's coming in the door is solid?

是的，它確實。您是否會說，今天承銷的抵押貸款的信用品質非常高，考慮到嚴格的承銷規則，壓力測試也如此，您是否會說即將推出的抵押貸款的信用品質是可靠的？

Yes.

是的。

Okay. I mean this is -- this gets back to the whole question that everybody is sort of asking themselves, right? If I look at this very slide, and look at Q3 2022 when spreads were at almost their worst, your originations in that quarter were $17 billion. And today, we're at $7 million, and you're saying you're roughly in the mix. I think back then, you were leading the pack in terms of mortgage growth.

好的。我的意思是，這又回到了每個人都在問自己的整個問題，對嗎？如果我看一下這張投影片，再看一下 2022 年第三季度，當時利差幾乎達到最差水平，那麼該季度的資金來源為 170 億美元。今天，我們的收入為 700 萬美元，而您說您大致處於其中。我認為當時，你們在抵押貸款成長方面處於領先地位。

So it's just -- I guess, maybe what you're saying to me is this is the newer -- like this is a different sort of view on the mortgage portfolio and you're roughly going to be in line with industry neither leading or lagging despite profitability metric because it really comes down to more wholesome relationship. Would that be a -- I'm paraphrasing, Jon, so correct me if I'm wrong.

所以這只是——我想，也許你對我說的是這是較新的——就像這是對抵押貸款投資組合的一種不同的看法，你大致會與既不領先也不領先的行業保持一致。儘管盈利能力指標仍然落後，因為它實際上歸結為更健康的關係。那會是——我正在解釋，喬恩，如果我錯了，請糾正我。

I think that's a very fair statement, Darko.

我認為這是一個非常公平的說法，達科。

The next question is from Doug Young from Desjardins Capital Markets.

下一個問題來自 Desjardins Capital Markets 的 Doug Young。

I'll keep this quick. Just maybe back Hratch the U.S. NIMs, and I apologize if you've gone through this. But how many U.S. banks are showing NIM expansion sequentially and I get the deposit and the loan part of it. Maybe you can kind of dial into the balance sheet mix and anything else that you're doing that's maybe than peers that are giving you a better NIM result in the U.S.?

我會盡快保持這一點。也許只是回到美國 NIM 的 Hratch，如果你經歷過這件事，我深感抱歉。但有多少家美國銀行連續顯示淨利差擴張，我得到了其中的存款和貸款部分。也許你可以考慮一下資產負債表組合以及你正在做的其他事情，這些可能比美國的同業為你帶來更好的淨利差結果？

Absolutely. Happy to take that question, and thank you. And I'm going to start, and I'm going to pass it on to Shawn because I think the business has done an excellent job managing our already strong deposit franchise and strengthening it and managing the margin. So Shawn can elaborate on that. But just to start with the slide, I think it's a lot of what we've been saying all along, right? We do benefit from rising rates. We manage the balance sheet in the U.S. the same as we do Canada.

絕對地。很高興回答這個問題，謝謝。我要開始，我要把它交給肖恩，因為我認為該公司在管理我們已經很強大的存款特許經營權、加強它和管理利潤方面做得非常出色。肖恩可以詳細說明這一點。但從幻燈片開始，我認為這就是我們一直以來所說的很多內容，對嗎？我們確實受益於利率上升。我們在美國管理資產負債表的方式與在加拿大相同。

And so you've seen since Q4 of '22 to now, that is fairly stable in margins because what's happened is we've slowly benefited from rising interest rates. What you see this quarter in terms of the negative 4 basis points impact from deposits is simply the catch-up of some of the deposits are still repricing up to the latest Fed hikes that we had. And so that's going to start stabilizing. But on the flip side, you had the loan portfolio really contribute through higher margins. And then in terms of the balance sheet mix, the balance sheet mix is simply because we did have deposit growth, and that's one of the areas our business has done an excellent job.

所以你可以看到，從 22 年第四季到現在，利潤率相當穩定，因為我們已經慢慢從利率上升中受益。你所看到的本季存款下降 4 個基點的影響只是一些存款仍在重新定價以適應聯準會最新升息的結果。所以這將開始穩定下來。但另一方面，貸款組合確實透過更高的利潤做出了貢獻。然後就資產負債表組合而言，資產負債表組合只是因為我們確實實現了存款成長，而這是我們業務做得非常出色的領域之一。

Deposit growth is growing more, providing NII on the numerator and assets have been more muted on the denominator side, that ends up helping NIM as more deposit NII comes in. So that's really that balance sheet mix 4 basis points that you see. But I'll pass it on to Shawn to give you more color.

存款成長越來越快，分子上的NII 和分母上的資產變得更加溫和，隨著更多的存款NII 進入，這最終會幫助NIM。所以這實際上是您看到的資產負債表組合4個基點。但我會把它傳遞給肖恩，讓你有更多的色彩。

Thanks, Hratch. And Doug, thanks for the question. So to Hratch's point, I think it's both sides of the balance sheet that are being reflected here. We've had pricing discipline. We've invested in tools, including ones that are based on AI to help with pricing and make sure that we are being competitive, but intelligent about how we price on the loan side. There's also been some mix shift. We've talked about the fact that we've been deemphasizing elements of the commercial real estate book. Some of that was lower yielding, and we've replaced that with commercial loan growth that's helped on the asset side. And on the deposit side, we're really pleased with our performance this quarter.

謝謝，赫拉奇。道格，謝謝你的提問。因此，就赫拉奇的觀點而言，我認為這裡反映的是資產負債表的兩面。我們有定價紀律。我們投資了工具，包括基於人工智慧的工具，以幫助定價並確保我們具有競爭力，但我們對貸款方面的定價方式很明智。還有一些混合轉變。我們已經討論過這樣一個事實，即我們一直在淡化商業房地產書中的元素。其中一些是收益率較低，我們已經用商業貸款成長取代了它，這對資產方面有幫助。在存款方面，我們對本季的表現非常滿意。

We -- it's a combination of like it's a strategic focus. Our relationship managers speak to clients all the time about their deposit needs, our treasury management capabilities and how we can serve them. We also have launched a number of different initiatives, including doing some testing and learning in our digital space that has shown, we're pleased with the early results around that. And we've done all of that with an eye towards our margin management. So all of that, coupled with our hedging strategies that Hratch just talked about, have all contributed to that NIM performance.

我們——這是一個策略重點的組合。我們的客戶經理始終與客戶討論他們的存款需求、我們的資金管理能力以及我們如何為他們提供服務。我們還啟動了許多不同的舉措，包括在我們的數位空間中進行一些測試和學習，結果表明，我們對早期結果感到滿意。我們所做的所有這些都是著眼於我們的利潤管理。因此，所有這些，再加上 Hratch 剛才談到的我們的對沖策略，都對 NIM 表現做出了貢獻。

And from an overall strategy perspective, I mean this is all aligned with our very high-touch relationship-focused business that we're building in the U.S., and there's really 3 elements to that. There's the highly connected Commercial Banking and Wealth Management franchise, working with clients who really value this fulsome relationship. We're building out our private wealth business, which does provide -- it's got terrific attributes in and of itself. It also contributes significantly from a capital generation perspective, funding perspective and again that feeds in through our NIMs and a referral opportunity, all of which supports our commercial banking business. And we're investing in our infrastructure. As I said, some of that is through pricing tools, et cetera, but making us sharper on the front side and as well building up our infrastructure to support that growth ambition in line with regulatory expectations. All of that we expect over time to deliver on our Investor Day targets.

從整體策略的角度來看，我的意思是，這一切都與我們在美國建立的以關係為中心的高接觸業務一致，這實際上有 3 個要素。我們擁有高度互聯的商業銀行和財富管理特許經營權，與真正重視這種充實關係的客戶合作。我們正在建立我們的私人財富業務，它確實提供了——它本身俱有極好的屬性。它也從資本產生的角度、融資的角度做出了重大貢獻，並再次透過我們的淨利差和推薦機會提供支持，所有這些都支持我們的商業銀行業務。我們正在投資我們的基礎設施。正如我所說，其中一些是透過定價工具等實現的，但使我們在前端更加敏銳，並建立我們的基礎設施以支持符合監管預期的成長雄心。我們希望隨著時間的推移，所有這些都能實現我們的投資者日目標。

And the next question is from Sohrab Movahedi from BMO Capital Markets.

下一個問題來自 BMO 資本市場的 Sohrab Movahedi。

Get rewarded for following directions here. Harry, everyone's had a chance to talk, you haven't. I just wanted to kind of get a feel from you. Obviously, the quarter was strong for capital markets, but I just want to get a sense of how you see the year playing out off of this strong start?

遵循此處的指示即可獲得獎勵。哈利，每個人都有機會說話，但你沒有。我只是想從你那裡感受一下。顯然，本季資本市場表現強勁，但我只是想了解一下，您如何看待今年的強勁開局？

And thank you for that question. As you know, we -- and you've heard it today, we're really focused on the execution of our strategy, which, as Victor said in the earlier remarks, it's working well. I would say it's working very well in capital markets. Well, we're really focused on delivering on our Investor Day targets, and you're seeing that. Excluding the impact of the TEB, we're anticipating year-over-year growth in revenue in '24 in the mid- to high single digits, and we're focused on bringing our expense growth in '24 down to the low single -- low to mid-single digits area. So that should give you an idea on how we're thinking about the year.

謝謝你提出這個問題。如您所知，我們—您今天也聽到了，我們真正專注於我們策略的執行，正如維克多在先前的演講中所說，該策略運作良好。我想說它在資本市場上運作得很好。嗯，我們確實專注於實現投資者日目標，您也看到了。排除 TEB 的影響，我們預計 24 年的收入同比增長將達到中高個位數，並且我們致力於將 24 年的費用增長降至低個位數 - - 低到中個位數區域。因此，這應該能讓您了解我們如何看待這一年。

This, as Victor pointed out, is a really well diversified business. And you heard Shawn talk about our platform working together, the connected franchise. 30% of our revenue does come from service and commercial, wealth and retail clients. We've got 40% from corporate origination, another 30% from our institutional and trading businesses.

正如維克多所指出的，這是一項非常多元化的業務。您聽到 Shawn 談論我們的平台協同工作，即互聯特許經營。我們 30% 的收入確實來自服務和商業、財富和零售客戶。我們的 40% 來自企業起源，另外 30% 來自我們的機構和貿易業務。

So I think that diversification is going to play out very well as we go forward in 2024. Clearly, the -- there is some seasonality to this business. Our clients were very active this quarter. This is a client-driven franchise that really is aligned to longer-term macro trends. So it's working well. You saw that in the results in quarter 1. So we're optimistic that we've had a solid start to the year. It does give us confidence that we're going to achieve our full year targets that we set out at Investor Day.

因此，我認為，隨著我們在 2024 年前進，多元化將會發揮得很好。顯然，這項業務存在一些季節性。本季我們的客戶非常活躍。這是一個以客戶為導向的特許經營權，真正符合長期宏觀趨勢。所以它運作得很好。您在第一季的業績中看到了這一點。因此，我們對今年的良好開局感到樂觀。這確實讓我們有信心實現我們在投資者日設定的全年目標。

Thank you. There are no further questions registered at this time. I'd like to turn the call back over to Victor.

謝謝。目前沒有登記任何其他問題。我想把電話轉回給維克多。

Thank you, operator, and thanks for all your questions and your interest in our bank. And I hope we were able to convey again that our strategy is working, and we continue and plan to deliver against those strategic objectives. .

謝謝您，接線員，感謝您提出的所有問題以及您對我們銀行的興趣。我希望我們能夠再次表明我們的戰略正在發揮作用，我們將繼續併計劃實現這些戰略目標。 。

So as we move deeper into fiscal 2024, we're going to continue to lean into our purpose, going to help our clients achieve their ambitions. We're in a strong position today. We've made the right investments. We have a deep leadership bench. We have a client-focused strategy that is delivering results. We're going to continue to build on our momentum as we look to the future. We have tremendous opportunities ahead of us. And as always, I want to thank you, our CIBC team for what they do for our clients and what they do for our bank each and every day with great pride and great dedication. I look forward to catching up with all of you one-on-one or on the next call. Take care until then Thank you.

因此，隨著我們進入 2024 財年，我們將繼續致力於我們的目標，幫助我們的客戶實現他們的抱負。今天我們處於有利地位。我們做了正確的投資。我們擁有深厚的領導力。我們制定了以客戶為中心的策略，並且取得了成果。展望未來，我們將繼續鞏固我們的勢頭。我們面前有巨大的機會。一如既往，我要感謝你們，我們的 CIBC 團隊，感謝他們每天為我們的客戶以及我們的銀行所做的一切，並充滿自豪和奉獻精神。我期待著與你們進行一對一或下次通話時的交流。在那之前請多保重，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。此時請斷開您的線路，我們感謝您的參與。