Canadian Imperial Bank of Commerce (CM) 2024 Q4 法說會逐字稿

Good morning, and welcome to the CIBC quarterly financial results 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，歡迎致電 CIBC 季度財務業績。請注意，此通話正在錄音。我現在想將會議轉交給投資者關係高級副總裁傑夫·韋斯 (Geoff Weiss)。請繼續，傑夫。

Thank you, and good morning. We will begin this morning's presentation with opening remarks from Victor Dodig, our President, and Chief Executive Officer; followed by Rob Sedran, our Chief Financial Officer; and Frank Goose, our Chief Risk Officer. Also on the call today are a number of our group heads, including Shawn Beber from the US region; Harry Culham from Capital Markets, Global Asset Management and Enterprise strategy; Hratch Panossian from Personal and Business Banking, Canada; and Susan Rimmer, Commercial Banking and Wealth Management. They are all available to take questions following the prepared remarks.

謝謝你，早安。今天早上的演講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 Rob Sedran；以及我們的首席風險長 Frank Goose。今天參加電話會議的還有我們的一些小組負責人，其中包括來自美國地區的 Shawn Beber； Harry Culham，來自資本市場、全球資產管理與企業策略； Hratch Panossian，來自加拿大個人和商業銀行業務；蘇珊·裡默（Susan Rimmer），商業銀行和財富管理。他們都可以在準備好的發言後回答問題。

Given we have a hard stop at 8:30, please limit your questions to one during the Q&A to allow everyone to participate. We'll make ourselves available after the call for any follow-ups. As noted on slide 2 of our investor presentation, our comments may contain forward-looking statements, which may involve assumptions and have inherent risks and uncertainties. Actual results may differ materially.

鑑於我們在 8:30 暫停，請在問答過程中將您的問題限制在一個，以便每個人都能參與。我們將在通話結束後隨時進行後續跟進。正如我們投資者介紹投影片 2 中所指出的，我們的評論可能包含前瞻性陳述，這些陳述可能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。

I would also remind listeners that the bank uses non-GAAP financial measures to arrive at adjusted results management measures performance on a reported and adjusted basis and considers both to be useful in assessing underlying business performance.

我還想提醒聽眾，該銀行使用非公認會計原則財務指標來得出調整後的結果管理指標在報告和調整的基礎上的績效，並認為兩者都有助於評估基本業務績效。

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

這樣，我現在將把電話轉給維克多。

Thank you, Geoff, and good morning, everyone. I'll start by highlighting three key messages I want to leave with you today. Number one, we're delivering strong, consistent financial performance. These results are a reflection of the CIBC's team's focus on proactively managing our bank and consistently executing our strategy to serve our clients.

謝謝傑夫，大家早安。首先，我將強調今天想留給大家的三個關鍵訊息。第一，我們正在提供強勁、一致的財務表現。這些結果反映了 CIBC 團隊致力於主動管理我們的銀行並始終如一地執行我們為客戶服務的策略。

Number two, we have the right strategy to further our growth momentum into fiscal 2025 and beyond. Our client-focused strategy leverages the competitive advantages we've built over time and it emphasizes high growth and profitable client segments. This is a long-term journey, and we're on the right track. And number three, we enter fiscal 2025 in a position of strength, with a robust capital position, strong credit quality and a dedicated CIBC team that is the driving force behind our growth.

第二，我們擁有正確的策略，可以在 2025 財年及以後進一步推動我們的成長動能。我們以客戶為中心的策略利用了我們長期以來建立的競爭優勢，並強調高成長和盈利的客戶群。這是一個長期的旅程，我們正走在正確的軌道上。第三，我們在進入 2025 財年時處於強勢地位，擁有穩健的資本狀況、良好的信用品質和敬業的 CIBC 團隊，這是我們成長的驅動力。

Now turning to our adjusted results for fiscal 2024. This morning, we reported net earnings of $7.3 billion, showcasing the strength and resiliency of our diversified platform. Earnings per share was $7.40, up 10% year-over-year. Revenues of $25.6 billion were also up 10%, driven by robust margin expansion, selective balance sheet growth and higher fee-based income in our market-based businesses.

現在轉向我們 2024 財年的調整後業績。今天早上，我們公佈了 73 億美元的淨利潤，展現了我們多元化平台的實力和彈性。每股收益為 7.40 美元，年增 10%。由於強勁的利潤率擴張、選擇性的資產負債表成長以及我們市場業務中較高的收費收入，收入也成長了 10%，達到 256 億美元。

Pre-provision pretax earnings of $11.3 billion were up 11%, supported by a record revenue performance and positive operating leverage. Credit quality remains resilient across our portfolios. This quarter, underpinned by our capital strength and a CET1 ratio of 13.3%, we bought back 5 million shares and announced an 8% or $0.07 increase in our quarterly dividend to common shareholders.

由於創紀錄的收入表現和積極的營運槓桿，撥備前稅前收益成長了 11%，達到 113 億美元。我們的投資組合的信用品質仍然保持彈性。本季度，憑藉我們的資本實力和 13.3% 的 CET1 比率，我們回購了 500 萬股股票，並宣布向普通股股東增加 8% 或 0.07 美元的季度股息。

This increase reinforces the confidence we have to deliver earnings growth with our publicly stated targets of 7% to 10%. We delivered a 13.7% ROE which is up 30 basis points versus the prior year despite an elevated capital buffer. And we remain committed to delivering a premium ROE through the steady execution of our strategy over time.

這一成長增強了我們實現獲利成長的信心，實現我們公開宣布的 7% 至 10% 的目標。儘管資本緩衝增加，但我們的股本回報率仍達到 13.7%，比上年增長了 30 個基點。我們仍然致力於透過長期穩定地執行我們的策略來提供優質的股本回報率。

On that note, I wanted to quickly recap our strategic priorities, which play to our strengths and reflect key opportunities for growth in the market. Our first strategic priority is to grow our mass affluent private wealth franchise across Canada and the United States.

在這一點上，我想快速回顧我們的策略重點，這些重點發揮了我們的優勢並反映了市場成長的關鍵機會。我們的首要策略重點是發展我們在加拿大和美國的大眾富裕私人財富特許經營權。

In Canada, our Imperial Service achieved the number one ranking of the 2024 investment executive report card on banks for the ninth year in a row. In the US, we achieved the number two ranking in Barron's top 100 RIA firms, up from the prior year and marking our fifth consecutive year in the top 10. We have established clear momentum serving our clients in this segment, and we have the right talent and technology to win.

在加拿大，我們的帝國服務公司連續第九年在 2024 年銀行投資執行報告中排名第一。在美國，我們在 Barron 100 強 RIA 公司中排名第二，比前一年有所上升，這也是我們連續第五年躋身前 10 名。我們已經在這一領域為客戶建立了明顯的服務勢頭，並且我們擁有合適的人才和技術來贏得勝利。

Our second strategic priority is to expand our digital banking offerings. For the seventh time in the last eight years, CIBC was ranked number one by Surviscor for delivering the best mobile banking experience among Canada's big banks. We have a proven track record of aligning innovation to meet client needs, which positions us to earn more business through our digital channels.

我們的第二個策略重點是擴大我們的數位銀行產品。CIBC 在過去八年中第七次被 Surviscor 評為加拿大大銀行中提供最佳行動銀行體驗的第一名。我們在調整創新以滿足客戶需求方面擁有良好的記錄，這使我們能夠透過數位管道贏得更多業務。

Our third strategic priority is to leverage our highly connected platform to deliver all of our bank to our clients. Our connected culture and platform is a differentiator and our strong client experience scores reflect the benefits our clients see from this approach. We have the right platforms and the right culture to continue winning more business as we build deep and profitable relationships with our clients.

我們的第三個策略重點是利用我們高度互聯的平台將我們所有的銀行業務交付給我們的客戶。我們的互聯文化和平台是一個與眾不同的因素，我們強大的客戶體驗分數反映了我們的客戶從這種方法中看到的好處。我們擁有合適的平台和合適的文化，可以在與客戶建立深厚且有利可圖的關係的同時，繼續贏得更多業務。

Finally, our fourth strategic priority is to enable simplify and protect our bank. Having the right technology, the right talent and the right governance is critical to deliver consistent performance. We're excited by the potential of new AI technologies. Our progress here was recognized in the most recent evident AI index rankings, where CIBC achieved the greatest year-over-year improvement amongst all banks in the index.

最後，我們的第四個策略重點是簡化和保護我們的銀行。擁有合適的技術、合適的人才和合適的治理對於提供一致的績效至關重要。我們對新人工智慧技術的潛力感到興奮。我們在這方面的進步在最近的明顯人工智慧指數排名中得到了認可，其中 CIBC 在該指數的所有銀行中取得了最大的同比進步。

We're finding a balance with AI, taking a thoughtful, responsible approach to innovation in ways that will help our clients and help our CIBC team members achieve their ambitions. So we've made the right investments to shape or make for the future, and we will continue to invest strategically to mitigate risk and to maximize opportunity.

我們正在尋找與人工智慧的平衡，採取深思熟慮、負責任的創新方法，以幫助我們的客戶並幫助我們的 CIBC 團隊成員實現他們的抱負。因此，我們已經做出了正確的投資來塑造或為未來做準備，我們將繼續進行策略性投資，以降低風險並最大化機會。

Now with that, let's turn to our segment highlights. And Canadian Personal and Business Banking, our efforts to deepen existing client relationships and attract new clients are supporting profitable growth in key areas. Over the past 12 months, we welcomed over 600,000 net new clients across our bank. Our welcome offers for new clients, prioritize multiproduct relationships and have driven meaningful market share gains in demand deposits over the past year.

現在，讓我們轉向我們的細分亮點。在加拿大個人和商業銀行業務中，我們深化現有客戶關係和吸引新客戶的努力正在支持關鍵領域的獲利成長。過去 12 個月，我們銀行迎來了超過 60 萬名淨新客戶。我們為新客戶提供歡迎優惠，優先考慮多產品關係，並在過去一年推動活期存款市場份額的大幅增長。

This quarter, we also expanded our cards rewards offerings through partnerships with Expedia and others to further bolster our growth. Looking ahead, we expect mortgage growth and consumer discretionary spending to accelerate as lower interest rates spur client demand through 2025. As long-term historical growth rates return as anticipated, we will maintain our pricing discipline and will maintain our focus on profitability.

本季度，我們也透過與 Expedia 和其他公司的合作擴大了我們的信用卡獎勵產品，以進一步促進我們的成長。展望未來，我們預計，隨著利率下降刺激客戶需求，到 2025 年抵押貸款成長和非必需消費品支出將加速。隨著長期歷史成長率如預期回歸，我們將維持定價紀律，並繼續專注於獲利能力。

In our North American Commercial Banking businesses, client activity slowed as elevated interest rates, limited global economic growth over the past year. In Canada, our team was there for our clients to help them navigate a changing market. In the United States, despite a slower environment, our high-touch approach delivered above-market loan and deposit volume growth in our US C&I portfolio. Our disciplined relationship-based lending approach has translated into strong credit metrics across our portfolios, including impaired PCLs that have trended lower.

在我們的北美商業銀行業務中，由於利率上升，客戶活動放緩，限制了過去一年的全球經濟成長。在加拿大，我們的團隊隨時為客戶服務，幫助他們應對不斷變化的市場。在美國，儘管經濟環境放緩，但我們的高接觸方法使我們的美國工商業投資組合的貸款和存款量增長高於市場水平。我們嚴格的以關係為基礎的貸款方法已轉化為我們整個投資組合的強大信用指標，包括已趨於下降的受損PCL。

Looking ahead, we expect Canadian and commercial -- US commercial loan demand to pick up in line with economic growth expectations for 2025 and beyond. So we're well positioned to capture growth momentum while maintaining the risk discipline that has served us so well through this credit cycle.

展望未來，我們預期加拿大和美國的商業貸款需求將根據 2025 年及以後的經濟成長預期而回升。因此，我們處於有利位置，可以抓住成長動力，同時保持風險紀律，這在整個信貸週期中為我們提供了良好的幫助。

Across our North American wealth management platform, we're capturing new client business as financial markets benefit from a more supportive interest rate environment. In Canada, success with our investment-grade bond fund lineup has propelled us to the top ranking for FX mutual fund net flows among the big six banks, and we continue to gain market share in mutual fund AUM. In the US, we had new client AUM flows up 43% and which is a new record that was supported by the addition of new relationship managers.

隨著金融市場受益於更具支持性的利率環境，我們在整個北美財富管理平台上爭取新的客戶業務。在加拿大，我們投資等級債券基金陣容的成功使我們的外匯互惠基金淨流量在六大銀行中名列前茅，並且我們在互惠基金資產管理規模方面繼續獲得市場份額。在美國，我們的新客戶 AUM 流量成長了 43%，這項新記錄得益於新客戶經理的加入。

Looking ahead, further interest rate reductions are expected to drive fund flows out of term deposits and into alternative risk assets in the face of lower yields. Our wealth businesses are already benefiting from this trend and are well positioned to continue gaining momentum through next year.

展望未來，在收益率下降的情況下，進一步降息預計將推動資金從定期存款流向另類風險資產。我們的財富業務已經從這一趨勢中受益，並準備好在明年繼續保持成長勢頭。

In Capital Markets, our diversified platform delivered another year of consistent execution and steady growth. In Canada, we maintained a strong market share position with our strategic and focused clients with robust trading volumes and record debt capital markets revenues, both driven by strong client activity. In the United States, we delivered Capital Markets revenue growth of 21%, as we continue to expand our capabilities south of the border.

在資本市場，我們的多元化平台又實現了持續執行和穩定成長的一年。在加拿大，我們在策略和重點客戶中保持了強大的市場份額地位，交易量強勁，債務資本市場收入創紀錄，這兩者都是由強勁的客戶活動推動的。在美國，隨著我們繼續向邊境以南擴展我們的能力，我們的資本市場收入成長了 21%。

Looking ahead, the lower interest rate path is supportive of higher bond issuance and investment banking activity next year. We will continue supporting our clients with a connected approach across our North American platform with activity picks up through the years ahead.

展望未來，較低的利率路徑將支持明年更高的債券發行和投資銀行活動。我們將繼續透過北美平台上的互聯方式為客戶提供支持，並在未來幾年內增加活動。

During closing, we entered 2025 with purpose, with momentum and with grounded confidence. As central banks continue to reduce rates, we expect a rebound in activity across interest sensitive sectors. Against this backdrop, our businesses are well positioned. Our CIBC team is focused on consistent execution, and we have a strategy that is delivering and will continue to deliver its intended outcomes.

在結束時，我們帶著目標、動力和堅定的信心進入了 2025 年。隨著央行持續降息，我們預期利率敏感產業的活動將會反彈。在此背景下，我們的業務處於有利地位。我們的 CIBC 團隊專注於一致的執行，我們的策略正在並將繼續實現其預期成果。

Before I turn the call over to Rob, I'd like to introduce Susan Rimmer, who has joined our CIBC Executive Committee, the leader of Canadian Commercial Banking and Wealth Management business. Susan's background in capital markets and client-focused approach will serve us well in advancing the connected culture that already differentiates our bank. Welcome, Susan, and she'll be available for Q&A following our prepared remarks.

在將電話轉給 Rob 之前，我想介紹一下 Susan Rimmer，她已加入 CIBC 執行委員會，是加拿大商業銀行和財富管理業務的領導者。蘇珊在資本市場的背景和以客戶為中心的方法將有助於我們推進已經使我們銀行脫穎而出的互聯文化。歡迎，蘇珊，在我們準備好的發言之後，她將接受問答。

And with that, over to you, Rob, for a review of our financial results.

接下來，羅布，請您審查我們的財務表現。

Thank you, Victor, and good morning, everyone. I'll begin with three takeaways from our Q4 results. First, our focus on execution and risk control growth continues to produce strong and consistent results, and we are confident that we can continue to build on that momentum in fiscal 2025.

謝謝你，維克多，大家早安。我將從第四季的業績中得出三個要點開始。首先，我們對執行和風險控製成長的關注持續產生強勁且一致的業績，我們有信心在 2025 財年繼續保持這一勢頭。

Second, we repurchased shares while continuing to strengthen our balance sheet, supported by disciplined capital allocation that balances volume and margin and prioritize the core client growth. And third, we managed a positive operating leverage for the fifth consecutive quarter, while continuing to invest in growth, our infrastructure and efficiency initiatives.

其次，我們回購了股票，同時繼續強化我們的資產負債表，並透過嚴格的資本配置來平衡數量和利潤並優先考慮核心客戶的成長。第三，我們連續第五個季度實現了積極的營運槓桿，同時繼續投資於成長、基礎設施和效率計劃。

Let's now move to a detailed review. I'm on slide 10. Unless otherwise noted, results are being compared with Q4 of '23. We reported earnings per share of $1.90 for Q4 '24 or $1.91 on an adjusted basis, an ROE of 13.4%. We delivered record consolidated revenue and strong credit quality across all of our business units.

現在讓我們進行詳細回顧。我在投影片 10 上。除非另有說明，否則結果與 23 年第四季進行比較。我們報告 24 年第 4 季每股收益為 1.90 美元，調整後為 1.91 美元，淨資產收益率為 13.4%。我們在所有業務部門都實現了創紀錄的綜合收入和良好的信用品質。

Please turn to slide 11. Adjusted net income of $1.9 billion increased 24%. Pre-provision pretax earnings of $2.8 billion were up 16%, and revenues of $6.6 billion were up 13%, supported by improved spread income, higher trading revenues and continued growth across our fee-based businesses.

請翻到投影片 11。調整後淨利達 19 億美元，成長 24%。由於利差收入改善、交易收入增加以及我們收費業務的持續增長，撥備前稅前收益增長 16%，收入 66 億美元增長 13%。

We continue to manage expenses relative to revenues while investing to support our strategy and posted 180 basis points of operating leverage. Provisions for credit losses were again down significantly from a year ago, Frank will discuss credit in detail in his presentation.

我們繼續管理相對於收入的支出，同時進行投資以支持我們的策略，並公佈了 180 個基點的營運槓桿。信貸損失準備金再次較一年前大幅下降，弗蘭克將在他的演講中詳細討論信貸。

Slide 12 highlights key drivers of net interest income. Excluding trading, NII was up 17%, driven by expanding margins and continued balance sheet growth. Total bank NIM ex-trading was up 20 basis points from the prior year and 2 basis points sequentially, mainly from higher loan and deposit margins.

投影片 12 重點介紹了淨利息收入的主要驅動因素。不包括交易在內，在利潤率擴大和資產負債表持續成長的推動下，NII 成長了 17%。銀行淨利差除交易總額比上年上升 20 個基點，較上年上升 2 個基點，主要是因為貸款和存款利潤率上升。

Canadian P&C NIM of 269 basis points was also up 2 basis points driven by favorable business mix and wider deposit and loan margins. For both the all bank and P&C margins, we maintain our expectation of a neutral to positive bias over time based on current interest rate assumptions embedded in the forward curve.

在有利的業務組合和更廣泛的存款和貸款利潤的推動下，加拿大財產和意外險淨利差也上升了 2 個基點，為 269 個基點。對於所有銀行和財產險利潤率，我們根據遠期曲線中嵌入的當前利率假設，維持對隨著時間的推移呈現中性至正向偏差的預期。

In the US segment, NIM of 363 basis points was up 21 basis points from the prior quarter, mainly driven by higher loan margins. When the Fed cuts rates due to contractual terms, there's a lag before loans are repriced resulting in a temporary margin increase this quarter. Excluding this impact, core margins were up roughly 7 basis points.

在美國市場，淨利差為 363 個基點，較上一季上升 21 個基點，主要是因為貸款利潤率上升。當聯準會因合約條款而降息時，貸款重新定價之前會有一個滯後，導致本季利潤率暫時增加。排除此影響，核心利潤率上升約 7 個基點。

Going forward, we expect margins in the US segment to return to the 350 basis point range and then be stable to slightly up from there with the possibility of temporary help from time to time if and when rate cuts happen.

展望未來，我們預計美國業務的利潤率將回到 350 個基點的範圍，然後穩定至小幅上升，如果降息，可能會不時獲得暫時的幫助。

Turning to slide 13. Non-interest income of $3 billion was up 13% from the prior year, with strong growth in trading as well as a 19% increase in other market-related fees. Transaction related fees were down 50% -- 15% and mainly represent the permanent shift of BA-related revenues into net interest income.

轉到投影片 13。非利息收入為 30 億美元，較上年增長 13%，交易強勁增長，其他市場相關費用增長 19%。交易相關費用下降了 50% - 15%，主要體現在 BA 相關收入永久轉變為淨利息收入。

Slide 14 highlights our balanced approach to expense management. Excluding performance based comp linked to the stronger revenues, expenses grew 4%. We continue to realize efficiencies while investing for the future, including in the ongoing development of our AI capabilities around our bank. Moving forward, we target expense growth in the mid-single-digit range and plan our expense growth relative to revenues to deliver positive operating leverage on an annual basis.

投影片 14 重點介紹了我們平衡的費用管理方法。不包括與強勁收入相關的績效補償，費用增加了 4%。我們在投資未來的同時繼續提高效率，包括圍繞我們銀行不斷開發人工智慧功能。展望未來，我們的目標是將費用成長控制在中個位數範圍內，並規劃我們相對於收入的費用成長，以實現每年積極的營運槓桿。

Slide 15 highlights the strength of our balance sheet. Our CET1 ratio ended the quarter still rounding to 13.3%, increasing 5 basis points from last quarter. Solid organic capital generation was partially offset by RWA increases and the roughly 5 million shares we repurchased during the quarter. Our liquidity position is strong with an average LCR of 129%, up from 126% last quarter.

投影片 15 強調了我們資產負債表的力量。本季結束時，我們的 CET1 比率仍四捨五入至 13.3%，比上季增加 5 個基點。穩定的有機資本產生被 RWA 的增加和我們在本季回購的約 500 萬股股票部分抵銷。我們的流動性狀況強勁，平均 LCR 為 129%，高於上季的 126%。

Starting on slide 16, with Personal and Business Banking, we highlight our strategic business unit results. Net income of $748 million was up 17% due to higher revenue growth and lower credit losses partly offset by higher expenses. Revenues of $2.7 billion increased 9% and preprovision pretax earnings were up 13%, driven by an 18 basis points increase in margin volume growth on both sides of the balance sheet and higher fee income.

從幻燈片 16 開始，我們重點介紹了我們的策略業務部門的表現。淨利潤達 7.48 億美元，成長 17%，原因是較高的收入成長和較低的信貸損失，部分被較高的費用所抵消。受資產負債表雙方利潤率成長 18 個基點和費用收入增加的推動，營收 27 億美元成長 9%，撥備前稅前收益成長 13%。

These results were supported by strong net client growth and franchising success. Our focus on digital is driving market share gains in targeted segments. Expenses were up 5% due to higher employee related and performance-based compensation.

這些業績得益於強勁的淨客戶成長和特許經營的成功。我們對數位化的關注正在推動目標細分市場的市場份額成長。由於員工相關薪酬和基於績效的薪酬增加，費用增加了 5%。

On slide 17, we show Canadian Commercial Banking and Wealth Management, where net income was up 5% and pre-provision pretax earnings were up 7% from a year ago. Revenues of $1.5 billion were up 11%, driven by strong wealth management growth of 21% and with higher average fee-based assets on both increased client activity and market appreciation.

在投影片 17 中，我們展示了加拿大商業銀行和財富管理業務，其淨利潤較去年同期成長了 5%，撥備前稅前收益成長了 7%。財富管理業務強勁成長 21%，且客戶活動增加和市場升值導致平均收費資產增加，推動收入達到 15 億美元，成長 11%。

For the full year, CIBC Asset Management ranked first among the big six banks in both total and long-term retail mutual fund net sales. Commercial Banking revenue was stable to the prior year as higher volumes were largely offset by lower net interest margin.

全年，加拿大帝國商業銀行資產管理公司的零售共同基金淨銷售額總額和長期零售淨銷售額均在六大銀行中排名第一。商業銀行業務收入與去年持平，因為較高的業務量在很大程度上被較低的淨利差所抵消。

Expenses increased 16% from a year ago, mainly from higher compensation linked to the strong wealth management revenues and increased spending on strategic initiatives. Additional detail on our combined Canadian personal and commercial banking franchise have been included in the appendix.

費用較上年同期成長 16%，主要是由於財富管理收入強勁導致薪資上漲以及策略性舉措支出增加。有關我們加拿大個人和商業銀行業務合併業務的更多詳細資訊已包含在附錄中。

Turning to US Commercial Banking and Wealth Management on slide 18. Net income of $150 million was up $111 million from the prior year, mainly due to lower loan loss provisions and an 11% increase in pre-provision pretax earnings.

轉向幻燈片 18 上的美國商業銀行和財富管理。淨利潤為 1.5 億美元，較上年增加 1.11 億美元，主要是由於貸款損失準備金減少以及準備金前稅前收益增加 11%。

Revenues were up 9% and due to both higher net interest income and fee income across all products. Our strategy and focus on connectivity has allowed us to grow and deepen our US client franchise, generating above market C&I loan growth and strong deposit growth.

由於所有產品的淨利息收入和費用收入均增加，收入增加了 9%。我們的策略和對互聯互通的關注使我們能夠擴大和深化我們的美國客戶業務，實現高於市場的工商業貸款成長和強勁的存款成長。

Expenses were up 8% year-on-year as we continue to invest in growth initiatives and the infrastructure to support them. Going forward, we expect expense growth in this segment, similar to that experience this quarter and would remind you that the first quarter typically has higher expenses mainly due to seasonally elevated employee-related costs.

由於我們繼續投資於成長計劃和支持這些計劃的基礎設施，費用同比增長 8%。展望未來，我們預計該細分市場的費用將會成長，與本季的經驗類似，並提醒您，第一季的費用通常較高，主要是由於季節性員工相關成本上升。

Turning to slide 19 and our Capital Markets and DFS segment. Net income of $428 million was up 12% year-over-year. Revenues of $1.4 billion were up 9%, driven by strong results from Global Markets and continued growth in our Direct Financial Services business as well as higher debt underwriting revenues. Expenses were up 6% and included the impact of higher performance-based compensation linked to stronger revenues.

轉向幻燈片 19 和我們的資本市場和 DFS 部分。淨利潤為 4.28 億美元，年增 12%。由於全球市場的強勁業績、直接金融服務業務的持續成長以及債務承銷收入的增加，收入達到 14 億美元，成長了 9%。費用增加了 6%，其中包括與收入增加相關的更高績效薪酬的影響。

Slide 20, reflects the results of the Corporate and Other business unit, which shows a net loss of $7 million compared with a net loss of $48 million in the prior year, driven by improved treasury and higher revenues from CIBC Caribbean.

幻燈片 20 反映了公司及其他業務部門的業績，顯示淨虧損 700 萬美元，而上一年的淨虧損為 4800 萬美元，這主要是由於財務狀況改善和 CIBC 加勒比地區收入增加所致。

Slide 21, highlights our full year performance and outlook. Our fiscal '24 results demonstrate our progress in executing our strategy. We grew revenue, pre-provision earnings and EPS by double digits to record levels, ahead of our medium-term targets.

幻燈片 21 重點介紹了我們全年的業績和展望。我們的 24 財年業績展現了我們在執行策略方面的進展。我們的營收、撥備前獲利和每股盈餘成長了兩位數，達到創紀錄的水平，超越了我們的中期目標。

We delivered positive operating leverage while balancing continued investments to both grow and protect our bank, including through the rising impact of AI across our bank. ROE of 13.7% and was up 30 basis points from the prior year but below our medium-term target, largely owing to the impact of higher capital requirements.

我們提供了積極的營運槓桿，同時平衡持續的投資，以實現銀行的成長和保護，包括透過人工智慧對我們銀行不斷上升的影響。淨資產收益率為 13.7%，比上年增長 30 個基點，但低於我們的中期目標，這主要是由於資本要求提高的影響。

Our medium-term targets are unchanged with the exception of incorporating the higher capital requirements into our ROE target. Our conviction and confidence in our strategy and the ROE will deliver has, in fact, grown since we set the previous target at our Investor Day in 2022. However, we must acknowledge the need to carry between 100 basis points and 150 basis points more CET1 capital to satisfy regulatory minimums. As such, we are moving our ROE target to 15% plus, a level to which we will build with the aspiration of driving to a premium ROE in Canada.

除了將更高的資本需求納入我們的股本報酬率目標之外，我們的中期目標保持不變。事實上，自我們在 2022 年投資者日設定之前的目標以來，我們對策略和 ROE 將實現的信念和信心有所增強。然而，我們必須承認需要增加 100 個基點到 150 個基點的 CET1 資本才能滿足最低監管要求。因此，我們將 ROE 目標提高到 15% 以上，我們將達到這一水平，以期在加拿大實現優質的 ROE。

In closing, we had a strong year in 2024 and are expecting to build on that success from here. We strongly believe that we have the right strategy the right assets supporting that strategy and the right people, connected culture and financial strength to execute on the opportunities we see in front of us.

最後，我們在 2024 年度過了強勁的一年，並期望在此基礎上再接再厲。我們堅信，我們擁有正確的策略、支持該策略的正確資產、合適的人才、緊密相連的文化和財務實力，可以抓住我們面前的機會。

With that, I'll turn it over to Frank.

有了這個，我會把它交給弗蘭克。

Thank you, Rob, and good morning, everyone. Our credit portfolio's performance for 2024 was strong and ended the year at the lower end of our guidance despite the challenging macro environment. We have maintained our focus on managing our lending portfolios with prudent and effective account management strategies to mitigate risk. We remain confident in the quality and resilience of our credit portfolios. Our allowance coverage has also remained elevated and is reflective of our sound risk management.

謝謝你，羅布，大家早安。儘管宏觀環境充滿挑戰，但我們的信貸投資組合 2024 年表現強勁，年末仍處於我們指引的下限。我們始終專注於透過審慎有效的帳戶管理策略來管理我們的貸款組合，以降低風險。我們對信貸投資組合的品質和彈性仍然充滿信心。我們的準備金覆蓋率也保持在較高水平，這反映了我們健全的風險管理。

Turning to slide 24. Our total provision for credit losses was $419 million in Q4 compared to $483 million last quarter with our allowance remaining flat quarter-over-quarter. Our performance provisions were modest at $2 million this quarter.

轉到投影片 24。第四季我們的信貸損失準備金總額為 4.19 億美元，而上一季為 4.83 億美元，我們的準備金與上一季持平。本季我們的績效撥備金額不大，為 200 萬美元。

On a full year basis, our performing allowance grew by $244 million or 8% year-over-year, mainly from additions to Canadian retail and US commercial portfolios. This quarter, our provision on impaired loans was $417 million, up $13 million quarter-over-quarter. This was due to higher provisions in the US commercial portfolio, partially offset by lower provisions in Canadian Banking and Capital Markets.

全年來看，我們的績效津貼年增 2.44 億美元，即 8%，主要來自加拿大零售和美國商業投資組合的增加。本季度，我們的減損貸款撥備為 4.17 億美元，季增 1,300 萬美元。這是由於美國商業投資組合撥備增加，部分被加拿大銀行和資本市場撥備減少所抵銷。

Turning to slide 25. Our full year provisions for credit losses on impaired loans was 32 basis points. Our retail portfolio experienced higher year-over-year losses driven by an elevated rate environment and higher unemployment.

轉到投影片 25。我們全年針對減損貸款的信用損失撥備為 32 個基點。由於利率環境上升和失業率上升，我們的零售投資組合經歷了更高的同比損失。

Our teams work closely with clients through these challenging times to find solutions and mitigate potential losses. Our Canadian Commercial Banking and capital markets portfolios performed very well despite the macro headwinds this year with no specific sectoral stress in either of these portfolios.

在這個充滿挑戰的時期，我們的團隊與客戶密切合作，尋找解決方案並減輕潛在損失。儘管今年存在宏觀阻力，但我們的加拿大商業銀行和資本市場投資組合表現非常出色，並且這些投資組合都沒有受到特定的行業壓力。

We also entered the year working through the challenges of our US office portfolio. I'm proud of our experienced team proactively worked through the various issues early, resulting in lower losses over the second half of the year. While uncertainty remains in the market, we are pleased with our credit performance in fiscal 2024, and our team remains focused to mitigate risk or potential headwinds.

今年我們也應對美國辦事處投資組合的挑戰。我為我們經驗豐富的團隊提前積極解決各種問題而感到自豪，從而在下半年減少了損失。儘管市場仍存在不確定性，但我們對 2024 財年的信貸表現感到滿意，我們的團隊仍致力於減輕風險或潛在的不利因素。

Slide 26 summarizes our gross impaired loans and formations. Gross impaired loans were up by 2 basis points this quarter, mainly due to an increase in our US commercial portfolio. New formations of impaired loans in US commercial were still down on a year-over-year basis despite the increase this quarter. This primarily came from a few loans in the US multifamily sector, where we continue to see strength in fundamentals and demand for this asset class.

投影片 26 總結了我們的總減損貸款和貸款形式。本季總減損貸款增加了 2 個基點，主要是由於我們美國商業投資組合的增加。儘管本季有所增加，但美國商業新形成的減損貸款仍較去年同期下降。這主要來自美國多戶家庭領域的一些貸款，我們繼續看到該資產類別的基本面和需求強勁。

Slide 27 summarizes the net write-offs, 90-plus day delinquency rates of our Canadian consumer portfolios that remained stable quarter-over-quarter. Negative trends in unemployment rates will continue to be a driver of performance for our credit cards and unsecured personal lending portfolios.

投影片 27 總結了我們加拿大消費者投資組合的淨沖銷和超過 90 天的拖欠率，該投資組合環比保持穩定。失業率的負面趨勢將繼續成為我們信用卡和無擔保個人貸款投資組合績效的驅動力。

Our mortgage book, we continue to see positive trends overall with negatively amortizing mortgage balances, down from $38 billion in Q1 to $18 billion this quarter were recently driven by interest rate cuts. We remain comfortable with the overall credit quality of our Canadian consumer portfolio.

在我們的抵押貸款帳簿中，我們繼續看到整體積極趨勢，由於最近降息，抵押貸款餘額攤銷餘額從第一季的 380 億美元下降到本季的 180 億美元。我們對加拿大消費者投資組合的整體信用品質仍然感到滿意。

On slide 28, we have vacated our disclosure on Canadian mortgage renewals sensitivity based on the current market rates. With mortgage rates that are now between 4% and 5%, clients will be able to renew at levels below what they had initially qualified at and experienced less of a payment shock. In the outer year maturity splits, some claims could see the amount payments decrease on renewal.

在投影片 28 上，我們根據當前市場利率取消了對加拿大抵押貸款續約敏感度的揭露。目前抵押貸款利率在 4% 至 5% 之間，客戶將能夠以低於他們最初資格的水平續貸，並且所經歷的付款衝擊也較小。在外部年份到期分割中，某些索賠的續保金額可能會減少。

Overall, our mortgage portfolio has performed well with losses remaining at 1 basis point, notwithstanding rates that remained elevated over the past two years. We remain confident in the continued resilience of this portfolio.

總體而言，儘管過去兩年利率持續走高，但我們的抵押貸款投資組合表現良好，損失仍保持在 1 個基點。我們對該投資組合的持續彈性仍然充滿信心。

In closing, we entered the year with unemployment training upwards, interest rates at peak levels and sectorial pressures impacting our US office portfolio. Despite these headwinds, we were able to deliver a strong year of results.

最後，我們進入了這一年，失業率上升，利率達到峰值，行業壓力影響了我們的美國辦公室投資組合。儘管存在這些不利因素，我們仍然取得了強勁的業績。

This not only highlights our team's ability to take decisive action to mitigate losses but also underscores how our strategic choices have strengthened our credit portfolio. This gives us confidence in our ability to navigate the economic challenges that may be ahead in 2025.

這不僅凸顯了我們團隊採取果斷行動減輕損失的能力，而且還強調了我們的策略選擇如何增強了我們的信貸投資組合。這讓我們對應對 2025 年可能面臨的經濟挑戰的能力充滿信心。

As we look ahead, we expect impaired provisions in retail to trend slightly higher while experiencing lower impaired provisions in US commercial. While we remain cautious about the upcoming year and continue to monitor market uncertainties, our guidance for impaired loan losses for fiscal '25 remains in the mid-30 basis point range.

展望未來，我們預期零售業的減損準備金將略有上升，而美國商業業的減損準備金將會下降。儘管我們對來年保持謹慎態度並繼續監控市場不確定性，但我們對 25 財年減損貸款損失的指導仍保持在 30 個基點中間的範圍內。

It should trend towards the lower end of this guidance current economic uncertainties subside. To conclude, we are very pleased with our solid risk performance in fiscal '24 and are comfortable with our strong allowance coverage heading into 2025.

當前經濟不確定性消退後，它應該趨向於該指導值的下限。總而言之，我們對 24 財年穩健的風險表現感到非常滿意，並對我們進入 2025 年的強勁準備金覆蓋率感到滿意。

I will now turn the call back to the operator.

我現在將把電話轉回給接線生。

(Operator Instructions)

（操作員說明）

Matthew Lee, Canaccord Genuity.

馬修李，Canaccord Genuity。

Hi. Thanks for taking my question. Maybe we can start with one on the mortgage business. It just sounds like the market has been pretty competitive on that front on pricing. So maybe can you talk about how you're balancing your objectives of profitability with making sure you maintain your share in that space, that particularly given the levels of renewals income that are coming back?

你好。感謝您提出我的問題。也許我們可以從抵押貸款業務開始。聽起來市場在定價方面競爭相當激烈。那麼，也許您可以談談如何平衡獲利目標並確保維持在該領域的份額，特別是考慮到續訂收入水準正在恢復？

Good morning, Matthew, and good morning, everybody. Thank you for the question. Appreciate that. Look, I'd like to start by reminding everybody we've got a very client-focused strategy. We're distinctly focused on acquiring the right clients where we can build long-term, long lasting deep relationships with and provide value both for our clients and our shareholders. And so, when we look at the mortgage business, we've looked at it through that context and it really is a key product for our clients.

早安，馬修，大家早安。謝謝你的提問。很欣賞這一點。聽著，我想先提醒大家，我們有一個非常以客戶為中心的策略。我們非常專注於獲取合適的客戶，以便與我們的客戶和股東建立長期、持久的深厚關係，並為他們提供價值。因此，當我們審視抵押貸款業務時，我們是透過這種背景來審視它的，它確實是我們客戶的關鍵產品。

However, we've been very surgical in how we've been operating in the mortgage business. We've talked openly about the fact that we're not chasing share, and we're not competing on price. We're there to serve our clients' needs. We've operated that way this year, balancing client needs against our revenue.

然而，我們在抵押貸款業務的運作方式上一直非常嚴格。我們公開談論過這樣一個事實：我們不追逐份額，也不進行價格競爭。我們隨時滿足客戶的需求。今年我們就是這樣運作的，平衡客戶需求和我們的收入。

And when we looked at the beginning of the year, economics were a little bit more challenged, and we were more muted in our approach. So we served our clients where we have a deep relationship, we compete hard to keep the mortgage or to consolidate the mortgage and where we have less opportunity for relationship with clients, we're more selective and we have more of an eye towards profitability.

當我們回顧今年年初時，經濟面臨的挑戰更大一些，我們的做法也更加沉默。因此，當我們與客戶有深厚的關係時，我們會努力競爭以保留抵押貸款或鞏固抵押貸款；當我們與客戶建立關係的機會較少時，我們會更加挑剔，並且更加註重盈利能力。

And so when you put all of that together for this year, we were about 1% growth and the market grew a little bit higher than that. But at the same time, we significantly improved our inflow spreads, and that allowed us to improve the portfolio spreads. And it was one of the contributors to our margin increase over the year an 18 basis points improvement in NIM that we had in the business.

因此，當你把今年的所有這些加在一起時，我們的成長率約為 1%，而市場的成長率略高於這個數字。但同時，我們顯著改善了流入利差，這使我們能夠改善投資組合利差。這是我們全年利潤率成長的貢獻者之一，我們的業務淨利差提高了 18 個基點。

And so we're pleased with how we operated, but we're also looking for opportunities to accelerate. And I think you see that towards the end of the year where we saw the better economics, we learned more towards that business, and we started being in the mix, and we were third to a month-over-month basis in share as we were kind of closing out the year.

因此，我們對我們的營運方式感到滿意，但我們也在尋找加速發展的機會。我想你會看到，到了年底，我們看到了更好的經濟狀況，我們對這項業務有了更多的了解，我們開始參與其中，我們的份額逐月排名第三，因為我們有點像結束這一年了。

So going forward, we see that market accelerating we're going to keep the same surgical approach going into 2025. We've seen some really good momentum in volumes as we enter the year, and we're prepared to handle that. And so from the perspective of renewals, there's a lot of activity coming at us.

因此，展望未來，我們看到市場正在加速發展，我們將在 2025 年保持相同的手術方法。進入今年，我們已經看到了一些非常好的銷售勢頭，我們已經準備好應對這個問題。因此，從續訂的角度來看，我們面臨著許多活動。

We've disclosed those numbers. We expect about 70% more volume renewing. And we've got technology in place. We've improved processes. We're getting ahead of it with analytics, and we're there to serve our clients and renew their mortgage through that period of time. We're also looking at taking advantage of any flows around the market as others with other banks have mortgage needs and those come up for renewal.

我們已經揭露了這些數字。我們預計更新量將增加約 70%。我們已經擁有適當的技術。我們改進了流程。我們在分析方面處於領先地位，我們隨時為客戶提供服務，並在此期間續簽他們的抵押貸款。我們也正在考慮利用市場上的任何流動，因為其他銀行的其他人有抵押貸款需求並且需要更新。

And so we're going to compete there where it makes sense and where we can have a relationship. And lastly, we've also scaled up our team. We expect new sales activity to be a bit better, and we expect some volume from that as well. And so we're ready to handle that with a team that's committed and there to serve our clients.

因此，我們將在有意義且我們可以建立關係的地方進行競爭。最後，我們也擴大了我們的團隊。我們預計新的銷售活動會好一些，我們預計也會有一定的銷售量。因此，我們已準備好與一支致力於為客戶服務的團隊一起應對這一問題。

Alright. That's great color. I appreciate it.

好吧。那顏色真棒。我很感激。

Ebrahim Poonawala, Bank of America.

易卜拉欣·普納瓦拉，美國銀行。

Good morning. I guess maybe just wanted to follow up. So Hratch, thanks for the color, but I think, Victor, you said in your prepared remarks, mortgage growth and consumer discretionary spending to accelerate in 2025.

早安.我想也許只是想跟進。Hratch，謝謝你的顏色，但我認為，Victor，你在準備好的演講中說過，抵押貸款增長和消費者可自由支配支出將在 2025 年加速。

We heard a bit of a more cautious commentary from one of your peers yesterday. I think as we try to figure out where the Canadian economy is going, are we -- is it safe to declare that the worst is behind us and things the cyclical rebound that the markets are discounting in these stocks is already underway, and we should feel confident about unemployment moving the right direction given your base case and the comment you made.

昨天我們從一位同行那裡聽到了一些更謹慎的評論。我認為，當我們試圖弄清楚加拿大經濟的走向時，我們是否可以安全地宣布最糟糕的時期已經過去，並且市場在這些股票上貼現的周期性反彈已經開始，我們應該鑑於您的基本情況和您所做的評論，您對失業朝著正確的方向發展充滿信心。

Well, Ebrahim, thank you for your question. I cannot tell you where the world is going, but I can tell you that I think our -- the regulatory environment in the US and the banking landscape will likely loosen. I would expect that our regulators would look to make our level playing field as level as possible so that we can continue to compete.

嗯，易卜拉欣，謝謝你的問題。我無法告訴你世界將走向何方，但我可以告訴你，我認為美國的監管環境和銀行格局可能會放鬆。我希望我們的監管機構會努力讓我們的競爭環境盡可能公平，以便我們能夠繼續競爭。

The Bank of Canada is being constructive, and we can see that rates are going in the right direction. This is good for all Canadians. It will help them recover. It will increase and improve business sentiment. And I think if you take all of that together, we see that as being relatively constructive.

加拿大央行表現出建設性的態度，我們可以看到利率朝著正確的方向發展。這對所有加拿大人來說都是好事。這將有助於他們康復。它將增加和改善商業情緒。我認為如果你把所有這些放在一起，我們認為這是相對有建設性的。

Clearly, there are geopolitical clouds in the horizon, we don't control those. What we do control is our strategy and how we go to market and how we build relationships with our clients. And as Hratch quite clearly articulated, we're not competing on price. We're competing on relationships and that matters in the banking business today.

顯然，地平線上存在著地緣政治烏雲，我們無法控制它們。我們真正控制的是我們的策略、我們如何進入市場以及如何與客戶建立關係。正如赫拉奇（Hratch）明確指出的那樣，我們不是在價格上競爭。我們正在競爭關係，這在當今的銀行業務中至關重要。

Good technology plus good people delivered in the right value proposition helps you win. And in that regard, I think we're well positioned to benefit from any upside that the market delivers and hold -- more than hold our own.

良好的技術加上優秀的人才以正確的價值主張提供幫助您獲勝。在這方面，我認為我們處於有利位置，可以從市場提供並保持的任何上行中受益，而不僅僅是我們自己的上行。

Got it. I need to follow Victor to that around. You said the regulators might level the playing field I think the expectation on the US is, you're right, I think we will see more predictable maybe capital neutral to positive outcomes.

知道了。我需要跟著維克多去那裡。你說監管機構可能會創造公平的競爭環境，我認為對美國的期望是，你是對的，我認為我們會看到更可預測的、也許是資本中立的正面結果。

Does that mean we should anticipate maybe the floor factor could get permanently change or the DSB buffer? Is the range is reduced? Like how should we think about where the regulators may level the playing field?

這是否意味著我們應該預期下限係數或 DSB 緩衝區可能會永久改變？範圍縮小了嗎？例如我們該如何考慮監管機構可以在哪些方面提供公平的競爭環境？

I think, our regulators have always been quite prudential in terms of how they managed our system and they're very attuned to what's happening in the rest of the world, including the regulatory environment next door.

我認為，我們的監管機構在管理我們的系統方面一直非常謹慎，而且他們非常了解世界其他地區正在發生的事情，包括隔壁的監管環境。

So I won't predict where that's going, but I will say that I think that you can read the 2s in the United States in terms of where things are likely to go. And I'd like to think that we'll be given the opportunity to continue to compete for business in our own economy as well as in the US economy.

所以我不會預測事情的發展方向，但我會說，我認為你可以透過美國的 2 來了解事情可能的發展方向。我認為我們將有機會繼續在我們自己的經濟以及美國經濟中競爭業務。

Perfect. Thank you.

完美的。謝謝。

Doug Young, Desjardins Capital Markets.

楊（Doug Young），加鼎資本市場部。

Hi, good morning. I know Victor or Rob, maybe both. But just can you talk a bit more about your discussions around lowering the medium-term ROE target and you talked about higher regulatory capital. I fully get that. But can you talk about what your set one assumption was back at the Investor Day what the CET1 assumption is today?

嗨，早安。我認識維克多或羅布，也許兩者都認識。但您能否多談談有關降低中期股本回報率目標的討論以及更高的監管資本。我完全明白這一點。但您能談談您在投資人日時設定的第一個假設是什麼嗎？

And where do you think you can run this because I -- when I run the math, it seems like you need to have a 12.5% to 12% to get that set on rate or that ROE back up into that 15%, 16% level. So I'm just trying to get some context and how much may even buybacks kind of factor into this? Thanks.

你認為你可以在哪裡運行這個，因為我——當我進行數學計算時，似乎你需要有 12.5% 到 12% 才能使設定的利率或 ROE 回到 15%、16%。所以我只是想了解一些背景狀況，以及回購在多大程度上會影響這個因素？謝謝。

Yes, Doug, very good question. We're quite clear that we believe in the medium term, we can get to 15% plus. That is more than consistent with our Investor Day forecast based on the new capital buffers I'm going to let Rob answer that question.

是的，道格，非常好的問題。我們非常清楚，我們相信從中期來看，我們可以達到 15% 以上。這與我們基於新資本緩衝的投資者日預測完全一致，我將讓羅布回答這個問題。

But I can tell you strategically, we're very, very focused on improving our ROE over the medium term, and you will see that because we're just going to continue to execute on the strategy, which is not right, we'll deliver that premium ROE. Rob?

但我可以從策略上告訴你，我們非常非常注重在中期提高我們的股本回報率，你會看到，因為我們只是繼續執行該策略，這是不對的，我們將提供優質的 ROE。搶？

Thanks, Victor, and good morning, Doug. So we did $13.4 million this quarter and 13.7% for the full year. So there is some work to do to get to the 15% plus. There's no silver bullet. I break it down into a number of things that we're looking at. So starting with strategy, as we always do here at CIBC, it is the deepened relationships throughout our bank that should mean better balance on both sides of the balance sheet, and it should mean incremental fee income related to things like wealth management as well. We do see better margin performance, as I suggested in my prepared remarks.

謝謝，維克多，早安，道格。因此，我們本季的營收為 1,340 萬美元，全年營收為 13.7%。因此，要達到 15% 以上，還需要做一些工作。沒有靈丹妙藥。我將其分解為我們正在研究的許多事情。因此，從策略開始，正如我們在 CIBC 一貫所做的那樣，整個銀行的深化關係應該意味著資產負債表兩側的更好平衡，也應該意味著與財富管理等相關的增量費用收入。正如我在準備好的演講中所建議的那樣，我們確實看到了更好的利潤率表現。

Based on the forward curve, we think the margin should be a tailwind for us for the next couple of years. The efficiency opportunity, we think, is significant here at CIBC. And that's not tactical expense cuts. That's about taking out structural costs. and investing the proceeds some into the bottom line and some into growth.

根據遠期曲線，我們認為利潤率應該成為我們未來幾年的推動力。我們認為，提高效率的機會對 CIBC 來說意義重大。這並不是戰術性的開支削減。這就是消除結構性成本。並將收益部分投資於獲利，部分投資於成長。

We do think loan losses are a little bit elevated and should come down over time. And then more dynamic balance sheet management, and you mentioned buybacks definitely factor in. We announced the buyback last quarter. We started using the buyback this last quarter, and we intend to deploy that capital fully.

我們確實認為貸款損失有點高，但隨著時間的推移應該會下降。然後是更動態的資產負債表管理，你提到回購肯定會影響其中。我們上季宣布了回購。我們從上個季度開始使用回購，我們打算充分部署該資本。

The 15% plus, you asked about the capital assumptions, at Investor Day was based on an 11.5% CET1 ratio. This guidance is closer to the 12.75% to 13% and that allows room. Should OSFI decide to use the last 50 basis points that's available to them on the DSP. We don't need to change our guidance for that. And there's upside if they decide for whatever reason to reduce that capital level. So when you put that all together, it really just comes down to the disciplined execution of our strategy, consistent and continuing to do what we're doing, just more of it.

您在投資者日詢問了資本假設，15% 以上是基於 11.5% 的 CET1 比率。該指導更接近 12.75% 至 13%，並留有空間。OSFI 是否應該決定使用 DSP 上可用的最後 50 個基點。我們不需要為此改變我們的指導。如果他們出於某種原因決定降低資本水平，那就有好處。因此，當你把所有這些放在一起時，這實際上取決於我們策略的嚴格執行，一致並繼續做我們正在做的事情，只是更多。

Appreciate the color. Thank you.

欣賞顏色。謝謝。

Sohrab Movahedi, BMO Capital Markets.

Sohrab Movahedi，BMO 資本市場。

Okay. I just wanted to quickly go to Shawn Beber. Shawn, your business on an adjusted basis, pretax pre-provision was about [$230 million] or [$240 million], so call it run rate in close to about $1 billion. Is that a good number do you need for you looking ahead? Should you be able to do this around $240 million? Is most of the investing behind you now? And should we be -- should we start thinking about a bit more growth out of your segment looking ahead?

好的。我只是想快點去找肖恩貝伯。在肖恩，您的業務在調整後的基礎上，稅前預撥備約為[2.3億美元]或[2.4億美元]，因此稱其運行率接近約10億美元。您需要這個數字來展望未來嗎？你應該能夠做到這一點大約 2.4 億美元嗎？現在大部分投資都已經過去了嗎？我們是否應該 - 我們是否應該開始考慮在未來的細分市場中實現更多成長？

Thanks for the question, Sohrab. So our growth outlook is sort of consistent with what you've heard already today. There's an uncertainty out there today, we think we're very well positioned with our clients. And our team is ready to respond to the changing environment. But when we look at our pipeline, it's strong with the uncertainty out there, it's going to take a bit of time to figure out what the timing of that growth might be over the course of 2025, but we feel good about how we are positioned to continue to outperform.

謝謝你的提問，索拉博。因此，我們的成長前景與您今天所聽到的一致。今天存在不確定性，我們認為我們與客戶的關係非常好。我們的團隊已準備好應對不斷變化的環境。但當我們審視我們的產品線時，會發現存在很大的不確定性，需要一些時間才能弄清楚 2025 年增長的時間，但我們對自己的定位感到滿意繼續跑贏大盤。

In terms of the quarter, we had good results this quarter. There's some temporary benefits, as Rob talked about in terms of net interest margin that we benefited from this quarter. That will play through over the next several quarters in terms of coming back down to a more normalized level in the sort of the 350 basis points range. But I'd say, we're in a -- from this point forward, we look at our performance from a PPPT perspective as being sort of steady growth going forward.

從季度來看，我們本季取得了不錯的業績。正如羅布談到的，我們從本季受益的淨利差方面，有一些暫時的好處。這將在接下來的幾個季度中發揮作用，並回落至 350 個基點範圍內的更為正常化的水平。但我想說，從現在開始，我們從 PPPT 的角度來看待我們的業績，認為我們正在穩步成長。

Thank you very much.

非常感謝。

Meny Grauman, Scotiabank.

梅尼·格勞曼，豐業銀行。

Hi, good morning. Victor, during the Q3 call, I think you gave a very detailed answer in terms of capital deployment priorities. And you talked about a bias towards organic capital deployment and return of capital, but the world has changed a lot since then.

嗨，早安。維克多，在第三季的電話會議中，我認為您在資本部署優先事項方面給出了非常詳細的答案。您談到了對有機資本部署和資本回報的偏見，但從那時起世界已經發生了很大變化。

The outlook for the US is very, very strong, and we have the question mark around tariffs and the impact on Canada. So the question is, does that impact your capital deployment thinking? And maybe put it more directly, why not get bigger in the US quickly and inorganically to take advantage of is likely to be a booming US economy, you already have a base there, but why not get more aggressive right now?

美國的前景非常非常強勁，但我們對關稅及其對加拿大的影響有疑問。那麼問題是，這會影響您的資本部署思維嗎？也許更直接地說，為什麼不在美國快速、無機地做大，以利用美國經濟可能蓬勃發展的機會，你已經在那裡有了基礎，但為什麼現在不變得更加激進？

Good morning, Meny. So thank you for your question. Clearly, there's a lot of fluidity going on out there in the geopolitical environment. Our relationship with the United States is longstanding and important but continues to evolve. So let me just make a couple of comments on that because people may want to know what's on our mind. What's on our mind is we should control the controllables, as a country.

早上好，梅尼。謝謝你的提問。顯然，地緣政治環境存在著很大的流動性。我們與美國的關係長期而重要，但仍在不斷發展。因此，讓我對此發表一些評論，因為人們可能想知道我們的想法。我們的想法是，作為一個國家，我們應該控制可控因素。

And our policymakers should do everything possible to help us drive GDP growth here because that's as important as benefiting from GDP growth in the United States. Things like creating a free trade agreement within our country, providing the incentives for entrepreneurs and capital to be deployed in areas that matter, including AI technology, health care, defense spending within our country in a nascent defense industry, and a clear strategy of regulation that allows businesses to grow and create jobs. So that's my message to them. All our leaders need to be thinking about that.

我們的政策制定者應該盡一切可能幫助我們推動國內生產毛額成長，因為這與受益於美國國內生產毛額成長一樣重要。例如在我國建立自由貿易協定，為企業家和資本部署在重要領域提供激勵，包括人工智慧技術、醫療保健、我國新興國防工業的國防支出，以及明確的監管戰略這使得企業能夠發展並創造就業機會。這就是我給他們的訊息。我們所有的領導人都需要考慮這一點。

What we think about as a leadership team at CIBC is to continue to stay focused on our clients. We believe that there continues to be a robust amount of growth in the Canadian market. Yes, we have leadership positions in certain products and services and categories, but we're competing to win in the Canadian market, and we will deploy capital in the US market, all in a very balanced way.

作為 CIBC 的領導團隊，我們的想法是繼續關注我們的客戶。我們相信加拿大市場將持續強勁成長。是的，我們在某些​​產品、服務和類別上擁有領導地位，但我們正在加拿大市場上競爭，以贏得勝利，並且我們將以非常平衡的方式在美國市場部署資本。

To be strong in the US, you have to be strong at home. And therefore, we're going to focus on our Canadian business and our US business and really serve those clients that meet our risk appetite and the value having a relationship with a bank that helps them achieve their growth ambitions. Simple as that. And that will mean growth in Canada, in the consumer, commercial and capital markets and wealth management businesses as well as our presence in the United States, balance growth.

要想在美國強大，就必須在國內強大。因此，我們將專注於我們的加拿大業務和美國業務，並真正為那些滿足我們風險偏好以及與銀行建立關係以幫助他們實現成長目標的客戶提供服務。就這麼簡單。這將意味著加拿大、消費者、商業和資本市場以及財富管理業務的成長以及我們在美國的業務平衡成長。

So just if I could follow up on that. I guess what you're saying is you don't feel an added urgency to deploy capital in the US Is that correct here?

如果我能跟進的話。我想你的意思是你不覺得在美國部署資本更緊迫，這是正確的嗎？

So Meny, really, your question around capital allocation, let me just go back to our principles. Our principles are all about organic investment and investment in our platform, organic with the capital O. The second thing is to continue to grow our dividends with earnings. And I think we did that again this year as we start on the new fiscal year.

梅尼，實際上，關於你關於資本配置的問題，讓我回到我們的原則。我們的原則都是關於有機投資和對我們平台的投資，有機的資本O。我認為今年我們在新財政年度開始時再次這樣做了。

The third is to use buybacks as Rob articulated already. And when it comes to inorganic, I think we've been quite clear that tuck-in M&A to strengthen our businesses, particularly in the US wealth space would be something that we have our intent upon, but it really is about our organic growth strategy and driving a premium ROE.

第三種方法是利用回購，正如 Rob 已經闡述的那樣。當談到無機成長時，我認為我們已經非常清楚，透過併購來加強我們的業務，特別是在美國財富領域，這將是我們的意圖，但這確實與我們的有機成長策略有關並推動優質ROE 。

Thanks, Victor.

謝謝，維克多。

Thanks, Meny.

謝謝，梅尼。

Lemar Persaud, Cormark.

勒馬爾·佩爾紹德，科馬克。

Yeah, thank you. Just a point of clarification, Rob. When you said earlier, you see margin as a tailwind for the next couple of years. Are you talking about all bank net interest margins? Are you talking more along the lines of marginal growth? And then if I could squeeze another quick one in here, just the outlook for the tax rate moving forward.

是的，謝謝。只是需要澄清一點，羅布。正如您之前所說，您認為利潤率是未來幾年的動力。您是在談論所有銀行的淨利差嗎？您是否更多地談論邊際增長？然後，如果我可以在這裡再快速介紹一下，那就是未來稅率的前景。

Thanks, Lamar. So yes, we think the margin at the all-bank level and at the Canadian P&C level, that's stable to gradually higher from here, continues to make sense. We've talked in the past about the way we position our balance sheet and the tractoring strategy and how that's going to play out, how we expect it to play out based on the forward curve, that consistent upward gradual trajectory is what we're looking for.

謝謝，拉馬爾。所以，是的，我們認為全銀行層級和加拿大財產險層面的利潤率從現在開始穩定到逐漸升高，仍然有意義。我們過去已經討論過我們定位資產負債表和牽引策略的方式，以及它將如何發揮作用，我們期望它如何根據遠期曲線發揮作用，一致的向上漸進軌跡就是我們的目標尋找。

On the tax rate, so we were 22% effective tax rate this year. We disclosed in the MD&A, the impact of the global minimum tax is somewhere around 100 basis points for us. So the guidance for next year on tax would be in the 23% to 24% range.

在稅率方面，今年我們的有效稅率是22%。我們在 MD&A 中揭露，全球最低稅率對我們的影響約為 100 個基點。因此，明年的稅收指引將在 23% 至 24% 的範圍內。

Appreciate the time.

珍惜時間。

Gabriel Dechaine, National Bank Financial.

加布里埃爾‧德鏈 (Gabriel Dechaine)，國家銀行金融部門。

Good morning. Just first one on the credit guidance, that's been reiterated. And if I'm understanding you correctly it’s that the loss rate will be higher in the start of the year and the grade down over the course of the year. It's consistent with what another bank said and in contrast with different banks.

早安.這只是關於信貸指引的第一個，這一點已被重申。如果我的理解正確的話，那麼年初的損失率會更高，而全年的等級會下降。與另一家銀行的說法一致，與不同銀行的情況也有對比。

Just wondering why your outlook might be different? I know these portfolio trends and all that stuff that play a role. Is it largely because the -- that CRE office portfolio loss rate continues to decline and that's going to offset stuff over the course of the year?

只是想知道為什麼您的觀點可能會有所不同？我了解這些投資組合趨勢以及所有發揮作用的東西。很大程度上是因為商業房地產辦公室投資組合損失率持續下降，這將在一年內抵消損失嗎？

Well, thanks, Gabriel. Thanks for the question. I think that is part of it. But part of it is also the strength we are seeing in our Canadian commercial books. The strength we have seen in our corporate books. That is certainly helping us, maintaining our guidance. And as I said in my prepared remarks, some of the economic uncertainties subside, we would expect to be at the lower end of the guidance.

好吧，謝謝，加布里埃爾。謝謝你的提問。我認為這是其中的一部分。但部分原因也是我們在加拿大商業書籍中看到的優勢。我們在公司帳簿中看到了實力。這無疑對我們有幫助，維持我們的指導。正如我在準備好的演講中所說，一些經濟不確定性消退，我們預計將處於指導的下限。

But it's really a lot of moving parts going into that guidance and a lot of analysis and scenarios. And as you said, in part, we expect the US to come in, in lower, but we also do expect Canadian retail continuing to trend up slightly in line with the macroeconomic developments and then come down in later.

但該指南確實涉及許多活動部分以及大量分析和場景。正如您所說，我們在一定程度上預計美國的零售額會下降，但我們也預計加拿大零售業將繼續隨著宏觀經濟的發展而小幅上升，然後再下降。

Okay. Great. And then a conceptual one, I guess, for Victor and or Rob or both. So this ROE target, it's I guess, one of the big moving -- one of the big factors affecting it is the regulatory capital requirement, which has changed since the Investor Day. We all know that -- so your -- I guess, your base assumption is maintaining a 12.5% to 13% core Tier 1 ratio. Like what if the domestic stability buffer has cut back substantially, do you change that management target range or do you keep it static because it could always go back up?

好的。偉大的。然後是一個概念性的，我猜，是給維克多和/或羅布或兩者的。因此，我認為這個 ROE 目標是重大變化之一——影響它的重要因素之一是監管資本要求，自投資者日以來這項要求已經改變了。我們都知道——所以你的——我猜，你的基本假設是維持 12.5% 到 13% 的核心一級比率。例如，如果國內穩定緩衝大幅削減，你會改變管理目標範圍還是維持不變，因為它總是會回升？

I'm trying to get an understanding of how fluid your core Tier 1 ratio target is because, as I just mentioned, the capital requirements could be reduced, but they can also be held back because some might just say, hey, let's plan as if that maximum is an effect always.

我試圖了解您的核心一級比率目標的流動性如何，因為正如我剛才提到的，資本要求可能會降低，但也可能會被推遲，因為有些人可能會說，嘿，讓我們計劃一下如果該最大值始終有效。

Gabriel, it's a good question. I'm not going to speculate on what our regulator will do. I will tell you, we have a good regulator that manages our banking system for strength and stability, and we will react to any policies that they put in place.

加布里埃爾，這是個好問題。我不會猜測我們的監管機構會做什麼。我會告訴你，我們有一個很好的監管機構來管理我們的銀行系統，以確保其實力和穩定性，我們將對他們制定的任何政策做出反應。

As I said earlier, I think it's really, really important for policymakers across the spectrum to be thinking about how to drive economic growth in Canada, given how the conditions are changing in the United States. We don't want to be diverging.

正如我之前所說，考慮到美國情況的變化，我認為對於各個領域的政策制定者來說，考慮如何推動加拿大的經濟成長非常非常重要。我們不想產生分歧。

We don't want to be lagging. We don't want the GDP per capita in Canada declined relative to the US And every decision that helps drive economic growth is something that's welcome and I can tell you that our CIBC leadership team will react to any decision to drive growth in a continued positive way for our clients.

我們不想落後。我們不希望加拿大的人均GDP 相對於美國下降，每一個有助於推動經濟成長的決定都是受歡迎的，我可以告訴你，我們CIBC 的領導團隊將對任何推動經濟成長的決定做出持續積極的反應為我們的客戶提供的方式。

Rob, anything else for you to add?

羅布，您還有什麼要補充的嗎？

Yes. I guess the only thing because Gabe, you mentioned what do you do if that DSP changes. The reason we said $12.75 million to $13 million is more -- we didn't want to come back here in six months or a year and say, well, we have to revise the guidance again because the minimum has changed. We feel like the $12.75 million to $13 million puts us in a position where there's upside if it comes down, but we're not worried that there's downside if it goes up.

是的。我想唯一的事情是因為 Gabe，你提到如果 DSP 改變你會做什麼。我們說 1275 萬美元到 1300 萬美元的原因更多的是——我們不想在六個月或一年後回到這裡說，好吧，我們必須再次修改指導，因為最低限度已經改變了。我們覺得 1275 萬美元到 1300 萬美元讓我們處於一個如果價格下跌就會有上行空間的位置，但我們並不擔心如果價格上漲就會有下行空間。

Yes, no, no. I'm talking more about the upside if it goes down. Is it -- so this is really a fluid management target range if it goes down? You react to a reduction if that were to happen and that's perfectly rational, but it's also perfectly rational to assume that the higher requirement is maintained. So it can make managing your ROE target difficult, I guess, is what I'm saying.

是的，不，不。我更多地談論的是如果它下跌的話，它的好處。如果它下降的話，這真的是一個液體管理目標範圍嗎？如果發生這種情況，你會對減少做出反應，這是完全理性的，但假設維持更高的要求也是完全理性的。因此，我想，這可能會使管理你的 ROE 目標變得困難，這就是我所說的。

I think, Gabriel, just over the medium term, that 15% plus is what we work toward delivering irrespective of the environment. I mean, if the environment gets really negative for all banks, and that will be a difficult conversation for everybody. But if we assume we have benign constructive economic environment, the CIBC leadership team will work toward delivering that 15% plus.

加布里埃爾，我認為，從中期來看，無論環境如何，我們都會努力實現 15% 以上的目標。我的意思是，如果環境對所有銀行來說都變得非常不利，那麼這對每個人來說都將是一場艱難的對話。但如果我們假設我們擁有良性的建設性經濟環境，那麼 CIBC 領導團隊將努力實現 15% 以上的目標。

Okay, great. Well, congrats on the full year. Take it easy.

好的，太好了。好吧，恭喜你全年順利。別緊張。

Thank you. We have no further questions registered at this time. I would now like to turn the meeting back over to Victor.

謝謝。目前我們沒有進一步的問題。我現在想把會議轉回給維克多。

Thank you, operator, and thank you for all the thoughtful questions you've shared with us this morning. I hope to see CIBC story and key messages from today have resonated with you. We're delivering strong results through consistent execution of our strategy, and we're well positioned for the years ahead. The goal for our investor base has always been to deliver sustainable relative outperformance over any time horizon, and I believe and we believe we're achieving this objective.

謝謝您，接線員，也感謝您今天早上與我們分享的所有深思熟慮的問題。我希望看到 CIBC 今天的故事和關鍵訊息能引起您的共鳴。透過一致執行我們的策略，我們正在取得強勁的成果，並且我們為未來幾年做好了準備。我們投資者基礎的目標始終是在任何時間範圍內實現可持續的相對優異表現，我相信並且我們相信我們正在實現這一目標。

Giving back to our communities is also deeply embedded in the CIBC culture. Yesterday marked the 40th anniversary of Miracle Day here in Canada where our capital markets team and Wood Gundy Investment Advisors donated their fees and their commissions for a day to raise money for children in need.

回饋社區也深植於 CIBC 文化中。昨天是加拿大奇蹟日 40 週年，我們的資本市場團隊和 Wood Gundy 投資顧問捐贈了一天的費用和佣金，為有需要的兒童籌集資金。

We've been doing this for over four -- almost for four decades and have raised almost $300 million for kids. It was a huge success again yesterday, and it's a tradition that we're incredibly proud of support because it reflects the bank that we are.

我們這樣做已經有四年多了——幾乎四十年了，並為孩子們籌集了近 3 億美元。昨天再次取得了巨大成功，這是我們為獲得支持而感到無比自豪的傳統，因為它反映了我們銀行的本質。

Finally, I'd like to close out by extending a sincere thank you to our entire CIBC team. I've always said that banking is a team sport. It is truly our whole team that is driving the momentum to deliver for our clients, for our shareholders, for our communities and for one another within our bank. I want to wish you and all your families a wonderful holiday season. I hope you get to recharge the batteries, and we look forward to catching up in the new year. Take care.

最後，我想向我們整個 CIBC 團隊致以誠摯的謝意。我一直說銀行業是一項團隊運動。確實，我們整個團隊正在推動為我們的客戶、我們的股東、我們的社區以及我們銀行內部的彼此提供服務的動力。我祝福您和您的家人有個美好的假期。我希望你能重新充電，我們期待在新的一年迎頭趕上。小心。

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。