Canadian Imperial Bank of Commerce (CM) 2025 Q3 法說會逐字稿

Good morning. Welcome to the CIBC Q3 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（CIBC）第三季業績電話會議。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.

現在我將會議交給投資者關係高級副總裁傑夫·韋斯。請繼續，傑夫。

Thank you, and good morning. We'll begin this morning's call with opening remarks from Victor Dodig, our President and Chief Executive Officer; followed by Rob Sedran, our Chief Financial Officer; and Frank Guse, our Chief Risk Officer. Also on the call today are a number of our senior executives, including Harry Culham, our Chief Operating Officer; Shawn Beber, US Commercial and Wealth Management; Hratch Panossian, Personal and Business Banking; and Susan Rimmer, Canadian Commercial Banking and Wealth Management. They are all available to take questions following the prepared remarks.

謝謝，早安。今天早上的電話會議將首先由我們的總裁兼執行長 Victor Dodig 致開幕詞；隨後是我們的財務長 Rob Sedran；以及我們的首席風險長 Frank Guse。今天參加電話會議的還有我們的一些高級管理人員，包括首席營運官哈里·卡勒姆；美國商業和財富管理部的肖恩·貝伯；個人和商業銀行部的赫拉奇·帕諾西安；以及加拿大商業銀行和財富管理部的蘇珊·裡默。在發言結束後，他們都將接受提問。

(Event Instructions) 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 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.

（活動說明）正如我們在投資者簡報第 2 頁中所述，我們的評論可能包含前瞻性陳述，這些陳述涉及假設，並存在固有的風險和不確定性。實際結果可能與實際情況有重大差異。我還要提醒聽眾，該銀行使用非GAAP財務指標來得出調整後的表現。管理階層以報告和調整後的方式衡量業績，並認為這兩種方式都有助於評估潛在的業務績效。

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

接下來，我將把電話交給維克多。

Thanks, Geoff. And good morning, everyone. I'd like to begin the call today with three key messages. The first message is that our client focus and execution mindset has culminated into another clean quarter with strong performance across all of our business units in the third quarter. The second message is that our strategy is working, and we're well positioned to continue relative outperformance. The depth of our client relationships, our strong balance sheet, and our robust capital position are serving us well. We're resilient and we're prepared for shifts in economic conditions.

謝謝你，傑夫。大家早安。今天我想以三個關鍵訊息開始今天的通話。首先要說明的是，我們以客戶為中心的理念和高效的執行力，使得我們在第三季度所有業務部門都取得了強勁的業績，又一個季度保持了良好的業績。第二個訊息是，我們的策略正在奏效，我們已做好充分準備，繼續保持相對優異的表現。我們深厚的客戶關係、穩健的資產負債表和雄厚的資本實力都為我們提供了良好的保障。我們具有很強的適應能力，並已做好應對經濟環境變化的準備。

And the third message is our CEO transition continues to progress very well. Today marks my final earnings call as CEO of CIBC. And on November 1, I'll pass the baton to Harry Culham with confidence, knowing that our bank is in good hands. The leadership announcements we made earlier this month will further accelerate the execution of our strategy under Harry's leadership and provide strong continuity across our leadership team entering the new fiscal year.

第三條訊息是，我們的執行長過渡工作進展非常順利。今天是我擔任加拿大帝國商業銀行（CIBC）執行長的最後一次財報電話會議。11月1日，我將充滿信心地把接力棒交給哈里·卡勒姆，因為我知道我們的銀行後繼有人。本月初我們宣布的領導層人事變動，將在哈里的領導下進一步加快我們戰略的執行，並在新財年伊始為我們的領導團隊提供強大的連續性。

So let's move on to highlights from our adjusted third-quarter results. We delivered net income of $2.1 billion, which is up 11% from the prior year and earnings per share of $2.16, up 12%. Pre-provision, pre-tax earnings were also up 12%, supported by broad-based growth across all of our operating units, healthy margin expansion, and the eighth consecutive quarter of positive operating leverage.

接下來，讓我們來看看經調整後的第三季業績亮點。我們實現了 21 億美元的淨收入，比上年增長了 11%；每股收益為 2.16 美元，增長了 12%。撥備前稅前利潤也成長了 12%，這得益於我們所有營運部門的全面成長、健康的利潤率擴張以及連續第八個季度的正經營槓桿。

Our credit portfolios are resilient, and they are performing at the favorable end of the guidance that we provided at the start of the year. The relative and absolute strength of our credit quality is a direct result of prudent underwriting and advanced analytics. It's equally a reflection of our disciplined client focus and deep client relationships. We know our clients well. We know their businesses, their industries, and their growth ambitions. And this allows us to make thoughtful credit decisions with a long-term view.

我們的信貸組合具有韌性，其表現處於我們年初給出的預期目標的有利範圍內。我們信貸品質的相對和絕對優勢，是審慎承銷和先進分析的直接結果。這也體現了我們嚴謹的客戶導向和與客戶建立的深厚關係。我們非常了解我們的客戶。我們了解他們的業務、行業和發展目標。這使我們能夠從長遠角度做出深思熟慮的信貸決策。

Now moving to capital, we ended the quarter with a robust 13.4% CET1 ratio while repurchasing 5.5 million common shares during the quarter. Our excess capital position provides us with flexibility. We have the resources to support our clients' growth ambitions going forward while continuing to optimize our capital position. And to that end, as we continue to return capital to our shareholders, we've also announced our intention to launch another normal course issuer bid for 2% of our outstanding common shares.

現在來說說資本方面，本季末我們維持了強勁的13.4%的CET1比率，同時在本季回購了550萬股普通股。我們充裕的資本為我們提供了彈性。我們擁有足夠的資源來支持客戶未來的發展目標，同時不斷優化我們的資本狀況。為此，在我們繼續向股東返還資本的同時，我們也宣布了我們打算再次發起正常發行人要約收購，收購我們已發行普通股的 2%。

Even with our elevated capital buffer and cyclically higher PCLs, we generated a return on equity of 14.2% this quarter, which is up 20 basis points from the prior year. This marked the fifth consecutive quarter of year-over-year ROE improvement. And our team remains laser-focused on achieving our ROE target over the medium term, and we have the full confidence in the earnings power of our bank. By consistently executing against our client-focused strategy, we will continue to deliver the profitable growth that our stakeholders expect from us.

即使我們擁有較高的資本緩衝和週期性較高的PCL，本季我們的股本回報率仍達到了14.2%，比上年同期增長了20個基點。這標誌著公司連續第五個季度實現同比淨資產收益率 (ROE) 提升。我們的團隊將繼續全力以赴，在中期內實現我們的淨資產收益率目標，我們對本行的獲利能力充滿信心。透過持續執行以客戶為中心的策略，我們將繼續實現利害關係人期望的獲利成長。

So here are a few recent examples of our progress. The first relates to launching innovative solutions to bolster our advisory businesses, particularly in our Mass Affluent and Private Wealth Franchise. This quarter, our Asset Management team launched the CIBC Education Portfolios, a suite of five portfolio solutions designed to simplify education savings for Canadian families.

以下是我們近期取得進展的一些例子。第一個面向是推出創新解決方案，以加強我們的諮詢業務，尤其是在我們的大眾富裕客戶和私人財富特許經營領域。本季度，我們的資產管理團隊推出了 CIBC 教育投資組合，這是一套包含五種投資組合解決方案的方案，旨在簡化加拿大家庭的教育儲蓄。

We also launched -- announced the launch of a new dedicated business banking program that's tailored for skilled trades professionals. Our differentiated solutions for key client segments will continue to support our growth momentum in capital-light fee income-based businesses. And this week, we announced an innovative new checking account that recognizes our clients' relationship with us at each stage of their financial journey, reflecting our relationship-oriented approach. The tiered CIBC Smart Account provides clients with more benefits as they deepen their relationships with us.

我們也宣布推出一項全新的專屬商業銀行服務計劃，該計劃專為技術工人量身定制。我們為重點客戶群提供的差異化解決方案將繼續支持我們在輕資本收費收入型業務中的成長動能。本週，我們宣布推出一款創新支票帳戶，旨在認可客戶在財務旅程的每個階段與我們建立的關係，體現我們以客戶關係為導向的理念。CIBC 智慧帳戶採用分級制度，隨著客戶與我們關係的加深，客戶可享有更多優惠。

The second example relates to our focus on expanding our digital-first banking capabilities for our clients. Earlier this quarter, we were recognized with the highest ranking in customer satisfaction for both Online Banking and Mobile Banking among Canada's five big banks in the latest J.D. Power study. Our deliberate client-centric digital focus ensures that we exceed our clients' evolving expectations in a rapidly changing technology landscape.

第二個例子與我們致力於為客戶拓展數位化優先的銀行服務能力有關。本季度早些時候，在最新的 J.D. Power 研究中，我們在加拿大五大銀行的網上銀行和手機銀行客戶滿意度方面均獲得了最高排名。我們以客戶為中心，專注於數位化，確保在快速變化的技術環境中超越客戶不斷變化的期望。

Our Digital Registration hit an important milestone this quarter, surpassing 10 million clients and encompassing 81% of our eligible client base, both highest to date. And finally, the third example is we're delivering connectivity and differentiation to our clients, that benefit from everything that CIBC offers to meet their unique needs.

本季度，我們的數位註冊業務達到了一個重要的里程碑，客戶數量超過 1,000 萬，涵蓋了我們符合資格的客戶群的 81%，這兩項數據均為迄今為止的最高水準。最後，第三個例子是，我們為客戶提供連接性和差異化服務，讓客戶能夠受益於 CIBC 提供的所有服務，以滿足他們獨特的需求。

This commitment to connectivity is driving real results. On a year-to-date basis, CIBC Capital Markets has a leading market share position with our strategic clients. Our capital markets franchise is also seeing strong momentum in the US as we build our North American platform with revenue growth in the region, up 37% year-to-date.

對互聯互通的這種投入正在帶來實際成果。今年迄今為止，CIBC Capital Markets 在策略客戶中佔據領先的市場份額地位。隨著我們在北美建立平台，我們的資本市場業務在美國也獲得了強勁的發展勢頭，該地區的收入增長了 37%（截至目前為止）。

This franchising focus is also growing cross-business referral volumes in the US business, which are performing well above our targets and up 25% on an annualized year-to-date basis. These achievements underscore the impact of our collaborative approach at CIBC and our ability to deliver value across geographies and across our businesses.

這種特許經營策略也促進了美國業務的跨業務推薦量成長，其表現遠超預期，年初至今的年化成長率達到 25%。這些成就凸顯了我們在加拿大帝國商業銀行 (CIBC) 的協作方式的影響，以及我們跨地域和跨業務創造價值的能力。

Underpinning this progress is our commitment to enabling, to simplifying, and to protecting our bank. This quarter, our AI-powered voice assistant was recognized with the 2025 Digital CX Award for the Best Use of AI for Customer Experience. Our CIBC AI platform, which we call CAI, C-A-I, was also recognized with the Best Gen-AI Initiative Award, marking the second consecutive year we received this honor.

這項進展的基礎是我們致力於賦能、簡化和保護我們的銀行。本季度，我們的人工智慧語音助理榮獲 2025 年數位客戶體驗獎，表彰其在客戶體驗方面對人工智慧的最佳應用。我們的 CIBC AI 平台（我們稱之為 CAI、C-A-I）也獲得了最佳 Gen-AI 計劃獎，這是我們連續第二年獲得此項榮譽。

Since its launch, this platform has transformed the way our CIBC team members across our businesses work and has saved an estimated 600,000 hours. And going forward, we're going to continue to drive further innovation across our bank in our AI journey under Harry's leadership.

自推出以來，該平台改變了我們 CIBC 各業務團隊成員的工作方式，並節省了約 60 萬小時。展望未來，在哈里的領導下，我們將繼續在人工智慧的道路上推動全行的創新發展。

We're moving our bank forward, even as the operating environment remains uncertain. Global trade tensions may result in slower growth and higher inflation in many countries, including Canada and the United States. However, we anticipate that declining interest rates will help support economic growth. While fiscal policy will offer targeted relief to the sectors most affected by trade negotiations.

即使經營環境仍然不明朗，我們仍在推動銀行向前發展。全球貿易緊張局勢可能導致包括加拿大和美國在內的許多國家經濟成長放緩和通貨膨脹加劇。然而，我們預計利率下降將有助於支持經濟成長。財政政策將為受貿易談判影響最大的產業提供有針對性的救濟。

As the global trade environment becomes clearer, we expect increased client activity, and we remain well positioned to capture emerging opportunities through our diversified platform. And regardless of what the macroeconomic environment serves up, we're going to continue to execute against our strategy. We're going to continue to support our clients. We're going to continue to control what we control and position CIBC for continued strength.

隨著全球貿易環境日趨明朗，我們預期客戶活動將會增加，而我們多元化的平台將使我們能夠更好地掌握新興機會。無論宏觀經濟環境如何變化，我們都將繼續執行我們的策略。我們將繼續為客戶提供支援。我們將繼續掌控我們能夠掌控的局面，並使CIBC保持持續強勁的發展勢頭。

So in summary, we are continuing to outperform through the cycle. Amid trade disputes, geopolitical tensions, and economic uncertainty, the CIBC team has demonstrated improving profitability, top-tier credit quality, and robust top-line growth. Our core businesses have clear momentum and plenty of runway to continue delivering for all of our stakeholders.

總而言之，我們在整個週期中持續表現優異。在貿易爭端、地緣政治緊張局勢和經濟不確定性的背景下，CIBC 團隊展現出了不斷提高的獲利能力、一流的信貸品質和強勁的營收成長。我們的核心業務發展勢頭良好，擁有充足的空間繼續為所有利害關係人創造價值。

And with that, I'll pass it off to Rob to review our financial results in greater detail. Over to you, Rob.

接下來，我將把任務交給羅布，讓他更詳細地審查我們的財務表現。接下來就交給你了，羅布。

Thank you, Victor. And good morning, everyone. I'm also going to start with three takeaways from our financials. First, we produced another quarter of broad-based double-digit organic revenue growth and earnings growth as well as strong returns driven by the focused execution of our strategy.

謝謝你，維克多。大家早安。我還要先談談我們財務狀況中的三個關鍵要點。首先，我們實現了另一個季度全面實現兩位數有機收入成長和獲利成長，並透過我們策略的重點執行，獲得了強勁的回報。

Second, we continue to deliver positive operating leverage, enabled by business momentum and the benefits of our long-term investments in digitization, AI and other technology as well as prudent expense management. Third, we completed our normal course issuer bid for 20 million shares in Q3 and have announced a new program as we continue our balanced approach to capital management. Our balance sheet remains strong with ratios that are well above our normal course operating targets. Please turn to slide 8.

其次，我們繼續實現積極的經營槓桿，這得益於業務發展勢頭、我們在數位化、人工智慧和其他技術方面的長期投資以及審慎的費用管理。第三，我們在第三季完成了正常的發行人要約收購 2,000 萬股，並宣布了一項新計劃，我們將繼續採取平衡的資本管理方法。我們的資產負債表依然穩健，各項比率均遠高於我們正常的營運目標。請翻到第8張幻燈片。

For the third quarter of 2025, earnings per share were $2.15 or $2.16 on an adjusted basis, supported by strong revenue growth in each business, expense control, and stable credit trends. Our profitability continues to improve with an adjusted ROE of 14.2%, up from 14% in the same quarter last year. Year-to-date adjusted ROE is 14.6% compared with 13.8% for the same period last year. Let's move on to a detailed review of our performance. I'm on slide 9.

2025 年第三季度，每股收益為 2.15 美元，經調整後為 2.16 美元，這得益於各業務的強勁收入增長、費用控制和穩定的信貸趨勢。我們的獲利能力持續提升，調整後的淨資產收益率為 14.2%，高於去年同期的 14%。今年迄今的調整後淨資產收益率為 14.6%，而去年同期為 13.8%。接下來，讓我們對我們的表現進行詳細回顧。我看到第9張投影片了。

Adjusted net income of $2.1 billion increased 11%. Expanding margins, volume growth, and disciplined expense management allowed us to maintain revenue growth momentum, deliver positive operating leverage, and continue to drive strong pre-provision earnings growth at 12%. The total provision for credit losses was up 16% from a year ago though with impaired losses remaining well within our previous guidance range. Frank will discuss credit in detail in his presentation.

經調整後的淨利潤為 21 億美元，成長 11%。利潤率的擴大、銷售的成長以及嚴格的費用管理使我們能夠保持收入成長勢頭，實現積極的經營槓桿，並繼續推動撥備前收益強勁增長，達到 12%。儘管信貸損失撥備總額比上年同期增加了 16%，但減損損失仍遠低於我們先前預期的範圍。弗蘭克將在他的演講中詳細討論信貸問題。

Slide 10 highlights key drivers of net interest income. Excluding trading, NII was up 13%, driven by continued balance sheet growth and expanding margins. All bank margin ex-trading was up 10 basis points from the prior year and up 6 basis points sequentially. Canadian P&C NIM of 281 basis points was up 8 basis points sequentially, reflecting the ongoing execution of our strategy.

第 10 張投影片重點介紹了淨利息收入的關鍵驅動因素。剔除交易因素，淨利息收入成長13%，主要得益於資產負債表的持續成長和利潤率的擴大。所有銀行除息交易保證金較上年同期上漲 10 個基點，較上季上漲 6 個基點。加拿大財產及意外險淨利差為 281 個基點，較上季上升 8 個基點，反映了我們策略的持續執行。

The key driver of the increase was deposit margin expansion supported by higher rates as well as the impact of favorable business mix as we continue to effectively balance volume and profitability, while deepening relationships with our key clients. In the US segment, NIM of 378 basis points was up 6 basis points from the prior quarter, owing to continued strength in deposits. In both Canada and the United States, we expect margins to move gradually higher from these levels based on the current forward curve.

此次成長的主要驅動因素是存款利潤率的擴大（得益於更高的利率）以及有利的業務組合帶來的影響，因為我們繼續有效地平衡業務量和盈利能力，同時加深與主要客戶的關係。在美國業務方面，由於存款持續強勁成長，淨利差為 378 個基點，比上一季上升了 6 個基點。根據目前的遠期曲線，我們預計加拿大和美國的利潤率將從這些水準逐步上升。

Turning to slide 11, non-interest income of $3.2 billion was up 4%. Helped by constructive markets, market-related fees increased 10%, with particularly strong growth in underwriting and advisory fees and mutual fund fees. Transaction-related fees were down 6%, owing to last year's benchmark reform, partly offset by higher card and deposit fees.

翻到第 11 張投影片，非利息收入為 32 億美元，成長了 4%。在良好的市場環境下，市場相關費用成長了 10%，其中承銷費、諮詢費和共同基金費用的成長尤為強勁。由於去年的基準改革，交易相關費用下降了 6%，但部分被更高的信用卡和存款費用所抵消。

Slide 12 highlights our ongoing balanced approach to expense management. Excluding performance-based compensation linked to the strong revenues, expenses grew 4% as investments and core operating costs were partly offset by the benefits of prior initiatives to improve efficiency while still investing for growth.

第 12 張投影片重點介紹了我們持續採用的均衡的費用管理方法。除與強勁收入相關的績效薪酬外，支出增長了 4%，因為投資和核心運營成本部分被先前提高效率的舉措所帶來的收益所抵消，同時仍在為增長進行投資。

Slide 13 highlights the strength of our balance sheet, strength that gives us the flexibility to support our client-focused strategy and return capital to shareholders. Our CET1 ratio at the end of the quarter was 13.4%, stable quarter over quarter. Solid organic capital generation was offset by our ongoing share purchase program. During the quarter, we returned $1.4 billion in capital to our shareholders, including over $500 million of share repurchases. Our liquidity position remains very strong with an average LCR of 127%.

第 13 張投影片突顯了我們資產負債表的實力，這種實力使我們能夠靈活地支持以客戶為中心的策略，並向股東返還資本。本季末，我們的CET1比率為13.4%，與上一季相比保持穩定。穩健的內生資本成長被我們持續的股票回購計畫所抵銷。本季度，我們向股東返還了 14 億美元的資本，其中包括超過 5 億美元的股票回購。我們的流動性狀況依然非常強勁，平均流動性覆蓋率 (LCR) 為 127%。

Starting with slide 14, with Canadian Personal and Business Banking, we highlight our strategic business unit results. Adjusted net income of $817 million increased 17% due to higher revenue growth, partially offset by higher expenses and the total provision for credit losses. Supported by core business momentum, pre-provision, pre-tax earnings were up 18% as our client-focused strategy continues to deliver results.

從第 14 張投影片開始，我們將重點介紹加拿大個人和商業銀行業務的策略業務部門成果。調整後的淨收入為 8.17 億美元，成長 17%，主要得益於收入成長，但部分被更高的支出和信貸損失準備金總額所抵銷。在核心業務發展動能的支撐下，撥備前稅前利潤成長了 18%，我們以客戶為中心的策略持續取得成效。

Revenues were up 10%, helped by margin expansion, loan growth, and stable deposit balances. Net interest margin was up 27 basis points year over year and 11 basis points sequentially, reflecting the continued benefit from the rate environment and the successful execution of our strategy.

由於利潤率擴大、貸款成長和存款餘額穩定，收入成長了 10%。淨利差較去年同期上升 27 個基點，較上季上升 11 個基點，反映出利率環境的持續利多以及我們策略的成功執行。

Beyond the benefit from rates, we are seeing tangible results from our focus on deep and profitable client relationships, selective balance sheet deployment, and disciplined pricing decisions. We continue to expect margins in this segment to trend higher. Expenses were up 3% due to investments in strategic initiatives and higher employee-related compensation.

除了利率帶來的好處之外，我們還看到了專注於建立深入且盈利的客戶關係、有選擇地部署資產負債表以及做出嚴謹的定價決策所帶來的切實成果。我們仍預期該領域的利潤率將呈上升趨勢。由於對策略性舉措的投資和員工相關薪酬的提高，支出增加了 3%。

On slide 15, we show Canadian Commercial Banking and Wealth Management, where net income and pre-provision pre-tax earnings were up 19% and 16% from a year ago, respectively. Revenues were up 13% from last year. Wealth Management revenue growth of 15% was driven by higher average fee-based assets resulting from market appreciation and net sales and increased client activity driving higher commissions.

在第 15 張投影片中，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成長了 19% 和 16%。營收比去年增長了13%。財富管理收入成長 15%，主要得益於市場升值和淨銷售額成長帶來的平均收費資產增加，以及客戶活動增加帶來的佣金成長。

CIBC Asset Management ranked second among the Big Six banks and retail mutual fund long-term net sales in the current quarter and on a year-to-date basis, demonstrating the power of our distribution network and advice-driven strategy. Commercial Banking revenues were up 10%, driven by volume growth and margin expansion. Commercial loan and deposit volumes were up 10% and 8%, respectively, from a year ago. Expenses increased 11% from a year ago, mainly from higher compensation linked to the strong Wealth Management revenues as well as higher spending on technology and other strategic initiatives.

CIBC資產管理公司在本季和年初至今的長期淨銷售額中，在六大銀行和零售共同基金中排名第二，這證明了我們分銷網絡和以諮詢為導向的策略的強大實力。受交易量成長和利潤率擴張的推動，商業銀行業務收入成長了 10%。商業貸款和存款額分別比去年同期增加了 10% 和 8%。支出比去年同期成長了 11%，主要原因是與強勁的財富管理收入相關的薪酬增加，以及在技術和其他策略舉措方面的支出增加。

Turning to US Commercial Banking and Wealth Management on slide 16, net income was up 15% from the prior year, mainly due to lower loan loss provisions and a 7% increase in pre-provision, pre-tax earnings. Revenues were up 8% from last year. Deposit growth of 13% and loan growth of 3% resulted in net interest income that was 14% higher than the prior year. Expenses were up 8%, with the increase largely related to performance-based compensation.

翻到第 16 頁的美國商業銀行和財富管理部分，淨收入比上一年增長了 15%，主要原因是貸款損失準備金減少以及撥備前稅前收益增長了 7%。營收比去年增長了8%。存款成長 13%，貸款成長 3%，淨利息收入比上年增加 14%。支出成長了 8%，成長主要與績效薪酬有關。

Turning to slide 17 and our Capital Markets segment, net income was up 43% year over year. Revenues were up 24% from the same quarter last year as Global Markets revenues were up 18%, Corporate Banking benefited from higher volumes and margins, and Investment Banking achieved record revenues on the back of higher underwriting and advisory activity.

翻到第 17 張投影片，我們的資本市場部分，淨收入年增 43%。與去年同期相比，收入成長了 24%，其中全球市場收入成長了 18%，企業銀行業務受益於更高的交易量和利潤率，投資銀行業務則憑藉更高的承銷和諮詢業務實現了創紀錄的收入。

We continue to expand in the US, where year-over-year revenue growth of 32% contributed 34% of total segment revenues this quarter. Our highly connected platform continues to deliver for our clients and for our bank. Expenses were up 11%, largely due to higher performance-based compensation, continued investments, and higher volume-driven expenses.

我們繼續在美國擴張，該業務年增 32%，本季貢獻了該業務部門總收入的 34%。我們高度互聯的平台持續為我們的客戶和銀行創造價值。支出增加了 11%，主要原因是績效工資上漲、持續投資以及銷售成長帶來的支出增加。

Slide 18 reflects the results of the Corporate and Other business unit. A net loss of $108 million compares with the unusually high net income of $96 million in the prior year, a move that comes from a normalization of treasury revenues from the elevated level we described last year and non-core securities write-downs at CIBC Caribbean, as well as the impact of foreign currency translation.

第 18 張幻燈片反映了公司及其他業務部門的業績。淨虧損 1.08 億美元，而前一年的淨利卻異常高，達到 9,600 萬美元。這項變化源自於去年我們所描述的國庫收入水準的正常化、CIBC 加勒比地區的非核心證券減值，以及外幣折算的影響。

Were it not for the write-downs, we would have been inside our guidance range and so maintain our medium-term guidance of a loss of between zero and $50 million for this segment. In closing, we had a very strong third quarter. Amidst the dynamic operating environment, we remain focused on executing our strategy, delivering sustainable results, and strengthening our bank's position for the long term.

如果不是因為減記，我們的業績本應在預期範圍內，因此我們維持對該業務板塊中期虧損在 0 至 5000 萬美元之間的預期。總之，我們第三季表現非常出色。在瞬息萬變的經營環境中，我們將繼續專注於執行我們的策略，取得可持續的業績，並鞏固我們銀行的長期地位。

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

接下來，我將把麥克風交給法蘭克。

Thank you, Rob. And good morning, everyone. Our Credit portfolio performed well in Q3 despite the evolving macroeconomic backdrop. We are actively monitoring our portfolios and taking management actions to mitigate risks. Our teams remain close to our clients to ensure they have the support they need to effectively navigate through the uncertainties. Our allowance for credit losses remains robust, preparing us to manage a variety of potential risks or challenges ahead. We remain comfortable with our impaired loss ratio that continues to be at the lower end of our guidance.

謝謝你，羅布。大家早安。儘管宏觀經濟環境不斷變化，但我們的信貸組合在第三季表現良好。我們正在積極監控投資組合，並採取管理措施來降低風險。我們的團隊與客戶保持密切聯繫，以確保他們獲得有效應對不確定因素所需的支援。我們的信貸損失準備金依然充足，使我們能夠應對未來各種潛在的風險或挑戰。我們對目前的虧損率仍然感到滿意，該虧損率繼續處於我們預期範圍的較低水平。

Turning to slide 22, our total provision for credit losses was $559 million in Q3, down from $605 million last quarter. Our robust allowance coverage further increased quarter over quarter by 1 basis point to 78 basis points. And year-to-date, our total allowance is up by $474 million or 12%. Our performing provision was $78 million this quarter as we continue to reflect the evolving economic environment. Our provision on impaired loans was $481 million, up $18 million quarter over quarter. This was due to higher provisions in Capital Markets, partially offset by lower provisions in the other SBUs.

翻到第 22 張投影片，我們第三季的信貸損失撥備總額為 5.59 億美元，低於上一季的 6.05 億美元。我們穩健的撥備覆蓋率環比進一步提高 1 個基點，達到 78 個基點。今年迄今為止，我們的總撥款增加了 4.74 億美元，增幅達 12%。本季我們的正常撥備為 7,800 萬美元，我們持續反映不斷變化的經濟環境。我們的不良貸款撥備為 4.81 億美元，比上一季增加 1800 萬美元。這是由於資本市場部門撥備增加所致，但其他策略性事業單位撥備減少部分抵銷了這一影響。

Turning to slide 23, overall, Q3 portfolio performance remained stable and in line with our expectations, with our impaired provisions at 33 basis points. Personal and Business Banking-impaired PCL was flat with higher write-offs experienced in the quarter, offset by a lower allowance increase for impaired balances. Capital Markets-impaired PCL was up in Q3, mainly driven by one name. The balance of this portfolio continues to perform well with no systemic risk seen in any specific sectors. Both Canadian and US commercial, we saw improved performance with a lower impaired PCL in Q3.

翻到第 23 張投影片，整體而言，第三季投資組合表現保持穩定，符合我們的預期，減損撥備為 33 個基點。個人及商業銀行不良貸款率持平，本季核銷額增加，但不良餘額撥備增加額降低，抵銷了這一影響。受資本市場影響的 PCL 在第三季上漲，主要得益於一隻股票的上漲。該投資組合的整體表現依然良好，任何特定行業均未出現系統性風險。加拿大和美國的商業業績均有所提升，第三季受損的PCL數量減少。

Slide 24 summarizes our gross impaired loans and formations. Our gross impaired loan ratio was 56 basis points, down 1 basis point quarter over quarter, with the decrease in business and government loans partially offset by an increase in retail. While mortgages experienced a moderate increase this quarter, our current loan-to-value ratio for the mortgage book is at 54% with impaired balances remaining low at 63% LTV, and we do not expect any material increase in losses.

第 24 頁總結了我們的不良貸款和資產負債表調整總額。我們的不良貸款總額比率為 56 個基點，比上一季下降 1 個基點，其中商業貸款和政府貸款的減少部分被零售貸款的增加所抵消。雖然本季抵押貸款有所增長，但我們目前的抵押貸款組合的貸款價值比為 54%，不良餘額仍保持在較低的 LTV 63%，我們預計損失不會出現任何實質增長。

Slide 25 summarizes the net write-offs and 90-plus day delinquency rates of our Canadian consumer portfolios. Our net write-off ratio remained flat quarter over quarter, so we continue to see this impacted by elevated unemployment rates. The 90-plus day delinquencies of our credit cards and personal lending portfolios trended lower, while mortgages was up moderately. We are pleased with the performance of our personal banking book, and we are confident we will continue to see resilience given the strength of our Canadian consumer portfolios.

第 25 頁總結了我們加拿大消費者投資組合的淨核銷和 90 天以上逾期率。我們的淨沖銷率環比保持不變，因此我們繼續看到高失業率對其產生影響。我們的信用卡和個人貸款組合中逾期 90 天以上的貸款呈下降趨勢，而抵押貸款則略有上升。我們對個人銀行業務的表現感到滿意，鑑於加拿大消費者業務的強勁實力，我們有信心繼續保持韌性。

In closing, we are pleased with our credit performance in Q3. With the dynamic changes in the macro environment, we remain disciplined and prudent when managing our portfolios. Our robust allowance levels provides coverage for ongoing headwinds and we remain well within our full-year guidance on impaired losses.

總之，我們對第三季的信貸表現感到滿意。面對宏觀環境的動態變化，我們在管理投資組合時始終保持嚴謹和謹慎。我們充足的撥備水準足以應付持續的不利因素，我們全年減損損失仍遠低於預期。

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

現在我將請接線生開通提問專線。

(Operator Instructions) Sohrab Movahedi, BMO Capital Markets.

（操作員說明）Sohrab Movahedi，BMO 資本市場。

Okay. Thank you. Firstly, Victor, congratulations and thank you for putting up with me over the years.

好的。謝謝。首先，維克多，恭喜你，也感謝你這些年來對我的包容。

Thanks, Sohrab. It's a pleasure.

謝謝你，索拉布。我的榮幸。

Rob, you completed the NCIB. You've renewed it. Is it your intention to complete the renewed one? And is this -- I don't know, should I interpret this as confidence in the earnings trajectory of the bank?

羅布，你完成了 NCIB 課程。你已續訂。你打算完成續約的合約嗎？那這——我不知道，我該把這解讀為對銀行獲利前景的信心嗎？

Hey, Sohrab, good morning. It's Rob. Yes, so we bought back, as you pointed out, 5.5 million shares during the quarter. We completed it and have re-upped. When it comes to the buyback, we kind of view it the same way we view the rest of the strategy, consistent, relatively predictable execution that's going to position us for success over the long term. And clearly, the top priority for us is organic growth, and we think we have ample opportunity to deploy over time.

嘿，索拉布，早安。是羅布。是的，正如您所指出的，我們在本季回購了 550 萬股股票。我們已經完成了，並且已經續訂了。就股票回購而言，我們看待它的方式與看待策略的其他部分的方式大致相同，即持續、相對可預測的執行，這將使我們在長期內取得成功。顯然，我們的首要任務是實現有機成長，我們認為我們有充足的機會在未來逐步實現這一目標。

So when Victor says in his prepared remarks that we think the strategy is working, we see the results as evidence of that across a number of different areas each quarter that we see strong revenue performance; strong margin evolution; good client acquisition; rising client satisfaction; expense discipline that's driving operating leverage and well-controlled loan losses, particularly on a relative basis; and I think most importantly, an upward sloping ROE.

因此，當 Victor 在他的準備好的發言中說我們認為該策略正在奏效時，我們看到的結果證明了這一點，每個季度在多個不同領域都取得了強勁的收入表現；強勁的利潤率增長；良好的客戶獲取；不斷提高的客戶滿意度；推動營運槓桿和良好控制的貸款損失（尤其是相對而言）；而且我認為最重要的資產是資產淨上漲的淨利率。

Our conviction in the earnings power and the fact that we have the right strategy just grows stronger and stronger. So we do expect to use the buyback. The nice thing about a buyback is that we can go faster or we can go slower depending on how the environment evolves. But as that ROE continues to rise, we can return capital to shareholders through dividend increases and buybacks, and we expect to continue to do so.

我們對獲利能力的信心以及我們擁有正確策略的信念越來越堅定。所以我們預計會採取回購策略。回購的好處在於，我們可以根據環境的變化來加快或減慢回購速度。但隨著淨資產收益率的持續上升，我們可以透過增加股利和股票回購向股東返還資本，我們預計會繼續這樣做。

Okay, thank you.

好的，謝謝。

Ebrahim Poonawala, Bank of America.

Ebrahim Poonawala，美國銀行。

Hey, good morning. So yes, I guess, first of all, Victor, congratulations. I think everyone hopes to do this. You are truly leading commerce in a better place than what you inherited, so in terms of consistency, stability. So credit to you and the rest of the team.

嘿，早安。所以，是的，我想，首先，維克多，恭喜你。我想每個人都希望做到這一點。您確實將商業帶入了一個比您接手時更好的境地，在一致性和穩定性方面都是如此。所以，功勞歸於你和團隊其他成員。

And you know what, Ebrahim, just before you start with your question and too many compliments, the team that we have is an incredible team to take it forward as well. And that's what gives me great confidence.

你知道嗎，易卜拉欣，在你開始提問和說太多恭維話之前，我想說，我們擁有的團隊也是一個非常棒的團隊，能夠把這件事繼續推進。這讓我信心倍增。

No doubt, but it does require a strong leader. So you've done that and you're a humble person, but well done and all the best to you in retirement. But I guess the question maybe following up as we think about where we go from here, and Rob, to your point, ROE drifting higher as they look towards the returns you all have delivered, combine that with the outlook on margin expansion going forward -- and I know we kind of recalibrated the ROE target to about 15% plus over the last year.

毫無疑問，但這確實需要一位強而有力的領導者。所以你已經做到了，你是一個謙遜的人，做得非常好，祝你退休生活一切順利。但我想這個問題可能會隨著我們思考下一步該怎麼走而繼續下去，羅布，正如你所說，隨著大家關注你們所取得的回報，ROE 也在不斷攀升，再加上未來利潤率擴張的前景——我知道在過去一年裡，我們已經將 ROE 目標重新調整到 15% 以上。

But just talk to us in terms of the true ROE potential of the company as you think about sort of the rhythm you have in operating leverage where margin is headed. And at some point, there may be probably a little bit of capital flex too. Is 15% plus more like 16% plus, the way you see the world and if things are macro-wise getting better?

但請您從公司真正的 ROE 潛力出發，結合您目前在經營槓桿方面的節奏以及利潤率的發展方向，與我們談談。而且在某個時候，可能還會有一些資金靈活調整的空間。在你看來，15%以上更像是16%以上嗎？如果宏觀經濟情勢正在好轉，你覺得呢？

Hey, good morning, Ebrahim. It's Rob. I'll give it a shot here. I think -- and we did just as you pointed out, reduce the ROE target, but it was more about the capital load we were carrying. The conviction in our strategy and the fact that that ROE is an upward sloping one, has never wavered. In fact, the ROE is even outperforming what we would have suggested at our 2022 Investor Day, considering the capital load that we're carrying. And we're earning through that extra capital that we have, now within continuing to show the better ROE performance.

嘿，早安，易卜拉欣。是羅布。我來試試。我認為——而且我們也確實像你指出的那樣降低了 ROE 目標，但這更多的是因為我們承擔的資本負擔。我們對我們的策略以及淨資產收益率呈上升趨勢這一事實的信念從未動搖過。事實上，考慮到我們所承擔的資本負擔，ROE 甚至超過了我們在 2022 年投資者日所預期的水平。我們現在正利用這些額外的資本獲利，並持續展現出更好的淨資產收益率表現。

When we think of each of our businesses, there's a focus on driving that ROE higher. And over the medium term, we expect that to continue. Now the markets are favorable and those can always change. These are issues that would affect the industry, not just us. But from what we can see today, again, the conviction in the strategy is rising.

當我們考慮旗下每一項業務時，我們都非常注重提高淨資產收益率（ROE）。中期內，我們預期這種情況會持續下去。現在市場情況有利，但這種情況隨時可能改變。這些問題不僅會影響我們，還會影響整個產業。但從我們今天所看到的來看，人們對這項策略的信心正在增強。

We're not going to change our ROE target back to what it was. But it's safe to say that as we get to 15% and beyond, we expect it to continue to migrate higher based on the execution of our strategy. And we do want to target ongoing growth from there. So I think what you're seeing in our numbers and our strategy is a balance between margin and volume growth, a balance between expense efficiencies and investing for the future, and just balance in terms of our execution. That's going to continue and should lead to better things over time.

我們不會將淨資產收益率目標改回原來的水平。但可以肯定的是，隨著這一比例達到 15% 甚至更高，我們預計根據我們策略的執行情況，這一比例將繼續上升。我們希望以此為基礎，實現持續成長。所以我認為，從我們的數據和策略中可以看出，我們在利潤率和銷售成長之間取得了平衡，在成本效率和未來投資之間取得了平衡，並且在執行方面也保持了平衡。這種情況將會持續下去，隨著時間的推移，應該會帶來更好的結果。

Got it. Thank you.

知道了。謝謝。

Gabriel Dechaine, National Bank Financial.

Gabriel Dechaine，國家銀行金融公司。

Good morning. And yes, Victor, congrats on the retirement. And if you want to meet up for a glass of rakia at some point in your post-CEO phase, let me know.

早安.是的，維克多，恭喜你退休。如果你卸任CEO之後想找人喝杯拉基亞酒，請告訴我。

For all those who don't know what a glass of rakia is, it's like a shot of plum brandy they should only have after 6:00 PM and only one a day -- one a week, sorry.

對於那些不知道什麼是拉基亞酒的人來說，它就像一小杯李子白蘭地，只能在下午 6 點以後喝，而且一天只能喝一杯——抱歉，一周只能喝一杯。

Okay. Well, we can stick to that limit. The margin guidance, I know there's always some conservatism embedded in forward statements and all that. Last quarter was stable to up a bit, and it sounds a little bit similar, but maybe a bit more optimistic. And this quarter, you did outperform your guidance. And I'm assuming several factors, deposit mix, competitive dynamics, all kind of went in the right direction.

好的。好吧，我們可以堅持這個限制。我知道，在業績展望中，總是會包含一些保守的預期。上一季保持穩定並略有增長，聽起來有點類似，但可能更樂觀一些。本季，你們的業績確實超過了預期。我假設存款結構、競爭動態等幾個因素都朝著正確的方向發展。

Of those elements, what do you think is a sustainable trend? Because -- and as we look ahead to 2026, when you got a bunch of mortgages refinancing -- and I also see the chart that has new mortgages coming on the balance sheet are at higher spreads than the ones leaving. Is this -- are we cautiously optimistic, maybe too much, though?

在這些要素中，你認為什麼是永續的趨勢？因為——當我們展望 2026 年，屆時會有大量抵押貸款進行再融資——而且我還看到圖表顯示，資產負債表上新增的抵押貸款的利差高於流出的抵押貸款。這是不是──我們過於謹慎樂觀了？

Good morning, Gabe. It's Rob. I'll get started, and I think I'm going to hand it off to Hratch to talk a little bit about what the business is doing because the Personal and Business Bank, it's our largest business, and it's the biggest driver of what's happening to our margin overall. Part of the reason I gave stable to up in terms of the margin guidance in the past has been to capture things like what happened last quarter, which was the margin was down a basis point.

早上好，蓋布。是羅布。我先開始，我想把麥克風交給赫拉奇，讓他談談公司目前的業務狀況，因為個人和商業銀行是我們最大的業務，也是我們整體利潤率變化的最大驅動因素。我過去給出的利潤率預期為穩定到上調的部分原因是為了反映上個季度發生的事情，當時的利潤率下降了一個基點。

And so when we give the guidance, it's not intended to be quarter-on-quarter linked quarter guidance. But the more optimistic take on the margin from here is based on what we saw this quarter doesn't feel unsustainable or unusual to us. I've often talked about the margin in kind of three buckets. And the tractoring strategy, the balance sheet positioning part of the strategy is kind of doing what we expected it to do.

因此，我們給予的業績指引並非旨在與上一季業績掛鉤。但根據我們本季所看到的，對未來利潤率更樂觀的看法是，我們認為這種前景並非不可持續或不尋常。我常常把利潤分成三個部分來討論。而“拖拉機策略”，也就是該策略中的資產負債表定位部分，正在發揮我們預期的作用。

The competitive dynamic is relatively stable. We had some pricing benefit this quarter from some promo offers that rolled off. But that business mix, partly client choice, but also a very intentional business strategy that's happening largely in our Retail Bank. And maybe that's a good place to hand it off to Hratch to talk about what he thinks going forward.

競爭格局相對穩定。本季我們因一些促銷活動結束而獲得了一些價格上的好處。但這種業務組合，部分是客戶的選擇，但也是一種非常有意識的商業策略，這種策略主要體現在我們的零售銀行業務中。或許現在是時候把話題交給赫拉奇，讓他談談他對未來的想法了。

Thanks, Rob. And good morning, Gabe. Thank you for the question. Look, as Rob said, this is both the environment and a result of our strategy. And so from the environment perspective, certainly, rates still pricing into the balance sheet helps and margins, particularly on the deposit side are on the increase. And I do think that's sustainable for the next little while.

謝謝你，羅伯。早上好，蓋布。謝謝你的提問。正如羅布所說，這既是環境因素，也是我們策略的結果。因此，從環境角度來看，利率仍然計入資產負債表肯定有所幫助，而且利潤率，特別是存款方面的利潤率，正在上升。而且我認為這種情況在未來一段時間是可以持續的。

More importantly, I think, it's our strategy. And so when you think about the strategy, it's been both individual product margins increasing as well as the business mix increasing to the positive. And those two things are also sustainable because we believe in our strategy, and we're continuing.

更重要的是，我認為，這是我們的策略。因此，從策略角度來看，既包括單一產品的利潤率提高，也包括業務組合朝著正面的方向發展。這兩件事也都是可持續的，因為我們相信我們的策略，並且我們會繼續下去。

And just to give you a bit more flavor, when we talk about being a relationship-based bank, for us, particularly in the retail business, that means being a leader in the day-to-day banking products and being a leader in advice and investments. And you've seen that in the results. That's what we're doing.

為了讓大家更直觀地了解，當我們談到成為一家以客戶關係為基礎的銀行時，對我們來說，尤其是在零售業務方面，這意味著在日常銀行產品方面成為領導者，並在諮詢和投資方面成為領導者。而結果也證明了這一點。這就是我們正在做的。

We're focused on specific target client segments where we're trying to win. We are winning. We're focused on specific products, which are day-to-day banking products like checking, and you saw the launch today as part of our roadmap to continue evolving our products on that side. You've seen the launch of our Adapta product. We've got the great credit card lineup.

我們專注於特定的目標客戶群，並努力贏得這些客戶的青睞。我們贏了。我們專注於特定產品，例如支票帳戶等日常銀行產品，而您今天看到的發布是我們路線圖的一部分，旨在繼續發展我們這方面的產品。您已經看到了我們Adapta產品的發布。我們擁有非常棒的信用卡產品線。

And so you're seeing the momentum in the demand deposit products, the momentum in the credit card product, the momentum in the investment side, and all of those things are helping margins. So in each of those areas, we're seeing good margins on the product level. But also those are our higher-margin products, and the mix is shifting more towards that because of our strategy.

因此，您可以看到活期存款產品的成長動能、信用卡產品的成長動能、投資方面的成長勢頭，所有這些都有助於提高利潤率。因此，在這些領域，我們看到產品層面的利潤率都很高。但這些也是我們利潤率更高的產品，而且由於我們的策略，產品組合正更多地向這些產品傾斜。

The mortgage is an interesting example you bring up, right? And I think that in that case, it showcases all of these things. So you're right, mortgage margins coming in are higher than the outflows. And on pricing side, as you've seen in market, we are not leading with price. We are leading with advice. We're leading with the relationship, and that's allowing us to capture more margin on mortgages. And we're up about 20% on the portfolio margin year over year as a result of that. We're also seeing mortgage book be more focused.

你提到的抵押貸款例子很有意思，對吧？我認為，在這種情況下，它就展現了所有這些面向。所以你說得對，抵押貸款流入的利潤高於流出的利潤。至於定價方面，正如你在市場上看到的，我們並沒有以價格取勝。我們以提供建議為先導。我們以建立關係為先，這使我們能夠從抵押貸款中獲得更高的利潤。因此，我們的投資組合利潤率年增了約 20%。我們也發現抵押貸款業務的重點更加集中了。

So today, mortgages represent about 10% of our revenue. It used to be a lot higher than that. When you look at some of the stats, 93% of our clients have another product with us. Almost 80% of our clients that have mortgages with us have a checking account. And most of those clients were the primary bank for. All of those numbers are all-time highs, because we're focused on that relationship-based strategy rather than doing low-margin products individually on a transactional basis with clients. And we'll keep doing that, so I think the momentum on margin will continue going.

所以目前，抵押貸款約占我們收入的 10%。以前比這高很多。從一些統計數據來看，93% 的客戶在我們這裡也購買了其他產品。在我們這裡辦理抵押貸款的客戶中，近 80% 的人擁有支票帳戶。而且這些客戶大多是主要銀行。所有這些數字都創歷史新高，因為我們專注於以關係為基礎的策略，而不是以交易的方式單獨向客戶銷售低利潤產品。我們會繼續這樣做，所以我認為保證金的成長勢頭將會持續下去。

All right. I'll stick to the one question.

好的。我只問一個問題。

Doug Young, Desjardins Capital Markets.

道格楊，德斯賈丁資本市場。

I guess for Frank, it seems like Canadian personal unsecured credit trends are improving. And it seems like that's been the case across a lot of the banks that have been reported. But can you touch on a little bit what you're seeing and expectations over the coming year? And obviously, the big risk right now, especially in Canada, depending USMCA renegotiations that are coming eventually -- and can you talk a bit about how you kind of factor that risk into your expert credit judgment or your performing loan allowances or whatnot?

我想對弗蘭克來說，加拿大個人無擔保信貸的趨勢似乎正在改善。據報道，很多銀行的情況似乎都是如此。您能否簡要談談您對未來一年的觀察和預期？顯然，目前最大的風險在於，尤其是在加拿大，取決於最終即將到來的美墨加協定重新談判——您能否談談您是如何將這種風險納入您的專業信用判斷或正常貸款準備金等方面的？

Doug, good morning, and thanks for the question. I mean, unpacking it a little bit, as you see in the results, and if you heard us talking about, we are very pleased with our credit performance. We have a strong book. Our Canadian Consumer portfolios. are very resilient. And if you heard, that is part of our business strategy. That is part of very targeted investments we did in risk management actions and risk management strategies along the way; working with our clients when there's troubles, finding a good solution, and working it out with them.

道格，早安，謝謝你的提問。我的意思是，稍微分析一下，正如你在結果中看到的，如果你聽過我們談論的內容，我們對我們的信貸表現非常滿意。我們有一本很棒的書。我們的加拿大消費品投資組合具有強大的抗風險能力。如果你聽說了，那也是我們商業策略的一部分。這是我們一路以來在風險管理行動和風險管理策略方面進行有針對性投資的一部分；當客戶遇到問題時，我們會與他們合作，找到一個好的解決方案，並與他們一起解決問題。

But then again, as expected, those numbers continue to trend up. There is a little bit of potential seasonality you're seeing this quarter where it's coming down. And that's just, as you highlighted, a reflection of the current macro environment. It's a reflection of unemployment, interest rates still being high. And we factored that in into our guidance and into our expectations.

但正如預期的那樣，這些數字繼續呈上升趨勢。本季出現了一些季節性下降的跡象。正如你所強調的，這正好反映了當前的宏觀環境。這反映了失業率居高不下，利率仍然很高。我們已將這些因素納入我們的指導方針和預期之中。

So I would say we are pleased with the impaired provisions. You asked a little bit about how we are factoring that into our performing provisions as well. The point I made in the prepared remarks and what we did is we continue to keep a little bit of prudent weighting to our downside scenarios. You see our downside scenario getting a little worse this quarter. We have kept some weight on it. And that's why you see us continuing a little bit of a moderate build in our performing allowances. Nothing overly material, I would say, but just a continued reflection of all of those scenarios, including a renegotiation of USMCA in our outlook.

所以我認為我們對減損準備金感到滿意。您也問到我們如何將這些因素納入我們的履約準備金中。我在準備好的發言稿中提出的觀點以及我們所做的，是我們會繼續謹慎地對下行情境進行一些調整。您可以看到，本季我們的下行風險情境略有惡化。我們一直很重視它。所以你會看到我們繼續適度提高演出津貼。沒什麼特別實質的內容，只是對所有這些情況的持續思考，包括我們展望中對美墨加協定的重新談判。

Okay. And Victor, all the best in retirement. Thanks for everything. And I'll leave it there, thanks.

好的。維克多，祝你退休生活一切順利。謝謝你所做的一切。我就說到這兒吧，謝謝。

Mario Mendonca, TD Securities.

馬裡奧門東卡，道明證券。

Good morning. Victor, let me add my congratulations. And it's very impressive, what, 10 years plus as CEO.

早安.維克多，請容許我向你表示祝賀。而且，擔任CEO超過10年，這非常令人印象深刻。

Mario, team effort. I just got to emphasize again: it's been a team effort, and it's been a privilege to be a captain of this wonderful team.

馬裡奧，團隊合作。我必須再次強調：這是團隊共同努力的成果，能夠成為這支優秀團隊的隊長是我的榮幸。

Good stuff. Frank, going to you. So I totally agree with Doug just offered that the unsecured Canadian credit looks a little better. That's true mostly across the industry, might be maybe one modest exception there. But for your bank specifically, given that, let's call it, stabilization in unsecured consumer, is there any reason why you would move off of the mid-30s guidance, impaired PCLs going forward, thinking about 2026 and going forward? Is there anything that's happening? And let's leave USMCA negotiations aside. Because we all know if that falls apart, then we've got a bigger issue. So leaving that aside, is there any reason why you changed that guidance?

好東西。法蘭克，我去找你了。所以我完全同意道格剛才的觀點，加拿大無擔保信貸看起來確實好一些。這種情況在整個產業中基本上普遍存在，可能只有極少數例外。但就貴行而言，鑑於無擔保消費信貸市場趨於穩定，考慮到 2026 年及以後的情況，您有什麼理由放棄 30% 左右的指導意見，調整未來不良貸款率的預測呢？有什麼事發生嗎？我們暫且把美墨加協定談判放在一旁吧。因為我們都知道，如果這件事失敗了，那我們就面臨更大的問題了。撇開這一點不談，您更改該指導方針的原因是什麼？

Well, we can certainly give more specific guidance, in particular, for '26 next quarter. But you're right, at this point, I think we could expect this trend to continue. And we could expect to trend with that guidance or, as we did this year, even at the lower end of that guidance.

當然，我們可以給予更具體的指導，特別是針對 2026 年下個季度的指導。但你說得對，我認為目前來看，這種趨勢很可能會持續下去。我們可以預期業績將與該預期保持一致，或者像今年一樣，甚至達到該預期的下限。

All right. And then is there any concern on the mortgage side? I see that 90 delinquencies, up a little bit on a total bank basis. But GVA, GTA did look more stressful. Does that cause you any concern that the uninsured mortgages in Toronto and Vancouver are more -- are showing more stress than the rest of the book?

好的。那麼，在房貸方面是否有任何擔憂？我看到有 90 起違約事件，按銀行總數計算略有上升。但GVA和GTA看起來壓力更大。多倫多和溫哥華的無保險抵押貸款比書中其他地區的抵押貸款壓力更大，這是否讓您感到擔憂？

So we remain very comfortable with the exposure with the overall health of our clients and the portfolio. I mean, as you pointed out, delinquency rates moving up. And in particular, in those markets, it's very well in line with what we expected. It's a reflection of higher unemployment, the high interest rates, and the continued weakness in housing sales in those markets. I would come back to very strong LTVs even in our impaired book. We have a healthy amount of provisions on the impaired side. And I'm not overly concerned that that would translate into material losses.

因此，我們對客戶和投資組合的整體健康狀況仍然感到非常滿意。我的意思是，正如你所指出的，拖欠率正在上升。尤其是在這些市場，結果與我們的預期非常吻合。這反映了這些市場失業率上升、利率高企以及房屋銷售持續疲軟的現狀。即使在我們業績不佳的帳簿中，我也會選擇非常高的貸款價值比 (LTV)。我們在應對傷殘方面準備了充足的物資。我並不太擔心這會造成實質的損失。

All right. I'll be really quick on this one. So maybe to Rob, the move in this all-bank margin, no matter how you calculate it, has been huge since Q4 '22. I'm talking big moves in the all-bank margin. There's so many reasons why this focus on pricing over volume rates, mix, product margins. There's a ton of reasons why. But as we think about the next 12 months, would it be fair to suggest that this huge move we've seen over the last couple of years, that was special? And that we get a little bit more of a pedestrian improvement in the margin going forward?

好的。我會很快完成這件事。所以對羅布來說，無論你怎麼計算，自 2022 年第四季以來，所有銀行的利潤率都發生了巨大的變化。我指的是所有銀行保證金的大幅波動。造成這種現象的原因有很多，其中之一就是價格因素而非銷售量、產品組合和利潤率。原因有很多。但展望未來 12 個月，我們是否可以公平地認為，過去幾年我們所看到的這種巨大變化是特殊的呢？我們能否在未來獲得更顯著的利潤提升？

Yes. Thanks, Mario. Good morning. It's Rob. So I do -- I agree it's been quite the move in the margin, I think, for all the reasons that we've described. '26, I mean again, it's a bit early to give an overall outlook for '26, and it's always subject to what the forward curve does. But we continue to expect a tailwind in our Personal and Business Banking business, in particular, when it comes to the tractoring strategy.

是的。謝謝你，馬裡奧。早安.是羅布。所以，我同意——我認為這在邊際效應方面是一個相當大的轉變，我認為，原因正如我們所描述的那樣。2026 年，我的意思是，現在對 2026 年做出整體展望還為時過早，而且這始終取決於遠期曲線的走勢。但我們仍然預期個人和商業銀行業務將迎來順風，尤其是在「牽引式」策略方面。

I don't think we're changing the strategic focus that Hratch described earlier on the call. I think it's fair to say that when I say increases from here, we're talking about gradual increases. So I don't think we'd be looking for the kind of increases we had this year. But I do think the direction of travel is still a positive one.

我認為我們不會改變赫拉奇在電話會議上早些時候描述的戰略重點。我認為可以這樣說，當我說從這裡開始成長時，我們指的是逐步成長。所以我認為我們不會再期待像今年那樣的大幅成長了。但我認為發展方向仍然是正面的。

Thank you.

謝謝。

Matthew Lee, Canaccord Genuity.

Matthew Lee，Canaccord Genuity。

Hi, morning. I'll echo my congratulations to everyone on team. There was a bit of a contrast in commercial loan growth between Canada and the US. And I've sort of been under the impression that the underlying trend in the US economy was somewhat stronger than domestically. So maybe just contrast those two businesses and help us understand what's driving the outsized Canadian note book growth in commercial.

早安.我謹向團隊的每一位成員表示祝賀。加拿大和美國的商業貸款成長情況略有不同。我一直覺得美國經濟的潛在趨勢比國內經濟強勁一些。所以，或許我們可以比較一下這兩個產業，幫助我們了解是什麼推動了加拿大商用筆記型電腦市場的超高速成長。

Yes, thank you for the question. It's Susan speaking. I'll speak to the Canadian side of the business. So in the Canadian Commercial Banking, as you've noted, our loan to deposit growth was really strong for Q3, up 10% and 8%, respectively. I will note that over 43% of our growth on both sides of the balance sheet actually came from new clients to CIBC.

是的，謝謝你的提問。我是蘇珊。我會和加拿大方面的業務部門談談。正如您所指出的，加拿大商業銀行業務第三季的貸款存款比成長非常強勁，分別成長了 10% 和 8%。我要指出的是，我們資產負債表兩端超過 43% 的成長實際上來自 CIBC 的新客戶。

And really, our strategy continues. We're really prioritizing relationship banking we always have. We have deep client relationships, and we're really focused on the connectivity between our Commercial Banking business as well as our Wealth Management business. The deep industry specialization and the disciplined coverage efforts just continue to drive momentum in the business.

我們的戰略仍在繼續。我們始終把客戶關係放在第一位。我們與客戶建立了深厚的合作關係，並且我們非常注重商業銀行業務和財富管理業務之間的連結。深厚的行業專業化和嚴謹的市場覆蓋工作持續推動著業務發展。

I will say that the trade rhetoric has eased in the industry segments that we really prioritized. These are the segments that are actually covered by the USMCA. These segments actually make up most of our C&I loan book. So we do expect to continue to see momentum in that side of the business. So that's really how I'd position it and how I would see it on the Canadian side. Perhaps, Shawn, if you'd like to comment on the US side, please?

我想說的是，在我們重點關注的產業領域，貿易的言論已經緩和了。這些都是美墨加協定實際涵蓋的領域。這些業務板塊實際上構成了我們商業和工業貸款組合的大部分。因此，我們預計該業務領域將繼續保持成長勢頭。所以，這就是我對此的定位，也是我從加拿大角度看待這個問題的方式。肖恩，如果你願意的話，能否談談美國方面的情況？

Thanks, Susan. And good morning, Matthew. So on the US side, it's a bit more of a reflection of two components of the portfolio, so C&I growth versus CRE growth. C&I growth has been strong. It's sort of 7% year over year. That's been pretty consistent throughout the year. In CRE, as you know, we've been executing a strategy to move away from certain elements and deemphasize elements of our institutional commercial real estate book, and that continued to play out this quarter.

謝謝你，蘇珊。早上好，馬修。因此，在美國方面，這更反映了投資組合的兩個組成部分，即工商業成長與商業房地產成長。工商業成長強勁。年比大約成長了7%。這種情況全年都相當穩定。如您所知，在商業房地產領域，我們一直在執行一項策略，即減少機構商業房地產業務中的某些要素，並降低其重要性，而這項策略在本季度繼續得以實施。

We had slightly higher payoff activity this quarter. Much of it relates to that strategic decision. But the pipeline is solid. We had some reduced utilization rate. I think that is an expression of some caution that clients have. We've seen deposit builds. Clients are building liquidity. There, I think there is some optimism growing, but they're still taking a bit of a wait-and-see approach as these macro factors play out. But as I said, the pipeline are solid. We do expect to meet our earlier guidance for the year for mid to single -- low to mid-single-digit loan growth for the year.

本季我們的派息活動略有增加。其中很多都與那項戰略決策有關。但這條管道很穩固。我們的利用率有所下降。我認為這體現了客戶的一些謹慎態度。我們已經看到存款成長。客戶正在累積流動資金。我認為那裡正在滋生一些樂觀情緒，但由於這些宏觀因素仍在發展，他們仍然採取觀望態度。但正如我所說，管道系統很穩固。我們預計今年貸款成長率將達到先前預期的中個位數至中個位數水準。

Okay, that's helpful. I'll pass the line.

好的，這很有幫助。我會越過那條線。

Darko Mihelic, RBC Capital Markets.

Darko Mihelic，加拿大皇家銀行資本市場。

Hi, thank you. Good morning. I have one question and one compliment. So I'll start with the compliment, Victor. All the best, and I have a special slivovitz to have later on. So hopefully, you can take me up on that offer.

您好，謝謝。早安.我有一個問題和一個讚揚。那麼，我先來誇獎你一下，維克多。祝一切順利，我稍後會享用一瓶特製的李子白蘭地。所以，希望你能接受我的提議。

I mean, thank you.

我的意思是，謝謝。

A question for you. I did hear in your prepared remarks that you were number two, let's say, in net sales in the quarter. I wanted to ask about -- because I haven't heard a bit of an update here on where you stand with Imperial Service. I know you were hiring advisers. Maybe you can provide a bit of an update on where you are with respect to that and where you are, let's say, also with how productive they are? Or are they just hitting stride? So maybe you can just give me an overall view on what we should expect from the Imperial Service and how it's helping -- presumably not just mutual fund sales, but generally, Wealth. I'd like to hear that if you have anything that you could offer.

我有個問題想問你。我從你事先準備好的發言稿中了解到，你在本季的淨銷售額排名第二。我想問一下——因為我還沒有聽到任何關於您在帝國服務方面的最新進展。我知道你們當時在招募顧問。或許您可以簡單介紹一下您在這方面的進展情況，以及他們的工作效率如何？還是他們漸入佳境？所以，您能否給我一個總體的視角，談談我們應該對帝國服務抱有怎樣的期望，以及它如何提供幫助——想必不僅僅是共同基金銷售，而是總體上財富的提升。如果您有什麼可以提供的，我很想聽聽。

I have to just make a few remarks here, Darko, because the Imperial Service is really a core driver of our Mass Affluent strategy. It's been a real focus of Hratch and the leadership team from front end to back end, which includes the technology, how we're applying artificial intelligence, how we're improving productivity, and how we're focused on growing our adviser base.

達科，我必須在這裡說幾句，因為帝國服務確實是我們大眾富裕階層策略的核心驅動力。從前端到後端，Hratch 和領導團隊都非常重視這一點，包括技術、人工智慧的應用、生產力的提升以及顧問群體的壯大。

And I might add just before I pass it on, Hratch, that we've had the highest net promoter score within Imperial Service in living memory. And that is a reflection of our team, our strategic focus, the technology investments, the strength of our Asset Management business, the strength of our financial planning approach. And with that, Hratch, you should opine on some of those comments and your thoughts overall.

在我把消息轉達給赫拉奇之前，我還要補充一點，我們帝國服務部門的淨推薦值達到了有史以來的最高水準。這體現了我們團隊的實力、我們的策略重點、技術投資、我們資產管理業務的實力以及我們財務規劃方法的實力。那麼，Hratch，你應該對這些評論以及你的整體想法發表一些看法。

Thank you, Victor. Good morning, Darko. I'm going to go back to -- look, I'm extremely proud of what our entire team in PBB has been delivering, including the Imperial Service team. But it is a broader effort that's delivering the results that you see, and we do see that continuing, right?

謝謝你，維克多。早安，達科。我要回去說——聽著，我為PBB的整個團隊，包括Imperial Service團隊，所取得的成就感到無比自豪。但正是更廣泛的努力才取得了你所看到的成果，而且我們看到這種成果還會繼續下去，對吧？

As I said earlier, we're building a relationship-focused bank, and we're building it for the future. And so for us, that entails being a leader in day-to-day banking for all Canadians; being a leader for the Mass Affluence and Advice and in the Investment space; and simplifying everything to take the friction out for our clients, for our team as well as for our shareholders, creating efficiency. And that's what we've been executing. And Imperial Service is a core pillar of that second part.

正如我之前所說，我們正在打造一家以客戶關係為中心的銀行，而我們正在為未來打造它。因此，對我們來說，這意味著成為加拿大所有民眾日常銀行業務的領導者；成為大眾富裕階層、諮詢和投資領域的領導者；簡化一切，消除客戶、團隊和股東的摩擦，提高效率。而這正是我們一直在執行的。而帝國服務是第二部分的核心支柱。

And while it's been a big driver, I do want to call out here, when you look at the IFIC results that we've produced, the vast majority of that has come from the retail distribution. And again, I'm proud of the entire team. About two-thirds of it is Imperial, but there's also outside of Imperial. Our entire frontline team has been contributing to that.

雖然零售分銷是一個重要的驅動因素，但我想在這裡指出，當你查看我們取得的 IFIC 成果時，你會發現其中絕大部分都來自零售分銷。再次重申，我為整個團隊感到驕傲。其中大約三分之二是帝國的，但也有帝國以外的。我們整個一線團隊都為此做出了貢獻。

When I look at the Imperial Service platform, we are just getting started. We're making a lot of investments. So yes, we continue to grow the team, and we are hiring. But we are also looking to -- as I said, one of our priorities is take the friction out. We're investing in digitizing processes. We're investing and taking processes out of the front line where we can and making themselves service.

當我審視帝國服務平台時，我意識到我們才剛起步。我們正在進行大量投資。是的，我們正在繼續壯大團隊，並且正在招募中。但正如我所說，我們的首要任務之一是消除摩擦。我們正在投資流程數位化。我們正在盡可能地投資並簡化第一線流程，使其成為服務的一部分。

We're investing in providing tools for our advisers to provide better advice, to be more efficient in preparing for meetings, to be more efficient after meetings, to be more efficient with compliance requirements, and all of that is leveraging technologies, including generative AI and the CAI platform, as Victor mentioned in his remarks. So all of that is playing dividends. We will continue to grow the team. We will continue to make them more productive. And when we look at our adviser-to-client ratio that is heading upwards -- and we think we have continued to have opportunity to do that.

我們正在投資為我們的顧問提供工具，以便他們能夠提供更好的建議，更有效地準備會議，更有效地處理會後事宜，更有效地滿足合規要求，所有這些都利用了包括生成式人工智慧和 CAI 平台在內的技術，正如 Victor 在他的演講中提到的那樣。所以這一切都是為了拿到股息。我們將繼續壯大團隊。我們將繼續提高它們的生產效率。當我們審視顧問與客戶的比例時，會發現這個比例正在上升——而且我們認為我們還有繼續上升的機會。

And we have a lot of opportunity to move more clients into Imperial Service. When you look at our overall client base of over 13 million on the consumer side in Canada, we've barely started scratching the surface of consumers who are not in the Imperial Service offer who, based on our analytics, we know deserve to be in the Imperial Service offer.

我們有很多機會將更多客戶轉移到帝王服務公司。當我們審視我們在加拿大超過 1,300 萬消費者客戶的整體規模時，我們才剛開始觸及那些尚未享受 Imperial Service 服務的消費者群體，而根據我們的分析，我們知道他們理應享受 Imperial Service 服務。

And the math we have so far is, we have moved less than 10% of those clients into Imperial Service. When we get them to the right adviser, with the right tools, do a complete planning for them, we see increase in funds managed that is more than 50% in the first year of that relationship. And as I said, there's a lot more to do there. So as we create capacity and bring advisers on, we'll keep having more clients be able to access that offer. And you're going to see the power of the franchise continue to grow.

而我們目前的統計結果是，我們只將不到 10% 的客戶轉移到了 Imperial Service。當我們為他們找到合適的顧問，配備合適的工具，並為他們制定完整的計劃時，我們發現，在建立合作關係的第一年，管理的資金增長超過 50%。正如我所說，那裡還有很多事情要做。因此，隨著我們擴大服務能力並招募顧問，我們將持續有更多客戶能夠獲得該服務。你會看到這個系列的影響力持續成長。

Okay, thanks very much. I'm going to follow up, Hratch, at some point in the next week or so. Thank you.

好的，非常感謝。赫拉奇，我會在接下來的一周左右的時間裡跟進此事。謝謝。

There are no further questions registered at this time. I would now like to turn the meeting over to Harry.

目前沒有其他問題需要諮詢。現在我想把會議交給哈利。

Thank you, operator, and thank you all for your engagement today. Before we conclude the call, I would just like to thank Shawn Beber, who is sitting beside me here at CIBC SQUARE. Shawn will be retiring after 23 years at CIBC. And amongst his many contributions, Shawn has played a vital role -- a pivotal role in our US growth strategy, including our acquisition of the Private Bank, and later through his leadership of the US region since 2022. At the same time, I'm excited to welcome Christian Exshaw and Kevin Lee to our group executive leadership team in the new fiscal year.

謝謝接線生，也謝謝大家今天的參與。在結束通話之前，我只想感謝坐在我旁邊的肖恩貝伯，他現在就在 CIBC SQUARE。肖恩將在加拿大帝國商業銀行工作 23 年後退休。在肖恩的諸多貢獻中，他發揮了至關重要的作用——在我們美國的成長策略中發揮了關鍵作用，包括我們收購私人銀行，以及自 2022 年以來領導美國地區。同時，我很高興地歡迎 Christian Exshaw 和 Kevin Lee 在新財年加入我們團體的執行領導團隊。

And then finally, on behalf of the Board and our entire bank, I want to thank Victor for his strategic vision, outstanding leadership, and steady hand over his 11 years as our CEO. I am grateful for his guidance and partnership and for the support as we continue to undergo this leadership transition. Victor has transformed our bank and will leave behind a remarkable legacy that will continue to inspire us all. We are deeply grateful to you, Victor, and wish you all the best.

最後，我謹代表董事會和我們整個銀行，感謝 Victor 在擔任我們執行長的 11 年間所展現的策略眼光、傑出的領導能力和穩健的領導力。我感謝他的指導和合作，以及在我們繼續進行領導層過渡期間給予的支持。Victor徹底改變了我們銀行，他將留下令人矚目的遺產，繼續激勵我們所有人。維克多，我們非常感謝您，並祝您一切順利。

And with that, I'll now pass it back to Victor to close off his 44th and final earnings call at CIBC.

接下來，我將把麥克風交還給 Victor，讓他結束在 CIBC 的第 44 次也是最後一次財報電話會議。

Thank you, Harry, for those very kind words. I haven't blushed this much in a conference call in my life. So I want to thank all of you for your kind comments. And I have a few more months left, like 61 days before I retire as CEO and become a very proud and supportive alumnus of our bank. I'd like to close out my last earnings call by saying thank you.

謝謝你，哈里，你的話語非常暖心。我這輩子都沒在電話會議裡臉紅過。所以，我要感謝大家的友善評論。我還有幾個月的時間，大概還有 61 天，之後我就會從 CEO 的職位退休，成為我們銀行一位非常自豪和支持銀行的校友。在結束本次財報電話會議之際，我想說聲謝謝。

I'd like to thank our 50,000 employees who collectively and passionately get out of bed every day and represent CIBC and our brand purpose with dedication to our clients each and every day. I'd like to thank our leadership team whose commitment, execution, and contributions have helped lead CIBC and drive the synchronized momentum we're experiencing today. I'd like to thank the buy-side and sell-side investment community, those of you who are on the call. Your questions and insights have helped sharpen us, have helped shape me and shape our perspective through the years.

我要感謝我們 5 萬名員工，他們每天都充滿熱情地起床，代表 CIBC 和我們的品牌宗旨，日復一日地為客戶服務。我要感謝我們的領導團隊，他們的奉獻、執行力和貢獻幫助領導了加拿大帝國商業銀行，並推動了我們今天所經歷的同步發展勢頭。我要感謝買方和賣方投資界的各位，感謝參加這次電話會議的各位。多年來，你們的提問和見解幫助我們不斷進步，塑造了我，也塑造了我們的視角。

I'd like to thank our engaged Board who have been a tremendous support and guide during my time as CEO. Particularly, I'd like to thank our clients, without which we wouldn't have the franchise that we have. Their voice and how they feel about our bank is something that we measure each and every day. And I can tell you, it's getting better. It will get better from here. And I'd like to thank everyone for joining us and for your interest in CIBC. I look forward to remaining a shareholder, to being a client, to be an alumnus of our bank and a friend of our bank, knowing that the best is still yet to come. Thank you, and have a good day.

我要感謝我們積極參與的董事會，在我擔任執行長期間，他們給予了我巨大的支持和指導。尤其要感謝我們的客戶，沒有他們，我們就不會擁有現在的特許經營權。我們每天都會衡量他們的意見以及他們對我們銀行的感受。我可以告訴你，情況正在好轉。情況會好轉的。我還要感謝各位的到來，以及你們對加拿大帝國商業銀行（CIBC）的關注。我期待繼續成為股東、客戶、校友和朋友，因為我知道最好的還在後頭。謝謝，祝您今天過得愉快。

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

謝謝。會議已經結束。請您暫時斷開線路，感謝您的配合。