Canadian Imperial Bank of Commerce (CM) 2026 Q2 法說會逐字稿

Good morning. Welcome to the CIBC Q2 quarterly results conference call. Please be advised that this call is being recorded. I would now like to turn the meeting over to Geoff Weiss, Senior Vice President, Investor Relations. Please go ahead, Geoff.

早安。歡迎參加 CIBC 2024 年第二季季度業績電話會議。請注意，本次電話會議將被錄音。現在我想把會議交給投資人關係資深副總裁 Geoff Weiss。Geoff，請開始。

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

謝謝，早安。今天早上的電話會議將先由我們的總裁兼執行長 Harry Culham 發表開場致詞；接著由我們的財務長 Rob Sedran；以及我們的風險長 Frank Guse。

Also on the call today are a number of our group heads, including Christian Exshaw, Capital Markets; Kevin Li, US region; Hratch Panossian, Personal and Business Bank in Canada; and Susan Rimmer, Commercial Banking and Wealth Management, Canada. They're all available to take questions following the prepared remarks.

今天也有多位事業群主管在線上，包括資本市場的 Christian Exshaw；美國區域的 Kevin Li；加拿大個人與商業銀行的 Hratch Panossian；以及加拿大商業銀行與財富管理的 Susan Rimmer。在預先準備的發言結束後，他們都將可回答提問。

As we have a hard stop at 8:30, we ask that you please limit your questions to one. 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.

由於我們在 8:30 必須準時結束，敬請各位每次提問請限制為一題。如同我們投資人簡報第 1 張投影片所述，我們的評論可能包含前瞻性陳述，這些陳述涉及假設，並具有固有風險與不確定性。實際結果可能會有重大差異。我也提醒各位，銀行使用非 GAAP 財務衡量指標以得出調整後結果；管理階層以申報基礎與調整後基礎衡量績效，並認為兩者皆有助於評估基礎業務表現。

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

接下來，我把電話會議交給 Harry。

Thank you, Geoff, and good morning, everyone. We reported strong second-quarter results this morning that demonstrate the consistent execution of our client-focused strategy and the compounding power of our diversified platform.

謝謝你，Geoff，各位早安。我們今天早上公布了強勁的第二季業績，展現我們以客戶為中心策略的持續落實，以及多元化平台的複利效應。

I will provide an overview of our adjusted quarter two results, followed by an update on our strategic progress. I'll also touch on some announcements we made today aimed at strengthening our platform for growth moving forward.

我將先概述我們第二季的調整後業績，接著更新我們的策略進展。我也會簡要說明我們今天發布的一些公告，旨在強化我們的平台，以支持未來的成長。

We reported earnings per share of $2.54 for quarter two, a 24% increase from the prior year, marking the eighth consecutive quarter of double-digit earnings per share growth. Revenues of $8 billion were up 14% from the prior year, including double-digit growth across each of our businesses. Expenses were up 10% from the prior year, and operating leverage was 4%, marking the 11th consecutive quarter in which we've delivered positive operating leverage.

我們第二季每股盈餘為 2.54 美元，較去年同期成長 24%，為連續第八季達成每股盈餘雙位數成長。營收為 80 億美元，較去年同期成長 14%，且我們各項業務皆呈現雙位數成長。費用較去年同期增加 10%，營運槓桿為 4%，為連續第 11 季實現正向營運槓桿。

Provision for credit losses were largely in line with our expectations for this stage of the economic cycle. While our outlook assumes some of the energy price and inflation pressures to be unwound over the balance of the year, potential disruptions from geopolitical and trade tensions remain. Importantly, we are staying close to our clients as they navigate this backdrop, and we remain comfortable with the overall credit quality of our portfolios.

信用損失準備金大致符合我們對於此經濟循環階段的預期。雖然我們的展望假設能源價格與通膨壓力在今年剩餘期間將部分消退，但地緣政治與貿易緊張可能帶來的干擾仍然存在。重要的是，我們持續緊密貼近客戶，協助他們因應此一環境，我們也仍對整體投資組合的信用品質感到安心。

Our strong capital position provides us with a solid foundation to navigate the current environment with confidence. We ended the quarter with a robust 13.6% CET1 ratio, even after repurchasing 6.5 million common shares. With this elevated capital, we delivered a return on equity of 16.4%, up 250 basis points from the prior year.

我們強勁的資本部位為我們提供穩固基礎，使我們能以信心因應當前環境。本季末我們的 CET1 比率維持在強健的 13.6%，即使我們已回購 650 萬股普通股。在此較高的資本水準下，我們的股東權益報酬率為 16.4%，較去年同期上升 250 個基點。

I'll now share some key highlights from each of our four strategic priorities, which demonstrate the progress and momentum we're seeing across our bank. Our first strategic priority is to grow our mass affluent and private wealth franchise. By delivering personalized high-touch service, we continue to differentiate ourselves and build lasting relationships that drive value for our clients.

接下來我將分享我們四項策略重點的關鍵亮點，展現我們在全行所看到的進展與動能。我們的第一項策略重點是擴大我們的大眾富裕與私人財富業務版圖。透過提供個人化、高接觸的服務，我們持續強化差異化，並建立能為客戶創造價值的長期關係。

In this quarter, we continued to grow the number of qualified clients within our managed offering and drive higher money in balances. We also ranked in the top two for retail mutual fund long-term net sales among the big six Canadian banks.

本季，我們持續增加受管理方案中的合格客戶數，並推動更高的資金存量。我們在加拿大六大銀行中，零售共同基金長期淨銷售額排名亦位居前二。

In our Private Wealth segment, our leadership continues to be recognized by the industry. This quarter, we were honored to receive awards for Best Private Bank in Canada and best multifamily office in the US. Our second strategic priority is to expand our digital first personal banking capabilities.

在我們的私人財富業務中，我們的領導地位持續獲得業界肯定。本季我們很榮幸獲頒「加拿大最佳私人銀行」以及「美國最佳多家族辦公室」等獎項。我們的第二項策略重點是擴展以數位優先為核心的個人銀行能力。

Our focus remains on making banking more convenient, accessible, and personalized through technology. We are delivering on that commitment with new Amazon and Skip partnerships announced this quarter, which give clients more value from their relationship with our bank.

我們的重點仍是透過科技讓銀行服務更便利、更可及且更個人化。我們在本季宣布與 Amazon 及 Skip 的新合作夥伴關係，兌現此一承諾，讓客戶與本行往來能獲得更多價值。

Our momentum extends to our online brokerage platform as well. At CIBC's Investor's Edge, new account openings increased by 9% compared to last year, reflecting the growing demand for flexible do-yourself investment options.

我們的動能也延伸至線上券商平台。在 CIBC Investor's Edge，新開戶數較去年增加 9%，反映市場對彈性、自主投資選項的需求持續成長。

Our third strategic priority is to deliver connectivity and differentiation to our clients. Our highly connected approach is deeply embedded across the CIBC network is a defining element of our culture.

我們的第三項策略重點是為客戶提供連結性與差異化。我們高度連結的作法深植於 CIBC 網絡各處，是我們文化的鮮明特徵。

By fostering strong collaboration and integration across our teams, we are delivering solutions that meet the evolving needs of our clients. This drives strong results across our businesses, particularly in capital markets, commercial banking, and wealth management. As a proof point, 58% of our private banking clients have Wood Gundy or investment council relationship, a number that continues to rise.

透過促進團隊間的緊密協作與整合，我們提供能滿足客戶不斷演變需求的解決方案。這也帶動我們各項業務的強勁表現，尤其是在資本市場、商業銀行與財富管理。作為具體佐證，我們私人銀行客戶中有 58% 同時與 Wood Gundy 或投資委員會建立關係，且此比例仍持續上升。

And our fourth strategic priority is to enable, simplify and protect our bank. Here, we are leveraging AI as an accelerant to help us execute faster with operational excellence and compete more effectively from a position of strength and differentiation.

我們的第四項策略重點是賦能、簡化並保護本行。在此方面，我們將 AI 作為加速器，協助我們以卓越營運更快速地執行，並以更具優勢與差異化的定位更有效地競爭。

We are building repeatable, governed, and scalable capabilities that enhance client experience, operational efficiency, risk mitigation and most importantly, cultural transformation. Ultimately, culture compounds across technology cycles, and we believe this is a key differentiator. The rapid adoption of AI across our organization has delivered measurable operational benefits, saving three million hours of productivity on a year-to-date basis.

我們正在打造可重複、具治理架構且可擴展的能力，以提升客戶體驗、營運效率、風險緩釋，最重要的是推動文化轉型。最終而言，文化會在不同科技週期中累積複利效應，我們相信這是關鍵差異化因素。AI 在全組織的快速採用已帶來可衡量的營運效益，截至今年迄今已節省 300 萬小時的生產力。

Our disciplined and consistent approach to capital allocation ensures that every decision aligns with our strategy and support sustainable value creation. While organic growth remains our primary focus, we also leverage dividends, share buybacks, and select inorganic opportunities to drive long-term shareholder value.

我們在資本配置上採取嚴謹且一致的方法，確保每項決策都與我們的策略一致，並支持可持續的價值創造。雖然內生成長仍是我們的首要重點，我們也透過股利、庫藏股回購以及選擇性的外生成長機會，推動長期股東價值。

I would like to briefly discuss two recent announcements that will sharpen our focus on growth and strengthen our platform.

我想簡要說明兩項近期公告，這些公告將使我們更聚焦於成長並強化我們的平台。

First, we've announced a strategic partnership with the Bank of N.T. Butterfield & Son that includes an agreement to sell our 92% stake in CIBC Caribbean for a total consideration of approximately USD1.6 billion, subject to regulatory approval.

首先，我們宣布與 Bank of N.T. Butterfield & Son 建立策略合作夥伴關係，其中包括一項協議：在取得監管核准的前提下，以約 16 億美元的總對價出售我們在 CIBC Caribbean 的 92% 持股。

Our proceeds will be comprised of USD1 billion in cash and a fixed number of common shares currently valued at USD645 million, representing a minority interest of approximately 22% at closing. As we continue to execute on our strategy, this transaction will allow us to reallocate significant capital towards our highest strategic growth priorities.

我們的交易對價將包括 10 億美元現金，以及固定數量、目前估值為 6.45 億美元的普通股，於交割時代表約 22% 的少數股權。隨著我們持續推進策略，此交易將使我們得以將可觀資本重新配置至我們最高優先的策略性成長重點。

And on that note, and second, we also entered into a definitive agreement to acquire a minority interest and establishes strategic relationships with &Partners, a US private wealth management firm managing USD54 billion in client assets. The investment is consistent with our strategy in this fast-growing segment of the US wealth market and supports &Partners and their clients as the firm's strategic banking partner.

其次，延續上述方向，我們也已簽署具約束力的協議，收購少數股權並與 &Partners 建立策略關係；&Partners 為一家美國私人財富管理公司，管理客戶資產 540 億美元。此項投資符合我們在美國財富市場這一快速成長領域的策略，並支持 &Partners 及其客戶，由本行擔任該公司的策略性銀行合作夥伴。

Across each of our businesses in Canada, the US and globally, our focused approach and a deep commitment to our clients has driven strong business results. To further leverage the connectivity of our client-focused team, both North, South and East West, we will take our collaboration to the next level as we harness the power of our North American platform.

在我們於加拿大、美國及全球的各項業務中，我們聚焦的作法與對客戶的深度承諾，帶動了強勁的業務成果。為進一步發揮我們以客戶為中心團隊的連結性，涵蓋北、南以及東西向，我們將在運用北美平台力量的同時，把協作提升到更高層次。

Effective immediately, we are realigning our businesses to reflect four strategic business units: Personal Business Banking, Commercial Banking, Wealth Management, and Capital Markets. Our external financial reporting will be aligned to these changes in quarter four 2026.

即日起，我們將重新調整各項業務，以反映四個策略性業務單位：個人與企業銀行、商業銀行、財富管理，以及資本市場。我們的對外財務報告將於2026年第四季配合這些變更進行調整。

We're bringing our commercial banking teams together in Canada and the US under the leadership of Susan Rimmer, to further the momentum we've established in this business. Susan and our Commercial Banking team here in Canada have built a strong business with a collaborative approach to growth, aligning our US and Canadian commercial teams together will open up new opportunities for us to grow with our clients.

我們將在Susan Rimmer的領導下，把加拿大與美國的商業銀行團隊整合在一起，以延續我們在此業務已建立的動能。Susan與我們在加拿大的商業銀行團隊以協作式的成長方式打造了強健的業務；將美國與加拿大的商業團隊對齊整合，將為我們與客戶共同成長開啟新的機會。

We're also aligning our Wealth Management businesses in the US and Canada under [Eric Belanger's] leadership. Eric has led our Global Asset Management business since 2024, taking an integrated approach to our growth plans across North America. We believe the same approach across our broader Wealth Management businesses will accelerate our growth and create more value for our stakeholders.

我們也將在[Eric Belanger]的領導下，對齊整合美國與加拿大的財富管理業務。Eric自2024年起領導我們的全球資產管理業務，並以整合式方法推動我們在北美的成長計畫。我們相信，將同樣的方法延伸至更廣泛的財富管理業務，將加速成長並為利害關係人創造更多價值。

Kevin Lee will continue to play in a valuable role in overseeing our US region as we leverage our connectivity across businesses to deepen and expand client relationships. We will continue to have strong collaboration across Wealth Management and Commercial Banking in Canada and the US. This is one of the hallmarks of our bank. And I know, Susan, Eric, Kevin and their teams will stay very closely connected moving forward.

Kevin Lee將持續在監督我們美國區域方面扮演重要角色；我們將運用跨業務的連結性，深化並擴展客戶關係。我們將持續在加拿大與美國的財富管理與商業銀行之間保持緊密協作。這是我們銀行的核心特色之一。我也相信，Susan、Eric、Kevin及其團隊在未來將持續保持非常緊密的連結。

In closing, we continue to demonstrate our resilience through the cycle. We delivered another quarter with strong financial results and improved strategic positioning. This is a pivotal time for Canada. A stronger Canada is good for commerce globally and our bank is a role to play. In periods of heightened volatility, our clients turn to us to help them navigate uncertainty. And as the Bank of Commerce, we have remained committed to supporting them every step of the way.

最後，我們持續展現穿越景氣循環的韌性。我們再度交出一季強勁的財務成果，並改善了策略定位。這對加拿大而言是關鍵時刻。更強健的加拿大有利於全球商業，而我們的銀行也將在其中扮演角色。在波動加劇的時期，客戶會轉向我們，協助他們因應不確定性。作為商業銀行（Bank of Commerce），我們始終致力於在每一步都支持他們。

With that, I'll now turn it over to Rob for a deeper look at our financials. Over to you, Rob.

接下來，我把時間交給Rob，請他更深入說明我們的財務表現。Rob，交給你。

Thank you, Harry, and good morning, everyone. Let's start with three takeaways. First, it was another quarter of focused execution that delivered strong earnings driven by balanced revenue growth and positive operating leverage.

謝謝你，Harry，各位早安。我們先從三個重點開始。第一，本季再次展現聚焦執行力，在均衡的營收成長與正向營運槓桿帶動下，交出強勁獲利。

Second, this consistent performance reinforces our confidence in our organic growth plans, a strategy that is complemented by the inorganic actions we announced today. And third, our capital and liquidity positions remain very strong, even as we grow our client businesses, expand ROE and return capital to shareholders. Please turn to slide 9.

第二，這樣一貫的表現強化了我們對內生成長計畫的信心；而我們今天宣布的外生成長行動也將補強這項策略。第三，即使我們持續擴大客戶業務、提升ROE並回饋資本給股東，我們的資本與流動性部位仍然非常強健。請翻到第9頁。

For the second quarter of 2026, we reported earnings per share of $2.53. On an adjusted basis, EPS was $2.54, up 24% from a year ago. Adjusted ROE was 16.4%, up 250 basis points from the same quarter last year.

2026年第二季，我們每股盈餘為2.53美元。以調整後口徑計算，EPS為2.54美元，較去年同期成長24%。調整後ROE為16.4%，較去年同季上升250個基點。

Let's move on to a detailed review of our performance. I'm on slide 10. Adjusted net income of $2.5 billion increased 23% and pre-provision earnings were up 19%. Revenues were up 14%, benefiting from balance sheet growth, improving net interest margins and higher fee income. Loan loss provisions were modestly higher, though we remain comfortable with our absolute level of loss at this point in the cycle. Frank will discuss credit in detail in his remarks. Please turn to slide 11.

接著我們更詳細檢視績效表現。我現在在第10頁。調整後淨利25億美元，成長23%；提列前盈餘成長19%。營收成長14%，受惠於資產負債表擴張、淨利差改善以及手續費收入增加。呆帳提列略有上升，但就景氣循環目前階段而言，我們對絕對損失水準仍感到安心。Frank將在他的發言中詳細說明信用狀況。請翻到第11頁。

Excluding trading, net interest income was up 14% with continued balance sheet growth and expanding margins. All bank margin ex trading was up 17 basis points from the prior year and down one basis point sequentially, reflective of the Q2 seasonality to which we had previously guided. Canadian P&C NIM of 301 basis points was up one basis point sequentially as the continued benefit from tractors was offset by product mix and competitive pricing.

排除交易因素後，淨利息收入成長14%，反映資產負債表持續成長與利差擴大。全行利差（不含交易）較去年上升17個基點，較前一季下降1個基點，反映我們先前指引所提到的第二季季節性因素。加拿大個人與商業銀行（P&C）淨利差為301個基點，較前一季上升1個基點；持續受惠於tractors帶來的效益，但部分被產品組合與競爭性定價所抵銷。

In the US segment, NIM of 390 basis points decreased 11 basis points from the prior quarter, mainly due to seasonally lower deposit balances and lower loan margins. We maintain our expectation of a stable to gradual positive bias on net interest margins over time.

在美國業務部門，淨利差為390個基點，較前一季下降11個基點，主要因存款餘額季節性下降以及放款利差較低。我們仍維持對淨利差隨時間推移呈現穩定至逐步偏正向的預期。

Slide 12 highlights key revenue trends. Noninterest income of $3.7 billion was up 13%, helped by constructive markets and strong trading activity. Market-related fees increased 18% with particularly strong growth in underwriting and advisory, trading, investment management and custodial and mutual fund fees.

第12頁重點呈現主要營收趨勢。非利息收入為37億美元，成長13%，受惠於有利的市場環境與強勁的交易活動。市場相關費用成長18%，其中承銷與顧問、交易、投資管理，以及保管與共同基金費用的成長尤為強勁。

Slide 13 highlights our expense performance. Expenses were up 10%, driven by revenue-linked costs, increased business activity and technology investments across our bank. Excluding performance-based compensation, expenses were up 4% from a year ago. We continue to pace our expenses relative to our strong revenue growth and delivered solidly positive operating leverage again this quarter.

第13頁重點呈現我們的費用表現。費用成長10%，主要由與營收連動的成本、業務活動增加，以及全行的科技投資所帶動。若排除績效型薪酬，費用較去年同期成長4%。我們持續依據強勁的營收成長來控管費用節奏，本季再次實現穩健的正向營運槓桿。

Slide 14 highlights the consistent strength of our balance sheet. Our CET1 ratio at the end of the quarter was 13.6%, up 20 basis points from the prior quarter. We delivered strong organic capital generation and benefited from a reduction in operational risk weights as disclosed previously.

第14頁重點呈現我們資產負債表一貫的強健。本季末CET1比率為13.6%，較前一季上升20個基點。我們展現強勁的內生資本生成，並受惠於先前已揭露的作業風險權重下降。

These were partly offset by an increase in organic RWA growth and continued share buybacks. Having now fully utilized our 20 million share NCIB, we have announced a new program for 30 million shares or just over 3% of shares outstanding, pending TSX approval. Our liquidity position is very strong with an average LCR of 131%.

上述部分被內生RWA成長增加以及持續庫藏股回購所抵銷。在已完全用罄2,000萬股NCIB額度後，我們已宣布新的計畫，將回購3,000萬股（約略超過已發行股份的3%），惟仍待TSX核准。我們的流動性部位非常強健，平均LCR為131%。

Starting on slide 15 with Canadian Personal and Business Banking, we highlight our strategic business unit results. Adjusted net income growth of 15% and pre-provision earnings growth of 16% were driven by strong revenue growth. Revenues were up 11% year over year, supported by 32 basis points of net interest margin expansion and loan growth. The sequential decline in revenue was largely owing to the impact of three fewer days in the quarter.

從第15頁開始，針對加拿大個人與企業銀行，我們呈現策略性業務單位的成果。調整後淨利成長15%，提列前盈餘成長16%，主要由強勁的營收成長所帶動。營收年增11%，受惠於淨利差擴張32個基點以及放款成長。營收較前一季下滑，主要是因本季少了3個營業日的影響。

We continue to see tangible results from our focus on deep client relationships, selective balance sheet deployment and disciplined pricing decisions. Expenses were up 6% mainly due to higher investments in technology and other strategic initiatives and higher employee-related compensation.

我們持續看到聚焦深化客戶關係、選擇性配置資產負債表，以及紀律性的定價決策所帶來的具體成果。費用成長6%，主要因科技與其他策略性計畫投資增加，以及員工相關薪酬提高。

Slide 16, we show Canadian Commercial Banking and Wealth Management, where net income and pre-provision pretax earnings were up 12% and 19%, respectively, from a year ago. Revenues were up 17% from last year. Commercial Banking revenues were up 10%, driven by higher deposit margins and balances.

第16頁顯示加拿大商業銀行與財富管理；其淨利與提列前稅前盈餘分別較去年同期成長12%與19%。營收較去年成長17%。商業銀行營收成長10%，主要由存款利差與存款餘額增加所帶動。

Commercial loan and deposit volumes were each up 7% from a year ago. Wealth Management revenue growth of 22% was driven by higher average fee-based assets and increased client activity driving higher commissions. AUA and AUM were both up 24% compared with Q2 of '25.

商業放款與存款量均較去年同期成長7%。財富管理營收成長22%，主要由平均計費型資產增加，以及客戶活動提升帶動佣金收入增加。AUA與AUM相較於2025年第二季均成長24%。

CWC Asset Management ranked second among the big six banks and retail mutual fund long-term net sales this quarter and first in long-term net sales as a percentage of opening AUM. Expenses increased 15% from a year ago due to higher performance-based and employee-related compensation and higher investments in strategic initiatives.

CWC資產管理在本季大型六家銀行與零售共同基金長期淨銷售額中排名第二，並在以期初AUM為基礎計算的長期淨銷售額占比方面排名第一。費用較去年同期增加15%，主要因績效型與員工相關薪酬提高，以及策略性計畫投資增加。

Turning to US Commercial Banking and Wealth Management on slide 17. Net income increased 53% from the prior year, mainly due to lower loan loss provisions, while pre-provision pretax earnings grew 10%.

接著看第17頁的美國商業銀行與財富管理。淨利較去年同期增加53%，主要因為貸款損失準備金下降；而提存前稅前盈餘成長10%。

Revenues were up 11% from last year driven by loan and deposit growth, higher net interest margins and broad-based fee income growth. Expenses were also up 11% due to higher employee compensation.

營收較去年增加11%，主要受惠於放款與存款成長、淨利差擴大，以及各項手續費收入普遍成長。費用亦增加11%，原因是員工薪酬提高。

Turning to slide 18 and our Capital Markets segment. Net income was up 40% from the same quarter last year as revenues were up 21%, and operating leverage was solidly positive.

接著看第18頁與我們的資本市場事業部。由於營收增加21%，且營運槓桿明顯為正，淨利較去年同季成長40%。

Global Markets revenue saw continued growth across most products, benefiting from constructive markets and increased client activity. Investment banking revenue was higher mainly in underwriting and advisory and Corporate and Transaction Banking revenues were supported by volume growth.

全球市場業務收入在多數產品上持續成長，受惠於有利的市場環境與客戶活動增加。投資銀行收入上升主要來自承銷與顧問業務；而企業與交易銀行收入則受量能成長支撐。

We are pleased with the growth of our client businesses and continue to build those businesses. As such, based on what we see today, we expect H2 revenues to be above last year's H2 but down from the very strong H1.

我們對客戶業務的成長感到滿意，並將持續擴建這些業務。因此，依據我們目前所見，我們預期下半年（H2）營收將高於去年下半年，但會低於非常強勁的上半年（H1）。

Obviously, this view is subject to changes in an operating environment that remains fluid to say the least. Slide 19 reflects the results of Corporate and Other, which was a net loss of $47 million compared with a net loss of $15 million in the prior year. On this slide, you also see the financial implications of the Caribbean transaction Harry referenced in his remarks. At closing, we anticipate that the deal will add roughly 25 basis points to our CET1 ratio.

顯然，這項看法仍可能因營運環境的變化而調整，而該環境至少可以說仍相當多變。第19頁反映「企業及其他」的結果，淨損為4,700萬美元，較去年同期淨損1,500萬美元擴大。在這一頁你也會看到Harry在談話中提到的加勒比海交易所帶來的財務影響。在交割時，我們預期該交易將使我們的CET1比率增加約25個基點。

After accounting for the deployment of that capital and our proportionate share of Butterfield earnings, we expect this to be marginally accretive to ROE, but dilutive to EPS by a little over 1%, all else equal. We also plan to book a charge related to the Caribbean in our Q3 results of approximately $350 million, which will be treated as an item of note.

在考量該資本的運用以及我們按比例認列的Butterfield獲利後，在其他條件不變下，我們預期此交易對ROE將略具增益，但對EPS將稀釋略高於1%。我們也計畫在第三季（Q3）業績中認列與加勒比海相關的費用約3.5億美元，並將其列為重要事項（item of note）。

So in closing, the second quarter reflected continued revenue momentum and disciplined execution, delivering consistent and sustainable results that are fully aligned with our long-term strategy while maintaining a strong capital and liquidity position. With that, I'll turn it over to Frank.

總結而言，第二季反映出營收動能持續與紀律性的執行，交出一致且可持續的成果，完全符合我們的長期策略，同時維持強健的資本與流動性部位。接下來我把時間交給Frank。

Thank you, Rob, and good morning, everyone. Our credit portfolio continues to demonstrate resilience with overall performance remaining broadly stable. Elevated unemployment and heightened geopolitical tensions contributed to an increase in impaired provisions this quarter with some segments of the loan portfolios experiencing more pressure than anticipated earlier in the year.

謝謝你，Rob，各位早安。我們的信用投資組合持續展現韌性，整體表現大致維持穩定。失業率偏高與地緣政治緊張升溫，使本季減損提存增加；部分放款組合承受的壓力也高於年初時的預期。

While we are not currently seeing material credit concerns, we continue to monitor the portfolio closely given the evolving economic environment. We remain confident in the quality of our credit portfolio and the prudence of our reserves, which positions us well to manage through the current environment.

雖然目前我們未看到重大的信用疑慮，但鑑於經濟環境持續演變，我們仍會密切監控投資組合。我們對信用投資組合的品質與備抵的審慎性仍具信心，這使我們能在目前環境下妥善因應。

Turning to slide 22. Our total provision for credit losses was $605 million in Q2 compared with $568 million last quarter. Our allowance coverage increased by 1 basis point to 80 basis points. Our performing provision was $57 million this quarter, reflecting the impact of credit migration and the evolving economic environment that resulted in unfavorable changes to our forward-looking indicators.

接著看第22頁。第二季（Q2）信用損失總提存為6.05億美元，較上季的5.68億美元增加。備抵覆蓋率增加1個基點至80個基點。本季正常（performing）提存為5,700萬美元，反映信用遷徙與經濟環境演變的影響，導致我們前瞻性指標出現不利變動。

Our provision on impaired loans was $548 million, up $28 million quarter over quarter mainly as a result of higher provisions in our Canadian personal and business banking portfolios. These were partially offset by lower provisions in US Commercial Banking, which had a strong quarter.

減損（impaired）放款提存為5.48億美元，季增2,800萬美元，主要因加拿大個人與企業銀行投資組合的提存提高。其中部分被美國商業銀行提存下降所抵銷，該業務本季表現強勁。

Turning to slide 23, we have highlighted impaired trends across our business units. In Canadian Personal and Business Banking, impaired provisions were higher this quarter, mainly due to increased write-offs and a higher allowance for 90-plus day delinquencies consistent with broader economic conditions, along with some seasonality in the portfolio. In Canadian Commercial Banking, impaired provisions remained elevated compared with historical strong performance of this segment driven by a small number of isolated provisions across unrelated sectors.

接著看第23頁，我們重點說明各事業單位的減損趨勢。在加拿大個人與企業銀行，本季減損提存較高，主要因沖銷增加，以及針對逾期90天以上的備抵提高，與整體經濟情勢一致，並伴隨投資組合的部分季節性因素。在加拿大商業銀行，減損提存相較該事業過往的強勁表現仍偏高，主要由少數、彼此無關產業的個別提存所致。

While provisions increased, we see no evidence of broader systemic risk in this book. This portfolio has demonstrated industry-leading performance over the past few years. And while provisions have increased from historic lows, we expect the levels to begin to moderate slightly through the second half of the year. Performance remained strong in our other business and government segments with lower losses in US Commercial Banking and stable trends in capital markets.

雖然提存增加，但我們未看到此放款組合存在更廣泛的系統性風險跡象。該投資組合在過去幾年展現業界領先的表現。儘管提存已自歷史低點回升，我們預期其水準在今年下半年將開始略為趨緩。我們其他業務與政府相關部位表現仍強勁：美國商業銀行損失較低，資本市場趨勢則維持穩定。

Slide 24 summarizes our gross impaired loans and formations. Our gross impaired loan ratio was 66 basis points, up 2 basis points quarter over quarter. New formations were down in Q2, with a decrease in business and government loans, partially offset by an increase in consumer loans.

第24頁彙總我們的總減損放款與新增形成（formations）。總減損放款比率為66個基點，較上季增加2個基點。第二季新增形成下降，企業與政府放款減少，部分被消費者放款增加所抵銷。

In our mortgage portfolio, the gross impaired loan ratio increased this quarter, given continued softness in the housing market. This portfolio remains both well secured and well provisioned with low historical net write-off ratios that we do not expect to materially increase.

在房貸投資組合方面，由於房市持續疲弱，本季總減損放款比率上升。該投資組合仍具良好擔保且備抵充足，歷史淨沖銷比率偏低，我們預期不會出現顯著上升。

Slide 25 outlines the 90-plus day delinquency rates and net write-offs of our Canadian consumer portfolios. The 90-plus day delinquency rates increased quarter over quarter, primarily driven by residential mortgages. The credit quality of our mortgage portfolio remains strong, supported by a solid loan-to-value profile.

第25頁列示加拿大消費者投資組合的逾期90天以上比率與淨沖銷。逾期90天以上比率季增，主要由住宅房貸所帶動。我們房貸投資組合的信用品質仍然強健，並由穩健的貸款價值比（LTV）結構所支撐。

Our consumer net write-off ratios increased this quarter, mainly reflecting continued pressure in the credit cards and personal lending portfolios, elevated unemployment and ongoing economic uncertainty weigh in certain consumer segments. While we continue to monitor the macroeconomic environment closely, we remain confident in the overall resilience of our Canadian consumer portfolios, aligned to our client-focused strategy.

本季消費者淨沖銷比率上升，主要反映信用卡與個人貸款投資組合持續承壓；失業率偏高與持續的經濟不確定性，對部分消費者族群造成壓力。儘管我們持續密切關注總體經濟環境，但我們仍對加拿大消費者投資組合整體韌性具信心，並與我們以客戶為中心的策略一致。

In closing, our overall credit portfolios continue to be resilient despite persistent pressures in the macroeconomic backdrop. As we look to the second half of fiscal 2026, I would expect impaired provisions to be broadly in line with the levels we've seen in the first half of the year. Notwithstanding these pressures, our allowance coverage remains robust and continues to provide a meaningful buffer against potential headwinds supported by disciplined risk management and active portfolio oversight.

總結而言，儘管總體經濟背景壓力持續，我們整體信用投資組合仍具韌性。展望2026會計年度下半年，我預期減損提存大致將與上半年所見水準相當。即便面臨這些壓力，我們的備抵覆蓋率仍然穩健，並在嚴謹的風險管理與主動的投資組合監督支持下，持續提供對潛在逆風的實質緩衝。

Overall, we remain confident in the quality of our portfolio and in our ability to manage through the current environment. And I will now ask the operator to open the line as we welcome your questions.

整體而言，我們仍對投資組合品質以及在目前環境下的管理能力充滿信心。接下來我請接線員開放電話線，歡迎各位提問。

(Operator Instructions) Ebrahim Poonawala, Bank of America.

(接線員指示) Ebrahim Poonawala，美國銀行。

I guess maybe, Rob, if we can spend some time on the net interest margin outlook being a nice tailwind over the last few years. As we think about, and just listening to some of your peers who reported yesterday, to me, incremental growth seems to be margin dilutive and deposit growth and pricing seems super competitive.

我想也許，Rob，我們可以花點時間談談淨利差展望，過去幾年它一直是相當不錯的順風。當我們思考這件事，並且聽了一些昨天公布業績的同業，我的感覺是，增量成長似乎會稀釋利差，而存款成長與定價競爭看起來非常激烈。

One, like, do you agree with both those statements? And then if yes, is there material offset with the tractoring that we should be mindful of that could still sort of propel margin expansion? And I think you have a slide showing mortgage spreads also tightening over the last few months. So train that for us in terms of the risk that the margin expansion story is over. Thank you.

第一，你是否同意這兩個說法？如果是，那麼是否有來自「tractoring」的實質抵銷效果，是我們需要留意、仍可能推動利差擴張的？而且我想你有一張投影片顯示房貸利差在過去幾個月也在收斂。請就此為我們說明：利差擴張的故事是否有結束的風險。謝謝。

Good morning, Ebrahim. Thanks for the question. So we tweaked our slide a little bit to show the margin breakdown more in the way we think about it and talk about it on these calls. You may not have gotten there with the volume of material that you have coming at you today, but we think it's a helpful way to think about the margin.

早安，Ebrahim。謝謝你的問題。我們稍微調整了投影片，以更符合我們在這些電話會議中思考與討論利差的方式來呈現利差拆解。以你今天收到的資料量來看，你可能還沒看到那一頁，但我們認為這是一個有助於理解利差的方式。

And so the hedging strategy, the so-called tractoring, is going to continue to provide a benefit. In fact, if anything, over the last several months, the curve has steepened somewhat. And so the intersection point between the roll on and the roll-off of the hedges has actually been pushed out a couple of quarters from where it originally was.

因此，避險策略，也就是所謂的 tractoring，將會持續帶來效益。事實上，如果說有什麼變化，過去幾個月殖利率曲線確實變得更陡了一些。因此，避險部位的展期收益（roll-on）與到期退出（roll-off）之間的交會點，實際上已從原先的位置往後推遲了幾個季度。

Now that's obviously subject to market changes. But at the very least, the hedging strategy will continue to kick off at the all-bank level, we think, in the 1 to 1.5 basis points gradually falling away at some point in 2027. The rest of what you're talking about from a product mix perspective, our strategy is really unchanged in terms of where we're focused. And we do think the money in, particularly the money in focus, the deposit focus is something that all of our businesses have.

當然，這顯然會受到市場變化影響。但至少我們認為，在全行層面，避險策略將持續貢獻約 1 到 1.5 個基點，並在 2027 年某個時點逐步消退。至於你從產品組合角度所提到的其他部分，我們的策略在聚焦方向上其實沒有改變。而且我們確實認為，資金流入，特別是我們聚焦的資金流入、存款聚焦，是我們所有業務都具備的。

And while we're down a little bit this quarter from a just expected seasonality on the deposit side in particular, we do think deposits are going to continue to be a focus and continue to help the margin overall.

雖然本季在存款端，尤其是因預期的季節性因素而略有下滑，但我們仍認為存款將持續是重點，並將持續在整體上協助利差表現。

And then from a pricing perspective, there's no question it's a competitive market, frankly, on both sides of the border, it's a competitive market. But we're focused on the client, focused on doing right by the client. And so overall, we think we can manage the margin.

接著從定價角度來看，毫無疑問這是一個競爭激烈的市場，坦白說，無論在邊境兩側都是競爭激烈的市場。但我們專注於客戶，專注於為客戶做對的事。因此整體而言，我們認為我們能夠管理好利差。

So what you've seen in recent periods have been some significant margin expansion quarter on quarter. I'm not sure I would model that. But we remain constructive on the margin in terms of a gradually higher, flat to gradually higher over time as we look forward to the next several quarters.

所以你在近期幾個期間看到的是，利差在季度對季度之間出現了相當顯著的擴張。我不確定我會把那樣的走勢納入模型假設。但展望未來幾個季度，我們對利差仍持建設性看法，預期隨時間推移呈現逐步走高，或持平到逐步走高。

Matthew Lee, Canaccord Genuity.

Matthew Lee，Canaccord Genuity。

Maybe one for Susan. So with Commercial Banking now reporting to you on both sides of the border, should we think about this as primarily a client connectivity move? Or is there some desire to manage the North American commercial balance sheet more consistently? In particular, how could this change the way you think about deposit gathering, loan growth, capital allocation across both the US?

也許有一題想問 Susan。既然商業銀行業務現在在邊境兩側都向你匯報，我們應該把這主要視為提升客戶連結性的調整嗎？還是也有希望更一致地管理北美商業資產負債表的考量？特別是，這會如何改變你對於存款募集、放款成長、以及在美國各地資本配置的看法？

Yes. Thank you, Matthew. So as we think about the commercial banking business, we're really excited about the opportunity to frame our business in a north-south dimension.

是的。謝謝你，Matthew。因此，當我們思考商業銀行業務時，我們對於以南北向的維度來框架我們的業務機會感到非常興奮。

Looking at commercial banking on a North American basis, following our clients, as they actually invest from Canada into the US and vice versa is going to be an important priority.

以北美的角度來看商業銀行，跟隨我們的客戶，因為他們確實會從加拿大投資到美國，反之亦然，這將是一項重要的優先事項。

We do think that there's an opportunity to continue with our culture of connectivity and really driving our origination efforts properly with our clients, both sides of the border. We will look at capital allocation. We will look at efficiency. We will look at all of those business imperatives to continue to drive a real best-in-class result for shareholders.

我們確實認為，有機會延續我們「連結性」的文化，並在邊境兩側與客戶一起，真正把我們的承作（origination）工作推動到位。我們會檢視資本配置。我們會檢視效率。我們會檢視所有這些業務要務，以持續為股東推動真正同業最佳的成果。

So I'll conclude by saying we're excited about the opportunity to work together with Kevin Li and the team in the US.

最後我想說，我們很期待能與 Kevin Li 以及美國團隊一起合作。

John Aiken, Jefferies.

John Aiken，Jefferies。

Good morning. In terms of the sale of the Caribbean, is there any restrictions on the 22% stake that you're going to be taking in Butterfield?

早安。關於加勒比海業務的出售，你們將取得 Butterfield 22% 的持股，這部分是否有任何限制？

John, it's Rob. No restrictions other than the closing conditions and the rest. We will manage that 22%. We're excited about the combination. We're excited about what this means for the region and what it means for our team members and clients. So there's no immediate plans to change our ownership stake, but there's no permanent restrictions. And I think Harry might want to add a few points on the Caribbean as well.

John，我是 Rob。除了交割條件以及其他相關事項之外，沒有任何限制。我們會管理這 22% 的持股。我們對這次結合感到興奮。我們也對這對該地區、以及對我們的團隊成員與客戶所代表的意義感到興奮。因此目前沒有立即改變持股比例的計畫，但也沒有永久性的限制。我想 Harry 也可能想就加勒比海業務補充幾點。

Yeah. Thank you, Rob, and thanks for the question. I do think that I'd like to just highlight how pleased we are with this combination. This will create the leading bank serving the English-speaking Caribbean and Atlantic jurisdictions. and really positioning our business as a platform for strength and support in the region. And the transaction brings together two complementary banks with deep roots and established relationships across the region.

是的。謝謝你，Rob，也謝謝這個問題。我確實想強調，我們對這次結合感到非常滿意。這將打造出服務英語系加勒比海與大西洋司法管轄區的領先銀行，並真正把我們的業務定位為在該地區提供實力與支持的平台。而這筆交易把兩家互補的銀行結合在一起，兩者在該地區都擁有深厚根基與既有關係。

We've been working with Butterfield for many, many years in the past. So we know them well. Clients will benefit from an expanded range of financial services, including Butterfield's trust and wealth management expertise. And importantly, the transaction enables us to allocate capital towards our highest strategic growth priorities. So we're really pleased with the combination.

過去很多很多年，我們一直與 Butterfield 合作。因此我們很了解他們。客戶將受惠於更廣泛的金融服務範圍，包括 Butterfield 在信託與財富管理方面的專業能力。而且重要的是，這筆交易讓我們能將資本配置到我們最高的策略性成長優先事項上。所以我們對這次結合感到非常滿意。

Gabriel Dechaine, National Bank Financial.

Gabriel Dechaine，National Bank Financial。

Good morning. Just a couple of things here. I'd like to revisit that mortgage spread slide, you could step down a lot. I'm wondering, is that a big deal for you? You've got a large mortgage book proportionately. And not just for you, but a lot of banks have been talking about mortgage refinancing spreads as a tailwind. Is that gone now? Is it being competed away?

早安。這裡有幾點。我想再回到那張房貸利差的投影片，你們的數字下滑了不少。我想知道，這對你們來說影響大嗎？你們的房貸部位占比相對很大。而且不只是你們，很多銀行都在談房貸再融資利差是個順風。現在這個順風消失了嗎？是被競爭壓掉了嗎？

And my second question relates to the, well, the strategic priorities you have of the excess capital coming from the Caribbean sale. You mentioned tuck-ins, I think, geographically, whatever segment, whatever business line. Can you give me a bit of sense of what you're looking at there? Thanks.

我的第二個問題是關於出售加勒比海業務所帶來的超額資本，你們的策略性優先事項。你們提到 tuck-ins，我想是指地理區域、某個區隔、或某條業務線之類。你能否稍微說明一下你們在看哪些方向？謝謝。

Good morning, Gabe. It's Rob. I'll take the first part, and then I'll pass on for the second part on the strategic priorities across the enterprise. So thanks for the question on mortgages, right?

早安，Gabe。我是 Rob。我先回答第一部分，然後再把第二部分、也就是全行層面的策略性優先事項，交給其他人補充。所以謝謝你關於房貸的問題，對吧？

And I'll start by reminding everybody we've got a client-focused strategy. Our priorities are to continue to engage the 14 million clients that deal with us, the vast majority of whom have everyday banking products with us, they're checking accounts, the credit cards, the engagement day today, and that's a big priority for us.

我先提醒大家，我們採取的是以客戶為中心的策略。我們的優先事項是持續深化與 1,400 萬名與我們往來的客戶互動，其中絕大多數在我們這裡有日常銀行產品，包括活期帳戶、信用卡、日常互動，這對我們來說是很大的優先事項。

We're also trying to win in the mass affluent segment. And across those two things, mortgages obviously do come in. They're a key product for our clients. But the way we've managed mortgages is we are continuing to price for profitability, but also price to win business with clients where the overall profitability and relationship with that client is accretive to the shareholder.

我們也在努力在大眾富裕（mass affluent）客群中勝出。在這兩個方向之下，房貸當然也會納入其中。它是我們客戶的一項關鍵產品。但我們管理房貸的方式是：我們持續以獲利性來定價，同時也以能贏得客戶業務來定價，前提是該客戶的整體獲利性與關係能為股東帶來增益（accretive）。

And if you look at that over the last little while, mortgages have been going down, right? So you did say we have a big mortgage book, of course, we do. It's a core product for our clients. But we've talked in the past, it's around the 10% of our revenue range. So it is not as material a driver as it was before.

而如果你看最近一段時間，房貸其實是在下降，對吧？所以你確實提到我們有很大的房貸部位，當然是的。這是我們客戶的核心產品。但我們過去也談過，它大約占我們營收的 10% 左右。因此它不再像以前那樣是那麼重要的驅動因素。

Second is while the spreads have come down and it was a bit tougher in Q2, it does look a little bit better going forward. There is still a positive spread there. And so that positive margin trajectory Rob described, at least on our end, given our strategy and how we're competing, there is positive contributions from the mortgage roles. And we continue to expect some positive contributions from the mortgage roles going forward.

第二點是，雖然利差已經下滑，而且在第二季確實比較辛苦一些，但往前看似乎稍微好轉。目前仍然存在正向利差。因此 Rob 所描述的那條正向利差走勢，至少就我們這邊而言，考量我們的策略與競爭方式，房貸展期（rolls）仍有正向貢獻。而且我們也持續預期，未來房貸展期仍會帶來一些正向貢獻。

And lastly, I'll say, look, we'll follow our strategy. It's been working for us. If you look at the last number of quarters, we've had street leading revenue growth. We've outperformed on the deposit side, even when you look at this quarter, we've outperformed in credit cards.

最後，我想說，我們會遵循我們的策略。這個策略一直對我們很有效。如果你看過去幾個季度，我們的營收成長一直領先同業（華爾街）。在存款端我們表現優於同業，即使看本季，我們在信用卡業務也表現優於同業。

And that's what's leading to the [Street lending] NIM we have in the retail segment. And our goal is the same: create a premium margin bank by focusing on the right clients and the right products.

而這正是推動我們零售業務部門達到同業領先的淨利差（NIM）的原因。我們的目標不變：聚焦正確的客戶與正確的產品，打造一家具備溢價利差的銀行。

And hey, Gabe, it's Rob. So just to follow up on your second question, Harry referenced the four capital deployment buckets in his prepared remarks. And we were active on all four of those this quarter.

嗨，Gabe，我是 Rob。針對你第二個問題補充一下，Harry 在事先準備的講稿中提到四個資本部署的方向。而我們本季在這四個方向上都有所作為。

Organic growth, we continue to see opportunities to deploy across our businesses and quite happy with the progress. And he also referenced us as the Bank of Commerce. We do look forward to continuing to grow with our clients throughout our North American footprint and frankly, throughout our global footprint.

在有機成長方面，我們持續看到在各項業務中部署資本的機會，對進展也相當滿意。他也提到我們是「商業銀行」。我們確實期待能在北美版圖，坦白說也在全球版圖中，持續與客戶一同成長。

So we think the organic deployment is going to remain the primary answer here. Dividends have been growing. We have revisited annually. The buybacks have been active and we actually had a small tuck-in acquisition as we had discussed previously.

因此我們認為，有機部署仍會是主要的答案。股利一直在成長。我們每年都會重新檢視。庫藏股回購也一直很積極，而且如同先前討論過的，我們也做了一筆小型的補強式併購。

So I wouldn't suggest that this changes our capital deployment plans. If anything, we're happy to run with a strong balance sheet. It's there to support our clients. It's there to protect our shareholders and stakeholders. And we feel very comfortable with where we've landed and the opportunities to deploy over time.

所以我不會說這會改變我們的資本部署計畫。若要說有什麼不同，那就是我們很樂於維持強健的資產負債表。它是用來支持我們的客戶。它是用來保護我們的股東與利害關係人。我們對目前所處的位置以及隨時間推進的部署機會都感到非常安心。

I guess the -- my question is more along the lines of sizing, but tuck-ins are still, if it's inorganic tuck-ins or the app description?

我想——我的問題比較偏向規模的部分，但補強式併購仍然是指那種非有機的補強，或是你剛才的描述？

That is 100% still the right description.

那個描述百分之百仍然正確。

Doug Young, Desjardin Securities.

Doug Young，Desjardin Securities。

Yes, so good morning. So just Harry or Rob, if you can elaborate on the US tuck-in, sorry, I got distracted. But I think you said you did a US wealth acquisition or tuck-in acquisition. Can you just size that maybe a little bit more detail?

是的，早安。Harry 或 Rob，如果可以的話，請你們再多說明一下美國那筆補強式併購，抱歉我剛剛分心了。但我想你們說的是做了一筆美國財富管理的收購或補強式併購。能否談一下規模，或提供更多細節？

And then Rob, you talked about dilution from the Caribbean deal. I assume that goes through other Obviously, other is always a real tough one to model. Like what's the guidance on how we should be thinking about the other division?

另外 Rob，你提到加勒比海那筆交易帶來的稀釋。我猜那會走「企業及其他」這一項；顯然「其他」一向很難建模。對於我們應該如何看待「其他」部門，有沒有什麼指引？

Hey, Doug, good morning. So yeah, it will flow through the Corporate and Other at close. That close is still open to exactly when it's going to happen. But just given there's some puts and takes because the -- our proportionate share of Butterfield will also sit in corporate and other. So when you think about it, like I said, a little over 1% overall dilution to earnings per share while still being marginally ROE accretive.

嗨，Doug，早安。是的，交割後會反映在「企業及其他」。交割時間點仍未確定會在何時發生。不過因為有一些正負因素交錯——我們按比例持有的 Butterfield 權益也會放在「企業及其他」。所以整體來看，如我所說，每股盈餘的稀釋略高於 1%，但股東權益報酬率（ROE）仍會小幅增益。

In terms of the acquisition, we didn't disclose the terms, but I'll hand it to Kevin to talk a little bit about what we've done and why we've done it.

至於那筆收購，我們沒有揭露條款，但我把時間交給 Kevin，請他談談我們做了什麼以及為什麼要做。

Sure. Thanks, Rob, and thanks for the question. And just to back up a bit. We've been talking about wealth tuck-ins for a period of time, and we're happy to have found something that I think is really, really interesting. We did not disclose the size.

好的。謝謝你，Rob，也謝謝這個問題。先稍微回顧一下。我們談財富管理的補強式併購已經有一段時間了，而我們很高興找到一個我認為非常、非常有意思的標的。我們沒有揭露規模。

It is a very fast-growing hybrid RIA broker-dealer. It's based in St. Louis, although advisers across the country, it's, as I said, very fast growing. It's highly complementary to the business we have today and very, very excited to make it part of the family.

它是一家成長非常快速的混合型 RIA 券商（broker-dealer）。總部在聖路易斯，但顧問遍布全國；如我所說，成長非常快。它與我們現有業務高度互補，我們也非常、非常期待把它納入我們的大家庭。

Mario Mendonca, TD Securities.

Mario Mendonca，TD Securities。

I kind of want to go back to that question on the US. Perhaps this is for Harry or for Kevin. It does appear that CIBC has sort of hit its stride in the US. It was a business that for some time now, I think you're investing sort of cleaning up processes and controls. But am I right to suggest that that part of the journey in the US is over and that the bank is now -- you hit your stride in the US?

我想回到剛才關於美國的問題。也許這題給 Harry 或 Kevin。看起來 CIBC 在美國業務已經逐漸步入正軌。這個業務在過去一段時間，我認為你們一直在投資、並且整理流程與控管。但我這樣理解對嗎：在美國那段旅程的這一部分已經結束，而銀行現在——已經在美國找到節奏、步入正軌了？

And if I've got that right, and if I also have it right that the US regionals and it looks like a lot of these folks are up for sale right now, does it make sense that CIBC would look at another deal? It's been a long time since the PVTB deal. Does that make sense?

如果我理解正確，而且如果我也理解正確：美國的區域性銀行看起來有不少目前都在待售，那 CIBC 是否有理由再看另一筆交易？距離 PVTB 那筆交易已經很久了。這樣做合理嗎？

Good morning. It's Harry. I'll kick it off, and I'm going to pass it over to Kevin to go into some detail around our client franchise, et cetera, in the US because we're very proud of our team and our client franchise in the US.

早安。我是 Harry。我先開頭，然後我會把問題交給 Kevin，請他更詳細談談我們在美國的客戶版圖等等，因為我們對美國的團隊與客戶基礎感到非常自豪。

I'd just say that when we look at our US region, we look at it from a capital markets, commercial banking, and wealth management viewpoint. So all the businesses are highly connected. And you make a good point. We have invested very heavily over the years in the infrastructure, the foundation of our US operations, and we feel very good about where we are today on the back of those investments in technology systems, talent, et cetera.

我想說的是，當我們看美國區域時，我們是從資本市場、商業銀行與財富管理的角度來看。所以各項業務之間高度連結。你提到的重點很好。多年來我們在美國營運的基礎建設與底層能力上投入非常多，而在這些對科技系統、人才等投資的支撐下，我們對目前的位置感到非常有信心。

The connectivity with CAD is going to be enhanced with our new SBU structure, but Kevin Li, as CEO of the region, is driving the business in that area. So Kevin, over to you just to talk a little bit about the business and the opportunity.

與加拿大（CAD）的連結將透過我們新的 SBU 架構進一步強化，而作為該區域 CEO 的 Kevin Li 正在推動那邊的業務。所以 Kevin，交給你，請談談業務與機會。

Sure. Thanks, Harry. And thanks, Mario, for the question. So I think you've got it right. I mean, there have been a number of foundational investments that have made over the past years. And the good news is it's really put us in, I think, a enviable position to grow from today. And I think you're starting to see that in the last couple of quarters with some notable expansion of ROE and some noticeable continued growth across the segments.

好的。謝謝你，Harry。也謝謝你，Mario，提出這個問題。我想你的理解是對的。過去幾年我們做了許多基礎性的投資。好消息是，這真的讓我們站在一個我認為相當有利的位置，能從現在開始成長。而我想你也在最近幾個季度看到這點：ROE 有一些顯著擴張，各個分部也持續有明顯成長。

We feel really, really good about where we are. And I think that the change in SBU that you're seeing now is really just a representation of us taking this to the next level in terms of collaborating, both North, South and East, West.

我們對目前的狀態感覺非常、非常好。而我認為你現在看到的 SBU 變動，主要只是反映我們要把跨區協作提升到下一個層級——不論是南北向或東西向。

It's not an or, it's an and. Team is very, very excited about taking our collaboration to the next level. And as you said, I mean, I think the opportunity for us in the US continues to be very, very meaningful, both in commercial as well as wealth.

這不是二選一，而是兩者都要。團隊對把協作提升到下一個層級感到非常、非常興奮。而如你所說，我們在美國的機會仍然非常、非常可觀，不論是在商業銀行或財富管理方面。

I might just add as well, it's Harry again, that our capital deployment will be stable steady, predictable, consistent, Mario. We've had some very good success with tuck-in acquisitions and team lift outs over the years.

我也想補充一下，我是 Harry，再次強調，我們的資本部署將會穩健、平穩、可預期且一致，Mario。多年來，我們在補強型收購以及團隊整體挖角方面取得了非常好的成果。

And so we're really focused on driving our organic growth. And you see the strength of our balance sheet. Our funding, our capital, our risk management is, we think, Street leading. So we're going to continue to focus on our organic growth trajectory taking that to the next level.

因此，我們確實專注於推動內生成長。你也看到了我們資產負債表的強勁。我們的資金來源、資本與風險管理，我們認為在同業中領先。所以我們將持續聚焦於我們的內生成長軌跡，把它提升到下一個層級。

Yeah. I mean, it's the capital and the improvement in operations in the US. That's made me ask that question, but my interpretation from your responses is that that's not a priority for CIBC, an acquisition --

是的。我的意思是，資本以及在美國營運面的改善，讓我提出那個問題，但從你們的回覆來看，我的解讀是，對 CIBC 而言，併購並不是優先事項——

That's correct. That is correct.

沒錯。確實如此。

If we could flip over to Canada for a moment. Every bank is showing some momentum in their commercial lending in Canada. And while it seemed plausible to me that that was going to happen at some point in 2026, maybe '27, it seems like that's coming in a little sooner.

如果我們先把焦點轉回加拿大一下。每家銀行在加拿大的商業放款都顯示出一些動能。而雖然我原本覺得這可能要到 2026 年某個時點、甚至 2027 年才會發生，但看起來似乎來得更早一些。

Do you have a sense for why it's coming in sooner and what sectors we're actually seeing some growth in C&I? I want to understand if this is if this is real, if this is enduring or maybe just a one quarter thing.

你們是否能說明為什麼會提早發生，以及我們在 C&I（商業與工業）實際看到哪些產業出現成長？我想了解這是否真實、是否具有延續性，或可能只是單一季度的現象。

Yeah. Thank you. It's Susan speaking. So we continue to expect loan and deposit growth in the second half of the fiscal year. And we continue to guide to mid to high single-digit growth year over year.

是的。謝謝。我是 Susan。我們仍然預期在本財年下半年貸款與存款會成長。我們也持續指引年增率為中到高個位數成長。

We do -- we did post, you saw it. We posted a 7% growth in loans and deposits year over year. We're quite proud of that. We are pacing growth ahead of market. We do practice a relationship business model and most of our growth in Commercial Banking is coming from new clients to CIBC.

我們確實——你也看到了——我們的貸款與存款年增 7%。我們對此相當自豪。我們的成長速度領先市場。我們採行關係型商業模式，而我們商業銀行的大部分成長來自於 CIBC 的新客戶。

The growth is coming mostly from what we would call our diversified segment. It's diversified by way of geography. It's diversified by way of industry type. The pipelines are strong, and I would say that our clients are demonstrating real resilience in the face of uncertainty in the economy. We do travel across the country and spend time with our clients when we're really encouraged by their continued ambitions to grow.

成長主要來自我們所稱的多元化客群。在地理分布上多元化。在產業類型上也多元化。案源管道很強勁，我會說，我們的客戶在面對經濟不確定性時展現出真正的韌性。我們走訪全國各地並與客戶相處時間，對於他們持續抱持成長企圖心，我們深受鼓舞。

I might just add, if I may, Mario. I think it's a great question. The economy continues to show resilience. As Susan points out, our clients are resilient despite the uncertainties out there. If we look at our base case '27 outlook, there's less uncertainty, it's a stronger growth. I believe this is a pivotal time for Canada and for our clients globally. And now is the time really, we believe, to act with urgency and really leverage the opportunities with pace.

如果可以的話，我也補充一下，Mario。我認為這是個很好的問題。經濟持續展現韌性。如 Susan 所指出，儘管外部存在不確定性，我們的客戶仍具韌性。如果我們看 2027 年的基準情境展望，不確定性更少、成長更強。我相信這對加拿大以及我們全球客戶而言都是關鍵時刻。而我們認為，現在正是需要以緊迫感採取行動、並以更快速度把握機會的時候。

And so as we have since 1867, I don't know if I told you this Mario, but two months before Confederation, our bank was formed. And so we stand ready to be helpful and very involved, and we're quite optimistic about Canada's long-term prospects here. So we plan to be very involved and very helpful.

因此，正如我們自 1867 年以來一直做的那樣——我不知道我是否跟你說過，Mario，但在聯邦成立前兩個月，我們的銀行就已成立。因此我們已準備好提供協助並深度參與，而且我們對加拿大的長期前景相當樂觀。所以我們計畫將非常投入並提供很大的協助。

Okay. Because there's just a couple of minutes sort of time left for me. Can I just go back to the NCIB, the 3%? One of your peers just announced there 3%. It's just big numbers like 30 million shares, 45 million shares. How do I interpret this?

好的。因為我大概只剩下幾分鐘的時間。我可以再回到 NCIB（正常發行人投標）那個 3% 嗎？你們的一位同業剛宣布 3%。這些都是很大的數字，例如 3,000 萬股、4,500 萬股。我該如何解讀？

It's not every bank announces an NCIB and actually does it. Given where things stand today, we all know valuations for Canadian banks, look, and they look heavy. We all know that. Would you point me to doing the whole 30 million or not?

並不是每家銀行宣布 NCIB 之後都真的會執行。以目前的情況來看，我們都知道加拿大銀行的估值——坦白說——看起來偏高。我們都知道這點。你會建議我把 3,000 萬股全部做滿，還是不做滿？

Hey, Mario, it's Rob. So yeah, we've -- this is the third announcement. We've completed 20 million share NCIBs and now we've upsized it to 30 million shares. We announced these things because we intend to use them. But the nice thing about the buyback is we've got some flexibility depending on how organic growth comes in.

嗨，Mario，我是 Rob。所以是的，我們——這是第三次公告。我們已完成 2,000 萬股的 NCIB，現在把規模提高到 3,000 萬股。我們宣布這些，是因為我們打算使用它們。但回購的好處在於，依內生成長的表現，我們有一些彈性。

And so we use the buyback sort of as the outlet to manage excess capital, the outlet to manage the delta between organic growth and what we're generating. And the ROE has been rising as well. So our generation has been going up while -- even while our loan growth has been rising.

因此，我們把回購視為管理超額資本的出口，用來管理內生成長與我們資本生成之間的差額。而 ROE 也在上升。所以即使貸款成長在上升，我們的資本生成也在提高。

So the plan is to use it, but it's also one of these things that it's -- organic growth is what's truly driving our capital planning and the buyback is more of an output from that. But with the 13.6% CET1 and continuing to build, we do expect to remain active on the buyback.

所以計畫是會使用它，但同時這也是——內生成長才是真正驅動我們資本規劃的因素，而回購更像是由此產生的結果。不過在 CET1 比率 13.6% 且持續累積的情況下，我們確實預期會持續積極進行回購。

Thank you. I would now like to turn the meeting over to Harry.

謝謝。我現在想把會議交給 Harry。

Thank you, operator, and thank you all for joining us this morning. We continue to remain laser-focused on delivering against our strategy and our purpose. Our employees continue to show remarkable pride in their work, and our partnerships are as strong as ever had our clients deeply appreciate our unique advice and service.

謝謝接線員，也謝謝各位今天早上加入我們。我們持續高度聚焦於落實我們的策略與使命。我們的員工持續對自己的工作展現非凡的自豪感，而我們的合作夥伴關係一如既往地強健；我們的客戶也深深感謝我們獨特的建議與服務。

And to that end, I'd like to thank the entire CIBC team for their commitment to our clients, our communities and our shareholders and to one another. So thank you for joining us today and for your continued interest in CIBC.

為此，我想感謝整個 CIBC 團隊對客戶、社區與股東，以及彼此之間的承諾。也謝謝各位今天加入我們，並持續關注 CIBC。

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

今天的電話會議到此結束。您現在可以掛線。