Canadian Imperial Bank of Commerce (CM) 2025 Q2 法說會逐字稿

Good morning. Welcome to the CIBC Q2 quarterly results conference call. Please be advised that this call is being recorded.

早安.歡迎參加加拿大帝國商業銀行第二季業績電話會議。請注意，本次通話正在錄音。

I would now like to turn the meeting over to Geoff Weiss, Senior Vice President, Investor Relations. Please go ahead, Geoff.

現在，我想將會議交給投資者關係高級副總裁 Geoff Weiss。請繼續，傑夫。

Thank you, and good morning. We'll begin this morning's presentation with opening remarks from Victor Dodig, our President and Chief Executive Officer; followed by Harry Culham, our Chief Operating Officer; Rob Sedran, our Chief Financial Officer; and Frank Guse, our Chief Risk Officer.

謝謝，早安。今天早上的演講將以我們總裁兼執行長 Victor Dodig 的開場致辭開始；隨後是我們的營運長 Harry Culham、我們的財務長 Rob Sedran 和我們的首席風險長 Frank Guse。

Also on the call today are a number of our group heads, including Shawn Beber, U.S. region; Hratch Panossian, Personal and Business Banking Canada; and Susan Rimmer, Commercial Banking and Wealth Management Canada. They are all available to take questions following the prepared remarks.

參加今天電話會議的還有我們的多位集團負責人，包括美國地區的 Shawn Beber、加拿大個人和商業銀行業務的 Hratch Panossian 以及加拿大商業銀行和財富管理業務的 Susan Rimmer。他們都可以回答準備好的發言之後的提問。

We have a hard stop at 8:30 and would like to give everyone a chance to participate. So we ask that you please limit your questions to one and re-queue in the Q&A. We'll make ourselves available after the call for any follow ups.

我們將於 8:30 準時停止活動，並希望給每個人一個參與的機會。因此，我們要求您將問題限制為一個，然後在問答環節中重新排隊。通話結束後，我們將隨時為您提供後續服務。

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. I would also remind listeners that we use 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.

正如我們的投資者簡報第 2 張投影片中所述，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。我還要提醒聽眾，我們使用銀行使用非公認會計準則財務指標來得出調整後的結果。管理階層根據報告和調整後的基礎來衡量績效，並認為兩者對於評估基礎業務績效都有用。

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

說完這些，我現在將電話轉給維克多。

Thanks, Geoff, and good morning, everyone. I'm pleased to report that we delivered strong results and continued our momentum in the second quarter. Our performance reaffirms that our strategy is working. Our resilience through heightened uncertainty showcases the depth of our client relationships, our credit quality and the strength of our balance sheet.

謝謝，傑夫，大家早安。我很高興地報告，我們取得了強勁的業績，並在第二季度延續了這一勢頭。我們的業績再次證明我們的策略是有效的。我們在高度不確定性中的韌性展現了我們與客戶的深度關係、我們的信用品質和我們資產負債表的實力。

Before I turn to our second quarter performance, I'd like to make a brief comment on the leadership announcements we made on March 13. As you know, I'll be retiring as CEO of our bank at the end of our first fiscal year. It's been an incredible journey over the past 10-plus years, and I'm proud of what we've accomplished together across our CIBC team.

在介紹我們第二季的業績之前，我想先對我們在 3 月 13 日發布的領導公告做一個簡單的評論。如您所知，我將在第一個財政年度結束時辭去我們銀行執行長的職務。過去 10 多年來，我們經歷了一段令人難以置信的旅程，我為我們 CIBC 團隊共同取得的成就感到自豪。

I'm also proud and excited to be passing the baton to Harry Culham, the result of a thoughtful and multiyear succession planning process. As part of the transition, Harry was named Chief Operating Officer and will assume the role of President and CEO on November 1.

我也很自豪和興奮能夠將接力棒交給哈里·卡勒姆，這是經過深思熟慮和多年繼任計劃的結果。作為過渡的一部分，哈里被任命為首席營運官，並將於 11 月 1 日擔任總裁兼執行長。

His global experience, growth-oriented mindset and track record for delivering results, make him the ideal person leads CIBC into the future. I look forward to working closely with Harry and our leadership team to ensure a smooth transition over the next several months.

他的全球經驗、成長型思維以及取得成果的記錄使他成為帶領加拿大帝國商業銀行走向未來的理想人選。我期待與哈利和我們的領導團隊密切合作，確保未來幾個月的順利過渡。

Before I continue with our second quarter highlights, I'd like to invite Harry to make a few comments. Over to you, Harry.

在我繼續介紹第二季的亮點之前，我想請哈利發表一些評論。交給你了，哈利。

Well, thank you, Victor. Good morning, everyone. Let me start by expressing how honored I am to be taking on the role of President and CEO of CIBC. I would just like to take a moment to recognize Victor for his dedication and positive influence on our bank. His support over the years and his continued leadership through this transition, we will continue to operate with the hallmarks his leadership has instilled over the past decade, including the relentless client focus connected and purpose-led culture and consistent execution to deliver results for all of our stakeholders.

好吧，謝謝你，維克多。大家早安。首先，我非常榮幸能夠擔任加拿大帝國商業銀行總裁兼執行長。我只想花一點時間來表彰 Victor 對我們銀行的奉獻和積極影響。多年來的支持以及他在此次過渡期間的持續領導，我們將繼續秉承他在過去十年中樹立的領導榜樣，包括堅持不懈地以客戶為中心、以目標為導向的文化以​​及始終如一的執行力，為所有利益相關者帶來成果。

Over the last few months, I've spent a lot of time meeting with our broader CIBC team and our clients and other stakeholders to gather perspectives. My takeaways reinforce my belief that we have something special. Our team members our partnerships are strong, and our clients value our differentiated advice.

在過去的幾個月裡，我花了很多時間與更廣泛的 CIBC 團隊以及我們的客戶和其他利害關係人會面，以收集觀點。我的收穫進一步強化了我的信念：我們擁有一些特別的東西。我們的團隊成員和合作夥伴關係非常強大，我們的客戶重視我們差異化的建議。

I'm also excited about the opportunity to work alongside our exceptional leadership team, each of whom has had a hand in crafting and executing the client-focused strategy that's driving our success. Today, we will continue to lead on -- build on our momentum and drive CIBC to new heights.

我也很高興有機會與我們傑出的領導團隊一起工作，他們每個人都參與制定和執行推動我們成功的以客戶為中心的策略。今天，我們將繼續前行，乘勢而上，推動加拿大帝國商業銀行邁向新的高峰。

And with that, I'll turn it back to you, Victor.

說完這些，我就把它交還給你，維克多。

Okay. Thanks, Harry. Over to our performance. So slide 4, turning to our adjusted second quarter results. We delivered net income of $2 billion and earnings per share of $2.05, both up 17% from the prior year. Pre-provision pretax earnings were up 19%, supported by broad-based growth across all of our operating units and another strong quarter of operating leverage.

好的。謝謝，哈利。接下來是我們的表演。投影片 4 介紹我們調整後的第二季業績。我們的淨收入為 20 億美元，每股收益為 2.05 美元，均比上年增長 17%。撥備前稅前收益成長了 19%，這得益於我們所有營運部門的廣泛成長以及本季強勁的營運槓桿。

Credit remains resilient, while we continue to closely monitor and stress test our portfolios for a range of scenarios. Our return on equity was 13.9%, which is up 50 basis points year-over-year, coupled with a healthy CET1 ratio of 13.4%. We repurchased 6 million common shares during the quarter and continue to main flexibility to drive organic growth. We delivered these results in a challenging environment.

信貸依然保持彈性，同時我們將繼續密切監測並針對一系列情境對我們的投資組合進行壓力測試。我們的股本回報率為 13.9%，比去年同期增長 50 個基點，同時 CET1 比率也達到健康的 13.4%。我們在本季回購了 600 萬股普通股，並繼續保持靈活性以推動有機成長。我們在充滿挑戰的環境中取得了這些成果。

And while we can't predict where the ongoing discussions around trade policy will ultimately land, we have the confidence in our strategy and the balance sheet to support our clients. It is in this type of environment where our clients turn to us for guidance to help keep their ambitions on track. Earlier this week, our bank received a Forrester's customer-obsessed Enterprise Award for North America, which recognizes organizations that placed their clients at the center of their leadership, strategy and operations. This is in effect who CIBC is.

雖然我們無法預測圍繞貿易政策的持續討論最終會取得怎樣的結果，但我們對我們的策略和資產負債表有信心能夠支持我們的客戶。正是在這種環境下，我們的客戶向我們尋求指導，以幫助他們實現自己的抱負。本週早些時候，我們銀行獲得了 Forrester 的北美客戶至上企業獎，該獎項旨在表彰那些將客戶置於領導、策略和營運中心的組織。這其實就是 CIBC 的本質。

With our client-centric focus, we're meaningfully advancing our four strategic priorities. First, we're growing our mass affluent and private wealth franchise. In Imperial Service, more Canadians are recognizing the benefit of working with a dedicated adviser to help them reach their financial goals. And our clients are rewarding our personalized experience with higher Imperial Service Net Promoter Scores, which reached another all-time high during the quarter.

我們以客戶為中心，大力推動我們的四大策略重點。首先，我們正在擴大大眾富裕人士和私人財富特許經營權。在帝國服務中，越來越多的加拿大人認識到與專門的顧問合作以幫助他們實現財務目標的好處。我們的客戶對我們個人化的體驗給予了更高的帝國服務淨推薦值，該值在本季度創下了歷史新高。

Second, we are expanding our digital first personal banking capabilities. Many of our clients are increasingly looking for seamless digital experiences to respond to rapidly evolving market conditions. And we're also tailoring our products and solutions to meet our clients' needs. This quarter, we launched the CIBC Adapt to Mastercard, delivering flexibility to cardholders to earn bonus points on their personal top three spend categories each month.

其次，我們正在擴大我們的數位優先個人銀行業務能力。我們的許多客戶越來越尋求無縫的數位體驗，以應對快速變化的市場狀況。我們也根據客戶的需求客製化我們的產品和解決方案。本季度，我們推出了 CIBC Adapt to Mastercard，為持卡人提供彈性，讓他們每月在個人前三大消費類別中賺取獎勵積分。

Third, we are bringing all of CIBC to bear for our clients through our connected platform and team. In Canada, 32% of our commercial clients have a CIBC Private Wealth relationship. In the United States, that number is now at 20%. Both metrics have increased from the prior year and demonstrate our franchising progress and demonstrate our connected culture. Our US footprint continues to expand across our bank as well including US region Capital markets revenue, which is up 37% from the prior year.

第三，我們透過互聯平台和團隊為客戶提供加拿大帝國商業銀行的所有服務。在加拿大，我們 32% 的商業客戶與 CIBC 私人財富建立了合作關係。在美國，這數字目前已達20%。這兩項指標都比前一年有所增長，顯示了我們的特許經營取得了進展，也顯示了我們的互聯文化。我們的美國業務範圍持續擴大，包括美國地區資本市場收入，比前一年成長了 37%。

And finally, our fourth strategic priority is to enable to simplify and to protect our bank. We are looking to continue to drive efficiencies, operational resilience and improve the experience for both our clients and our employees. Our technology investments are paying off, including our CIBC AI platform, which has saved our team members and estimated 200,000 hours during a successful pilot and is now rolling out across our entire organization.

最後，我們的第四個策略重點是簡化和保護我們的銀行。我們希望持續提高效率、增強營運彈性並改善客戶和員工的體驗。我們的技術投資正在獲得回報，其中包括我們的 CIBC AI 平台，該平台在成功試點期間為我們的團隊成員節省了大約 200,000 小時的時間，目前正在我們整個組織中推廣。

We're building our AI capabilities on a strong foundation of governance and transparency. Earlier this year, CIBC became the first major Canadian bank to sign the Government of Canada's voluntary code of conduct for generative artificial intelligence.

我們正在堅實的治理和透明度基礎上建立我們的人工智慧能力。今年早些時候，加拿大帝國商業銀行成為第一家簽署加拿大政府產生人工智慧自願行為準則的加拿大主要銀行。

So in closing, our second quarter performance demonstrated continued momentum and continued consistency amid a volatile backdrop. We delivered robust top line growth and strong operating leverage while ensuring that our defensive attributes remain best-in-class, including prudent credit reserves and a robust balance sheet.

總而言之，儘管背景動盪，我們的第二季業績仍表現出持續的勢頭和穩定性。我們實現了強勁的營收成長和強大的營運槓桿，同時確保我們的防禦屬性保持在最佳水平，包括審慎的信貸儲備和穩健的資產負債表。

As the economic environment continues to evolve, we'll do what we've always done. We'll stay close to our clients and communicate transparently with our shareholders. Our strategy and diversified platform put us in a position to outperform in a wide range of outcomes.

隨著經濟環境的不斷變化，我們將繼續做我們一直在做的事情。我們將與客戶保持密切聯繫並與股東保持透明的溝通。我們的策略和多元化平台使我們在廣泛的成果中表現出色。

And with that, I'll turn it over to my colleague, Rob Sedran for a review of our financial results. Over to you, Rob.

接下來，我將把工作交給我的同事 Rob Sedran，讓他來審查我們的財務表現。交給你了，羅布。

Thank you, Victor, and good morning, everyone. Let me start with three takeaways from our results. First, revenue growth was strong, with each business unit performing well, reflecting the consistent execution of our client-focused strategy across our bank.

謝謝你，維克多，大家早安。首先，我想從我們的研究結果中得出三個結論。首先，營收成長強勁，各業務部門表現良好，反映了我們全行一致執行以客戶為中心的策略。

Second, even with more than 4% operating leverage this quarter, we continue to invest to develop competitive differentiators that drive sustainable, long-term stakeholder value.

其次，即使本季的營業槓桿率超過 4%，我們仍將繼續投資，以開發能夠推動永續的長期利害關係人價值的競爭優勢。

Third, we repurchased 6 million shares during the quarter, and both capital and liquidity remain strong, which positions us to support our clients and execute our strategy against an uncertain operating environment.

第三，我們在本季回購了 600 萬股，資本和流動性均保持強勁，這使我們能夠支持我們的客戶並在不確定的營運環境中執行我們的策略。

Please turn to slide 8. Earnings per share were $2.04 for the second quarter of 2025 or $2.05 on an adjusted basis, and adjusted ROE was 13.9%. As I noted, our balance sheet remains strong with ratios that are well above normal course operating targets.

請翻到第 8 張投影片。2025 年第二季每股收益為 2.04 美元，調整後為 2.05 美元，調整後 ROE 為 13.9%。正如我所指出的，我們的資產負債表依然強勁，比率遠高於正常的營運目標。

Let's move on to a detailed review of our performance. I'm on slide 9. Adjusted net income of $2 billion increased 17%, supported by strong performance across all business units. Pre-provision pretax earnings were up 19% and revenues were up 14% driven by strong trading activity, expanding margins, volume growth and higher fee income. We also continue to manage expenses relative to revenues, delivering 430 basis points of operating leverage.

讓我們繼續詳細回顧一下我們的表現。我在第 9 張投影片。調整後淨收入達 20 億美元，成長 17%，這得益於所有業務部門的強勁表現。受強勁的交易活動、利潤率的擴大、交易量的增長和費用收入的增加的推動，撥備前稅前利潤增長了 19%，收入增長了 14%。我們也持續管理與收入相關的支出，實現 430 個基點的營運槓桿。

Total provisions for credit losses were up 18% from a year ago, largely driven by higher performing provisions, reflecting the uncertainty in the macroeconomic outlook. Impaired losses remain within our previous guidance range. Frank will discuss credit in detail in his presentation.

信貸損失準備金總額較上年同期成長了 18%，這主要是由於準備金績效提高，反映了宏觀經濟前景的不確定性。減損損失仍在我們先前的指導範圍內。弗蘭克將在演講中詳細討論信用問題。

Slide 10 highlights key drivers of net interest income. Excluding trading, NII was up 16%, driven by continued balance sheet growth and expanding margin. All bank margin ex trading was up 16 basis points from the prior year and down 1 basis point sequentially. Canadian P&C NIM of 273 points was up 1 basis point. We continue to expect our all bank and P&C margins to be stable to gradually higher based on the current forward curve.

幻燈片 10 重點介紹了淨利息收入的主要驅動因素。不包括交易，NII 上漲了 16%，這得益於資產負債表的持續成長和利潤率的擴大。所有銀行保證金除交易外較前一年上漲 16 個基點，較上一季下降 1 個基點。加拿大財產及意外險淨利差為 273 點，上漲 1 個基點。根據目前的遠期曲線，我們繼續預期所有銀行和財產及意外險的利潤率將保持穩定並逐步上升。

In the US segment, NIM of 372 basis points was down 6 basis points from the prior quarter. driven by normalization of our loan margins, partly offset by ongoing strength in deposits. We expect margins in the US to normalize to the 365 to 370 basis point range, subject to the evolution of our business mix.

在美國市場，淨利差為 372 個基點，較上一季下降 6 個基點。這主要得益於貸款利潤率的正常化，但存款的持續強勁在一定程度上抵消了這一影響。我們預計，美國的利潤率將正常化至 365 至 370 個基點的範圍內，具體取決於我們業務組合的變化。

Turning to slide 11. Non-interest income of $3.2 billion was up 12% from the prior year, amid growth in trading as well as higher market-sensitive revenues that drove a 21% increase in market-related fees. Transaction-related fees were down 15%, mainly due to the revenue-neutral impact of benchmark reform, lower card and FX fees.

翻到第 11 張投影片。非利息收入為 32 億美元，較上年增長 12%，這得益於交易量的增長以及市場敏感收入的增加，推動市場相關費用增長 21%。交易相關費用下降了 15%，主要原因是基準改革、信用卡和外匯費用降低對收入產生了中性影響。

Slide 12 highlights our ongoing balanced approach to expense management. Excluding performance-based compensation linked to the strong revenues, expenses grew 6%, and as investments and the impact of FX were partly offset by the benefits of prior initiatives to improve efficiency and deliver a better experience for our clients and our team. We continue to invest to harden and protect our bank modernizing our infrastructure and simplifying our processes. We expect to deliver positive operating leverage on a full year basis and to manage expense growth to the mid-single digits for the balance of fiscal 2025.

投影片 12 重點介紹了我們持續平衡的費用管理方法。不包括與強勁收入相關的績效薪酬，支出成長了 6%，因為投資和外匯的影響被先前提高效率和為我們的客戶和團隊提供更好體驗的舉措帶來的好處部分抵消。我們將繼續投資以加強和保護我們的銀行，實現基礎設施現代化並簡化流程。我們預計全年將實現正的營運槓桿，並將 2025 財年餘額的費用成長控制在中等個位數。

Slide 13 highlights the strength of our balance sheet. Our CET1 ratio ended the quarter at 13.4% and was down 10 basis points sequentially. The solid organic capital generation was more than offset by the ongoing share buyback program from which we have now repurchased 14.5 million shares. During the quarter, we returned $1.4 billion in capital to our shareholders, including roughly $500 million of share repurchases. Our liquidity position remains strong with an average LCR of 131%.

投影片 13 突顯了我們的資產負債表的實力。本季末，我們的 CET1 比率為 13.4%，季減 10 個基點。正在進行的股票回購計劃不僅抵消了穩健的有機資本生成，還抵消了目前我們已經回購了 1,450 萬股股票的計劃。本季度，我們向股東返還了 14 億美元的資本，其中包括約 5 億美元的股票回購。我們的流動性狀況依然強勁，平均流動性覆蓋率為 131%。

Starting on slide 14, with Personal and Business Banking, we highlight our strategic business unit results. Adjusted net income increased 4% due to higher revenue growth, partially offset by higher expenses and a higher total provision for credit losses. Supported by core business momentum, pre-provision pretax earnings were up 11% and as our client-focused strategy continues to deliver results.

從第 14 張投影片開始，透過個人和商業銀行業務，我們重點介紹了我們的策略業務部門的成果。調整後淨收入因收入成長而增加 4%，但部分被支出增加和信貸損失準備金總額增加所抵銷。在核心業務動能的支持下，撥備前稅前收益成長了 11%，並且我們以客戶為中心的策略持續取得成果。

Revenues were up 8%, helped by volume growth on both sides of the balance sheet and a 23 basis point increase in the net interest margin. Our strategic investments, including in our exclusive partnerships are driving client acquisition and in our targeted segments, adding over 0.5 million net new personal clients over the last 12 months.

由於資產負債表兩邊的交易量成長以及淨利差增加 23 個基點，收入成長了 8%。我們的策略性投資（包括對獨家合作夥伴關係的投資）正在推動客戶獲取，並且在我們的目標領域，在過去 12 個月內增加了超過 50 萬淨新個人客戶。

We also continue to drive growth by deepening relationships with existing clients through personalized advice and offers. Expenses were up 5% due to investments in strategic initiatives and in our team. Many of these investments are streamlining our operations and enhancing both client member client and team member experiences, driving record Net Promoter and team engagement scores.

我們也透過個人化的建議和優惠加深與現有客戶的關係，持續推動成長。由於對策略性舉措和團隊的投資，費用增加了 5%。許多投資都在簡化我們的運營，增強客戶成員和團隊成員的體驗，提高淨推薦值和團隊參與度得分。

On slide 15, we show Canadian Commercial Banking and Wealth Management, where net income and pre-provision pretax earnings were up 13% and 14% from a year ago, respectively. Revenues were up 13% from last year.

在投影片 15 上，我們展示了加拿大商業銀行和財富管理業務，其中淨收入和撥備前稅前收益分別比去年同期增加了 13％ 和 14％。營收比去年增長了13%。

Wealth Management growth was driven by higher average fee-based assets on both increased client activity and market appreciation despite the market slowdown in Q2. Commercial Banking revenues were up 12%, driven by robust volume growth. We continue to focus on referrals within our business as well as strengthening our partnerships and connectivity across our bank.

儘管第二季市場放緩，財富管理的成長仍受到客戶活動增加和市場升值等因素推動，平均收費資產增加。受業務量強勁成長的推動，商業銀行收入成長了 12%。我們將繼續關注我們業務內的推薦，並加強我們銀行之間的合作夥伴關係和聯繫。

Expenses increased 11% from a year ago, mainly from higher compensation linked to the strong wealth management revenues. Across Commercial Banking and Wealth Management, we have been modernizing our processes and technology while maintaining our commitment to client relationships, advice and credit discipline. Additional details on Canadian P&C are in the appendix.

支出較上年同期成長了 11%，主要由於財富管理收入強勁導致薪資增加。在商業銀行和財富管理領域，我們一直在實現流程和技術的現代化，同時保持對客戶關係、建議和信貸紀律的承諾。有關加拿大 P&C 的更多詳細資訊請參閱附錄。

Turning to US Commercial Banking and Wealth Management on slide 16. Net income of USD125 million was up $46 million or 58% from the prior year, mainly from lower loan loss provisions and a 10% increase in pre-provision pretax earnings. Revenues were up 10% from last year. Deposit growth of 15% and loan growth of 4% resulted in higher net interest income, while most fee categories increased as we continue to deepen our client relationships.

前往第 16 張投影片上的美國商業銀行和財富管理。淨收入 1.25 億美元，較上年增加 4,600 萬美元，增幅 58%，主要由於貸款損失準備金減少以及撥備前稅前收益增加 10%。營收比去年增長了10%。存款成長 15%，貸款成長 4%，導致淨利息收入增加，同時隨著我們不斷深化客戶關係，大多數費用類別都有增加。

Expenses were also up 10% with the increase largely related to employee compensation. We remain committed to our three key strategic priorities in this segment, expanding private wealth management with a focus on high-touch relationships and building scale, growing commercial banking by delivering industry expertise and unique solutions and investing in technology and infrastructure to scale our platform, drive connectivity and improve resilience.

支出也上漲了 10%，主要與員工薪酬有關。我們將繼續致力於該領域的三大策略重點：擴大私人財富管理業務，重點關注高接觸關係和規模建設；透過提供行業專業知識和獨特的解決方案來發展商業銀行業務；投資技術和基礎設施以擴大我們的平台規模、推動連接並提高彈性。

Turning to slide 17 and our Capital Markets segment. Net income was up 34% year-over-year. Revenues of $1.5 billion were up 32%, driven by strong results across the Capital Markets platform. We had strong performance in all global markets businesses, which saw increased client activity on the back of higher volatility. Solid corporate and investment banking revenues benefited from higher volumes and margins in Corporate Banking, and higher debt underwriting activity in investment banking.

轉到第 17 張投影片和我們的資本市場部分。淨收入年增34%。受資本市場平台強勁業績的推動，公司營收成長 32%，達到 15 億美元。我們在所有全球市場業務中都表現強勁，在波動性加劇的背景下，客戶活動增加。穩健的企業和投資銀行收入得益於企業銀行業務量和利潤率的提高，以及投資銀行業務債務承銷活動的增加。

We are leveraging our investments to deliver a differentiated cross-border and highly connected platform. Our Capital Markets segment is a well-diversified business with a growing presence in the United States that contributed 37% of segment revenue this quarter. Expenses were up 23% largely due to higher performance-based and employee-related compensation, continued investments in growth initiatives and higher volume-driven expenses.

我們正在利用我們的投資來提供一個差異化的跨境和高度互聯的平台。我們的資本市場部門業務多元化，在美國的業務不斷成長，本季貢獻了 37% 的部門收入。費用上漲了 23%，主要是由於績效薪酬和員工相關薪酬增加、對成長計劃的持續投資以及銷售驅動費用增加。

Slide 18 reflects the results of the corporate and other business units. Net loss of $15 million compares with a net loss of $9 million in the prior year and is inside the range we project for this segment of a loss of between $0 and $50 million.

幻燈片 18 反映了公司和其他業務部門的表現。淨虧損 1500 萬美元，而上一年的淨虧損為 900 萬美元，這在我們預計的該部門虧損 0 至 5000 萬美元的範圍內。

In closing, we delivered another quarter of strong results. While there continues to be an increased level of volatility in the operating environment, owing particularly to trade-related uncertainty, our results have been built upon a resilient and consistent strategy the strength of our balance sheet, our diversified business mix, our disciplined resource allocation and our team. As always, we focus on the things we can continue to control to deliver profitable growth.

最後，我們又取得了一個季度的強勁業績。儘管經營環境的波動性持續增加，特別是由於貿易相關的不確定性，但我們的業績建立在有彈性和一致的策略、強大的資產負債表、多元化的業務組合、嚴謹的資源配置和團隊的基礎上。像往常一樣，我們專注於我們能夠繼續控制的事情，以實現盈利增長。

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

說完這些，我就把麥克風交給法蘭克。

Thank you, Rob, and good morning, everyone. Our credit performance in Q2 was strong and continues to trend at the lower end of our guidance despite the ongoing uncertainty in the global economy. While the macro environment continues to evolve, we are actively monitoring our portfolio and maintaining close relationships with our clients to effectively navigate through the uncertainties. We continue to build on our already strong allowance this quarter with coverage their positions as well to manage potential risks or challenges ahead.

謝謝你，羅布，大家早安。儘管全球經濟持續存在不確定性，但我們第二季的信貸表現強勁，並繼續處於預期的低端。在宏觀環境不斷變化的同時，我們也在積極監控我們的投資組合，並與客戶保持密切的關係，以有效地應對不確定性。本季度，我們繼續鞏固已然強勁的撥備，並覆蓋其頭寸，以管理未來的潛在風險或挑戰。

Turning to slide 22. Our total provision for credit losses was $605 million in Q2 compared to $573 million last quarter. Our allowance coverage increased quarter-over-quarter by 1 basis point to 77 basis points and year-to-date, our allowance is up by $341 million or 8%. Our performing provision was $142 million this quarter, driven by an unfavorable change in our overall economic outlook including an increase in uncertainties related to the trade environment, partially offset by a release driven by portfolio movements.

翻到第 22 張投影片。我們第二季的信貸損失準備金總額為 6.05 億美元，而上一季為 5.73 億美元。我們的撥備覆蓋率較上季增加 1 個基點，達到 77 個基點，年初至今，我們的撥備覆蓋率增加了 3.41 億美元，成長 8%。本季我們的履約準備金為 1.42 億美元，原因是我們整體經濟前景出現不利變化，包括與貿易環境相關的不確定性增加，但投資組合變動帶來的釋放部分抵銷了這一變化。

Our provision on impaired loans was $463 million, up $17 million quarter-over-quarter. This was due to higher provisions in the Canadian Personal and Business Banking and Canadian Commercial Banking portfolios, partially offset by lower provisions in Capital Markets, US commercial and CIBC Caribbean.

我們的減損貸款撥備為 4.63 億美元，比上一季增加 1,700 萬美元。這是由於加拿大個人和商業銀行業務以及加拿大商業銀行業務組合的撥備增加，但被資本市場、美國商業和加拿大帝國商業銀行加勒比地區的撥備減少部分抵消。

Turning to slide 23. Overall, Q2 portfolio performance remained in line with our expectations with our impaired provisions ratio increasing slightly this quarter to 33 basis points. Consistent with our prior guidance, Personal and Business Banking impaired PCL trended up, mainly due to higher write-offs and an allowance increase for impaired balances. In Canadian commercial, we saw an increase in impaired provisions driven by a small number of new impairments across unrelated sectors. We continue to see no systemic risk in any specific sector.

翻到第 23 張投影片。整體而言，第二季投資組合表現符合我們的預期，本季我們的減損準備金率小幅上升至 33 個基點。與我們先前的指導一致，個人和商業銀行受損 PCL 呈上升趨勢，主要原因是註銷額增加以及受損餘額準備金增加。在加拿大商業領域，我們發現減損準備金增加，這是由於不相關產業的少量新減損所致。我們仍認為任何特定行業均不存在系統性風險。

Our capital markets portfolio continues to perform well with solid results in Q2. In US commercial, we saw improved performance again this quarter, mainly attributable to lower provisions in the commercial real estate sector.

我們的資本市場投資組合在第二季持續表現良好，並取得了穩健的表現。在美國商業領域，本季我們的業績再次改善，這主要歸因於商業房地產領域的撥備減少。

Slide 24 summarizes our gross impaired loans and formations. Our gross impaired loan ratio was flat at 57 basis points with a modest increase in retail, offset by a decrease in our business and government loans. While mortgages experienced a slight increase this quarter, the current loan-to-value ratio for impaired balances remained low at approximately 60%, and we do not expect any material increase in net write-offs. In addition, new formations in the portfolio trended lower in Q2 attributable to both retail and business and government lending.

投影片 24 總結了我們的總減損貸款和結構。我們的總減損貸款比率持平於 57 個基點，零售貸款略有增加，但被商業和政府貸款的減少所抵消。雖然本季抵押貸款略有增加，但目前減損餘額的貸款價值比仍保持在約 60% 的低位，我們預計淨註銷額不會有任何實質的增加。此外，由於零售、商業和政府貸款，第二季投資組合的新形成趨勢較低。

Slide 25 summarizes the net write-off and 90-plus day delinquency rates of our Canadian consumer portfolios. Our credit card and personal lending write-offs trended higher quarter-over-quarter, which continued to be impacted by elevated unemployment rates, along with some seasonality this quarter. In our mortgage portfolio, there was a slight increase in 90-plus day delinquencies. We do not expect meaningful losses given the strong average loan-to-value in the book. We remain comfortable with the overall strength of our Canadian consumer portfolios.

投影片 25 總結了我們的加拿大消費者投資組合的淨註銷率和 90 天以上的拖欠率。我們的信用卡和個人貸款註銷額呈環比上升趨勢，這繼續受到失業率上升以及本季一些季節性因素的影響。在我們的抵押貸款組合中，90天以上的拖欠率略有增加。鑑於帳面上較高的平均貸款價值比，我們預計不會出現重大損失。我們對加拿大消費者投資組合的整體實力仍然感到滿意。

In closing, despite the economic challenges, our impaired losses continue to be at the low end of our guidance supported by the strong performance of our credit portfolios. We will continue to monitor the developments surrounding trade policy and other macroeconomic changes while prioritizing our efforts to assist clients in navigating through the ongoing headwinds. We are pleased with our strong performance in the first half of the year and remain comfortable with our full year guidance on impaired losses.

最後，儘管面臨經濟挑戰，但由於我們的信貸組合表現強勁，我們的減損損失仍然處於預期的低端。我們將繼續關注貿易政策和其他宏觀經濟變化的發展，同時優先努力幫助客戶度過持續的逆風。我們對上半年的強勁表現感到滿意，並對全年的減損損失預期感到滿意。

I will now ask the operator to open the line for questions.

我現在請接線員開通熱線來回答問題。

(Operator Instructions)

（操作員指示）

Matthew Lee, Canaccord Genuity

Matthew Lee，Canaccord Genuity

Morning, thanks for taking my questions. The performing PCL you put through in the quarter on a basis points basis, looks a little lighter than the peer group. Whilst we dig in a bit on your assumptions to 1% Canadian GDP growth, 7% employment. I think data coming out recently suggest that forecast might be a bit optimistic. Do you think that your expert credit judgment overlay kind of prepare CIBC for a more challenging environment? Or could we see more performing builds those assumptions change?

早上好，感謝您回答我的問題。以基點計算，本季表現最佳的 PCL 看起來比同業略遜一籌。我們深入探討您對加拿大 GDP 成長 1%、就業率 7% 的假設。我認為最近公佈的數據表明該預測可能有點樂觀。您是否認為您的專家信用判斷能力能夠幫助 CIBC 應對更具挑戰性的環境？或者我們可以看到更多表現良好的建構這些假設改變？

Yeah, Matthew, thank you for your question. I think you are highlighting a couple of elements that go into our performing allowance on top of the QIF live forecast that you see in the disclosure. One, is the scenario weighting so how much weight is being put on the base case with the downside side versus upside case.

是的，馬修，謝謝你的提問。我認為，除了您在揭露中看到的 QIF 即時預測之外，您還強調了我們績效津貼中的幾個要素。一是情境權重，即基本情況、下行情況和上行情況的權重分別是多少。

And then in addition, of course, in times like this, with a lot of uncertainty, expert credit judgment does play a meaningful role. So I wouldn't necessarily expect any changes to those FLIs translating one-to-one into changes in our allowances because we did reflect some of that uncertainty through our expert credit judgment.

此外，當然，在這種充滿不確定性的時期，專家的信用判斷確實發揮著重要作用。因此，我並不期望這些 FLI 發生任何變化，從而導致我們的配額發生一一變化，因為我們確實透過專家信用判斷反映了一些不確定性。

Okay. That's helpful. And then maybe if I could sneak one more in. On the C&IB side, I think CIBC was the only bank that really showed progress there. I might have missed it, but was there any single large deal in the quarter that drove that? And should we be thinking about CIBC's investment banking team has positioned any differently than any of the Canadian peer group in general?

好的。這很有幫助。然後也許我可以再偷偷地再進去一個。在 C&IB 方面，我認為 CIBC 是唯一一家真正取得進展的銀行。我可能錯過了，但本季是否有任何一筆大交易推動了這一趨勢？我們是否應該考慮加拿大帝國商業銀行的投資銀行團隊與加拿大同儕團隊的定位有何不同？

Hi, good morning. It's Harry. I'll take that question. The first thing I'd say is, we are seeing very strong growth across all of the different businesses that we have under the capital markets umbrella. It really is part of that long-term strategy, but we're building a North American platform. So we're seeing it north of border, south of border in a very diversified manner.

嗨，早安。是哈利。我來回答這個問題。我想說的第一件事是，我們看到資本市場旗下所有不同業務都實現了非常強勁的成長。這確實是長期策略的一部分，但我們正在建立一個北美平台。因此，我們以非常多樣化的方式看待邊境以北和邊境以南的情況。

I think this is a good example of our franchise in action as we see elevated activity on the back of volatile or uncertain markets or times where our clients really rely on our advice and execution. And so you're seeing the results of that -- to that deep client focus that we've had for many years and a consistent strategy. So I don't think we're -- where we are different is we're not trying to be all things to all people. we're very focused on building deep relationships with our clients, and they rely on us in these times. We target the 7% to 10% target that we put out at Investor Day several years ago, we've been achieving at the high end of that, of course, for the recent past.

我認為這是我們特許經營業務的一個很好的例子，因為我們看到在動盪或不確定的市場或客戶真正依賴我們的建議和執行的時期活動有所增加。因此，您會看到這樣做的成果——我們多年來一直深切關注客戶並採取一致的策略。所以我不認為我們的不同之處在於我們不會試圖滿足所有人的需求。我們非常注重與客戶建立深厚的關係，他們在這些時候依賴我們。我們的目標是幾年前在投資者日提出的 7% 到 10% 的目標，當然，最近我們已經實現了這個目標的高端。

Alright, that's helpful. I'll pass the line. Thanks, guys.

好的，這很有幫助。我會通過這條線。謝謝大家。

John Aiken, Jefferies.

約翰艾肯，傑富瑞。

Good morning, Rob. Rob, as you're pretty well aware from your former life on the sell side that strong results, hugely big questions, and I'm focusing in terms of the success you've had on your operating leverage. Basically, what I'd like to hear from you is where we stand in terms of the momentum that being built up from press cutting regime? And what the outlook is moving forward?

早安，羅布。羅布，你從以前在賣方的工作經驗中很清楚地知道，強勁的業績、巨大的問題，而我關注的是你在經營槓桿方面取得的成功。基本上，我想聽聽您的意見，就新聞剪輯制度所建立的勢頭而言，我們的立場是什麼？未來的前景如何？

I know you gave us the mid-single-digit expense growth for the second half of the year. But I would like to hear where you think that you are in terms of what inning are you in, in terms of the previous cost-cutting initiatives? And then how replicable is that on a go-forward basis based on the investments you've been making to date?

我知道您告訴我們下半年的支出成長率將達到個位數的中等水準。但我想聽聽您認為就先前的成本削減措施而言，您目前處於什麼階段？那麼，根據您迄今為止所做的投資，這種做法在未來的可複製性如何？

Thanks, John. Good morning. I guess I would phrase it a little bit differently in terms of how we think about operating leverage and how we think about our efficiency. It's an always-on approach. We aim for some big rocks on from an efficiency perspective. But even more importantly, we try to get the entire organization looking through to find the small rocks in terms of efficiency opportunities as well.

謝謝，約翰。早安.我想我會以稍微不同的方式來表達我們如何看待經營槓桿以及如何看待我們的效率。這是一種始終在線的方法。從效率的角度看，我們的目標是一些大石頭。但更重要的是，我們試著讓整個組織仔細尋找提高效率機會的小問題。

So we don't feel like we're on a program that has an expiration date or that is going to be tailing off. This is just built into the way we plan. And the planning posture we tend to take is we don't plan for double-digit revenue growth and therefore, double-digit expense growth. We try to moderate both so that if the revenue environment turns out to be better, we can let some rope in and let some expense growth and some of the investments accelerate. So the efficiencies that we have that we're recognizing, we expect to continue to recognize them. We plan for annual operating leverage.

因此，我們並不覺得我們所參與的計劃有到期日，或即將結束。這只是我們計劃的一部分。我們傾向於採取的規劃態度是，我們不計劃實現兩位數的收入成長，因此也不會計劃實現兩位數的支出成長。我們試圖對兩者進行調節，以便如果收入環境變得更好，我們可以讓一些資金參與進來，讓一些支出成長，一些投資加速。因此，我們期望繼續認可我們所認識到的效率。我們計劃實現年度經營槓桿。

That doesn't mean we're -- and we target it quarterly. It doesn't mean we're going to deliver it quarterly, but we're comfortable with the annual operating leverage posture that we have. And like I said, there's not an expiration date to the programs that we're on.

這並不意味著我們——我們的目標是按季度實現。這並不意味著我們會每季交付一次，但我們對現有的年度營運槓桿狀況感到滿意。正如我所說的，我們所實施的專案沒有截止日期。

If I can just build on Rob's comment, which was exceptional, given that you played both sides of the market in terms of the sell side now being our CFO. The results that we have is a reflection of what we've been doing over the past decade. We've been transforming the base foundational technology of our bank. We've been transforming the user experience at the front end of our bank.

我能不能基於 Rob 的評論進行補充，這是非常出色的，因為您扮演著賣方和賣方市場的雙方角色，而您現在是我們的財務長。我們所取得的成果反映了我們過去十年來所做的努力。我們一直在改造我們銀行的基礎技術。我們一直在改變銀行前端的使用者體驗。

And I think the next iteration of efficiency is going to come from embracing data, embracing artificial intelligence, embracing how that can actually transform and quite frankly, make life more pleasant for our employees and for our clients.

我認為效率的下一個迭代將來自於擁抱數據、擁抱人工智慧，擁抱如何真正改變並坦率地說，讓我們的員工和客戶的生活更加愉快。

And that I think you'll see in every single business, and I think it will be reflected in our financial results as well. So this is part of a plan that we've had, a plan that we have going forward, and I'm very confident about how we can repurpose our legacy costs and reinvest it for future growth in our business.

我認為您會在每項業務中看到這一點，我認為這也會反映在我們的財務表現中。所以這是我們已有計劃的一部分，也是我們未來計劃的一部分，我對如何重新利用我們的遺留成本並將其重新投資於我們業務的未來成長非常有信心。

Thanks guys, I'll reach you.

謝謝大家，我會聯絡你們的。

Ebrahim Poonawala, Bank of America.

美國銀行的 Ebrahim Poonawala。

Hey, good morning. I guess maybe, Frank, following up with you, I guess you reiterated comfort in your impaired PCL guidance. You'll have taken reserve builds for the last couple of quarters. Just talk to us in terms of what you're seeing in terms of the ground reality, Canadian consumer, Canadian businesses how much stress is on them and how that informs the visibility that you have on credit? Like what gives you confidence the three months from now, things may not look much worse on impaired PCL outlook than what you think -- how you're thinking about it today? Thanks.

嘿，早安。我想也許，弗蘭克，跟進你的情況，我想你重申了對受損 PCL 指導的安慰。您將已經為過去幾季累積了儲備。請就您所看到的實際情況與我們談談，加拿大消費者、加拿大企業面臨多大的壓力，以及這如何影響您對信貸的了解？例如，什麼能讓您有信心應對三個月後的情況，受損的 PCL 前景可能不會比您想像的更糟——您今天是如何看待它的？謝謝。

Yeah. And thank you for the question, Ebrahim. I mean everything I said is built on a very thorough assessment of the portfolio. And even if you look into our or one leading indicator a little bit could be our delinquency rates. And while we did see a little bit of an increase in net write-offs, on the PBB side, we did see delinquency rates to come down in Q2, and there is always a little bit of seasonality in the Q2 numbers.

是的。感謝您的提問，易卜拉欣。我的意思是，我所說的一切都是建立在對投資組合非常徹底的評估之上的。即使你稍微看一下我們的一個領先指標，也可能是我們的欠款率。雖然我們確實看到淨註銷額略有增加，但在 PBB 方面，我們確實看到第二季的拖欠率有所下降，而且第二季的數據總是帶有一點季節性。

So overall, we feel very confident and comfortable with the credit quality. And as I said, a lot of analysis and a lot of different angles of how we are looking at is going into, of course, our guidance in our commentary. But I would take a look at the delinquency rates that we disclosed and them coming down, and that should give us some comfort of what we are seeing in the portfolio.

因此整體而言，我們對信用品質非常有信心和放心。正如我所說，我們在評論中對許多分析和許多不同角度的觀察提供了指導。但我會看看我們揭露的拖欠率以及它們是否下降，這應該會讓我們對投資組合中看到的情況感到些許安慰。

Got it. And I guess, again, tied to that, maybe Victor, for you, you've been very vocal in terms of policies the administration should take to kind of get Canada, Canadian economy going. Just give us a view of your optimism around that? And should you expect proof points on that over the next 3, 6, 12 months? How should we think about that as we think about how the banks could grow over the next year? Thanks.

知道了。我想，再次與此相關，維克多，對於您來說，您一直非常直言不諱地談論政府應該採取哪些政策來推動加拿大經濟發展。請告訴我們您對此持樂觀態度嗎？您是否應該期待在未來 3、6、12 個月內獲得證據？當我們思考銀行明年如何發展時，我們該如何看待這個問題？謝謝。

Predicting the economy is one thing, predicting politics is another, although I will say that I do think that in the region that we primarily operate in, there's a bias to economic growth in Canada, specifically, I think that the government that's come in place is looking to do that through interprovincial trade barriers being dropped, through incentives on the housing front by getting Canada's natural resources to market.

預測經濟是一回事，預測政治是另一回事，不過我要說的是，我確實認為，在我們主要開展業務的地區，加拿大的經濟增長存在偏見，具體來說，我認為現任政府正在尋求通過取消省際貿易壁壘、通過將加拿大的自然資源推向市場而在住房方面提供激勵措施來實現這一目標。

I do think that there's two areas that I would encourage them to focus on to drive further growth aside from those three policies and actually getting to a better place with our trading partners in the United States and Mexico and reigniting CUSMA 2.0.

我確實認為，除了這三項政策之外，我還鼓勵他們專注於兩個領域，以推動進一步成長，並與美國和墨西哥的貿易夥伴建立更好的關係，並重啟 CUSMA 2.0。

One is, can we put policies in place to actually develop a base of more risk capital in the country to make sure that we can deliver growth in a diversified set of industries beyond the family business, which are natural resources agriculture beyond housing and into technology, into health care, into a diversified manufacturing base. I think there's plenty of capital in the country.

一是，我們能否制定政策，在國內真正建立起更多的風險資本基礎，以確保我們能夠在家族企業以外的多元化產業中實現成長，這些產業包括自然資源、農業、住房、技術、醫療保健和多元化製造業基礎。我認為這個國家有充足的資本。

I think there's some incentives need to be developed for not only our pension plans, but also affluent Canadian investors to help make sure that economic base is diversified. The second thing I'd ask him to think about is doing something for young people. Young people may be thinking about how you can raise the tax exemption threshold for young people so they can actually generate more income if it's tied to a savings and putting money into TFSAs, RSPs and first-time homebuyer plans and helping them achieve the dream of homeownership through their hard work and effort over time.

我認為不僅需要為我們的退休金計畫制定一些激勵措施，還需要為富裕的加拿大投資者制定一些激勵措施，以幫助確保經濟基礎多樣化。我想讓他考慮的第二件事就是為年輕人做點事。年輕人可能會考慮如何提高年輕人的免稅門檻，這樣如果將免稅與儲蓄掛鉤，並將錢存入TFSA、RSP和首次購房者計劃，他們實際上可以獲得更多收入，並幫助他們通過辛勤工作和長期努力實現擁有住房的夢想。

And I believe that over time, we will have some sort of data on the trade front. The strongest economic region in the world today is the North American region. I think governments are increasingly recognizing that. It will look different than it did late last year going forward, but I still think that there'll be an integrated approach to economic growth across three countries.

我相信隨著時間的推移，我們將獲得一些有關貿易方面的數據。當今世界最強大的經濟地區是北美地區。我認為各國政府越來越認識到這一點。展望未來，情況將與去年年底有所不同，但我仍然認為，三國將採取一體化的經濟成長方式。

Right, thank you.

好的，謝謝。

Gabriel Dechaine, National Bank Financial.

加布里埃爾·德尚 (Gabriel Dechaine)，國家銀行金融。

Hey, good morning. So Victor, I guess you've got next year on a Q3 call, so I'll save my best wishes for them. Just a question for Frank on credits. If I recall correctly, your guidance was for a full year impaired loss rate of mid-30s and it would grade down over the course of the year. Correct me if I'm wrong there.

嘿，早安。所以維克多，我想你明年會在第三季的電話會議上，所以我會向他們致以最美好的祝愿。我只是想問弗蘭克一個關於信用的問題。如果我沒記錯的話，你們對全年減損損失率的預期是 30% 左右，並且會隨著時間的推移而逐漸下降。如果我錯了，請糾正我。

Regardless, I just wanted to get a sense for if you can prognosticate on peak PCLs, I know that's a term that comes up every now and then, and it seems to have been a moving target the last few years. And I'm wondering if we look at the 2026, we could have a similar year to this year where the impaired loan losses stay elevated because businesses aren't hiring today, letting people go and there's just a bit of a lagged effect of what's going on today that could filter into next year?

無論如何，我只是想了解是否可以預測 PCL 的峰值，我知道這是一個時不時出現的術語，而且在過去幾年裡它似乎一直是一個移動的目標。我想知道，如果我們展望 2026 年，我們是否會遇到與今年類似的情況，即不良貸款損失將持續居高不下，因為企業目前不招聘，不裁員，而今天發生的事情的滯後效應可能會滲透到明年？

Yeah. And Gabriel, thank you for the question. Again, I would reiterate our guidance, which was in the mid-30s for the full year. It's probably a little bit too early to talk about what 2026 brings. And what the rest of the year brings, I mean, speaking about and reiterating our guidance, even being at the lower brand, we could expect some moderate increases in Q3 potentially.

是的。加布里埃爾，謝謝你的提問。再次，我要重申我們的預期，全年獲利在 35% 左右。現在談論 2026 年會帶來什麼可能還為時過早。至於今年剩餘時間會發生什麼，我的意思是，談論並重申我們的指導，即使是較低的品牌，我們也可以預期第三季可能會出現一些適度的成長。

But then we expect it to moderate for the latter or the last quarter of the year in our plans. But a lot of that will be driven by the ongoing macroeconomic development, some of the trade uncertainties that we are seeing unemployment will continue to be a headwind. Some of the interest rate decisions will be a tailwind. So we will see a lot of that play out in the next couple of quarters. And over time, I think we will see some clarity on the macroeconomic and trade policy front and that will certainly help getting us more close -- comfortable with the '26 forecast as well.

但根據我們的計劃，我們預計今年下半年或最後一個季度的情況會有所緩和。但其中很大一部分將受到持續的宏觀經濟發展的推動，我們看到的一些貿易不確定性以及失業將繼續成為阻力。一些利率決策將起到推動作用。因此，我們將在接下來的幾季中看到很多這樣的情況。隨著時間的推移，我認為我們將看到宏觀經濟和貿易政策的一些明朗化，這肯定有助於我們更加接近——對 26 年的預測更加滿意。

Okay. So mid-30s, I may have misspoke there. And maybe more look at it a different way. These are still good numbers. You're coming below your guidance. And we're seeing a few other banks where impaired loans are coming down, not going up, which was the expectation. Is it possible that there may have been a cohort of borrowers that was kind of put to the side during the pandemic and then never came back. So what we're seeing really is a higher grade overall just by higher-quality borrower overall because of that phenomenon. I don't know if that's a valid theory?

好的。所以說是 30 多歲，我可能說錯了。也許更多的人會從不同的角度看待這個問題。這些仍然是不錯的數字。你沒有達到你的指導標準。我們也看到其他幾家銀行的不良貸款正在下降，而不是上升，這是預期。有沒有可能，有一群借款人在疫情期間被擱置一旁，之後就再也沒有回來。因此，由於這種現象，我們看到的是藉款人的整體評級實際上更高，而藉款人的整體品質也更高。我不知道這是否是一個有效的理論？

Well, I think what is important to keep in mind is a little bit anchoring us back to our strategy. We are focused on building client relationships. We are focusing on getting to the math affluent client. And I think that's what you're seeing. That's what you're seeing in our business and government portfolio, which is performing exceptionally well.

嗯，我認為需要牢記的是，我們要稍微回歸到我們的策略。我們專注於建立客戶關係。我們致力於吸引數學能力豐富的客戶。我想這就是你所看到的。這就是您在我們的商業和政府投資組合中看到的，其表現非常出色。

As we said in the past, those portfolios can be episodic. So you could see something happening there at some point, but there's nothing to semi going on. We don't see any factors or areas of particular concern. And you also see it in our retail portfolios, which also are performing very, very well. So as you said, those are very strong results, and we feel very comfortable with those results.

正如我們過去所說的那樣，這些投資組合可能是偶發性的。因此，您可能會看到在某個時刻那裡發生了一些事情，但沒有任何進展。我們沒有發現任何需要特別關注的因素或領域。您也可以在我們的零售投資組合中看到這一點，它們的表現也非常非常好。正如您所說，這些都是非常強勁的結果，我們對這些結果感到非常滿意。

Thank you.

謝謝。

Mike Gustovich, Scotiabank.

加拿大豐業銀行的麥克·古斯托維奇。

Hey, good morning. Just a quick numbers question for Rob. I know there's been a lot of good momentum on NIM at the all bank level. And the way I'm looking at it just to clarify, I'm taking out the trading-related NII from the numerator and trading-related securities from the denominator. I'm not sure if you guys look at it the same way, but I think it had been outperforming quite a bit the last few quarters. And looks like it was flattish this quarter.

嘿，早安。只想問 Rob 一個簡單的數字問題。我知道在所有銀行層面上，NIM 都呈現出良好的勢頭。為了澄清起見，我是這樣看待這個問題的：我從分子中去掉了與交易相關的 NII，從分母中去掉了與交易相關的證券。我不確定你們是否以同樣的方式看待它，但我認為它在過去幾個季度的表現相當出色。本季看起來表現平平。

I'm wondering if there's any change. I'm sorry if I missed this in your prepared remarks, but any updates on your view on how the hedging is playing out? And what's your expectation of the all-bank level going forward?

我想知道是否有任何變化。如果我在您準備好的發言中遺漏了這一點，我很抱歉，但是您對對沖進展的看法有什麼更新嗎？您對未來全銀行層面有何期待？

Hey, Mike, it's Rob. Good morning. So we -- I've been providing guidance over the last few quarters on this line that said flat to gradually higher, and it's only been going higher over the last several quarters. The reason -- but I always say the flat part when we give the guidance is that from time to time, business mix can play a role as well. And that's kind of what we saw this quarter, or even the non-trading securities were up a little bit. So it's positive to NII, but not necessarily positive to margin.

嘿，麥克，我是羅布。早安.因此，我們——過去幾個季度我一直在這條線上提供指導，即持平到逐漸走高，而且過去幾個季度它一直在走高。原因——但我在給予指導時總是說平穩的部分，因為有時業務組合也會發揮作用。這就是我們本季看到的情況，甚至非交易證券也略有上漲。因此，這對 NII 來說是有利的，但對利潤率來說不一定是有利的。

And just the evolution of our business mix this quarter, you saw the US down slightly, CC Canadian commercial and wealth down slightly. It held back the overall. The guidance going forward or the view going forward continues to be given the forward curve, we still expect the benefit of that tractoring strategy, which is, again, intended to deliver what it's delivering a stable NIM over time. It is delivering that performance. So we continue to expect that flat to gradually higher sequentially from here, which given where the forward curves are should continue for a bit.

從本季我們的業務組合變化來看，美國業務略有下降，CC 加拿大商業和財富業務也略有下降。它阻礙了整體的發展。未來的指引或未來的觀點將繼續考慮到遠期曲線，我們仍然期待這種牽引策略帶來的好處，這種策略旨在隨著時間的推移實現穩定的 NIM。它正在實現這樣的性能。因此，我們繼續預計，從現在開始，這一趨勢將持平並逐漸走高，考慮到遠期曲線的位置，這種情況應該會持續一段時間。

That's very helpful. And then a quick one for Hratch, just on the mortgage business. Obviously, a flat result this quarter sequentially. It's not that different from the peers. I'm guessing it might have helped your margin a little bit in the quarter.

這非常有幫助。然後，Hratch 再簡單談談抵押貸款業務。顯然，本季的業績與上一季持平。和同齡人沒什麼差別。我猜想這可能會對您本季的利潤率有所幫助。

But just in terms of the revenue contribution, I'm just going to, I just want to see if you're comfortable providing a similar type of guidance that you have in the past, I think it's been a couple of years since it was provided. But I believe it was somewhere around 17% of your segment's revenue, this goes back a couple of years again.

但就收入貢獻而言，我只是想看看您是否願意提供與過去類似的指導，我認為距離提供這種指導已經有幾年了。但我相信這大約佔你們部門收入的 17%，這可以追溯到幾年前。

Is that still within the realm of what the mortgage business contributes, not just the spread, but the fees earned around volumes and originations. Is that still a number we could use as a rough proxy on how much mortgages actually contribute to your top line in the segment?

這是否仍屬於抵押貸款業務的貢獻範圍，不僅僅是利差，還包括圍繞交易量和發起量賺取的費用。我們是否仍然可以用這個數字來粗略地衡量抵押貸款對該部門的營業收入的實際貢獻？

Good morning, Mike, thanks for the question. Maybe I'll start by taking a bit of a step back. As we've talked about in the past, and it links a bit to Frank's comments and the comments made by Rob, we have a strategy that's focused on our clients and a strategy of building the best relationship-focused bank in the country for retail consumers and small businesses, and that's what we're following. We don't have specific product-based strategy.

早安，麥克，謝謝你的提問。也許我應該先退一步。正如我們過去所談論的，它與弗蘭克的評論和羅布的評論有點聯繫，我們有一個以客戶為中心的戰略，以及一個為零售消費者和小型企業打造全國最好的以關係為中心的銀行的戰略，這就是我們正在遵循的。我們沒有基於具體產品的策略。

And so for us, mortgages are just one of those key products that our consumers need. And we're always going to be there for them. That said, as we're focusing on leading with best-in-class experiences in everyday banking, leadership and advice across our franchise and some of the economics, frankly, of the mortgage business, the mortgage business is becoming a smaller and smaller part of the contributors to revenues.

因此對我們來說，抵押貸款只是消費者需要的關鍵產品之一。我們將永遠支持他們。話雖如此，由於我們專注於在日常銀行業務中提供一流的經驗、在整個特許經營業務中提供領導力和建議，坦率地說，在抵押貸款業務的一些經濟方面，抵押貸款業務在收入貢獻中所佔的比例越來越小。

And we're focusing more on those deep relationships. And as I've said, in a few of the calls recently, on mortgages, our approach is very simple, where we have key relationships with clients, we want to have their mortgage.

我們更加關注這些深層關係。正如我最近在幾次有關抵押貸款的電話會議中所說的那樣，我們的做法非常簡單，我們與客戶建立了重要的關係，我們希望獲得他們的抵押貸款。

We want to have a fulsome relationship with clients. It creates a virtuous cycle of us knowing the client better, being able to offer better advice improving the economics of the relationship for both the client and us, and it leads to some of the better risk results that Frank actually touched on, and that's what we've been doing on mortgages.

我們希望與客戶建立良好的關係。它形成了一個良性循環，讓我們更好地了解客戶，能夠提供更好的建議，改善客戶和我們之間關係的經濟效益，並帶來弗蘭克實際上提到的一些更好的風險結果，這就是我們在抵押貸款方面一直在做的事情。

If we don't have a relationship with a client, we're always taking an eye to could we have a fulfilling relationship for the client and a profitable relationship for us over time with that client, in which case, again, we'll compete for that business on the mortgage. Outside of that, we're only looking at the economics of the mortgage. And by taking that strategy over time, what has happened is the margins over the last year in the mortgage business have improved by about 25%.

如果我們與客戶沒有關係，我們總是會關注我們是否能與客戶建立令人滿意的關係，以及與該客戶長期保持一種有利可圖的關係，在這種情況下，我們將再次在抵押貸款業務上競爭。除此之外，我們只關注抵押貸款的經濟效益。透過長期實施此策略，去年抵押貸款業務的利潤率提高了約 25%。

The number of mortgages that have other products for us with us are an all-time high. So the number of single product mortgage clients is coming down. And when you look at the economics of the mortgage business, while they are still strong, it is a much smaller contributor for us. us today than it is. So going forward, I would see more of the same.

我們持有的其他抵押貸款產品的數量達到了歷史最高水平。因此，單一產品抵押貸款客戶的數量正在下降。當你觀察抵押貸款業務的經濟狀況時，你會發現，儘管它仍然很強勁，但它對我們的貢獻比現在小得多。因此，展望未來，我會看到更多類似的情況。

I would see us focus on the products that are allowing us to grow high single-digit revenue despite a slower market. that's demand deposits were growing double digits. That's cards where we're growing high single digits. That's investments where we've been leading the fix tables, and that's how we're going to keep driving our strategy. I would say you could focus less on mortgage going forward, but it still is a key product that if clients need it, we'll be there for them.

我認為我們會專注於那些讓我們在市場放緩的情況下仍能實現高個位數收入成長的產品。也就是說，活期存款實現了兩位數的成長。這是我們卡片銷量以高個位數成長的領域。這是我們一直處於領先地位的投資，也是我們將繼續推動策略的方式。我想說，你可以減少對未來抵押貸款的關注，但它仍然是一個關鍵產品，如果客戶需要它，我們會為他們提供服務。

Thanks for the insight, Again, I just wanted to just add maybe ask a different way. So is it -- so you mentioned diminishing contribution. Is it significantly different than what it would have been a couple of years ago? And the reason I'm asking, just thinking through a downturn on the mortgage side, obviously, tariffs seem to be playing a role and people may be holding back. Maybe there's some pent-up demand that comes in at some point later in the year.

感謝您的見解，再次強調，我只是想補充一下，也許可以用不同的方式提問。所以，你提到了貢獻的減少。它與幾年前相比有顯著不同嗎？我之所以問這個問題，只是想透過對抵押貸款方面的低迷進行思考，顯然，關稅似乎發揮了一定作用，人們可能會有所退縮。也許在今年晚些時候會出現一些被壓抑的需求。

But ultimately, it does look like a potential revenue headwind? And can we use that prior guidance as at least the guidepost on what it contributes to your top line? If maybe at a diminished level will (inaudible).

但最終，它看起來確實像是潛在的收入阻力？我們是否可以將先前的指導至少作為其對您的收入貢獻的指南？如果可能在降低的水平上（聽不清楚）。

Yes. lately. So as I said earlier, it is a lower contributor. So your 17% number today, it would be significantly higher than where we are. Some of that has been margins. Remember, margins on mortgages in the portfolio have come down significantly. So today, it's a higher percentage of our earnings than it was a year ago, and that's because margins on the portfolio are expanding. But margins and volume both play, obviously, a role in revenue. So today, I would say it's a significantly smaller portion of our revenues. And like I said, margins may go up. But in terms of our focus, I would not expect it to become a materially larger portion over time.

是的，最近。正如我之前所說，它的貢獻較低。因此，您今天的 17% 這個數字將明顯高於我們現在的水平。其中一些是利潤。請記住，投資組合中的抵押貸款利潤率已大幅下降。因此，今天它在我們收益中所佔的比例比一年前更高，這是因為投資組合的利潤率正在擴大。但利潤和銷量顯然都在收入中發揮作用。所以今天，我想說這只占我們收入的一小部分。正如我所說的，利潤率可能會上升。但就我們的重點而言，我並不認為它會隨著時間的推移而佔據實質的更大份額。

Okay, that's super helpful. Thanks for the color.

好的，這非常有幫助。謝謝你的顏色。

Sohrab Movahedi, BMO Capital Markets.

Sohrab Movahedi，BMO 資本市場。

Thank you, Hratch, If I can just stay with you. Can you just talk a little bit more broadly about the margin dynamics between deposit margins and I guess asset yields, I think you covered mortgages here, but just more broadly, what are you seeing and what are you expecting?

謝謝你，Hratch，如果我能和你在一起就好了。您能否更廣泛地談談存款保證金和資產收益率之間的保證金動態，我想您在這裡涵蓋了抵押貸款，但更廣泛地講，您看到了什麼以及您期望什麼？

Yes. Thanks for the question, Sohrab. And we've covered this before. I think there's a number of things that are helping margins in our business. And Part of it is environment, but part of it is also our strategy. And so I'll start with our strategy. And I won't repeat what I just said in the other question. But our strategy is one that leads to, we believe, a more profitable business and a higher margin business. And I think you've been seeing that come to bear recently. Even though the balance sheet has been growing on both sides of the balance sheet slower.

是的。謝謝你的提問，Sohrab。我們之前已經討論過這個問題。我認為有很多因素有助於提高我們業務的利潤率。其中一部分是環境，但一部分也是我們的策略。因此我將從我們的策略開始。我不會重複我在另一個問題中說過的話。但我們相信，我們的策略將帶來更有利可圖的業務和更高的利潤率。我想您最近已經看到這種情況正在發生。儘管資產負債表兩邊的成長速度一直在放緩。

We're growing more, and we're gaining share in the areas that we're focused on. So demand deposits, we grew double digits over the last year. But on the GIC front, there was a 9% decline in balances on a year-over-year basis. That mix shift is margin accretive. Part of that is client behavior.

我們正在進一步發展，並且在我們關注的領域中市場份額不斷擴大。因此，去年我們的活期存款實現了兩位數的成長。但在 GIC 方面，餘額比去年同期下降了 9%。這種組合轉變可以增加利潤。其中一部分是客戶行為。

Clients coming out of GICs that are paying 5-plus percent and looking for alternatives, when those deals are no longer available on GICs. And this is where our advice comes in. When a client has any type of a financial need, we take a step back with the client. We look at the planning that we've done with them. We look at all of their assets, they look at the financial goals and ambitions into the future and we come up with the right solution for that client.

客戶退出支付 5% 以上的 GIC 並尋找替代方案，因為這些交易不再適用於 GIC。這就是我們的建議。當客戶有任何類型的財務需求時，我們都會與客戶一起採取措施。我們審視與他們一起制定的計劃。我們查看他們的所有資產，他們查看未來的財務目標和抱負，然後我們為該客戶提供正確的解決方案。

And our team has been doing that. I'm very proud of the way they've managed through some of the changes in market. So what that's actually transpired in over the last year. Most of those deposits coming out of GIC is going into demand or going into our mutual fund sales, which is what's driving the strength there.

我們的團隊一直在做這件事。我對他們應對市場變化的方式感到非常自豪。那麼過去一年究竟發生了什麼事呢？來自 GIC 的大部分存款都用於滿足需求或進入我們的共同基金銷售，這是推動其強勁成長的動力。

We talk a lot about our Imperial Service, but I also have to highlight the success of our personal banking team outside of Imperial Service. Yes, Imperial Service is about twice the volume we get out of the rest of the business, but both parts of our business have been contributing to that growth in demand deposits and growth in investment sales.

我們談論了很多有關帝國服務的事情，但我還必須強調帝國服務之外的個人銀行團隊所取得的成功。是的，帝國服務業務量大約是其他業務量的兩倍，但我們業務的兩個部分都對活期存款的成長和投資銷售的成長做出了貢獻。

On the asset side of the business, again, we're focused on margin management and delivering for our clients and on products like mortgages, we've been selective. I think that allowed us to increase margins in the mortgage business itself.

在資產業務方面，我們再次專注於保證金管理和為客戶提供服務，對於抵押貸款等產品，我們一直很有選擇性。我認為這使我們能夠提高抵押貸款業務本身的利潤率。

And then the mix is also playing a role with cards and other areas growing faster than mortgages over time. And so that's what all comes together to lead to margin increase over 20 basis points over the last year, 3 basis points quarter-over-quarter. And I think that's going to continue. So we expect to see a few basis points a quarter roughly plus or minus going forward. Some of that is coming from rates, which will be for the foreseeable future. But some of that is our strategy, and that will be with us on a continued basis.

而且，隨著時間的推移，信用卡和其他領域的成長速度快於抵押貸款，這種混合也發揮了作用。所有這些因素加在一起，導致利潤率比去年同期增加了 20 個基點，比上一季增加了 3 個基點。我認為這種情況將會持續下去。因此，我們預計未來每季的漲幅將大致為幾個基點。其中一些來自利率，這將是可預見的未來。但其中有些是我們的策略，並且會持續下去。

Thank you.

謝謝。

Mario Mendonca, TD Securities.

馬裡奧門東卡，道明證券。

Good morning. This might be best for Rob, maybe Hratch as well because you just addressed it a moment ago, this tailwind of -- the tractors tailwind, which exists for an asset-sensitive bank we're seeing across the group. It appears from -- if rates were stay where they are, that, that tailwind becomes a headwind by mid-next year and possibly a meaningful headwind by late next year. Is that something you can address? Or is that just too fine a point to make on this call?

早安.這對 Rob 來說可能是最好的，對 Hratch 來說可能也是如此，因為您剛才提到了這一點，這種順風——拖拉機的順風，對於我們整個集團都看到的資產敏感型銀行來說，是存在的。看起來，如果利率維持在當前水平，那麼到明年年中，順風就會變成逆風，到明年年底，可能會變成明顯的逆風。您能解決這個問題嗎？或者說，在這通電話中提出這一點是否太過分了？

Hey, Mario, it's Rob. I'll give it a shot. And if we want to dig in deeper, we can certainly take it offline. The way we look at the forward curves, we see -- and what's been happening of late actually is a bit of a steepening of that 5- and 10-year part of the curve, you see this going through '26 and into '27 before those lines start to converge. It doesn't really become a headwind as much as it starts to level off.

嘿，馬裡奧，我是羅布。我會嘗試一下。如果我們想深入挖掘，我們當然可以將其離線。我們觀察遠期曲線時發現——最近發生的情況實際上是 5 年期和 10 年期曲線有點變陡，你會看到這種趨勢持續到 26 年和 27 年，然後這些線才開始匯合。它實際上並沒有成為逆風，而是開始趨於平穩。

Now that Hratch talked a lot about product margins. And so business mix and the rest obviously plays a role when we're talking about margin. But in terms of that tractoring benefit, it seems to start to level off somewhere into '27. And again, that's just based on the forward curves. I'm not really giving you too much CIBC commentary there, but we'd be consistent with that in terms of what we see for our margin as well.

現在 Hratch 談了很多關於產品利潤的問題。因此，當我們談論利潤時，業務組合和其他因素顯然發揮作用。但就拖拉機效益而言，它似乎在 27 年開始趨於平穩。再次強調，這只是基於遠期曲線。我實際上並沒有給你太多的 CIBC 評論，但就我們的利潤率而言，我們也會保持一致。

And would you -- are you -- would you point me to look at the US curves or Canadian? Because on the Canadian, it would look like it doesn't quite make it to 2027. I can see the comment on the US. What would you point me to?

您能讓我看一下美國或加拿大的曲線嗎？因為從加拿大的角度來看，它似乎無法堅持到 2027 年。我可以看到對美國的評論。你會給我指出什麼？

Yeah, the Canadian I'm talking mainly about the Canadian curves, but we see it on both. But like I said, we can certainly take it offline if we want to compare notes.

是的，我主要談論的是加拿大曲線，但我們在兩者上都看到了它。但就像我說的，如果我們想比較意見，我們當然可以將其離線。

Slightly different question, Frank, over to you. So along the same lines as Gabriel was asking, I think a lot of us on this call spend time looking for correlations one in particular is what economic growth and unemployment means to loan growth and PCLs on PCLs for a moment. It would appear that those long-standing correlations could break down here. And I want your view on this. What might cause those long-standing relationships between, call it, unemployment or economic growth?

法蘭克，這個問題稍微有點不同，就交給你了。因此，正如加布里埃爾所問的那樣，我認為我們中的許多人花時間尋找相關性，特別是經濟成長和失業對貸款成長以及 PCL 對 PCL 的意義。看起來這些長期存在的關聯可能會在這裡崩潰。我想聽聽您對此的看法。什麼可能導致失業或經濟成長之間的長期關係？

And what that means to credit losses why might those correlations break down this time? Is it something to do with excess deposits, changing spending behavior, government support sort of akin to what we saw during COVID. Do you have a view on this Frank? Could these correlations break down? Or are they breaking down?

這對信貸損失意味著什麼？為什麼這次這些相關性可能會被打破？這是否與超額存款、改變消費行為、政府支持有關，類似於我們在 COVID 期間看到的情況。弗蘭克，你對此有什麼看法？這些關聯會消失嗎？或者它們正在崩潰？

Well, I wouldn't say we are seeing them break down as of yet. I mean, unemployment is up as our impaired losses, and we continue to expect impaired losses being driven by the unemployment rate. I think a lot of the elements you mentioned changes to employment insurance, other forms of economic stimulus, some of the excess deposits that we continue to see with our clients. Our slightly changing the correlations. I wouldn't necessarily say they are breaking down the correlations.

好吧，我不會說我們目前就看到它們崩潰了。我的意思是，失業率隨著我們的減損損失而上升，我們繼續預期減損損失將受到失業率的推動。我認為您提到的許多因素包括就業保險的變化、其他形式的經濟刺激以及我們繼續從客戶那裡看到的一些超額存款。我們稍微改變了相關性。我不會說他們正在打破相關性。

Unemployment will continue to be a big driver for our loan loss expectations in -- on the retail side, for sure. And we continue to see that. And I think there is a couple of dampening or slightly lowering the correlation factors. And as you said, it is excess deposits, it's some of the economic stimulus that some of the changes we are seeing to programs.

毫無疑問，失業將繼續成為我們零售業貸款損失預期的重要驅動因素。我們繼續看到這種情況。我認為存在一些抑製或略微降低相關性的因素。正如您所說，這是超額存款，這是一些經濟刺激措施，也是我們看到的一些計劃變化。

So I guess the bottom line is use the correlations, but do it with some care in and the judgment because they're not perfect?

所以我猜底線是使用相關性，但要小心謹慎並做出判斷，因為它們並不完美？

Yeah, I agree.

是的，我同意。

Thank you.

謝謝。

Lemar Persaud, Cormark Securities

Lemar Persaud，Cormark證券

Maybe for Rob or Victor, can you give us some kind of refreshed thoughts on your -- on the deployment of capital? Like what's the targeted CET1 ratio in this uncertain macroeconomic environment your appetite to continue along the buyback path and views on, I guess, potential tuck-in M&A?

也許對於 Rob 或 Victor，您能否就資本部署給我們一些新的想法？例如，在這種不確定的宏觀經濟環境下，目標 CET1 比率是多少？您是否願意繼續回購？我猜，您對潛在的收購併購有何看法？

Sure. So thanks for the question, Lemar. Let me start, and then I'll pass it on to Rob for the further subtleties. We've always had the four-pronged approach to capital. We've been working to have a robust capital level so that we can activate all four levers when needed.

當然。謝謝你的提問，Lemar。讓我先開始，然後我會將其傳遞給 Rob 以了解進一步的細節。我們對資本始終採取四管齊下的方針。我們一直致力於保持強勁的資本水平，以便在需要時能夠啟動所有四個槓桿。

The first primary one is obviously dividend and dividend growth, which we do once a year, in line with our earnings expectations. The second is to grow organically. Our business is to help our clients grow. That's what we really want to do day in and day out. You've seen some more muted loan growth as we go through the trade policy uncertainty, which I think once gets settled, you'll see that pick up.

第一個主要因素顯然是股息和股息成長，我們每年都會進行一次，以符合我們的獲利預期。第二是有機成長。我們的業務是幫助客戶成長。這才是我們日復一日真正想要做的事。當我們經歷貿易政策不確定性時，您會看到貸款成長放緩，我認為一旦這些問題得到解決，您就會看到貸款成長回升。

The third is buybacks. We were active. We plan to continue to be active to wrap up our buyback and if -- and using that as an active lever going forward. And then obviously, tuck-in M&A, which we've suggested would be in capital-light businesses that would enhance our ROE over time.

第三是回購。我們很活躍。我們計劃繼續積極地完成回購，並將其作為未來積極的槓桿。然後顯然，我們建議進行輕資本業務的併購，這將隨著時間的推移提高我們的 ROE。

So Rob, anything you'd like to add to that?

那麼 Rob，您還有什麼要補充的嗎？

Yeah. Just maybe just quickly, Victor, thank you. The -- when we announced the buyback last year, the CET1 ratio was sitting at 13.3, we bought back around 15 million shares on that buyback now, and we're sitting at 13.4. So we use that buyback as just the method to manage our share count, manage our capital position, stable, steady, predictable, consistent, all those words that we love around here is how we like to run the bank, how we like to run the strategy, and it's how we like to run the buyback as well. So the capital deployment, we're trying to be as predictable as we can, and you should expect that consistency to continue from us.

是的。也許只是很快，維克多，謝謝你。去年我們宣布回購時，普通股一級資本適足率（CET1）為13.3。我們當時回購了大約1500萬股，現在這個比率是13.4。所以我們把回購當作管理股份數量和資本狀況的方法，穩定、穩健、可預測、一致，所有這些我們喜歡用到的詞，都是我們運營銀行的方式，也是我們執行戰略的方式，也是我們執行回購的方式。因此，我們正努力使資本部署盡可能可預測，並且您應該期望我們能夠繼續保持一致性。

And all of it's tied to an ambition of getting ROE over 15% over the medium term, and we're making progress on that.

所有這些都與中期實現 ROE 超過 15% 的目標息息相關，我們正在朝著這個目標前進。

And what's like the targeted CET1 ratio that you'd allow the bank to go down to you, Rob?

那麼，羅布，您允許銀行降低的目標 CET1 比率是多少呢？

Well, we've said in the past, we've got a couple of gates when we think about our target CET1 ratio. We want to stay 75 to 100 points clear of the regulatory minimum, which today would put that in the 12.5% range depending on the level of uncertainty, sometimes a little bit higher.

嗯，我們過去說過，當我們考慮目標 CET1 比率時，我們有幾個門檻。我們希望與監管最低標準保持 75 到 100 個百分點的差距，根據不確定性程度，今天的標準將在 12.5% 的範圍內，有時會更高一些。

The second gate though is also where the competitive dynamic is. And we don't want to be too much of a negative outlier relative to our competitors. It just -- it creates too much noise around that consistent execution of our strategy. But if the -- with where the regulatory minimums are today, we're comfortable that we've got a significant amount of excess capital.

然而，第二道門也是競爭動力所在。我們不想與競爭對手相比表現出太大的負面異常。這只是——它給我們策略的一致執行帶來了太多噪音。但如果——按照目前的監管最低標準，我們很高興我們擁有大量的過剩資本。

Thank you.

謝謝。

Doug Young, Desjardins Capital Markets.

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

Morning, Victor, back to the comment you just made on target ROE, 15% plus this quarter, adjusted ROE was 13.9%. And kind of where I'm going with this is, is there anything in this quarter that leaned in your favor? Or is this kind of a reasonable way to think about the starting point? And is everything set for essentially to achieve that target in a normal credit environment? Or do you need to pull some levers on expenses or whatnot improve different business lines to kind of drive it? And can you hit that target are with, call it, a 13% CET1 ratio over the medium term?

早安，維克多，回到你剛才對目標 ROE 的評論，15% 加上本季度，調整後的 ROE 為 13.9%。我要說的是，本季有什麼事情對你有利嗎？或者這是合理的思考起點的方式嗎？在正常的信貸環境下，一切是否都已準備就緒，可以實現這一目標？或者您需要在費用或其他方面採取一些措施來改善不同的業務線以推動它？那麼，您能在中期內實現該目標，即 13% 的 CET1 比率嗎？

I think we can -- I think the way to look at the dynamic in ROE is what's happening year-over-year and we're seeing year-over-year improvements. And Doug, it's all tied back to our strategy. If you have deeper relationships with our clients, with our clients, whether it's Personal and Business Banking, Canadian Commercial Banking and Wealth, US Commercial Banking and Wealth, our capital markets business, everyone is working to have those deeper relationships, which, by definition, delivers a higher ROE. We believe that there's plenty of room to grow within each of those businesses and plenty of room to continue to deepen those relationships.

我認為我們可以——我認為觀察 ROE 動態的方式是逐年發生的情況，並且我們看到逐年改善。道格，這一切都與我們的策略息息相關。如果您與我們的客戶建立了更深的關係，無論是個人和商業銀行業務、加拿大商業銀行和財富業務、美國商業銀行和財富業務，還是我們的資本市場業務，每個人都在努力建立更深的關係，從定義上講，這可以帶來更高的 ROE。我們相信，每個業務都有足夠的成長空間，並且有足夠的空間繼續深化這些關係。

The second piece is just our focus on efficiencies over time. I mean if you look at our NIX ratio today, we'd be closer to the top of the league tables amongst our peer group. And we've been working really hard to be thoughtful about how we manage investments in our bank, how we remove legacy costs and how we can invest in the future. That done right will be accretive to ROE.

第二部分是我們對長期效率的關注。我的意思是，如果你看看我們今天的 NIX 比率，我們會更接近同行中的頂級水平。我們一直在努力思考如何管理銀行投資、如何消除遺留成本以及如何投資未來。正確實施這項措施將會提高 ROE。

And the third point is we will use any excess capital for growth and/or the purchase of shares. And Rob said, we're operating within that 12.5% kind of range. That in and of itself would improve our ROE over time. So we're on that path. We've said that in Investor Day, we've reaffirmed those targets. Under Harry's leadership, I know that will continue with the team to make sure that we can deliver a premium ROE in the market, deliver on our earnings expectations and earn that premium multiple that we think we're working toward from our shareholders.

第三點是我們將利用任何剩餘資本來實現成長和/或購買股票。羅布說，我們的營運範圍在 12.5% 左右。這本身就會隨著時間的推移而提高我們的 ROE。所以我們就走在這條路上。我們說過，在投資者日，我們重申了這些目標。我知道，在 Harry 的領導下，我將繼續帶領團隊確保我們能夠在市場上提供優質的 ROE、實現我們的獲利預期，並獲得我們認為正在為股東努力爭取的溢價倍數。

Appreciate it. Just one quick number question. Rob, you talked about higher severance in the expense section. Can you quantify that? And is there anything else unusual in the expense side? I don't think it back that out, if I recall.

非常感謝。只要問一個簡單的數字問題。羅布，你在費用部分談到了更高的遣散費。你能量化嗎？費用方面還有其他不尋常的地方嗎？如果我沒記錯的話，我不認為這能解決這個問題。

No, there were no adjusting items this quarter, Doug, correct. We haven't quantified the number. We kind of look at severance as one of those run rate items that is just -- it's embedded in our operating philosophy. We are taking the opportunity to rightsize the employee network and make some changes, particularly when the revenues are in a strong place like they are. So we haven't called it out, and I think we're probably going to keep it that way.

不，本季沒有調整項目，Doug，正確。我們還沒有確定具體數字。我們將遣散費視為運行率項目之一，它已融入我們的經營理念。我們正在藉此機會調整員工網路規模並做出一些改變，特別是在收入處於強勁水平的情況下。所以我們還沒有公開宣布這一點，而且我認為我們可能會繼續保持這種狀態。

Appreciate the time. Thank you.

珍惜時間。謝謝。

Shalabh Garg, Veritas Investment Research.

Shalabh Garg，Veritas 投資研究部。

Hi, thank you. Can you walk us through the risk mitigation activities undertaken in the cards portfolio? And is that in any way linked to the decline in card fees year-over-year?

你好，謝謝。您能否向我們介紹一下信用卡產品組合中所採取的風險緩解活動？這和信用卡費用的逐年下降有關係嗎？

Well, I can walk you through the risk mitigations. And generally, I would say, we constantly work on risk strategies. We constantly work on risk mitigations. We have taken actions like we do in a lot of parts of our book, fairly early when we expected unemployment to rise, so I would say, over a year ago. And that would include technical changes to how you treat pre-delinquent clients, investments into our collections efforts and so on.

好吧，我可以指導您採取風險緩解措施。總的來說，我想說，我們一直在致力於制定風險策略。我們不斷致力於降低風險。當我們預計失業率會上升時，我們很早就採取了行動，就像我們在書中的許多部分所做的那樣，所以我想說，一年多以前。這包括對拖欠還款前客戶待遇的技術變革、對催收工作的投資等等。

And then maybe over to Hratch or Rob. But in a nutshell, it is not related to changes in our fees, but over to you, Hratch.

然後也許轉到 Hratch 或 Rob。但簡而言之，這與我們的費用變化無關，而是交給你，Hratch。

Thank you, Frank. Maybe I'll address it quickly. So our cards portfolio continues to have strong momentum. Sometimes it is impacted by elements of transaction volumes and so forth. And so nothing to call out that would be risk mitigation related as of this quarter.

謝謝你，弗蘭克。也許我會很快解決這個問題。因此，我們的卡片組合繼續保持強勁勢頭。有時它會受到交易量等因素的影響。因此，截至本季度，還沒有任何與風險緩解相關的消息。

The other thing I would say is that card fee line item that you see includes revenues and contra revenues that are expenses against the generation of cards points, et cetera, and there can be noise in there. So this quarter, mostly, I would point out some noise relative to last quarter and relative to last year. So if you look through the last few quarters, that's probably a good average to take as a run rate, but we expect that to grow over time from there.

我想說的另一件事是，您看到的卡片費用項目包括收入和抵消收入，這些收入是針對產生卡片積分等的費用，其中可能存在噪音。因此，本季度，我主要想指出與上一季和去年相比的一些噪音。因此，如果你回顧過去幾個季度，這可能是一個很好的平均運行率，但我們預計它會隨著時間的推移而增長。

Appreciate the color. Thank you.

欣賞色彩。謝謝。

Sohrab Movahedi, BMO Capital Markets.

Sohrab Movahedi，BMO 資本市場。

Okay. Hopefully, Frank, you can address this quickly. You've gotten your allowance to about 77 basis points allowance for credit losses. And you've been in that mid-70 basis point range for the quarters at least you show in your slide. Is this the right level? Or do you think this will have to get adjusted upward down.

好的。希望弗蘭克你能盡快解決這個問題。您的信用損失準備金已達到約 77 個基點。至少您在幻燈片中顯示，這幾個季度的利率一直處於 70 個基點的中間水平。這是正確的水平嗎？或者您認為這必須向上向下調整。

Yeah, Sohrab, very quickly, the right level. It's a prudent coverage for everything we know so far. I mean we will have to assess, as you know, every quarter based on all the information that is available. But it is a good level to be at where we are in everything we know right now.

是的，索拉布，很快，就達到了正確的水平。就我們目前所知而言，這是一個審慎的報道。我的意思是，正如你所知，我們必須根據所有可用的資訊每個季度進行評估。但就我們目前所知而言，這是一個很好的水平。

Thank you.

謝謝。

Thank you. I would now like to turn a meeting over to Victor.

謝謝。現在我想將會議交給 Victor。

Thank you, operator, and thank you all for joining us this morning. I know you all have a call to get to in about 2 minutes. So I want to quickly reiterate what you heard from our team this morning. Number one, we've got a diversified business model that's driving strong top line results and positive operating leverage. Number two, we have a strong, strong balance sheet with a resilient credit quality.

謝謝接線員，也謝謝大家今天早上加入我們。我知道你們大約 2 分鐘後要接電話。因此，我想快速重申一下今天早上我們團隊所講的內容。首先，我們擁有多元化的商業模式，這推動了強勁的營收業績和積極的經營槓桿。第二，我們的資產負債表強勁，信用品質優良。

And finally, and equally importantly, number three, we have a strategy that's working. And supported by a dedicated leadership team, a dedicated frontline, a dedicated back office, an entire CIBC team that's dedicated with a strong execution track record to continue to deliver. And while market conditions will continue to evolve each day, we're going to stick to our game plan. We're going to stay close to our clients, and we're going to leave for all our stakeholders.

最後，同樣重要的是，第三，我們有一個有效的策略。並得到專門的領導團隊、專門的前線員工、專門的後台部門以及整個 CIBC 團隊的支持，這些團隊都具有出色的執行記錄，並致力於繼續履行職責。儘管市場狀況每天都在變化，但我們將堅持我們的計劃。我們將與客戶保持密切聯繫，並為我們所有的利害關係人提供服務。

So with that, I'd like to thank our CIBC team for putting our clients at the center of everything we do each today. I want to wish you a great summer, and we'll talk to you at the end of August and many conversations in between. Thank you.

因此，我要感謝我們的 CIBC 團隊，他們將客戶放在我們今天所做的一切的中心。我希望您度過一個愉快的夏天，我們將在八月底與您交談，期間還會進行多次對話。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，感謝您的參與。