Canadian Imperial Bank of Commerce (CM) 2025 Q4 法說會逐字稿

Good morning. Welcome to the CIBC Q4 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）第四季業績電話會議。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 will begin this morning's presentation with opening remarks from Harry Culham, marking his first earnings call as our President and Chief Executive Officer; followed by Rob Sedran, our Chief Financial Officer; and Frank Guse, our Risk Officer.

謝謝，早安。今天早上的演講將以哈里·卡勒姆的開幕致辭開始，這是他作為總裁兼首席執行官的首次財報電話會議；隨後是首席財務官羅布·塞德蘭；以及風險官弗蘭克·古斯。

Also on the call today are our group heads, including Hratch Panossian, Personal and Business Banking Canada; and Susan Rimmer, Commercial Banking and Wealth Management. I'd like to take a moment to introduce two new members of our executive leadership team, Christian Exshaw from Capital Markets; and Kevin Lee from our US region. Christian and Kevin have served with our bank for over 17 years and 23 years, respectively, and bring exceptional leadership, a proven track record of performance and exemplify our purpose-led and collaborative culture. Please join me in welcoming them to our new group heads.

今天參加電話會議的還有我們的各部門負責人，包括加拿大個人及商業銀行業務負責人 Hratch Panossian；以及商業銀行及財富管理負責人 Susan Rimmer。我想藉此機會介紹我們執行領導團隊的兩位新成員，分別是來自資本市場的 Christian Exshaw 和來自美國地區的 Kevin Lee。Christian 和 Kevin 分別在我們銀行服務了 17 年和 23 年，他們展現了卓越的領導才能，擁有良好的業績記錄，並體現了我們以目標為導向的協作文化。請和我一起歡迎他們成為我們新的團隊負責人。

We have a hard stop at 8:30 and would like to give everyone a chance to participate this morning. So as usual, we ask that you please limit your questions to one and requeue. We'll make ourselves available after the call for any follow-ups. As noted on Slide 1 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.

我們早上 8:30 就截止了，希望今天早上每個人都有機會參加。所以，像往常一樣，請您將問題限制在一個範圍內，然後重新排隊。通話結束後，我們將隨時為您提供後續服務。正如我們在投資者簡報第 1 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績效。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 will now turn the call over to Harry.

接下來，我將把電話交給哈利。

Thank you, Jeff, and good morning, everyone. I'm excited to be speaking with you today as President and CEO of our bank.

謝謝你，傑夫，大家早安。今天能以我們銀行總裁兼執行長的身份與各位交流，我感到非常榮幸。

I'm energized by the opportunities ahead of us, building on our strong performance we've delivered in fiscal 2025. Our performance reflects our momentum and the execution of our client-focused strategy right across our team. When we announced our CEO succession in March of this year, I stepped into the role of Chief Operating Officer and spent the last 8 months listening and engaging with our stakeholders. And these discussions have reinforced my confidence that our client relationships are strong, our team is proud and our bank is being recognized for delivering consistent, strong financial performance.

我對我們未來的機會充滿信心，我們將在2025財年取得的強勁業績基礎上繼續前進。我們的業績反映了我們的發展勢頭以及我們以客戶為中心的策略在整個團隊中的有效執行。今年三月，當我們宣布執行長繼任計畫時，我接任營運長一職，並在過去的八個月裡傾聽並與利害關係人進行溝通。這些討論更加堅定了我的信心，即我們與客戶的關係牢固，我們的團隊引以為豪，我們的銀行因持續取得強勁的財務業績而受到認可。

Building on this foundation, we have united our leadership team and employees globally around an evolved ambition to be a client-focused, highly connected and performance-driven bank, delivering industry-leading shareholder returns. And this ambition is underpinned by the same strategic pillars that have driven our success and strength through the cycle performance over the past several years. So let me be clear. Our strategy remains consistent. It is working, and we are committed to delivering on what we set out to achieve. Our focus now is to accelerate the execution of our strategy to deliver relative outperformance.

在此基礎上，我們團結了全球領導團隊和員工，朝著成為以客戶為中心、聯繫緊密、業績驅動的銀行這一發展目標邁進，為股東帶來行業領先的回報。而這項雄心壯志的支撐，正是源自於過去幾年推動我們取得成功和實力的相同戰略支柱。讓我把話說清楚。我們的策略保持不變。這項措施正在奏效，我們將致力於實現我們設定的目標。我們現在的重點是加快執行我們的策略，以實現相對優異的業績。

And to sustain our momentum, we have aligned our team around three key enablers: One, we'll sharpen our client focus and double down on our connectivity. Two, we'll drive efficiencies and modernization; and three, we'll elevate our focus on human capital by fostering a culture of engagement, development and accountability.

為了保持發展勢頭，我們圍繞三個關鍵推動因素調整了團隊：第一，我們將更加關注客戶，並加倍加強連結。第二，我們將提高效率並推動現代化；第三，我們將透過培養參與、發展和問責的文化，提升對人力資本的重視程度。

And with that, let me provide an overview of our adjusted results for fiscal 2025. We reported net earnings of $8.5 billion and earnings per share of $8.61, up 17% and 16%, respectively, from the prior year. Record revenues of $29 billion were up 14%, driven by double-digit revenue growth across each of our businesses. We delivered positive operating leverage and managed our enterprise efficiency ratio lower, both for a third consecutive year.

接下來，我將概述我們 2025 財年的調整後表現。我們公佈的淨利潤為 85 億美元，每股收益為 8.61 美元，分別比上年增長 17% 和 16%。公司營收創歷史新高，達到 290 億美元，年增 14%，主要得益於我們各項業務的兩位數營收成長。我們連續第三年實現了積極的經營槓桿效應，並降低了企業效率比率。

Our top-tier credit quality remained resilient with an impaired PCL ratio of 33 basis points, delivering at the favorable end of our guidance range. Our robust CET1 ratio of 13.3%, coupled with the earnings power of our bank gave us confidence to announce a 10% increase to our quarterly dividend to common shareholders. We also delivered a return on equity of 14.4%, which was up 70 basis points from the prior year.

我們的頂級信貸品質保持了韌性，不良貸款率僅為 33 個基點，達到了我們預期範圍的有利水準。我們穩健的 CET1 比率達到 13.3%，加上我們銀行的獲利能力，使我們有信心宣布將普通股股東的季度股息提高 10%。我們的股本回報率也達到了 14.4%，比前一年提高了 70 個基點。

Our strategy and unique competitive advantages position us well to further our momentum and deliver for our clients. Our first strategic priority is to grow our mass affluent and private wealth franchise. We've cultivated a unique ecosystem to win in this segment, including our distinctive Imperial service platform, strategic Costco partnership, industry-leading Wood Gundy brand and our high-quality RIA in the US.

我們的策略和獨特的競爭優勢使我們能夠更好地保持發展勢頭，並為客戶創造價值。我們的首要策略重點是發展我們的大眾富裕階層和私人財富客戶群。我們已培育出一個獨特的生態系統來贏得這一領域，包括我們獨特的 Imperial 服務平台、與 Costco 的戰略合作夥伴關係、行業領先的 Wood Gundy 品牌以及我們在美國提供的高品質 RIA 服務。

In Imperial Service, our advisors are passionate about our clients and they're engaged. Our NPS scores continue to hit all-time highs each quarter. Over the past year, our client-focused distribution channels have supported our market share gains in mutual funds, assets under management in Canada. In 2025, CIBC ranked in the top 2 of the big 6 banks for total mutual fund net sales. And we're going to continue to lean into these strengths to generate capital-light fee-based revenue, gather high-value personal deposits and drive wealth referrals. These are intentional outcomes directly aligned to our strategy and all accretive to our ROE profile.

在Imperial Service，我們的顧問對客戶充滿熱情，並且積極投入工作。我們的淨推薦價值 (NPS) 每季都持續創下歷史新高。過去一年，我們以客戶為中心的銷售管道幫助我們在加拿大共同基金和資產管理方面獲得了市場份額的成長。2025年，CIBC在六大銀行的共同基金淨銷售額中排名前二。我們將繼續發揮這些優勢，以輕資本方式創造收費收入，吸收高價值個人存款，並推動財富推薦。這些都是與我們的策略直接相關的預期成果，並且都有助於提高我們的淨資產收益率。

Our second strategic priority is to grow digital-first personal banking. Our leadership in digital banking is recognized industry-wide. This past quarter, we received the 2025 Mobile Banking Award by Service Corp. Leveraging our award-winning digital capabilities in Canada, we also launched a new digital banking platform for the US market as well. So collectively, these efforts are enabling us to further attract and build new and deeper relationships through data-driven insights, adding value for clients and driving growth. Our third strategic priority is to leverage our connected platform, one of our greatest competitive advantages.

我們的第二個策略重點是發展以數位優先的個人銀行業務。我們在數位銀行領域的領先地位得到了業界的廣泛認可。上個季度，我們獲得了 Service Corp. 頒發的 2025 年行動銀行獎。憑藉我們在加拿大屢獲殊榮的數位能力，我們也為美國市場推出了新的數位銀行平台。因此，這些努力共同使我們能夠透過數據驅動的洞察力進一步吸引和建立新的、更深層的關係，為客戶創造價值並推動成長。我們的第三個策略重點是利用我們的互聯平台，這是我們最大的競爭優勢之一。

Our culture of connectivity enables us to deepen and broaden our client relationships, expand our US franchise and strengthen cross-business referrals. By connecting our commercial banking, wealth management and capital markets teams, we have built a strong internal referral system across our businesses that results in greater agility and more innovative solutions for our clients. And as a result, cross-business referrals in our US Commercial and Wealth franchise were up 23% from the prior year. A connected capital markets footprint requires a strong presence across North America.

我們注重互聯互通的企業文化使我們能夠深化和拓展客戶關係，擴大我們在美國的業務，並加強跨業務推薦。透過連結我們的商業銀行、財富管理和資本市場團隊，我們建立了一個強大的內部轉介系統，貫穿我們的業務，為我們的客戶帶來更大的靈活性和更具創新性的解決方案。因此，我們美國商業和財富管理特許經營業務的跨業務推薦比上一年增長了 23%。要建立覆蓋整個資本市場的強大網絡，就需要在整個北美地區擁有強大的影響力。

In fiscal 2025, revenue and net income in our Capital Markets US franchise were up 39% and 50% from the prior year, respectively. We expect the rate of growth in US capital markets will continue to outpace Canada and other regions over the medium term. And finally, our fourth strategic priority is to enable, simplify and protect our bank. Our performance-driven approach requires continually realizing expense and balance sheet efficiencies, modernizing our technology and scaling our data and AI infrastructure. Building on our history of innovation, we launched CIBC real-time experience, which we call Cortex for short. This is a proprietary AI-enabled client engagement engine that seamlessly integrates with our existing platform and shapes data-driven personalization.

2025 財年，我們美國資本市場業務的收入和淨利潤分別比前一年增長了 39% 和 50%。我們預計，中期內美國資本市場的成長速度將持續超過加拿大和其他地區。最後，我們的第四個策略重點是賦能、簡化和保護我們的銀行。我們以績效為導向的方法要求我們不斷提高費用和資產負債表效率，實現技術現代化，並擴展資料和人工智慧基礎設施。秉承我們一貫的創新精神，我們推出了 CIBC 即時體驗，簡稱 Cortex。這是一個專有的、由人工智慧驅動的客戶互動引擎，它可以與我們現有的平台無縫集成，並實現數據驅動的個人化。

In fiscal 2025, we made significant strides in further embedding AI as a core capability across our bank. We are well positioned to accelerate our AI adoption with a focus on Agentic AI and continued investment in talent and partnerships to continue to transform the banking experience. Looking to the operating environment in the year ahead, ongoing trade negotiations present uncertainty in Canada and abroad. Our outlook assumes that trade deal is extended, an outcome we strongly believe is in the best interest of the North American economy. We expect targeted fiscal policy relief for sectors affected by trade as well as stimulative monetary policy to support moderate economic growth across our geographies in 2026.

在 2025 財年，我們在將人工智慧進一步融入我們銀行的核心能力方面取得了重大進展。我們已做好充分準備，透過專注於智能體人工智慧，並持續投資人才和合作夥伴關係，加速人工智慧的普及應用，從而不斷改變銀行業體驗。展望未來一年的經營環境，持續進行的貿易談判為加拿大和海外都帶來了不確定性。我們的展望是基於貿易協定得以延長的假設，我們堅信這項結果最符合北美經濟的利益。我們預計，到 2026 年，針對受貿易影響的行業的有針對性的財政政策救濟以及刺激性的貨幣政策將支持我們各地經濟的溫和增長。

We are also supportive of nation-building initiatives in key sectors of Canada's economy to help create a more prosperous future. We have deep client relationships in these sectors and we'll be there to support Canada's growth. Regardless of how the environment evolves, we will continue to stay close and proactively engage with our clients. So in closing, we're setting our sights higher to build on the clear momentum we've established, we have built an engine to deliver sustainable, relative outperformance and a road map to generate profitable growth over the long term. We believe our unwavering client focus, the bench strength of our team and accelerated execution of our strategy will drive value for our stakeholders through the cycle. It's an exciting time at CIBC, and I'm honored to have the opportunity to lead our team.

我們也支持加拿大經濟關鍵領域的國家建設舉措，以幫助創造更繁榮的未來。我們在這些產業擁有深厚的客戶關係，我們將全力支持加拿大的發展。無論環境如何變化，我們都將繼續與客戶保持密切聯繫並積極互動。最後，我們將目光投向更高的目標，以鞏固我們已經建立的明顯勢頭，我們已經建立了一個能夠實現可持續的相對超額收益的引擎，並製定了長期盈利增長的路線圖。我們相信，我們始終如一的客戶至上理念、我們團隊的強大實力以及我們策略的快速執行，將在整個週期中為我們的利害關係人創造價值。現在是加拿大帝國商業銀行 (CIBC) 的發展黃金時期，我很榮幸有機會領導我們的團隊。

With that, I'll now turn it over to Rob for a detailed review of our financial results.

接下來，我將把發言權交給羅布，讓他詳細回顧我們的財務表現。

Over to you, Rob.

接下來就交給你了，羅布。

Thank you, Harry, and good morning, everyone. Let's start with three takeaways. Thank you, Harry, and good morning, everyone. Let's start with three takeaways. First, our consistently strong results and increasing ROE reflect the disciplined execution of our client-focused and connected strategy. In other words, the results were on strategy. Second, our record results this quarter are revenue driven, providing good momentum as we head into 2026.

謝謝你，哈里，大家早安。讓我們先總結三點。謝謝你，哈里，大家早安。讓我們先總結三點。首先，我們持續強勁的業績和不斷提高的淨資產收益率反映了我們以客戶為中心、緊密聯繫的策略的嚴格執行。換句話說，結果符合策略。其次，本季我們創紀錄的業績主要得益於營收成長，這為我們邁向 2026 年提供了良好的發展動能。

And third, our balance sheet our strong balance sheet has allowed us to grow with our clients and return capital to our shareholders. In fiscal '25, we returned over $5 billion or approximately two-third of our net earnings through dividends and share repurchases. These achievements reinforce our confidence in our ability to deliver long-term value and underpin the dividend increase Harry referenced in his remarks.

第三，我們穩健的資產負債表使我們能夠與客戶共同成長，並為股東帶來資本回報。在 2025 財年，我們透過分紅和股票回購返還了超過 50 億美元，約占我們淨利潤的三分之二。這些成就增強了我們對自身創造長期價值能力的信心，也為哈里在演講中提到的股息成長提供了基礎。

Please turn to slide 8. For the fourth quarter of 2025, earnings per share were $2.20 or $2.21 on an adjusted basis. Adjusted ROE of 14.1% was up 70 basis points from the same quarter last year. For both the quarter and the full year, the only adjusting item was the amortization of intangibles.

請翻到第8張幻燈片。2025 年第四季度，每股收益為 2.20 美元，調整後為 2.21 美元。調整後的淨資產收益率為 14.1%，比去年同期成長 70 個基點。無論是季度調整還是全年調整，唯一調整項目都是無形資產攤提。

Let's move on to a detailed review of our performance. I'm on slide 9. Adjusted net income of $2.2 billion increased 16%. Expanding margins, volume growth and higher fee revenues allowed us to maintain revenue momentum, deliver the 9th consecutive quarter of positive operating leverage and continue to drive pre-provision earnings growth in a strong range at 20%. Total provisions for credit losses were up 44% year-over-year largely due to higher performing provisions as impaired losses were at the low end of our 2025 guidance range. Frank will discuss credit trends and the outlook in his remarks.

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。經調整後的淨利為22億美元，成長16%。利潤率擴大、銷售成長和手續費收入增加，使我們能夠保持收入成長勢頭，連續第九個季度實現正的經營槓桿，並繼續推動撥備前收益在 20% 的強勁範圍內增長。由於減損損失處於我們 2025 年指導範圍的低端，信貸損失撥備總額年增 44%，這主要是由於撥備表現良好。弗蘭克將在演講中討論信貸趨勢和前景。

Slide 10 highlights key drivers of net interest income. Excluding trading, NII was up 14% with continued balance sheet growth and expanding margins. All bank margin ex trading was up 14 basis points from the prior year and up 6 basis points sequentially. Canadian P&C NIM of 290 basis points was up 9 basis points sequentially driven by loan margin expansion as well as the impact of favorable mix. In the US segment, NIM of 384 basis points was up 6 points from the prior quarter due to continued strength in deposits as well as loan fees that were higher than normal. In both Canada and the United States, we expect margins to move gradually higher from these levels, albeit at a slower rate than what we saw in fiscal '25 based on the current forward curve.

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 14%，資產負債表持續成長，利潤率不斷擴大。除交易外，所有銀行保證金較上年同期上漲 14 個基點，較上季上漲 6 個基點。加拿大財產險和意外險淨利差為 290 個基點，較上季上升 9 個基點，主要受貸款利差擴張以及有利的產品組合影響。在美國市場，由於存款持續強勁成長以及貸款費用高於正常水平，淨利差為 384 個基點，比上一季成長了 6 個基點。我們預計，無論在加拿大還是美國，利潤率都將從目前的水平逐步上升，儘管根據目前的遠期曲線來看，上升速度會比我們在 2025 財年看到的要慢。

Turning to slide 11. Noninterest income of $3.4 billion was up 15%. Market-related fees increased 18%, helped by constructive markets with particularly strong growth in trading, underwriting and advisory and mutual fund fees. Transaction-related fees were up 8%, driven mainly by higher credit fees, partly offset by lower card fees.

翻到第11張幻燈片。非利息收入為 34 億美元，成長 15%。受市場良好勢頭的推動，市場相關費用增長了 18%，其中交易、承銷和諮詢以及共同基金費用的增長尤為強勁。交易相關費用上漲 8%，主要原因是信用卡費用上漲，部分被信用卡費用下降所抵銷。

Slide 12 highlights our expense performance. Expenses increased 10% as investments and seasonal costs, including higher severance, were only partly offset by the benefits of prior initiatives to improve efficiency. We continue to invest in technology and AI to both surface efficiencies and develop an enhanced client experience through faster and more personalized service. We intend to manage expense growth to the mid-single digits for 2026 and continue to manage to positive operating leverage on an annual basis.

第 12 張投影片重點介紹了我們的費用表現。支出增加了 10%，因為投資和季節性成本（包括更高的遣散費）僅部分被先前提高效率的措施所帶來的收益所抵消。我們將繼續投資於科技和人工智慧，以提高效率，並透過更快、更個人化的服務來提升客戶體驗。我們計劃將 2026 年的費用成長控制在個位數中段，並繼續保持每年正的經營槓桿率。

Slide 13 highlights the consistent strength of our balance sheet. Our CET1 ratio at the end of the quarter was 13.3%, down 7 basis points sequentially and stable year-over-year. We delivered solid organic capital generation, offset by deployment in risk-weighted assets and our ongoing share repurchase program. Please note that in addition to ongoing organic capital generation, in Q2 of '26, an adjustment to our operational RWAs will add roughly 25 basis points to our CET1 ratio. Our liquidity position remains very strong with an average LCR of 132%.

第 13 張投影片突顯了我們資產負債表的持續穩健性。本季末，我們的CET1比率為13.3%，季減7個基點，較去年同期維持穩定。我們實現了穩健的內生資本成長，但被風險加權資產的投資和我們正在進行的股票回購計劃所抵消。請注意，除了持續的內生資本產生外，在 2026 年第二季度，我們營運風險加權資產的調整將使我們的 CET1 比率增加約 25 個基點。我們的流動性狀況依然非常強勁，平均流動性覆蓋率 (LCR) 為 132%。

Starting on slide 14 with Canadian Personal and Business Banking, we highlight our strategic business unit results. Adjusted net income was stable to the prior year as strong revenue growth was largely offset by higher provisions for credit losses and higher expenses. Supported by core business momentum, pre-provision pretax earnings were up 14%. Revenues were up 12%, helped by margin expansion and favorable business mix.

從第 14 頁開始，我們將重點放在加拿大個人和商業銀行業務的策略業務部門成果。經調整後的淨收入與上年持平，強勁的收入成長被更高的信貸損失撥備和更高的支出基本抵消。受核心業務成長動能支撐，撥備前稅前獲利成長14%。由於利潤率擴張和有利的業務組合，營收成長了 12%。

Net interest margin was up 33 basis points year-over-year and 11 basis points sequentially. Beyond the benefit from our tractoring strategy, we continue to see tangible results from our focus on deep and profitable client relationships, product mix and disciplined pricing decisions. Expenses were up 10% due to investments in technology and other strategic initiatives as well as higher employee-related compensation, a software write-down and a legal Provision.

淨利差較去年同期上升 33 個基點，較上季上升 11 個基點。除了我們以拖拉機為主導的策略帶來的好處之外，我們還持續看到，我們專注於建立深入且盈利的客戶關係、產品組合和嚴格的定價決策，並取得了切實的成果。由於對技術和其他策略措施的投資，以及員工相關薪酬增加、軟體減損和法律準備金，支出增加了 10%。

On slide 15, we show Canadian Commercial Banking and Wealth Management, where net income and pre-provision pretax earnings were up 9% and 13% from a year ago. Revenues were up 15% from last year. Wealth Management growth of 18% was driven by higher average fee-based assets resulting from market appreciation 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 9% 和 13%。營收比去年增長了15%。財富管理業務成長 18%，主要得益於市場升值帶來的平均收費資產增加，以及客戶活動增加帶來的佣金上漲。

Commercial Banking revenues were up 9%, driven by volume growth and margin expansion. Commercial loan and deposit volumes were up 10% and 9%, respectively, from a year ago. Expenses increased 16% from a year ago, mainly from higher compensation linked to the strong revenues, higher spending on technology and other strategic initiatives.

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 9%。商業貸款和存款額分別比去年同期增加了 10% 和 9%。支出比去年同期成長了 16%，主要原因是強勁的收入帶來的更高薪酬、在技術和其他策略舉措方面的更高支出。

Turning to US Commercial Banking and Wealth Management on slide 16. Net income was up 35% from the prior year, mainly due to lower loan loss provisions. Revenues were up 9% from last year. Net interest income was helped by deposit growth of 8% and wider deposit margins. Fee income growth was broad-based, reflective of our strategy to deepen client relationships. Expenses were up 18%, partially due to higher performance-based compensation as well as strategic initiatives.

接下來請看第 16 頁關於美國商業銀行和財富管理的內容。淨收入比上年增長 35%，主要原因是貸款損失準備減少。營收比去年增長了9%。存款成長 8% 和存款利差擴大，促進了淨利息收入的成長。費用收入成長基礎廣泛，反映了我們深化客戶關係的策略。支出增加了 18%，部分原因是績效薪酬增加以及策略性舉措。

Turning to slide 17 and our Capital Markets segment. Net income was up 58% year-over-year. Revenues were up 32% across our Capital Markets businesses. Global Markets saw growth across most products. Corporate Banking was up from higher average balances and fees and investment banking saw higher debt underwriting and advisory revenues.

接下來請看第 17 張投影片，了解我們的資本市場部分。淨利潤年增58%。我們資本市場業務的收入成長了 32%。全球市場大多數產品均實現了成長。企業銀行業務受益於平均餘額和費用的增加而成長，投資銀行業務則受益於債務承銷和諮詢收入的成長。

Our focus on the US continues to deliver strong results with year-over-year revenue growth of 48% and 38% of segment revenues coming from that market this quarter. Expenses were up 9%, largely due to continued investments in business and technology initiatives, higher compensation and higher volume-driven expenses.

我們對美國的關注持續取得強勁成果，年增 48%，本季該市場貢獻了 38% 的業務部門營收。支出成長了 9%，主要原因是持續投資於業務和技術計劃、更高的薪酬以及更高的銷售驅動型支出。

Slide 18 reflects the results of Corporate and Other, a net loss of $42 million compares with a net loss of $7 million in the prior year. We maintain our medium-term guidance of a quarterly loss between $0 and $50 million for this segment.

第 18 張投影片反映了公司及其他業務的業績，淨虧損 4,200 萬美元，而上一年淨虧損為 700 萬美元。我們維持先前對該業務部門季度虧損在 0 至 5,000 萬美元之間的中期預期。

Slide 19 highlights our full year performance. 2025 was a record year for CIBC. We delivered double-digit growth across all of our metrics, growing revenues by 14%, pre-provision earnings by 18% and EPS by 16%, all well ahead of our medium-term targets. ROE for the year was 14.4%, an increase of 70 basis points from the prior year.

第 19 張投影片重點介紹了我們的全年業績。 2025 年是加拿大帝國商業銀行 (CIBC) 創紀錄的一年。我們所有指標均實現了兩位數成長，營收成長 14%，撥備前收益成長 18%，每股收益成長 16%，均遠超其中期目標。本年度淨資產收益率為 14.4%，較上年增長 70 個基點。

We are confident that our strategy, connected culture and financial strength position us well to build on this momentum, drive EPS growth and deliver a premium ROE. On that ROE, we remain committed to an improving ROE above 15%, and based on our current outlook, expect to achieve that target in fiscal '26, helped by EPS growth that is at the high end or higher than our 7% to 10% medium-term target range.

我們相信，憑藉我們的策略、緊密聯繫的企業文化和雄厚的財務實力，我們能夠在此基礎上繼續發展，推動每股收益成長，並實現優異的淨資產收益率。關於淨資產收益率，我們仍然致力於將淨資產收益率提高到 15% 以上，並且根據我們目前的展望，預計在 2026 財年實現這一目標，這得益於每股收益增長達到或高於我們 7% 至 10% 的中期目標範圍。

In closing, we believe this year's performance reflects the impact of the focused investments we have made in technology, talent and client experience, investments that combined with disciplined execution are now translating into strong financial results.

最後，我們認為今年的業績反映了我們在技術、人才和客戶體驗方面進行的重點投資的影響，這些投資加上嚴謹的執行，現在正在轉化為強勁的財務表現。

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. Despite economic uncertainties, our credit performance remained resilient throughout 2025, ending the fiscal year at the low end of our full year guidance. We continue to focus on developing deep client relationships across all our segments and invest in risk strategies to drive strong credit outcomes.

謝謝你，羅布，大家早安。儘管經濟狀況不明朗，但我們的信貸業績在 2025 年全年保持穩健，最終以全年預期的低端水平結束了本財年。我們將繼續專注於在所有業務領域發展深厚的客戶關係，並投資於風險策略，以獲得良好的信貸績效。

Trade headwinds in recent quarters have led to higher provisions in our performing allowance. Our build this quarter, leveraging expert judgment positions us well to navigate uncertainties that may persist into the coming year. We remain confident in the quality and consistency of our credit performance as demonstrated over the past year.

近幾季的貿易逆風導致我們的正常撥備增加。本季度，我們利用專家判斷進行建設，這使我們能夠更好地應對可能持續到明年的各種不確定因素。我們對過去一年來所展現的信貸績效的品質和穩定性仍然充滿信心。

Turning to slide 22. Our total provision for credit losses was $605 million in Q4, up from $559 million last quarter. We continue to strengthen our allowance coverage this quarter by 2 basis points to 80 basis points with our year-over-year total allowance up by $625 million or 15%.

翻到第22張投影片。第四季度，我們的信貸損失撥備總額為 6.05 億美元，高於上一季的 5.59 億美元。本季我們持續加強撥備覆蓋率，提高 2 個基點至 80 個基點，年比撥備總額增加 6.25 億美元，增幅達 15%。

Our performing provision was $108 million this quarter, mainly a reflection of the evolving economic environment and the impact of some credit migration. Our provision on impaired loans was $497 million, up $16 million quarter-over-quarter. Higher provisions in our Capital Markets and Canadian Commercial Banking segments were partially offset by lower provisions in our other portfolios.

本季我們的正常撥備為 1.08 億美元，主要反映了不斷變化的經濟環境和一些信貸遷移的影響。我們的不良貸款撥備為 4.97 億美元，比上一季增加 1,600 萬美元。資本市場和加拿大商業銀行業務部門撥備增加，但其他業務部門撥備減少部分抵消了增加的影響。

Turning to slide 23. In Q4, '25, impaired provisions increased slightly with the fiscal '25 loss rate at 33 basis points. Canadian Personal and Business Banking and US Commercial impaired provisions were down this quarter. Impaired provisions in our Capital Markets business was up in Q4, mainly driven by two names. These names represent loan exposures in different geographies. And overall, this portfolio continues to perform well. In our Canadian Commercial Banking portfolio increases this quarter were not attributable to any notable sector. We remain pleased with the strong performance across our portfolio, especially in our commercial portfolio this year.

翻到第23張幻燈片。2025 年第四季度，減損準備金略有增加，2025 財年的損失率為 33 個基點。本季加拿大個人及商業銀行業務及美國商業銀行業務的減損撥備均下降。第四季度，我們資本市場業務的減損撥備增加，主要受兩家公司的影響。這些名稱代表不同地區的貸款風險敞口。整體而言，該投資組合表現依然良好。本季加拿大商業銀行投資組合的成長並非歸因於任何顯著產業。我們對公司整體業務的強勁表現感到滿意，尤其是今年商業投資組合的表現。

Slide 24 summarizes our gross impaired loans and formations. Gross impaired loan ratio was 61 basis points, up 5 basis points quarter-over-quarter. The increase in business and government loans was largely driven by one new impairment in our Capital Markets portfolio. While mortgages experienced a moderate increase this quarter, our current loan-to-value ratio for the mortgage book remains prudent at 55% for the overall book and 65% on impaired balances. Notwithstanding the softness in the housing market, we continue to not expect any material increase in losses in our mortgage portfolio.

第 24 頁總結了我們的不良貸款和資產負債表調整總額。不良貸款總額比率為 61 個基點，較上季上升 5 個基點。企業和政府貸款的增加主要是由於我們資本市場投資組合中新增的一筆減損損失所致。雖然本季抵押貸款有所小幅增長，但我們目前的抵押貸款組合的貸款價值比仍然保持審慎水平，整體貸款組合的貸款價值比為 55%，不良餘額的貸款價值比為 65%。儘管房地產市場疲軟，但我們仍然預期抵押貸款組合的損失不會出現實質增加。

Slide 25 summarizes the 90-plus day delinquency rates and net write-offs of our Canadian consumer portfolios. Our Canadian consumer portfolios performed as expected throughout fiscal '25, reflecting the evolving economic conditions. The 90-plus day delinquencies in our credit cards and residential mortgages portfolios increased quarter-over-quarter, driven by challenging macroeconomic conditions, while personal lending remained flat.

第 25 頁總結了我們加拿大消費者投資組合中 90 天以上的逾期率和淨核銷額。2025財年，我們的加拿大消費品投資組合表現符合預期，反映了不斷變化的經濟狀況。受宏觀經濟環境挑戰的影響，我們的信用卡和房屋抵押貸款組合中逾期 90 天以上的貸款數量環比增加，而個人貸款則保持平穩。

Although our net write-off ratio was down slightly quarter-over-quarter, we remain focused on unemployment levels, which will remain a key driver of this metric. While we continue to see the impact of elevated unemployment and ongoing macroeconomic uncertainties, we are pleased with the overall resilience and strength of these portfolios.

儘管我們的淨核銷率較上季略有下降，但我們仍然關注失業率，失業率仍將是影響此指標的關鍵因素。儘管我們繼續看到高失業率和持續的宏觀經濟不確定性的影響，但我們對這些投資組合的整體韌性和實力感到滿意。

In closing, while the economic environment was more challenging in 2025, we were pleased with our credit performance this past year. We will continue supporting our clients to navigate through the dynamic environment and taking proactive actions to effectively mitigate risk.

最後，儘管 2025 年的經濟環境更具挑戰性，但我們對過去一年的信貸表現感到滿意。我們將繼續支持客戶應對瞬息萬變的環境，並採取積極主動的措施有效降低風險。

Looking ahead to 2026, despite ongoing headwinds, we anticipate that the gradual improvement in the macro economy will lead to impaired provisions stabilizing in the mid- to low 30 basis point range, a slightly improved outlook over our mid-30 basis point guidance for fiscal 2025. The increase in performing allowances over 2025 reflects our proactive approach to maintaining prudent reserves, ensuring we are well positioned to manage uncertainties that may persist in the year ahead.

展望 2026 年，儘管面臨持續的不利因素，我們預期宏觀經濟的逐步改善將使減損撥備穩定在 30 個基點的中低區間，這比我們對 2025 財年 30 個基點的預期略有改善。2025 年履約準備金的增加反映了我們積極主動地維持審慎儲備的做法，確保我們能夠更好地應對未來一年可能持續存在的各種不確定性。

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

現在我將請接線員開通線路，回答您的問題。

(Operator Instructions)

（操作說明）

Ebrahim Poonawala from Bank of America Merrill Lynch.

來自美國銀行美林證券的易卜拉欣·普納瓦拉。

Hey, good morning. I guess Rob's prepared remarks set this up, but maybe both from Harry and Rob for both of you. When we think about you mentioned the 15% ROE, which I think is better than expected for this year. I guess, Harry, for you, I think the question is when you look at the franchise and hear you loud and clear, there's no big dramatic change in the strategy. But when we think about the Canadian banks, there are banks that are clearly earning much superior ROEs, 17%, 18%, and there are others who are trying to catch up to get closer to that. Given kind of your guidance for 2026 and what you see within the franchise. Just talk to us in terms of is there an opportunity for commerce to have a best-in-class ROE? Or are there structural disadvantages the bank faces to get to that point? And if so, what do you need to do differently to get there? Thank you.

嘿，早安。我猜羅布事先準備好的發言稿促成了這一切，但也許哈里和羅布都為你們倆準備了發言稿。我們想到您提到的 15% 的 ROE，我認為這比今年的預期要好。我想，哈里，對你來說，我認為問題在於，當你審視整個系列時，我清楚地聽到你的意思，戰略上並沒有什麼大的戲劇性變化。但當我們考慮加拿大銀行業時，會發現有些銀行的淨資產收益率明顯更高，達到 17%、18%，而其他銀行則正在努力追趕，以期更接近這一水平。鑑於您對 2026 年的指導意見以及您對該系列作品的看法。請您談談，商業領域是否有可能獲得一流的股本報酬率？或者說，該銀行在達到這一目標的過程中是否存在結構性劣勢？如果是這樣，你需要做出哪些改變才能實現目標？謝謝。

Thank you, Ibrahim, and good morning. I'll take it first, and I'll pass it over to Rob. It's Harry here. So as I said in my opening remarks, we are on a journey here. Our strategy and our unique competitive advantages that really position us well to deliver profitable growth. And that will lead to a premium ROE. We're targeting the right client segments where we can deepen relationships and be meaningful to our clients. We have the right product focus. We're focused on deposits, investments, transaction accounts across each of our businesses.

謝謝你，易卜拉欣，早安。我先拿，然後交給羅布。我是哈利。正如我在開場白中所說，我們正踏上一段旅程。我們的策略和獨特的競爭優勢使我們能夠真正實現獲利成長。這將帶來更高的股本報酬率。我們瞄準了合適的客戶群，以便加深與客戶的關係，並為客戶創造有意義的價值。我們擁有正確的產品定位。我們專注於旗下所有業務的存款、投資和交易帳戶。

And we believe we have the right technology. We've invested in AI-enabled technology, such as Cortex, which I mentioned at the outset, in the retail and our cash management systems in corporate and commercial. And I believe we have the right culture to take us to the next level. Our team members are focused on delivering all of our connected bank to our clients, and that will lead to this trajectory that we're forecasting moving forward to move higher from an ROE perspective. Rob, do you want to jump in with some more specifics?

我們相信我們擁有合適的技術。我們已經投資了人工智慧技術，例如我一開始提到的 Cortex，用於零售業以及我們在企業和商業領域的現金管理系統。我相信我們擁有帶領我們邁向更高層次的正確企業文化。我們的團隊成員專注於為客戶提供我們所有的互聯銀行服務，這將引領我們朝著預期的方向發展，從 ROE 的角度來看，我們將取得更大的進步。羅布，你想補充一些細節嗎？

Yeah, thanks, Harry. I mean, Ibrahim, we can all, you can all do the math, but maybe I'll try to tie it together for you in terms of some of the levers that we think we have at our disposal. But I would reiterate what Harry said, when we cross 15%, we're not going to be hanging mission accomplished banners at CIBC Square. Like we do think the strategy will continue to push the ROE higher over time. And just because we're not changing our target at this time, it doesn't mean that our ambition isn't for a higher ROE. And we don't see any disadvantages that can't allow us to continue to push that ROE higher.

是啊，謝謝你，哈利。我的意思是，易卜拉欣，我們都可以，你們都可以自己算算，但我或許可以試著從我們認為可以利用的一些手段的角度，幫你把這些聯繫起來。但我還是要重申哈利所說的話，當我們突破 15% 時，我們不會像哈利說的那樣在 CIBC 廣場掛出任務完成的橫幅。我們認為，隨著時間的推移，這項策略將繼續推動淨資產收益率（ROE）不斷提高。雖然我們目前沒有改變目標，但這並不代表我們追求更高淨值報酬率的目標就不是如此。我們看不到任何不利因素會阻礙我們繼續提高淨資產收益率。

When you think of some of the things that are going to get us there, you start off just even normalizing credit losses. I mean the performing provisions that we took this quarter around $450 million, that alone is about 60 basis points. We don't plan for that to happen every year as that normalizes, and that's even before considering the potential for impaired losses to come down. That's an ROE tailwind that we expect. Operating leverage is just is an operating philosophy for us. You think about a couple of hundred points of operating leverage, which is not necessarily fiscal '26 guidance, but it is a target that we shoot for sort of through the cycle.

當你思考一些能讓我們實現目標的事情時，首先要做的就是讓信用損失正常化。我的意思是，本季我們提列的正常支出準備金約為 4.5 億美元，僅此一項就相當於 60 個基點。隨著這種情況逐漸正常化，我們並不打算每年都發生這種情況，而且這還沒考慮到損失可能會減少。這是我們預期的淨資產收益率利好因素。經營槓桿只是我們的一種經營理念。想想看，營運槓桿率要達到幾百個百分點，這不一定是 2026 財年的預期，但這卻是我們在整個週期中努力實現的目標。

A couple of hundred points of operating leverage is another, call it, 30 or 40 basis points of ROE expansion that we can -- we expect to see. When you think about our capital position, we optimize the balance sheet as best we can, call it, a basis point is basically a basis point. So if the capital CET1 comes down by 40 or 50 basis points, the ROE goes up by 40 or 50 basis points, excess capital doesn't expire. We're not in a rush to get rid of it. But we do have a buyback active and we do see opportunities to deploy profitably over time. So there's a number of levers that are adding up to our confidence that the ROE trajectory is going to continue beyond next year.

幾百點的經營槓桿相當於我們預期會看到的 30 或 40 個基點的 ROE 擴張。當你考慮我們的資本狀況時，我們會盡可能優化資產負債表，說到底，一個基點就是一個基點。因此，如果一級資本 CET1 下降 40 或 50 個基點，淨資產收益率 (ROE) 上升 40 或 50 個基點，超額資本就不會過期。我們並不急於擺脫它。但我們確實有回購計劃正在進行，而且我們看到了隨著時間的推移實現盈利性部署的機會。因此，有很多因素讓我們有信心，ROE的成長動能將推遲到明年以後。

That's helpful. Thank you both.

那很有幫助。謝謝你們兩位。

Matthew Lee, Canaccord Genuity.

Matthew Lee，Canaccord Genuity。

Hi, morning guys. NIM continues to be a big story for you. I know you've talked about persistent NIM increases and provide some color directionally, but can you maybe break down the NIM improvements based on product mix, deposit mix and tractors. Just trying to get a better understanding of which of those factors are having the biggest impact? And then what levels of sustainability there is beyond 2026?

大家早安。NIM 仍然是你們關注的焦點。我知道您已經談到了持續的淨利潤增長，並從方向上提供了一些信息，但是您能否根據產品組合、存款組合和拖拉機來細分淨利潤的改善情況？我只是想更了解這些因素中哪些影響最大？那麼，2026 年後的永續發展水準又會如何呢？

Morning, Matthew. It's Rob. I'm going to get started and then hand it to Hratch because I think a lot of the story from a business mix perspective is unfolding in Personal and Business Banking. The tractoring strategy has been a persistent tailwind for us. We think that tailwind is going to continue through '26, albeit perhaps starting to moderate a little bit. But the tractoring is something that is largely based on the forward curve, and provided the rates hang around where they have been. We expect to see that benefit persist in both Personal and Business Banking and at the all bank level. When it comes to business mix, it's probably better to hand it off because it is very much on strategy.

早上好，馬修。是羅布。我打算先開始，然後交給赫拉奇，因為我認為從業務組合的角度來看，許多故事都在個人和商業銀行業務中展開。拖拉機運輸策略一直是我們持續的順風。我們認為這股順風勢將持續到 2026 年，儘管可能會開始略微減弱。但拖拉機作業很大程度上取決於遠期曲線，前提是利率保持在目前的水平。我們預計這種益處將在個人銀行業務、企業銀行業務以及整個銀行層面持續存在。就業務組合而言，最好還是交給別人處理，因為這很大程度取決於策略。

And I'll let Hratch talk a little bit about what he's seeing.

接下來，我將讓赫拉奇談談他所看到的景象。

Yeah, thanks, Rob, and good morning, Matthew. Thanks for the question. I, I'll start by saying that we're very proud of what the team has been able to accomplish on the retail side, right? What you're seeing, as Rob said, is really the result of strong execution, pricing discipline and strategy. Yes, rates in the environment are helping, but that's actually been a smaller part of the story as we look through this year. So I think we've talked about this before. When you look at the rate help in the business, it's a few basis points a quarter.

好的，謝謝羅布，早安，馬修。謝謝你的提問。首先，我想說，我們為團隊在零售方面的成就感到非常自豪，對吧？正如羅布所說，你現在看到的，實際上是強而有力的執行、定價紀律和策略的結果。是的，環境因素確實起到了一定的作用，但回顧今年的情況，這實際上只是其中較小的一部分。所以我覺得我們之前已經討論過這個問題了。從業務利率的角度來看，每季只有幾個基點。

And when you look at the full year this year, full year ROE is about 30 basis points higher on a year-over-year basis, and a lot of that has been driven by the strategy. And we've been very clear about our strategy. We're focused on our clients. We're focused on being that everyday bank for our clients and have them highly engaged. That means focusing on the everyday products and winning share there. And I think we've done that well this year. You look at our demand deposits that actually grew double digits before we did some work to optimize margins.

從今年全年來看，全年淨資產收益率比上年同期高出約 30 個基點，這很大程度上得益於公司策略。我們已經非常明確地闡述了我們的策略。我們以客戶為中心。我們致力於成為客戶日常信賴的銀行，並努力提高客戶的參與度。這意味著要專注於日常用品，並在這些產品中贏得市場份額。我認為我們今年在這方面做得很好。看看我們的活期存款，在我們採取一些措施優化利潤率之前，它實際上實現了兩位數的成長。

We actually ran off some high interest deposits deliberately that were negative margin. So without that, demand deposits that were profitable are up double digits for the year. We've increased our cards business 6%. That helps. We've been very deliberate on the mortgage business. We've been doing business with the clients that are franchised with us. We price sharply, but we price for the overall relationship. We will not price mortgages individually. And by doing that, we've been expanding margins in the mortgage business as well.

我們故意取消了一些高利存款，導致利潤為負。因此，即使不計入這部分，獲利的活期存款今年也實現了兩位數的成長。我們的信用卡業務成長了 6%。那很有幫助。我們在抵押貸款業務方面一直非常謹慎。我們一直與加盟我們的客戶開展業務。我們的定價策略是極具競爭力，但我們的定價是基於整體合作關係。我們將不對抵押貸款進行單獨定價。透過這樣做，我們也提高了抵押貸款業務的利潤率。

And so if you look at this quarter's 11 basis points, it's a lot of the same drivers, right? It's those products that are growing that are higher margin, it's the margins in mortgages going up, it's the margins and deposits going up. And I think that's what has allowed us as a team to deliver from what I can see right now this quarter's street-leading revenue growth. And I think there is a lot more momentum to go as we continue to execute on our strategy. The interest rate, right, will slow down. I think the interest rate help through '27 will slow down, but we can continue to execute on our strategy and accreting to margin and accreting to ROE in this business.

所以，如果你看本季的 11 個基點，你會發現很多因素都跟之前一樣，對吧？成長的是那些利潤率較高的產品，抵押貸款的利潤率正在上升，存款的利潤率也在上升。我認為正是這一點，才使得我們團隊能夠在本季實現領先業界的營收成長。我認為，隨著我們繼續執行策略，我們還有很大的發展動能。利率將會放緩。我認為到 2027 年利率的幫助將會放緩，但我們可以繼續執行我們的策略，提高利潤率和提高淨資產收益率。

Okay, thanks that's super helpful.

好的，謝謝，這很有幫助。

John Aiken, Jefferies.

約翰艾肯，傑富瑞集團。

Good morning, Rob. We just drilled down on them. I like to take a little, closer look on expenses if we can. Obviously, you're looking for positive operating leverage next year. But as we look at the investments that you're making in terms of your platforms, technology, everything else like that, are there any of the segments that you would expect to have greater or lesser operating leverage as you look out to 2026?

早安，羅布。我們只是對他們進行了深入研究。如果可以的話，我喜歡仔細檢視各項開支。顯然，你們希望明年實現正向經營槓桿。但當我們檢視您在平台、技術以及其他方面所做的投資時，您認為到 2026 年，哪些領域的營運槓桿會更大或更小？

Hey John, it's Rob. Good morning. So a good question, And we tend not to focus too much on operating leverage at the individual segment level in any given year. There is some differences between them, some investments that we're making and some strategic initiatives that can pop up. You saw a little bit of that in Q4, right?

嘿，約翰，我是羅伯。早安.這是一個很好的問題。我們通常不會過度關注任何特定年份中各個業務部門的經營槓桿。它們之間存在一些差異，我們正在進行一些投資，並且可能會出現一些策略性舉措。你在第四季已經看到了一些這樣的情況，對吧？

So if you look at some of the Q4 expenses, we had pretty good visibility coming into the quarter on revenue growth, pretty good visibility on operating leverage, and decided to take the opportunity to advance some of the those strategic initiatives that we often talk about. As we think about the coming year, all we ask for positive operating leverage from all of the businesses.

因此，如果你看一下第四季度的一些支出，我們會發現，進入本季度時，我們對收入增長和營運槓桿都有相當清晰的預期，因此我們決定抓住這個機會，推進我們經常談論的一些戰略舉措。展望來年，我們只要求所有業務部門都能達到正面的經營槓桿效應。

But a year like what Capital Markets had as an example, this year, it's going to make it a little bit harder for Capital Markets to deliver positive operating leverage next year. We don't let them completely off the hook, but it's just something that we don't necessarily assume is going to happen. The other businesses, we're targeting positive operating leverage. But again, we're going to manage it through the year and really aiming to deliver it at the all bank level rather than the individual segment level.

但像今年資本市場所經歷的那樣，明年資本市場要實現正向經營槓桿將會更加困難。我們不會完全放過他們，但我們也不會想當然地認為這種事一定會發生。對於其他業務，我們的目標是實現積極的經營槓桿。但是，我們將全年持續推進這項工作，並真正致力於在整個銀行層面而不是在單一業務部門層面實現這一目標。

Thanks Robin. And just as a follow-on, when we look at technology spend in particular, are we looking at this in totality accelerating, leveling off or staying reasonably the same?

謝謝羅賓。最後，當我們特別審視技術支出時，我們看到的整體情況是加速成長、趨於平穩還是基本上保持不變？

No, I think we need to assume that technology spend continues to grow, right? There's a lot of talk about AI, a lot of talk about the different operating models. But AI isn't pixie dust. It requires investment. We're making those investments. And we are going to continue to add resources there and reshape the workforce as well over time. We think we've been managing through it so far, and we're going to continue to accelerate those investments.

不，我認為我們需要假設技術支出會繼續成長，對嗎？人們都在談論人工智慧，也在談論不同的營運模式。但人工智慧並非魔法粉塵。這需要投資。我們正在進行這些投資。我們將繼續向那裡投入資源，並隨著時間的推移調整勞動力結構。我們認為目前為止我們應對得還不錯，我們將繼續加快這些投資。

We spent time putting governance structures around our technology spend, putting in a really deep dive on how we allocate those technology spends. We think we've been smart and purposeful on those investments. That's going to continue, but particularly with a robust revenue environment that we've had, we would expect to continue to invest in technology. It's the way forward for the industry. It's certainly the way forward for our bank.

我們花了很多時間建立技術支出的治理結構，深入研究了我們如何分配這些技術支出。我們認為我們在這些投資上做得明智且有目的性。這種情況還會持續，尤其是在我們目前強勁的收入環境下，我們預計將繼續投資於科技。這是產業發展的未來方向。這無疑是我們銀行未來的發展方向。

Fantastic thanks for the color.

非常感謝你提供的顏色。

Doug Young, Desjardins Capital Markets.

道格楊，德斯賈丁資本市場。

Hi, good morning. Just a few things on capital, Rob. First, you said there's a 20 basis point benefit you're getting in Q2 of '26. What's driving that? And is there anything else coming down the pipe to think about? And then like the focus for excess capital, I assume it's buybacks and tuck-ins. And then like thinking about capital and you're looking at a 15% plus ROE. Like what CET1 are you triangulating to for fiscal '26?

您好，早安。羅布，關於資金方面，有幾點需要說明。首先，您提到在 2026 年第二季您將獲得 20 個基點的收益。是什麼原因導致這種情況？還有其他需要考慮的方案嗎？然後，就像剩餘資本的用途一樣，我認為是股票回購和補充投資。然後想想資本，你會看到 15% 以上的 ROE。例如，你們打算將 2026 財年的 CET1 值調整到哪個等級？

Okay, Thanks, Doug. It's Rob. So it was 25 basis points. And you will recall in Q1 of '23, we had an operational risk charge that showed up in our results in Q2 of showed up in operational risk weights, excuse me, in Q2 of '23. The rules allow for the potential exclusion of that 3 years forward, and we did receive approval to remove that from our operational risk weights.

好的，謝謝你，道格。是羅布。所以是25個基點。您可能還記得，在 2023 年第一季度，我們產生了一筆營運風險費用，這筆費用出現在了我們 2023 年第二季度的業績中，或者更準確地說，出現在了營運風險權重中。規則允許排除未來 3 年的風險，我們也已獲得批准將其從我們的營運風險權重中移除。

So three years later, it will be Q2 of '26. So we'll be adding the 25 basis points of CET1 back at that time. When we think about the level of capital at which we're looking to operate, obviously, it's we're running with significant excess common equity. We would say that we aim for about 100 basis points above the regulatory minimum. That would be around 12.5%. A second gate though, on that is the competitive dynamic and where our competitors are.

所以三年後，就到了 2026 年第二季。所以屆時我們將把 CET1 的 25 個基點加回來。當我們考慮我們希望營運的資本水準時，很顯然，我們擁有大量的超額普通股權益。我們的目標是比監管最低標準高出約 100 個基點。那大約是 12.5%。但還有第二道關卡，那就是競爭格局以及我們的競爭對手在哪裡。

What is assumed in our capital plans for the coming year, is basically the ongoing buyback that we have, ongoing robust capital deployment, which we expect to see risk-weighted asset growth. So we're not seeing a huge drawdown in our capital ratio, but we do expect the capital ratio to move a little bit lower in line with the buyback. And from a deployment perspective, the story really hasn't changed.

我們明年的資本計畫基本假設是，我們將持續進行股票回購，並持續進行穩健的資本部署，我們預期這將帶來風險加權資產成長。因此，我們並未看到資本充足率大幅下降，但我們預期隨著股票回購的進行，資本充足率會略微下降一些。從部署角度來看，情況其實並沒有改變。

We think we've got four growth businesses that over time can absorb that excess common equity, profitable growth across all of our businesses. We are always looking around for tuck-in acquisitions that could advance and accelerate our strategy. I wouldn't say much more beyond that from an acquisition perspective at this point. It is largely of a tuck-in variety. And so it's more of the same from what you've heard from us in the past.

我們認為我們有四家成長型企業，隨著時間的推移，它們可以吸收多餘的普通股股權，從而實現所有業務的獲利成長。我們一直在尋找能夠推進和加速我們策略的補充性收購機會。從收購的角度來看，目前我不會透露更多資訊。它主要是一種塞進嘴裡的食物。所以，這和我們過去所說的基本一樣。

Appreciate the color thank you.

謝謝，很喜歡這個顏色。

Mario Mendonca, TD Securities.

馬裡奧門東卡，道明證券。

Good morning. I think Rob and Harry, when you were referring to the potential ROE improvement, one segment that was left out was the US. And what I'm observing there for the quarter and for a few years now is that expense growth has been very elevated. And I appreciate it's things like comp and tech spending and but it seems like there's a major project going on in the US, perhaps it's compliance-related spending. Can you talk about what's going on there and when you expect that spending to become a little more in line with the revenue growth, so that business can contribute as well?

早安.我認為羅布和哈里，當你們提到潛在的 ROE 改善時，遺漏了一個部分，那就是美國。我觀察到，本季以及過去幾年，支出成長一直非常高。我知道這涉及薪酬和技術支出等問題，但似乎美國正在進行一項重大項目，也許是與合規相關的支出。您能否談談目前的情況，以及您預期支出何時才能與收入成長更加協調一致，讓企業也能做出貢獻？

Maybe I'll start. Good morning, Mary, it's Rob. Maybe I'll start, and I'll pass it off to Kevin to give a little bit of color. We have said and we've been saying for a while, I guess, on the US side that we are building for the bank we want to be, not necessarily the bank we are. And regardless of the direction of travel on regulatory requirements in the short term, it does require us to invest in that infrastructure to support the growth profile that we expect to see coming in the coming quarters and years.

或許我會開始。早安，瑪麗，我是羅布。也許我會先開始，然後交給凱文來增添一些色彩。我想，我們已經說過，而且已經有一段時間了，在美國這邊，我們正在打造我們想要成為的那種銀行，而不是我們現在所成為的那種銀行。無論短期內監管要求的走向如何，我們都需要投資於基礎設施，以支持我們預期在未來幾季和幾年內實現的成長。

So we've been going through an awful lot of that. I do think we do think the path from here is not quite at the same level of growth. There was some strategic spend in Q4 as well that makes it look a little bit on the high side, and maybe that's a good place to hand it off to Kevin to talk a little bit about what happened in Q4 and a little bit about how we seize the outlook.

所以，我們一直在經歷很多這樣的事情。我認為，我們確實認為，從現在開始，未來的發展道路不會達到相同的成長水準。第四季也有一些策略性支出，這使得支出看起來有點高，也許現在應該把這個話題交給凱文，讓他談談第四季發生了什麼，以及我們如何掌握前景。

Great. Right. Thanks, Rob, and Mario, thanks for the question. Very happy to be here today. So the elevated expenses in the quarter were due to a number of factors. Number one, performance-based compensation was a large part of it. But and Rob referenced this a little bit, there was a charge of about USD10 million relating to the optimization of our branch network. Also important to note that there is going to be a corresponding annual savings to that is almost at the same level. And in addition to that, there were really a number of just other smaller seasonal items. So important to take away that we expect expense growth to normalize and be in the mid-single digits next year exactly in line with the broader bank.

偉大的。正確的。謝謝羅布，也謝謝馬裡奧的提問。今天能來到這裡我非常高興。因此，本季支出增加是由多種因素造成的。第一，績效薪酬是其中一個重要因素。但正如羅布稍微提到的那樣，我們分支機構網路的優化產生了大約 1000 萬美元的費用。還需注意的是，相應的年度節省金額也幾乎與之相當。除此之外，還有一些其他較小的季節性商品。因此，需要重點關注的是，我們預計明年支出成長將趨於正常，並保持在個位數中段，與整個銀行的支出成長完全一致。

Okay. That's helpful. Let's drill down something else. The capital markets business, the loan growth there has been exceptional. By my math, 22% year-over-year this quarter. Last couple of quarters have been running very hot. Can you speak to what's growing there and address the notion that sometimes growth in this area just leads to grief 2, 3 years later. We've seen this at banks in the past. So talk about what's going on there and maybe address the concern that this is going to be an issue 2 or 3 years from now.

好的。那很有幫助。讓我們來深入探討一下其他面向。資本市場業務方面，貸款成長表現異常優異。據我計算，本季年增 22%。最近幾季股價都漲得很高。您能否談談那裡正在發生的變化，並解釋為什麼有時這個領域的成長會在 2、3 年後導致悲傷？我們過去在銀行也見過這種情況。所以，談談那裡正在發生的事情，或許可以解決這個問題，即這個問題在兩三年後可能會出現。

Thanks for the question, Mario. This is Christian. So I'll just take it back to the US strategy. So as Rob mentioned, the US has been growing quite considerably for us. The US now is roughly 34%, 35% of the Capital Markets revenue. It's roughly double what it was actually five years ago, and we continue to, I would say, invest in this business. When you look at, I would say, the corporate credit book, it actually generates now more revenue in the US than it does in Canada.

謝謝你的提問，馬裡奧。這是基督教教義。所以我還是回到美國戰略上來談吧。正如羅布提到的那樣，美國市場對我們來說成長相當顯著。美國目前約佔資本市場收入的 34% 至 35%。它大約是五年前的兩倍，我認為我們會繼續投資這項業務。我認為，從企業信貸帳簿來看，它現在在美國產生的收入實際上比在加拿大產生的收入還要多。

And that just means that we've been onboarding many, many more, I would say, clients, so just in line with our strategy. And remind you that when it comes, I would say, to looking at this loan book, it really is about having an anchor product, so we can actually cross-sell, whether it's advisory services or hedging product. The other area, which has been growing considerably, as you noted, has been the business that we call global credit financing business.

這意味著我們已經吸引了更多更多的客戶，這完全符合我們的策略。我還要提醒大家，在檢視這本貸款帳簿時，關鍵在於要有一個核心產品，這樣我們才能真正進行交叉銷售，無論是諮詢服務還是對沖產品。正如您所指出的，另一個成長迅速的領域是我們稱之為全球信貸融資業務的業務。

We created this business a number of years ago. And for risk purposes, we put all these businesses together. So it encompasses businesses such as repos, ABS, MBS, securitization, CLOs and loan warehousing. And we actually like this business very much, I would say, because it scores strongly on three metrics. Number one, as I said, is that it is client-driven and therefore, aligned with our strategy. And we -- in that business, you deal mainly with the highest quality sponsors, pension plans, asset managers, insurers and some wealth firms.

我們幾年前創立了這家公司。出於風險管理的目的，我們將所有這些企業放在一起。因此，它涵蓋了回購、資產支持證券 (ABS)、抵押貸款支持證券 (MBS)、證券化、抵押貸款證券 (CLO) 和貸款倉儲等業務。我們其實非常喜歡這家公司，因為它在三個指標上都表現出色。第一點，正如我所說，它是以客戶為導向的，因此與我們的策略一致。而我們——在這個行業裡，我們主要與最優質的贊助商、退休金計畫、資產管理公司、保險公司和一些財富管理公司打交道。

And we deepen the share of wallet with those clients with, call it, 8 to 10 different products, as I said, from advisory to hedging products. Number two, returns strong balance sheet returns. We, on average, make comfortably over 20% ROE in these businesses. And then number three, which, as you pointed out, we actually like the risk in these businesses. Transactions are written in most of the business to a single A or AA equivalent. In securitization, it's more AA to AAA.

正如我所說，我們透過提供 8 到 10 種不同的產品，從諮詢到對沖產品，來加深客戶在我們錢包中的份額。第二，資產負債表回報強勁。在這些業務中，我們的平均股本回報率輕鬆超過 20%。第三點，正如你所指出的，我們實際上喜歡這些業務中的風險。大多數業務交易都以單一的 A 或 AA 等級進行記錄。在證券化領域，更像是AA級到AAA級。

So we like this. Well, in the loan warehousing facilities or CLO businesses we're always second loss, so obviously, it protects the bank. Now what's also very important is the quality of the people looking after these businesses. Most of the senior leaders have over 20 years of experience, and they either have a credit risk management background. So they actually originally had this in their experience, in their CV. And number two, if not, they are, I would say, highly experienced traders.

我們喜歡這個。嗯，在貸款倉儲設施或 CLO 業務中，我們始終是第二損失方，所以很明顯，這可以保護銀行。同樣非常重要的還有管理這些企業的人員的品質。大多數高階領導擁有超過 20 年的經驗，並且都具備信用風險管理背景。所以，他們最初確實把這段經歷寫進了履歷裡。第二，即便不是，我認為他們也是經驗豐富的交易員。

So would I be correct in suggesting that the growth is being driven by the non-deposit taking financial institutions business, the stuff that has become very topical recently?

那麼，我是否可以這麼認為：推動成長的是不吸收存款的金融機構業務，也就是最近非常熱門的領域？

Yeah, that's correct. Thank you.

是的，沒錯。謝謝。

Sohrab Movahedi, BMO Capital Markets.

Sohrab Movahedi，BMO資本市場。

Sorry about that. Thank you, yeah, sorry about that. Thank you, Rob, just looking at your slide 13, you've given us the capital waterfall here. We've just talked a little bit about the good loan growth that comes across all the businesses. And as you think about next year, as you think about that ROE kind of build, could we see a situation where your RWA growth is exceeding your internal capital generation? .

抱歉。謝謝，是啊，真抱歉。謝謝你，羅布，我看了你的第 13 張投影片，你已經給我們展示了資本瀑布圖。我們剛才簡單討論了一下各行各業貸款業務的良好成長情況。展望明年，展望 ROE 的成長，我們是否會看到這樣一種情況：RWA 的成長超過了內部資本的產生？。

Hi, it's Rob. Thanks. That's a, it's a good question, and it's not certainly how we expect it to roll forward. We continue to see quarterly capital generation, organic capital generation, something in the area of 10 basis points a quarter. If we think earnings net of dividends, ballpark it at around 35%. More typical of risk weighted asset growth before credit migration would be around 25%. That's kind of how you get to the 10 basis points a quarter. This quarter we saw a little bit elevated credit migration and related.

嗨，我是羅伯。謝謝。這是一個好問題，但這絕對不是我們預期的發展方向。我們繼續看到季度資本生成，即內生資本生成，大約每季成長 10 個基點。如果考慮扣除股息後的淨收益，估計在 35% 左右。信用遷移前風險加權資產成長率較典型的數值約為 25%。這就是每季成長 10 個基點的大致方法。本季我們看到信貸遷移及相關情況略有增加。

To the housing market being a little bit sluggish, we don't expect any losses on that, but we did have to set some capital aside. But we still anticipate a positive internal capital generation.

儘管房地產市場略顯疲軟，但我們預計不會因此遭受任何損失，不過我們確實需要預留一些資金。但我們仍然預期內部資本將產生正面影響。

Okay, thank you.

好的，謝謝。

Gabriel Dechaine, National Bank.

加布里埃爾·德鏈，國家銀行。

Hi, good morning. First for Frank. Your outlook for impaired provisions lower than losses than we saw this year. I get that. Just wondering what the influence of USMCA difficulties would be, how that would affect that outlook? And then about the capital deployment strategy. No mention of M&A. And I'm just bringing this up to kind of check a box on the list, but just to feel the pulse given the new leadership. What's your appetite for M&A? It can spice things up but can also lead to heartburn.

您好，早安。首先是弗蘭克。您對減損準備的預期低於今年我們看到的損失。我明白了。想知道美墨加協定（USMCA）的困難會產生什麼影響，會對前景產生什麼樣的影響？然後是關於資本部署策略的問題。未提及併購事宜。我提出這件事只是為了完成一項任務，同時也想了解在新領導的領導下，大家的想法是什麼。你對併購的興趣有多大？它能增添情趣，但也可能導致胃灼熱。

Yeah, good morning, Gabriel, and thanks for the question. Thanks For the question. So as I said, entering fiscal 2026, we expect impaired provisions to remain broadly stable in comparison to 2025. And then our base case would say that economic environment should strengthen throughout the year and in particular, the back half of the year, which is why we believe it should actually end up at the slightly lower end of our previous guidance, and that's why we call it mid- to low 30s on a go-forward basis.

是的，早上好，加布里​​埃爾，謝謝你的提問。謝謝你的提問。正如我所說，進入 2026 財年，我們預計減損準備金與 2025 年相比將保持大致穩定。然後，我們的基本預測是，經濟環境應該在全年，尤其是在下半年得到改善，這就是為什麼我們認為最終結果實際上應該略低於我們之前的預期，這就是為什麼我們將其預測為未來30%左右。

What we are, of course, looking closely at is although the trade negotiations, but even more so, what happens to interest rates, higher unemployment, and some of the other uncertainties that we are facing. And I think what came through in my prepared remarks is we remain very confident in the strength of our position, where we are from a credit perspective, sorry. And continue to monitor that portfolio performance quite well. It's hard to say where we would end in different scenarios. But what I can say, we have given a little bit of a broader range to reflect a variety of scenarios that we clearly looked at.

我們當然會密切關注貿易談判，但更重要的是，利率走勢、失業率上升以及我們面臨的其他一些不確定因素。我認為我在事先準備好的發言中傳達的訊息是，我們仍然對我們的實力充滿信心，從信貸角度來看，我們仍然處於非常有利的地位，抱歉。並繼續密切關注該投資組合的表現。很難說在不同的情境下我們會走到哪一步。但我可以肯定的是，我們擴大了範圍，以反映我們仔細考慮過的各種情況。

Probably not you wouldn't get the back half improvement if the negotiations break down perhaps?

如果談判破裂，你可能拿不到後半段的改進方案？

I think that's a fair assumption, yes.

我認為這是一個合理的假設，沒錯。

And Gabriel, it's Harry here. Thank you for that question. And just around our deployment priorities when it comes to capital, just to reiterate what Rob said and maybe elaborate a little bit. We continue to have that four-pronged approach to capital deployment. And we have the ability to activate all four levers when needed. We're really focused on growing organically, supporting our clients, and we think we have ample opportunity to deploy our capital over time in this respect as we deepen our relationships across our platform.

加布里埃爾，我是哈利。謝謝你的提問。關於我們在資金部署方面的優先事項，我只想重申一下羅布所說的，並可能再詳細闡述一下。我們繼續採取四管齊下的資本部署方法。必要時，我們可以啟動所有四個控制桿。我們非常注重有機成長，支持我們的客戶，我們認為，隨著我們不斷加深與平台上各方的關係，我們將有充足的機會在未來在這方面部署我們的資本。

Dividend and dividend growth, and we do that once a year, as you know, in line with our earnings expectations. And you heard Rob speak about that earlier. Our buybacks, which we've been doing and we'll continue to be active in. And this is a method to manage our share count, manage our capital position, but it and we have the flexibility to pick up the pace to slow it down if the operating environment changes.

股息和股息成長，我們每年都會進行一次，正如您所知，這符合我們的獲利預期。你們之前也聽過羅布談到這件事。我們一直在進行股票回購，並將繼續積極參與。這是一種管理我們股份數量、管理我們資本狀況的方法，如果經營環境發生變化，我們也有彈性來加快或減慢速度。

And of course, as you alluded to M&A, which would as Rob said, would be in capital-light businesses, really opportunistic tuck-ins that are strategically and very importantly, culturally complementary to our existing platform and accretive to ROE over time. So all four levers of this strategy really are tied to our goal of delivering a premium ROE over the medium term. And hopefully, you're hearing that we're running our bank and our strategy in a stable steady, predictable and consistent manner. And that's how we like to run our capital deployment as well.

當然，正如您所提到的併購，正如羅布所說，將是對資本輕型企業進行真正的機會主義式收購，這些收購在戰略上和非常重要的文化上與我們現有的平台互補，並且隨著時間的推移，能夠提高淨資產收益率。因此，該策略的四個槓桿實際上都與我們實現中期優質 ROE 的目標息息相關。希望您能感受到，我們的銀行營運和策略都是以穩定、可預測和一致的方式進行的。這也是我們進行資本部署的方式。

Great for the thanks for the clarity, Harry.

非常感謝你的解釋，哈利。

You're welcome.

不客氣。

Darko Mihelic, RBC Capital Markets.

Darko Mihelic，加拿大皇家銀行資本市場。

Hi, thank you very much. Just wanted to follow on the question that Mario asked. Christian, you gave a lot of detail, and thank you very much for slide 44 on essentially private credit sort of exposures. It does elicit a couple of questions for me, though, just to help build the mosaic around these exposures. The first question, Christian, is it's been great growth. It's been very low losses. I suspect you probably would tell me that a stress test loss will also be relatively low. So what is your risk appetite here? You did say it's client-driven. So if this continues to be an area that's hot, how far are you willing to push the envelope and make this a bigger part of your total balance sheet?

您好，非常感謝。我只是想接著馬裡奧提出的問題繼續討論。Christian，你提供了很多細節，非常感謝你關於私人信貸風險敞口的第 44 張幻燈片。不過，這確實引發了我幾個問題，以便更好地理解這些曝光事件。克里斯蒂安，第一個問題是，成長是否非常顯著？損失非常低。我猜你可能會告訴我，壓力測試的損失也會相對較低。那麼，你在這裡的風險承受能力是多少？你確實說過這是以客戶為中心的。如果這個領域持續火熱，你願意在多大程度上推進這項業務，使其在你的整體資產負債表中佔據更大的比例？

Good morning. It's Harry, Darko. I'm just going to jump in quickly because I think this the support of our clients in this segment, the nonbank financial institutions, touches all of our SBUs, but I'll pass it over to Christian to answer your question in a second. The first thing I'd say is, this business reference is really core to our client-focused strategy. We are delivering robust risk-adjusted returns, and it's really aligned to our client activity as clients move from public to private markets, which we're all seeing. This is a broad-based portfolio.

早安.是哈利，達科。我先插一句，因為我認為我們在這個領域（非銀行金融機構）對客戶的支援與我們所有的策略事業單位都息息相關，但我馬上會把這個問題交給 Christian 來回答。首先我想說的是，這種商業參考對於我們以客戶為中心的策略至關重要。我們實現了穩健的風險調整後收益，這與我們的客戶從公開市場轉向私募市場的行為非常吻合，而這正是我們都看到的現象。這是一個涵蓋廣泛的投資組合。

And as Christian pointed out, it's highly diversified across geographies, business segments and products and clients. And the underlying loans and structures have a meaningful risk mitigants that we are very comfortable with. We have grown at a very rapid pace over the last while. We came from a very small franchise over years to deepen these relationships with the most prominent players in the space. But Christian, why don't you just take it from there, please?

正如克里斯蒂安指出的那樣，該公司在地理、業務領域、產品和客戶方面都高度多元化。而且，相關的貸款和結構都採取了有效的風險緩解措施，我們對此非常有信心。在過去的這段時間裡，我們發展迅速。多年來，我們從一家規模很小的加盟店發展壯大，與業內最傑出的參與者建立了深厚的合作關係。但是克里斯蒂安，你為什麼不接手接下來的工作呢？

Yeah, no, So, I think, Harry, you're right. Thank you for the question. As Harry stated, that number I would say, encompasses the entire space of what it is we do at CIBC. You are not going to see, I would say, so much growth going forward. As Harry said, we have been playing a catch-up. We are building a number of businesses in the US, power trading. We've applied for primary dealership. We're building a futures trading capability. So we need, I would say, to diversify the resources. We don't want from a risk perspective to concentrate all of our funding, all of our capital in one area. So we're pretty happy where it is. And we should see, I would say the, I would say, low to sorry, high single-digit growth in this year.

是的，沒錯。所以，我想，哈利，你是對的。謝謝你的提問。正如哈利所說，我認為這個數字涵蓋了我們在加拿大帝國商業銀行所做的一切。我認為，未來不會有太大的成長。正如哈利所說，我們一直在努力追趕。我們正在美國建立多家電力交易企業。我們已申請成為主要經銷商。我們正在建立期貨交易能力。所以我認為，我們需要實現資源多元化。從風險角度來看，我們不希望將所有資金、所有資本集中在一個領域。所以我們對現狀相當滿意。我認為，今年我們應該會看到個位數低到高的成長率。

Okay, thank you. That's helpful, and I will likely follow-up, afterwards, so thanks very much for that color. Thank you.

好的，謝謝。這很有幫助，之後我可能會跟進，非常感謝您提供的顏色資訊。謝謝。

I will now turn the call back over to Harry for closing remarks.

現在我將把電話交還給哈里，請他作總結發言。

Great. Thank you, operator, and thank you all for your engagement this morning. I do recognize it's a very busy morning. But I do want to close today's call by thanking our incredible CIBC team. Having engaged with thousands of team members during our leadership transition, the pride and the confidence of our team as in our bank is very clear. Thank you for bringing our purpose to life and for everything you do for our clients, our team and our communities and, of course, our shareholders.

偉大的。謝謝接線員，也謝謝大家今天早上的參與。我知道今天早上非常忙。但我想在今天的電話會議結束前，感謝我們優秀的 CIBC 團隊。在領導層過渡期間，我們與數千名團隊成員進行了交流，我們團隊對我們銀行的自豪感和信心非常明顯。感謝你們將我們的宗旨變成現實，感謝你們為我們的客戶、團隊、社群以及股東所做的一切。

So as we enter the giving season, I want to recognize our team's tremendous commitment to our communities as our team generously gives their time and dollars to make a meaningful difference. From the CIBC Run for the Cure in October to CIBC Miracle Day just yesterday, I'm very proud of our culture of care and the difference our team makes in our communities.

在感恩季來臨之際，我想表彰我們團隊對社區的巨大貢獻，他們慷慨地奉獻時間和金錢，為社區帶來有意義的改變。從 10 月的 CIBC 治癒跑活動到昨天的 CIBC 奇蹟日，我為我們關懷備至的文化以及我們的團隊在社區中發揮的作用感到非常自豪。

And on that note, I also wanted to acknowledge Sandy Sharman, our current Group Head of People, Culture and Brand, who will be retiring from CIBC at the end of 2026. Through Sandy's 19 years at the bank, her contributions have been instrumental in reinvigorating our brand and building out the client focused connected and caring culture that differentiates us today.

在此，我還想特別感謝我們現任集團人力資源、文化和品牌主管桑迪·沙曼，她將於 2026 年底從加拿大帝國商業銀行退休。在 Sandy 為銀行服務的 19 年間，她的貢獻對重振我們的品牌、建立以客戶為中心、緊密聯繫、關懷備至的企業文化起到了至關重要的作用，而這正是我們今天與眾不同的原因。

And I would also like to welcome Richard Jardim and Yvonne Dimitroff to the executive leadership team at CIBC. Richard will assume the role of SVP, Chief Technology and Information Officer; and Yvonne will assume the role of EVP, Chief Human Resources Officer. Finally, in closing, wishing you and your families a safe and happy holiday season, and I look forward to catching up in the new year. Thank you very much.

我還要歡迎 Richard Jardim 和 Yvonne Dimitroff 加入 CIBC 的執行領導團隊。Richard 將擔任資深副總裁兼首席技術和資訊長；Yvonne 將擔任執行副總裁兼首席人力資源長。最後，祝您和您的家人節日快樂，平安健康，並期待在新的一年與您相聚。非常感謝。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線了。