Royal Bank of Canada (RY) 2025 Q4 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to RBC's 2025 fourth quarter results conference call. Please be advised that this call is being recorded. (Operator Instructions)

女士們、先生們，早安。歡迎參加加拿大皇家銀行2025年第四季業績電話會議。請注意，本次通話正在錄音。（操作說明）

I would now like to turn the meeting over to Asim Imran. Please go ahead.

現在我將會議交給阿西姆·伊姆蘭主持。請繼續。

Thank you, and good morning, everyone. Speaking today will be Dave McKay, President and Chief Executive Officer; Katherine Gibson, Chief Financial Officer; and Graeme Hepworth, Chief Risk Officer. Also joining us today for your questions Erica Nielsen, Group Head, Personal Banking; Sean Amato-Gauci, Group Head Commercial Banking; Neil McLaughlin, Group Head Wealth Management; Derek Neldner, Group Head Capital Markets and Jennifer Publicover over, Group Head Insurance.

謝謝大家，大家早安。今天發言的有總裁兼執行長戴夫·麥凱、財務長凱瑟琳·吉布森和首席風險長格雷姆·赫普沃斯。今天還有以下幾位嘉賓將回答大家的問題：個人銀行集團主管 Erica Nielsen；商業銀行集團主管 Sean Amato-Gauci；財富管理集團主管 Neil McLaughlin；資本市場集團主管 Derek Neldner；以及保險集團主管 Jennifer Publicover。

As noted on slide 2 of the quarterly slides and the strategic update, our comments may contain forward-looking statements, which involve assumptions and have inherent risks and uncertainties. Actual results could differ materially. I would also remind listeners that the bank assesses its performance on a reported and adjusted basis and considers both to be useful in assessing underlying business performance.

如季度報告和策略更新的第 2 頁所述，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。實際結果可能與此有重大差異。我還要提醒聽眾，該銀行會根據報告數據和調整數據來評估其業績，並認為兩者都有助於評估潛在的業務績效。

And with that, I'll turn it over to Dave.

接下來，我將把麥克風交給戴夫。

Thanks, Asim. Good morning, everyone, and thank you for joining us. Today, we reported record fourth quarter earnings of $5.4 billion and adjusted earnings of over $5.5 billion, closing out a record year in which we meaningfully drove our strategy forward. Our results speak to the strength of our diversified business model. This includes benefits from our leading deposit franchises in Personal Banking and Commercial Banking. Capital Markets reported record fourth quarter results. Our Wealth Management segment also reported record revenue, reflecting strong markets and client flows.

謝謝你，阿西姆。各位早安，感謝各位的參與。今天，我們公佈了創紀錄的第四季度盈利 54 億美元，調整後盈利超過 55 億美元，為創紀錄的一年畫上了圓滿的句號，在這一年中，我們切實推進了我們的戰略。我們的業績證明了我們多元化商業模式的優勢。這包括我們領先的個人銀行和商業銀行存款業務所帶來的各種好處。資本市場公佈了創紀錄的第四季業績。我們的財富管理部門也實現了創紀錄的收入，反映出強勁的市場和客戶流量。

These outstanding results underpinned a strong return on equity of 16.8% for the quarter, supported by a CET1 ratio of 13.5%. This morning, we also increased our dividend by $0.10 or 6%. We further returned capital to shareholders through $1 billion of share buybacks of nearly 5 million common shares this quarter. Through an annual review of our medium-term objectives, we are increasing our return on equity from 16% plus to 17% plus. I will speak more to this after Graeme's remarks by providing an update on our Investor Day financial targets while sharing a strategic update on how we are driving long-term shareholder value.

這些優異的業績支撐了本季16.8%的強勁股本回報率，並得到了13.5%的CET1比率的支持。今天早上，我們也提高了股息0.10美元，即6%。本季度，我們透過回購近500萬股普通股，總額達10億美元，進一步向股東返還了資本。透過對中期目標的年度審查，我們將股本回報率從 16% 以上提高到 17% 以上。在格雷姆發言之後，我將就此做更多說明，包括更新我們在投資者日的財務目標，以及分享我們如何推動股東長期價值的策略更新。

Before passing to Katherine for her views on the quarter and the outlook for fiscal 2026, I want to briefly address the operating environment in light of the heightened geopolitical and economic uncertainty. Fiscal and monetary policy has limited the impact of persistent sectoral and regional trade tensions, while other parts of the economy remain resilient. As Canada's effective tariff rate remains low and as Canadian exports to the US remains solid, down 2% to 3% using the latest available data, the Canadian economy should maintain its demonstrated resilience as Canada negotiates a longer-term renewal of CUSMA.

在請 Katherine 就本季及 2026 財年展望發表看法之前，我想先簡單談談當前地緣政治和經濟不確定性加劇下的經營環境。財政和貨幣政策限制了持續存在的行業和地區貿易緊張局勢的影響，而經濟的其他部分仍然保持韌性。由於加拿大的實際關稅稅率仍然很低，而且加拿大對美國的出口依然穩健（根據最新可用數據，下降了 2% 至 3%），因此，隨著加拿大就《美墨加協定》的長期續簽進行談判，加拿大經濟應該能夠保持其已展現出的韌性。

Furthermore, the ongoing shift towards a service-oriented economy should also offset some of the trade-related headwinds. North American consumers remain resilient, and we are confident in the overall resilience of our own retail portfolios. However, the impact of the K-shaped economy is increasingly polarizing with more affluent consumers investing disposable income in growing markets, while less affluent consumers struggle with affordability.

此外，向服務型經濟的持續轉型也應能抵銷一些與貿易相關的不利因素。北美消費者依然保持韌性，我們對自身零售業務組合的整體韌性充滿信心。然而，K型經濟的影響正日益兩極化，富裕的消費者將可支配收入投資於成長市場，而較不富裕的消費者則在購買力方面苦苦掙扎。

Over the medium term, the federal government's infrastructure and defense spend should stimulate growth in jobs in Canada and attract foreign investment. Challenge is the country's ability to get these projects approved by all stakeholders in a timely and efficient way. While the operating environment remains fluid and complex and there is a lot of hard work yet to be done by governments and the private sector, I am cautiously optimistic on the outlook for Canada. As Canada's largest financial services company by market capitalization, we recognize the important role we will continue to play in driving economic growth for Canada.

從中長期來看，聯邦政府的基礎設施和國防開支應該會刺激加拿大就業成長，並吸引外國投資。挑戰在於該國能否及時有效地獲得所有利益相關者對這些項目的批准。儘管當前的經營環境依然瞬息萬變且錯綜複雜，政府和私營部門還有很多艱苦的工作要做，但我對加拿大的前景持謹慎樂觀態度。作為加拿大市值最大的金融服務公司，我們意識到我們將繼續在推動加拿大經濟成長方面發揮重要作用。

In the US, our businesses are engaged in constructive dialogue with clients on lower -- as lower US interest rates and pro-growth deregulation are providing more confidence in corporate boardrooms, leading to increasing market activity across sectors from banking and technology to manufacturing.

在美國，我們的業務正與客戶就降低利率進行建設性對話——因為較低的美國利率和促進成長的放鬆管制措施正在增強企業董事會的信心，從而導致從銀行業和科技業到製造業等各個行業的市場活動日益活躍。

With that, Katherine, over to you.

那麼，凱瑟琳，接下來就交給你了。

Thanks, Dave, and good morning, everyone. Starting with slide 7. This quarter, we reported record results with diluted earnings per share of $3.76. Adjusted diluted earnings per share of $3.85 was up 25% from last year, reflecting continued momentum across most of our businesses and strong adjusted all bank operating leverage of 8.5%. Pre-provision pretax earnings were up $1.8 billion year-over-year, more than offsetting the increase in provisions for credit losses, which Graeme will speak to shortly.

謝謝你，戴夫，大家早安。從第7張投影片開始。本季度，我們公佈了創紀錄的業績，稀釋後每股收益為 3.76 美元。經過調整後的稀釋後每股收益為 3.85 美元，比去年同期增長 25%，反映出我們大多數業務的持續增長勢頭以及經調整後所有銀行的強勁經營槓桿率 8.5%。撥備前稅前利潤年增 18 億美元，足以抵銷信貸損失撥備的增加，格雷姆稍後將對此進行說明。

Turning to capital on slide 8. CET1 ratio of 13.5% was up 30 basis points from last quarter, largely reflecting strong internal capital generation net of dividend. This is partly offset by higher risk-weighted assets as we continue to deploy capital to drive organic growth and partly offset by a reclassification of certain RWA due to a methodology change.

轉到第 8 張投影片，討論資本問題。CET1 比率為 13.5%，比上一季上升了 30 個基點，主要反映了扣除股息後的強勁內部資本生成。部分損失被風險加權資產的增加所抵消，因為我們繼續投入資本來推動內生成長；部分損失被由於方法論變更而導致的某些風險加權資產的重新分類所抵消。

Returning capital to our shareholders through share buybacks and dividends remains a key part of our strategy. This quarter, we repurchased 4.8 million shares for approximately $1 billion, resulting in a total payout ratio of 59% for the quarter.

透過股票回購和分紅向股東返還資本仍然是我們策略的關鍵部分。本季度，我們回購了 480 萬股股票，總額約 10 億美元，本季總股利支付率為 59%。

Moving to slide 9. All bank net interest income was up 13% from last year or up 11% excluding trading revenue. Net interest income growth, excluding trading was up 17% for the year. All bank net interest margin, excluding trading revenue, was up 3 basis points from last quarter, mainly reflecting higher margins in Personal Banking and Commercial Banking. Canadian Banking NIM was up 5 basis points from last quarter, largely benefiting from a favorable shift in product mix and the continued benefits of long-term interest rates.

切換到第9張投影片。所有銀行的淨利息收入比去年增長了 13%，如果不包括交易收入，則增長了 11%。不計交易收入，淨利息收入較去年同期成長17%。不包括交易收入在內的所有銀行淨利差較上一季上升 3 個基點，主要反映出個人銀行和商業銀行的利潤率上升。加拿大銀行業淨利差較上季上升 5 個基點，主要得益於產品組合的有利變化和長期利率的持續利好。

Moving to slide 10. Reported noninterest expense was up 4% and core noninterest expense was up 5% from last year. Core expense growth was driven by higher variable compensation to measure it with higher revenues. Higher volume-driven costs and investments in technology also contributed to the growth. This is partly offset by continued expense discipline and cost synergies related to the acquisition of HSBC Bank Canada. On taxes, the adjusted non-TEB effective tax rate was 20.4% this quarter, down approximately 1 percentage point relative to last quarter, largely reflecting a favorable tax adjustment in the US.

切換到第10張投影片。報告的非利息支出較上年增長 4%，核心非利息支出較上年增長 5%。核心費用成長是由於可變薪酬增加所致，而可變薪酬的增加是為了與更高的收入相符。銷售成長帶來的成本增加和技術投資也促進了成長。持續的費用控制以及收購加拿大匯豐銀行帶來的成本綜效，在一定程度上抵銷了這一影響。稅收方面，本季調整後的非TEB有效稅率為20.4%，比上季下降約1個百分點，這主要反映了美國稅收政策的有利調整。

Turning to our Q4 segment results beginning on slide 11. Personal Banking reported earnings of $1.9 billion this quarter. Focusing on Personal Banking Canada, net income was up 20% from last year. Strong operating leverage of 9% underpinned an improvement in efficiency ratio to 38.4%. This was partly offset by higher provisions for credit losses.

接下來，我們將從第 11 頁開始介紹我們的第四季分部業績。個人銀行業務本季獲利19億美元。加拿大個人銀行業務淨收入比去年增長了 20%。9% 的強勁經營槓桿作用支撐了效率比率提高至 38.4%。但這部分被更高的信貸損失準備金所抵銷。

Net interest income was up 13% from last year. Loans grew 3% year-over-year, reflecting growth in mortgages and cards. Deposits grew 1% from last year, driven by demand deposit growth of 8%, partly offset by a 4% decline in GIC. Noninterest income was up 7% from last year, largely reflecting the strength of our leading money in franchise with approximately $5 billion in mutual fund sales, half of which was in the fourth quarter.

淨利息收入比去年增加了13%。貸款年增 3%，反映出抵押貸款和信用卡業務的成長。存款較去年增長 1%，主要得益於活期存款增長 8%，但部分被擔保投資證 (GIC) 下降 4% 所抵消。非利息收入比去年增長了 7%，這主要反映了我們領先的特許經營資金的強勁表現，共同基金銷售額約為 50 億美元，其中一半是在第四季度實現的。

Turning to slide 12. Commercial Banking net income of $810 million was up 5% from last year. Pre-provision pretax earnings were up 9% from last year, reflecting record revenue and well-managed expenses. Loans were up 5% and deposits were up 3% last year. Loan growth benefited from our diversified portfolio led by resilient sectors, including agriculture, healthcare and public sector, partly offset by slower growth in tariff-impacted sectors, including manufacturing and logistics. Commercial real estate continues to face cyclical headwinds.

翻到第12張投影片。商業銀行業務淨收入為 8.1 億美元，比去年成長 5%。撥備前稅前利潤較去年增長 9%，反映出創紀錄的收入和良好的支出控制。去年貸款成長了5%，存款成長了3%。貸款成長得益於我們多元化的投資組合，其中農業、醫療保健和公共部門等行業具有韌性，但受關稅影響的製造業和物流等行業增長放緩，部分抵消了貸款增長。商業不動產持續面臨週期性不利因素。

Turning to Wealth Management on slide 13. Net income of $1.3 billion rose 33% from last year underpinned by record revenue. Noninterest income was up 14% from last year. Assets under management and RBC Global Asset Management increased by 17% to $794 billion year-over-year, reflecting market appreciation and net sales in long-term Canadian retail and institutional money market mandates. We continue to see momentum in Canadian retail mutual fund net sales as our clients move back into market across fixed income, balance and equity mandates.

請參閱第 13 頁的「財富管理」部分。淨利達13億美元，較去年成長33%，主要得益於創紀錄的營收。非利息收入比去年增加了14%。管理資產和 RBC 全球資產管理年增 17% 至 7,940 億美元，反映了加拿大長期零售和機構貨幣市場委託投資的市場升值和淨銷售額。隨著我們的客戶重返市場，投資於固定收益、平衡型和股票型基金，我們看到加拿大零售共同基金的淨銷售額持續保持成長勢頭。

Assets under administration were up 17% in Canadian Wealth Management and 14% in US Wealth Management versus last year. Our net interest income was up 13% from last year, including higher results in Canadian Wealth Management, driven by average volume growth in deposits and higher spreads. Higher revenue this quarter was partly offset by higher variable compensation in line with increased compensable revenues. City National Bank generated USD163 million in adjusted earnings, including a release in performing provisions, up 79% from last year and 17% from last quarter.

與去年相比，加拿大財富管理資產規模增加了 17%，美國財富管理資產規模增加了 14%。我們的淨利息收入比去年增長了 13%，其中包括加拿大財富管理業務的更高業績，這主要得益於存款平均規模的增長和利差的擴大。本季營收成長的部分被隨著可補償收入成長而增加的可變薪酬所抵消。城市國民銀行調整後收益為 1.63 億美元，其中包括撥備釋放，比去年增長 79%，比上一季增長 17%。

Turning to our Capital Markets results on slide 14. Net income of $1.4 billion increased 45% from last year, underpinned by a record fourth quarter revenue of $3.6 billion. On a pre-provision pretax basis, results were up 62% from last year to $1.6 billion. Global Markets revenue was up 30% from last year, reflecting higher fixed income trading across all regions, particularly in rates, municipal bonds and higher volumes and spreads in repo products. Higher equity derivatives trading also contributed to the increase.

請看第 14 頁投影片，了解我們的資本市場表現。淨利潤達 14 億美元，比去年增長 45%，這主要得益於第四季度創紀錄的 36 億美元營收。以撥備前稅前利潤計算，業績比去年成長 62%，達到 16 億美元。全球市場收入較去年增長 30%，反映出所有地區的固定收益交易量增加，尤其是利率、市政債券以及回購產品的交易量和利差均有所增加。股票衍生性商品交易量的增加也促成了這一增長。

Corporate and investment banking revenue was up 18% from last year. Investment banking revenue was up 26% year-over-year reflecting higher M&A activity. Lending and transaction banking revenue was up 12%, driven by higher volumes. These factors were partly offset by higher compensation on increased results and continued investments in technology.

企業及投資銀行業務收入較去年增長18%。投資銀行業務收入年增 26%，反映出併購活動的增加。貸款和交易銀行業務收入成長了 12%，主要得益於交易量的成長。這些不利因素部分被業績提升帶來的更高薪酬以及對科技的持續投資所抵銷。

Lastly, turning to slide 15. Insurance net income of $98 million was down 40% from last year, primarily reflecting the impact of unfavorable annual actuarial assumption updates, an adjustment related to a previously recognized reinsurance recapture gain. Effective Q1 2026, we are revising our methodology for allocating capital to insurance to more closely align with legal entity capital requirements. This increases attributed capital for insurance impacting the ROE effective fiscal 2026. This change though in the segment allocation has no impact at the all-bank level.

最後，請看第15張投影片。保險淨收入為 9,800 萬美元，比去年下降了 40%，主要反映了不利的年度精算假設更新的影響，以及與先前確認的再保險收回收益相關的調整。自 2026 年第一季起，我們將修訂向保險業分配資本的方法，使其更緊密地與法人實體資本要求保持一致。這將增加保險業的歸因資本，進而影響 2026 財年的 ROE。不過，這種細分市場分配的變化對整個銀行層面並沒有影響。

I'm now going to spend a few minutes on our outlook for 2026. We expect positive all-bank operating leverage for the year, including 1% to 2% positive operating leverage for Canadian Banking. We expect annual all bank net interest income growth, excluding trading to be in the mid-single-digit range. I'll spend some time unpacking the drivers given there are a few moving parts.

接下來我將花幾分鐘時間談談我們對 2026 年的展望。我們預計今年所有銀行的營運槓桿均為正值，其中加拿大銀行業經營槓桿為正值 1% 至 2%。我們預計，不包括交易業務在內，所有銀行的年度淨利息收入成長率將達到中等個位數。鑑於驅動器中有幾個活動部件，我會花些時間拆開看看。

As a reminder, in the past, we have highlighted that there are many variables that impact NIM, including changes in client and competitive behavior and the forward curve, which are difficult to predict in the current dynamic environment. Our guidance reflects improving product mix, including higher growth in demand deposits relative to GICs and benefits from our structural hedging tractor strategy. Furthermore, lower spread mortgages rolling into higher spread mortgages in the second half of 2026 are also expected to be a benefit, contingent on the competitive environment.

需要提醒的是，過去我們曾強調，影響淨利差的因素很多，包括顧客和競爭對手行為的變化以及遠期曲線，這些在當前動態的環境中很難預測。我們的績效指引反映了產品組合的改善，包括活期存款相對於擔保投資證 (GIC) 的更高成長，以及我們結構性避險策略帶來的收益。此外，預計在 2026 年下半年，低利差抵押貸款轉為高利差抵押貸款也將帶來好處，但這取決於競爭環境。

Solid volume growth across our businesses is also expected to contribute. We expect mortgage growth in the low to mid-single-digit range, reflecting continued stabilization in the Canadian housing market. Commercial loan growth is expected to trend in the mid to high single-digit range, contingent on improving macro conditions and client sentiment.

預計我們各項業務的穩健銷售成長也將有所貢獻。我們預計抵押貸款成長率將處於個位數低至中等水平，反映出加拿大住房市場的持續穩定。商業貸款成長預計將保持在個位數中高段位，具體取決於宏觀經濟環境和客戶情緒的改善。

The $117 million in benefits this quarter related to the purchase price accounting accretion of fair value adjustments from the HSBC Canada acquisition will decrease to approximately $80 million next quarter and largely run off by Q2 2026. This is expected to impact all bank net interest income growth by approximately 1%. Also, as a reminder, the second quarter has fewer days than the other quarters, which generally results in a decrease in net interest income.

本季與匯豐加拿大收購案的公允價值調整相關的購買價格會計增值所產生的 1.17 億美元收益，下季將減少至約 8,000 萬美元，並在 2026 年第二季基本消失。預計這將對所有銀行淨利息收入成長產生約 1% 的影響。另外，提醒一下，第二季的天數比其他季度少，這通常會導致淨利息收入減少。

Turning to noninterest income. Noninterest income is expected to benefit from a continued shift in client flows towards investments, partly offset by reduced fees in the second half of the year in line with regulations set out in last year's federal budget.

接下來談談非利息收入。非利息收入預計將受益於客戶資金持續轉向投資，但部分將被下半年根據去年聯邦預算中規定的規定而降低的費用所抵消。

In Capital Markets, we continue to maintain a high-level engagement with our clients in what we deem a constructive environment as deal pipelines continue to remain robust. We expect all bank expense growth to be in the mid-single-digit range, reflecting higher variable compensation. For Q1 2026, we expect to incur seasonally higher costs related to pension and eligible to retire benefit. We will continue upholding a disciplined approach to cost management, while investing in our strategic growth initiatives, as well as continued investments in our broader safety and soundness framework.

在資本市場領域，我們繼續與客戶保持高度互動，我們認為這是一個建設性的環境，因為交易管道仍然保持強勁。我們預期所有銀行支出成長都將處於個位數中段水平，反映出更高的浮動薪酬。預計 2026 年第一季度，與退休金和符合退休條件的人員相關的成本將出現季節性上漲。我們將繼續堅持嚴格的成本管理方法，同時投資於我們的策略性成長計劃，並繼續投資於我們更廣泛的安全穩健框架。

As noted at our Investor Day, we expect the adjusted non-TEB effective tax rate to be in the 21% to 23% range, reflecting changes in earnings mix. As we look to 2026, we'll continue to prioritize client-driven organic growth, dividend increases and be more active in our use of buybacks while maintaining strong capital levels. Dave will speak to this further in a strategic update.

正如我們在投資者日上所指出的，我們預計調整後的非TEB有效稅率將在21%至23%的範圍內，這反映了收益結構的變化。展望 2026 年，我們將繼續優先考慮以客戶為中心的有機成長、提高股息，並更積極地利用股票回購，同時保持強勁的資本水準。戴夫將在策略更新報告中對此作進一步闡述。

To conclude, we generated record results this quarter, underpinning an adjusted ROE of 17.2%. Our results highlight our efficient use of resources, including our robust capital, diversified sources of funding and liquidity and prudent cost management.

總之，本季我們取得了創紀錄的業績，調整後的淨資產收益率達到 17.2%。我們的績效突顯了我們對資源的有效利用，包括雄厚的資本、多元化的資金來源和流動性以及審慎的成本管理。

And with that, I will turn it over to Graeme.

接下來，我將把麥克風交給格雷姆。

Thank you, Katherine, and good morning, everyone. I'll now discuss our allowances in the context of the current macroeconomic environment and ongoing trade uncertainty. Despite persistent economic headwinds, the Canadian economy has demonstrated resilience over the past year with household spending remaining strong.

謝謝你，凱瑟琳，大家早安。接下來，我將結合當前的宏觀經濟環境和持續的貿易不確定性，討論我們的津貼問題。儘管面臨持續的經濟逆風，但過去一年來，加拿大經濟展現了韌性，家庭支出仍然強勁。

As we head into 2026, we expect to see continued stabilization in the Canadian economy, supported by recent rate cuts, government fiscal support and federal budget actions. However, US and Canada trade issues remain largely unresolved. Consequently, we have maintained a prudent approach with our allowances, retaining elevated weightings to our downside scenarios consistent with the last two quarters.

展望 2026 年，我們預計在近期降息、政府財政支持和聯邦預算措施的支持下，加拿大經濟將繼續趨於穩定。然而，美國和加拿大之間的貿易問題仍基本上沒有解決。因此，我們對撥備採取了謹慎的態度，維持了與過去兩季一致的較高下行風險情境權重。

Turning to slide 17. We took a total of $14 million or 1 basis point of provisions on performing loans this quarter. This mainly reflects changes in credit quality and portfolio growth, partially offset by favorable changes in our macroeconomic forecast. As a result, we observed a small increase of allowances on our performing loans in Personal Banking and Commercial Banking, offset by releases in wealth management from the City National portfolio.

翻到第17張幻燈片。本季我們對正常貸款提列了總計 1,400 萬美元或 1 個基點的撥備。這主要反映了信貸品質和投資組合成長的變化，部分被我們宏觀經濟預測的有利變化所抵消。因此，我們觀察到個人銀行和商業銀行的正常貸款撥備略有增加，但城市國民投資組合的財富管理撥備有所減少，抵消了增加。

It's important to note that economic impacts have not been felt uniformly across our portfolio. rising unemployment in Ontario and the Greater Toronto area, coupled with higher payments at mortgage renewal have contributed to rising consumer impairments in these regions. Additionally, softness in these regions and uncertainty from US sectoral tariffs have had a greater relative impact on economically sensitive sectors in the commercial banking portfolio. In response, we have continued to build reserves against our Canadian portfolios.

值得注意的是，經濟衝擊並非在我們投資組合的各個部分都均勻發生。安大略省和大多倫多地區的失業率上升，加上抵押貸款續期時更高的還款額，導致這些地區的消費者權益受損情況加劇。此外，這些地區的疲軟以及美國產業關稅帶來的不確定性，對商業銀行投資組合中對經濟較為敏感的產業產生了更大的相對影響。為此，我們持續增加對加拿大投資組合的儲備。

Overall, we continue to maintain strong reserves, and we will continue to prudently manage our allowances given the backdrop of ongoing uncertainty as we move into 2026.

總體而言，我們繼續保持強勁的儲備，並且鑑於進入 2026 年後持續存在的不確定性，我們將繼續謹慎地管理我們的配額。

Moving to slide 18. Gross impaired loans of $8.7 million were down by $69 million or 2 basis points from last quarter, primarily driven by accounts returning to performing status and higher write-offs as total informations were flat quarter-over-quarter. Our overall gross impaired loans remain elevated, we are seeing a more stable trend in the pace of new wholesale formations and watch list exposure since the beginning of the year.

切換到第18張投影片。不良貸款總額為 870 萬美元，比上一季減少了 6,900 萬美元，降幅為 2 個基點，主要原因是帳戶恢復正常狀態以及核銷額增加，而總資訊環比持平。雖然我們的整體不良貸款總額仍然居高不下，但我們看到自年初以來，新的批發業務成立和觀察名單敞口的趨勢更加穩定。

In Capital Markets, new formations increased by $160 million over Q3. This was offset by an increase in borrowers returning to performing status and higher write-offs. Impairments this quarter were mainly driven by accounts in the consumer discretionary, real estate related and financial services sectors. In Commercial Banking, new formations decreased $250 million quarter-over-quarter. New formations were driven -- primarily driven by accounts in the real estate and related consumer discretionary and transportation sectors.

在資本市場方面，新成立的機構數量比第三季增加了 1.6 億美元。但這被恢復正常藉款人數量的增加和更高的壞帳核銷所抵消。本季度減損主要由非必需消費品、房地產相關產業和金融服務業的帳戶造成。商業銀行業務新增貸款金額較上季減少了 2.5 億美元。新股的出現主要由房地產及相關非必需消費品和運輸業的客戶所推動。

Turning to slide 19. PCL on impaired loans of 38 basis points was up 2 basis points or $71 million quarter-over-quarter, in line with our expectations, with higher provisions across most segments. For the full year, PCL on impaired loans of 37 basis points was consistent with our full year guidance despite the impairment from 1 large capital markets or in the other services sector. This reflects the diversification and scale benefits of our loan portfolio and overall business model.

翻到第19張幻燈片。不良貸款撥備環比上升 2 個基點或 7,100 萬美元，比上一季上升 38 個基點，符合我們的預期，大多數業務板塊的撥備均有所增加。儘管來自 1 家大型資本市場或其他服務業的減損貸款，但全年不良貸款的 PCL 為 37 個基點，與我們的全年指導一致。這反映了我們貸款組合和整體商業模式的多元化和規模優勢。

Losses in the retail portfolios were $74 million higher this quarter, in line with our expectations. Our unsecured portfolios continue to be the main driver of losses for the quarter. Mortgage provisions are increasing as expected due to the regional factors previously highlighted. We expect retail losses to remain elevated in 2026 as we work through the lagged effect of higher unemployment consumer insolvencies and ongoing payment shocks for mortgage renewals in Canada. We continue to monitor the performance of the condo segment.

本季零售投資組合的損失增加了 7,400 萬美元，符合我們的預期。本季度，我們的無擔保投資組合仍是造成虧損的主要原因。由於先前提到的區域性因素，抵押貸款撥備如預期般增加。我們預計，由於加拿大失業率上升、消費者破產以及抵押貸款續約持續受到衝擊等因素的滯後影響，2026 年零售業損失將居高不下。我們將繼續關注公寓市場的表現。

However, the Condo portfolio continues to perform better than the overall mortgage portfolio, pointing to our strong underwriting standards and portfolio quality.

然而，公寓投資組合的表現持續優於整體抵押貸款投資組合，這表明我們擁有嚴格的承銷標準和優質的投資組合。

In the commercial portfolio, provisions were up $50 million this quarter. We took additional provisions on a previously impaired commercial real estate exposure tied to the insolvency of a large Canadian retailer and a new provision in the consumer discretionary sector. Further, our annual update of our coverage ratio has resulted in a small additional provision for the quarter.

商業貸款組合的撥備本季增加了 5,000 萬美元。我們對先前因加拿大一家大型零售商破產而受損的商業房地產風險敞口提提了額外準備金，並對非必需消費品行業提列了新的準備金。此外，我們年度更新的撥備覆蓋率導致本季提列了少量額外準備金。

The cyclical supply chain and consumer discretionary sectors accounted for a majority of our commercial losses over the last 12 months, given softer economic conditions and the impact from the higher rate environment earlier in the year. In Capital Markets, provisions were down $73 million quarter-over-quarter as provisions were taken on two large accounts in the previous quarter.

過去 12 個月，由於經濟狀況疲軟以及年初較高利率環境的影響，週期性供應鏈和非必需消費品產業占我們商業虧損的大部分。在資本市場方面，由於上一季對兩個大帳戶提列了撥備，撥備環比減少了 7,300 萬美元。

To conclude, we remain confident in the overall quality, diversification and resilience of our portfolios. We are pleased with our performance through a year mark that prolonged and heightened uncertainty. This year, we added a total of $622 million in provisions on performing loans. Positioning us favorably to navigate the risk landscape, whether it be uncertain outcomes from US trade policy, geopolitical risk or surprises to our economic forecast.

總之，我們對投資組合的整體品質、多元化和韌性仍然充滿信心。在過去一年充滿不確定性和挑戰的情況下，我們對自己的表現感到滿意。今年，我們對正常貸款共計提了 6.22 億美元的撥備。這使我們能夠更好地應對各種風險，無論是美國貿易政策的不確定性、地緣政治風險，還是經濟預測的意外情況。

Looking ahead to 2026, with early signs of stabilization and sector-specific export and employment numbers, we expect Canadian GDP to gradually strengthen and unemployment rates to gradually fall from an earlier peak of 7.1%. However, economic growth will remain relatively modest and lagged impacts from fiscal stimulus could leave certain sectors and regions under pressure.

展望 2026 年，鑑於早期出現的穩定跡像以及各行業的出口和就業數據，我們預計加拿大 GDP 將逐步走強，失業率將從早前的 7.1% 的峰值逐步下降。然而，經濟成長仍將相對溫和，財政刺激措施的滯後影響可能會使某些產業和地區面臨壓力。

Based on this backdrop, we are forecasting PCL impaired loans in 2026 to continue in a similar range as what we have experienced in 2025. While the timing and outcome of CUSMA negotiations creates ongoing uncertainty, we feel the potential downside risk has been appropriately captured in our allowances, supporting our financial resilience through the cycle.

基於此背景，我們預測 2026 年 PCL 不良貸款將繼續保持在與 2025 年類似的水平。儘管美墨加協定談判的時間和結果造成了持續的不確定性，但我們認為，潛在的下行風險已在我們的準備金中得到適當體現，從而支持了我們在整個週期中的財務韌性。

Credit outcomes will continue to depend on the extent and duration of tariffs, the effectiveness of announced fiscal support and stimulus measures and the performance of labor markets, interest rates and real estate prices. And as always, we continue to proactively manage risk through the cycle, and we dremain well capitalized to withstand a broad range of macroeconomic and geopolitical outcomes.

信貸結果將繼續取決於關稅的程度和持續時間、已宣布的財政支持和刺激措施的有效性以及勞動力市場、利率和房地產價格的表現。一如既往，我們將繼續積極主動地管理週期中的風險，並且我們擁有充足的資本來抵禦各種宏觀經濟和地緣政治結果。

And now back to Dave.

現在讓我們把話題轉回戴夫。

Thank you, Graeme. Before speaking to the progress made against the strategies we articulated at our Investor Day in March, I will share some highlights of our annual performance, starting with slide 3 of the strategic update deck. In fiscal 2025, we delivered an ROE of 16.3%, underpinned by over $66 billion in revenue and $20.4 billion of net income with record results in Wealth Management, Personal Banking, Capital Markets and Commercial Banking.

謝謝你，格雷姆。在談到我們在三月投資者日上提出的策略取得的進展之前，我將分享我們年度業績的一些亮點，首先是策略更新簡報的第 3 頁。在 2025 財年，我們實現了 16.3% 的淨資產收益率，收入超過 660 億美元，淨利潤達 204 億美元，財富管理、個人銀行、資本市場和商業銀行都取得了創紀錄的業績。

Revenues were driven by strong volume growth, constructive markets and margin expansion across key products. Our earnings supported the increased return of capital to shareholders and a $58 billion increase in risk-weighted assets from last year as we continue to support our clients' financial needs and growth aspirations. At the same time, we prudently built our allowance for credit loss ratio to 71 basis points and saw common equity Tier 1 growth of $9.8 billion with our CET1 ratio increasing to a robust 13.5%.

營收成長主要得益於銷售強勁成長、市場狀況良好、重點產品利潤率的提升。我們的獲利支持了股東資本回報的增加，以及風險加權資產較去年增加 580 億美元，我們將繼續支持客戶的財務需求和成長願望。同時，我們審慎地將信貸損失準備金率提高到 71 個基點，普通股一級資本增加了 98 億美元，CET1 比率也穩定上升至 13.5%。

Our funding strength is further underpinned by 127% LCR, 100% loan-to-deposit ratio across Canadian Banking growing US deposits across City National and Transaction Banking and relatively narrow wholesale funding spreads. We grew book value per share by 9% this year, in line with our historical 10-year average, while returning over $11 billion of capital to our common shareholders through dividends and share buybacks.

我們的資金實力進一步得到鞏固，加拿大銀行業務的貸款覆蓋率達到 127%，存貸比達到 100%，美國城市國民銀行和交易銀行的存款不斷增長，批發融資利差相對較窄。今年，我們的每股帳面價值成長了 9%，與我們過去 10 年的平均值一致，同時透過股息和股票回購向普通股股東返還了超過 110 億美元的資本。

Slide 4 through 6 are a good reminder of the foundational strength of our business model, which is underpinned by being the leading financial service provider in Canada across most businesses and client categories. In addition, we have a strong presence in the United States and Europe and attractive client verticals in some of the world's largest fee pools.

第 4 至 6 頁投影片很好地提醒我們，我們的商業模式具有強大的基礎實力，這得益於我們在加拿大大多數企業和客戶類別中都是領先的金融服務提供者。此外，我們在美國和歐洲擁有強大的影響力，並在一些全球最大的收費池中擁有極具吸引力的客戶垂直領域。

The success of our diversified business model is further strengthened by how our segments are working together as one RBC to deepen client relationships and bring them the full strength of our bank. We're delivering more comprehensive FX, payments and transaction banking solutions to our wholesale clients across platforms and geographies, while looking to leverage the North South connectivity of RBC Clear and RBC Edge.

我們多元化業務模式的成功，得益於我們各個業務部門作為一個整體——RBC——協同合作，深化客戶關係，並為他們帶來我們銀行的全部實力。我們正在跨平台和跨地域為批發客戶提供更全面的外匯、支付和交易銀行解決方案，同時尋求利用 RBC Clear 和 RBC Edge 的南北連接性。

We're also providing complex solutions for our high net worth and ultra-high net worth clients, leveraging the collective expertise of our Capital Markets and Wealth Management businesses as we look to capitalize on our combined origination and distribution strengths. In short, our clients are at the center of everything we do.

我們也為高淨值和超高淨值客戶提供複雜的解決方案，利用我們資本市場和財富管理業務的集體專業知識，以期充分利用我們綜合的業務拓展和分銷優勢。簡而言之，客戶是我們一切工作的核心。

Turning to the ambitions we set out at Investor Day, we are already seeing outcomes unfolding from the significant growth opportunities we articulated in March. Starting with the integration of HSBC Bank Canada on slide 7, we expect to exceed our initial target of $740 million in annualized cost synergies. With $115 million of cross sold revenue in 2025, we are well on our way to achieving the $300 million annual revenue synergies target by 2027.

回到我們在投資者日上提出的目標，我們已經看到我們在三月闡述的重大成長機會正在逐步實現。從第 7 頁所示的匯豐銀行加拿大分行整合開始，我們預計將超過最初設定的 7.4 億美元的年度成本綜效目標。2025 年交叉銷售收入達到 1.15 億美元，我們正朝著 2027 年實現 3 億美元年度營收綜效目標穩步前進。

Going forward, we expect to drive further synergies with both our commercial and retail client franchises, including cross-selling personal banking and wealth management products, as well as higher payment volumes and fees from enhanced treasury management solutions. International trading capabilities, along with strength with internationally connected clients.

展望未來，我們期望進一步推動與商業和零售客戶業務的協同效應，包括交叉銷售個人銀行和財富管理產品，以及透過增強的資金管理解決方案提高支付量和費用。國際貿易能力，以及與國際客戶建立的強大連結。

Moving to our ambition of leveraging our market-leading artificial intelligence capabilities, where we continue to see the benefits of our long-term organic investments in data platforms and foundational models. In the past, you have heard us speak about Adin, Knomi PVCai and our leading ability to build and implement machine and reinforcement learning models. We believe these capabilities have accelerated our ability to build and deploy generative AI models.

接下來，我們將著手利用我們市場領先的人工智慧能力，繼續看到我們對數據平台和基礎模型進行長期有機投資所帶來的益處。過去，您可能聽我們談過 Adin、Knomi PVCai 以及我們在建立和實施機器學習和強化學習模型方面的領先能力。我們相信這些能力加快了我們建構和部署生成式人工智慧模型的速度。

We are partnering with leading firms like NVIDIA to accelerate our agentic AI strategy, enhancing our ADI platforms across capital markets. We're also implementing key initiatives across our businesses, including reimagining mortgages and workflow for our commercial, corporate and investment banking teams. We're also leveraging AI to build the technology platform of the future, showing early results and enhanced security to protect the bank and clients technology operations and AI-enabled developer productivity.

我們正與英偉達等領先公司合作，加速我們的智慧AI策略，增強我們在資本市場的ADI平台。我們也在各個業務部門推行關鍵舉措，包括重新構想商業銀行、企業銀行和投資銀行團隊的抵押貸款和工作流程。我們也利用人工智慧建構未來的技術平台，初步成果和增強的安全性將保護銀行和客戶的技術運營，並提高人工智慧賦能的開發人員的生產力。

This includes the development of over 5 million lines of code over 55,000 code reviews and over 3,000 test suites. RBC Assist, our internal AI tool has been launched to over 30,000 employees across front office and functional roles, enabling employees to be more productive in their day-to-day work.

這包括開發超過 500 萬行程式碼、超過 55,000 次程式碼審查和超過 3000 個測試套件。RBC Assist 是我們的內部人工智慧工具，已向超過 30,000 名前台和職能部門員工推出，使員工能夠在日常工作中提高效率。

We are on track to meet our target of $700 million to $1 billion of enterprise value from artificial intelligence. Importantly, our target is net of investments, including building on investments already made in data storage, GPU clusters, proprietary LLM, risk governance and in people.

我們預計將實現人工智慧創造 7 億至 10 億美元企業價值的目標。重要的是，我們的目標是在扣除投資後計算得出的，其中包括在資料儲存、GPU 叢集、專有 LLM、風險治理和人員方面已有的投資。

We are also performing well against our enterprise-wide targets as seen on slide 8. As Katherine noted earlier, we reported strong growth in net interest income this year as we leverage the strength of our Canadian deposit franchises. In addition, strong fee-based growth in wealth management and capital markets revenue streams, combined with an uptick in transaction banking revenue increased our revenue productivity with a revenue to RWA ratio up over 40 basis points this year. At the same time, we are driving our efficiency ratio towards our 53% target while continuing to invest for future growth.

如投影片 8 所示，我們在實現企業整體目標方面也表現出色。正如凱瑟琳之前提到的那樣，由於我們充分利用了加拿大存款業務的優勢，今年我們的淨利息收入實現了強勁增長。此外，財富管理和資本市場收入來源的強勁收費成長，加上交易銀行收入的增加，提高了我們的收入效率，今年的收入與風險加權資產比率提高了 40 多個基點。同時，我們正努力將效率比率提升至 53% 的目標，並繼續投資以實現未來的成長。

Moving to slide 9. Our goal continues to be to drive long-term shareholder value, which is reflected in our 4 medium-term objectives. As I noted earlier, we are increasing our through-the-cycle medium-term ROE objective to 17% plus to the improved cost efficiencies and increased revenue productivity, including strong client flows and funding synergies from deposit growth.

切換到第9張投影片。我們的目標仍然是推動股東長期價值成長，這體現在我們的 4 個中期目標中。正如我之前提到的，由於成本效益的提高和收入生產力的提升，包括強勁的客戶流量和存款成長帶來的資金協同效應，我們將週期性中期 ROE 目標提高到 17% 以上。

We are constantly evaluating growth opportunities to drive shareholder value with the goal of optimizing growth, returns and capital efficiency. We believe a 17% plus target allows us to do it all through a market cycle. We are always focused on achieving better outcomes for our shareholders and simply meeting our objectives and targets. Our premium ROE, robust capital generation and current CET1 ratio give us significant strategic optionality. Even after deploying capital to grow our franchises and pay dividends, we expect to build significant excess capital over the coming years.

我們不斷評估成長機會，以提升股東價值，目標是優化成長、回報和資本效率。我們相信，17%以上的成長目標能夠讓我們在整個市場週期中實現這一目標。我們始終專注於為股東創造更好的收益，並努力實現我們的目標和指標。我們優異的淨資產收益率、強勁的資本產生能力和目前的CET1比率為我們提供了重要的策略選擇權。即使在投入資金發展我們的特許經營業務和支付股息之後，我們預計在未來幾年內仍將積累大量超額資本。

Net income, net of dividends and core of RWA growth is estimated to add approximately 80 basis points to our CET1 ratio annually. We'll continue to consider all dimensions of capital allocation, focusing on client-driven organic growth within our risk appetite and maintaining higher capital buffers during more volatile times. You've heard me say before that there is no half-life to capital.

扣除股息和 RWA 成長核心後的淨收入預計每年將使我們的 CET1 比率增加約 80 個基點。我們將繼續考慮資本配置的各個方面，在風險承受範圍內專注於客戶驅動的內生成長，並在市場波動較大的時期保持較高的資本緩衝。你以前聽我說過，資本沒有半衰期。

Returning capital to shareholders is an important part of our plan. This year, we bought back $15 million or 1% and of our common shares outstanding. Our total payout ratio was 57% this year. Unless we see changes in the domestic stability buffer, we continue to view that we have surplus capital in excess of 12.5%. At this point, our strategy is to operate within a 12.5% to 13.5% range in the current environment.

向股東返還資本是我們計劃的重要組成部分。今年，我們回購了價值 1,500 萬美元（佔已發行普通股的 1%）的股份。今年我們的總派息率為 57%。除非國內穩定緩衝機制發生變化，否則我們仍然認為我們的資本盈餘超過 12.5%。目前，我們的策略是在當前環境下將收益率維持在 12.5% 至 13.5% 的範圍內。

If there is sustainable excess capital above 13.5% CET1 ratio, Beyond what is needed to support longer-term organic growth opportunities within our risk appetite, we would look to deploy it towards accelerated buybacks above our recent cadence.

如果超過 13.5% 的 CET1 比率存在可持續的超額資本，並且超出了在我們風險承受範圍內支持長期有機增長機會所需的資本，我們將考慮將其用於加快回購步伐，超過我們最近的節奏。

We will also continue to strive to consistently grow our dividend which have increased at a 7% CAGR over the last 10 years. Given the strength of our performance, our fiscal 2025 dividend payout ratio was at the lower end of our 40% to 50% medium-term objective.

我們將繼續努力持續提高股息，過去 10 年的股息年均複合成長率為 7%。鑑於我們強勁的業績，我們 2025 財年的股息支付率處於我們 40% 至 50% 中期目標的下限。

Going forward, we will look to sustainably operate at the midpoint of this range. Today's outsized dividend increase reflects this intention. I will provide an update on how we're progressing on some of the key segment-specific strategies we highlighted at our Investor Day.

展望未來，我們將力求在該範圍的中間點實現永續營運。今天大幅提高股利正是反映了這一意圖。我將向大家報告我們在投資者日上重點介紹的一些關鍵細分市場策略的進展。

On slides 10 and 11, Capital Markets generated record revenue of $14.4 billion and earnings of $5.4 billion this year, as our major businesses, we're well positioned to take advantage of constructive markets. Importantly, we are on track to meet our Investor Day targets our pretax pre-provision earnings growth and increased revenue profitability from our financial resources.

在第 10 和 11 張幻燈片中，資本市場今年創造了創紀錄的 144 億美元收入和 54 億美元的利潤，作為我們的主要業務，我們已做好充分準備，利用建設性的市場。重要的是，我們正按計劃實現投資者日的目標，即稅前撥備前收益增長和利用財務資源提高收入盈利能力。

We successfully grew our client franchises this year, leveraging the full breadth of our capabilities through our holistic global coverage model. Business growth was enabled by continued investments in talent with accelerated hiring of senior coverage and relationship managers in global markets and investment banking across the United States and Europe.

今年，我們透過全面的全球覆蓋模式，充分發揮自身能力，成功拓展了客戶業務。業務成長得益於對人才的持續投資，包括加速招募美國和歐洲全球市場及投資銀行領域的高階客戶經理和關係經理。

Additionally, the cross-platform investments we made in artificial intelligence and technology are amplifying the execution of our strategic priorities. In Global Markets, we delivered broad-based market share gains with notable growth in focus areas, including equity derivatives and financing, commodities and G10 FX where we're capturing benefits from enhanced one RBC approach. With the increased scale of this business, we believe we can sustainably deliver strong results over the cycle, and we are focused on increasing market share guided by our prudent risk appetite.

此外，我們在人工智慧和技術方面的跨平台投資正在增強我們策略重點的執行力。在全球市場，我們實現了廣泛的市場份額成長，並在重點領域取得了顯著增長，包括股票衍生品和融資、大宗商品和 G10 外匯，在這些領域，我們正在從增強的單一 RBC 方法中獲益。隨著業務規模的擴大，我們相信能夠在周期內持續取得強勁的業績，我們將在審慎的風險承受能力指導下，專注於提高市場份額。

In Global Investment Banking, we are seeing the results of our strategic shift towards winning larger mandates, resulting in increased revenue productivity of senior bankers. Given the strength of our technology data center, energy, power, utility and infrastructure teams across both investment banking and corporate banking, we are well positioned to benefit from the structural growth in artificial intelligence infrastructure and energy systems globally.

在全球投資銀行領域，我們看到了我們策略轉向贏得更大委託的成果，從而提高了高級銀行家的收入效率。鑑於我們在投資銀行和企業銀行領域擁有強大的技術資料中心、能源、電力、公用事業和基礎設施團隊，我們完全有能力從全球人工智慧基礎設施和能源系統的結構性成長中受益。

And lastly, we are pleased with the progress of RBC Clear, our US transaction banking platform. We've onboarded over 180 clients and USD23 billion in deposits this year and are well on our way to reaching our USD50 billion medium-term target. The funding benefits from this strategy will not only reduce our reliance on wholesale funding, it will also enable our growth strategies.

最後，我們對美國交易銀行平台 RBC Clear 的進展感到滿意。今年我們已經新增了 180 多位客戶，存款額達 230 億美元，正朝著 500 億美元的中期目標穩步邁進。這項策略帶來的資金效益不僅可以減少我們對批發融資的依賴，還將促進我們的成長策略。

Moving to Wealth Management on slides 12 and 13. We improved the pretax margin to 24.5% as we drove -- as we drive towards our Investor Day target of 29% by 2027. We are well positioned to benefit from secular trends across our key client segments, with annual net new assets increasing $33 billion or 4.9% in Canadian Wealth Management, excluding direct investing. U. Wealth Management net new assets increased by USD28 billion or 4.3%, excluding CNV. And our total AUA across our wealth management advisory businesses has now reached $2.3 trillion.

第 12 和 13 頁將介紹財富管理。我們已將稅前利潤率提高到 24.5%，朝著我們在投資者日上設定的 2027 年達到 29% 的目標邁進。我們已做好充分準備，從主要客戶群的長期趨勢中獲益。加拿大財富管理（不包括直接投資）的年度淨新增資產增加了 330 億美元，增幅達 4.9%。美國財富管理淨新增資產增加 280 億美元，增幅 4.3%（不包括 CNV）。我們財富管理諮詢業務的總資產管理規模現已達到 2.3 兆美元。

We are looking to further extend our industry-leading position in our Canadian full-service private wealth businesses by enhancing product capabilities that are becoming increasingly important to our client base. We've doubled sales of private alts while having a record year for insurance sales to our Canadian clients. We are also increasing our investments in RBC Direct Investing. The second largest self-directed platform in Canada to enhance the client value proposition for the next leg of growth.

我們希望透過增強產品功能，進一步鞏固我們在加拿大全方位私人財富管理業務領域的行業領先地位，因為產品功能對我們的客戶群來說變得越來越重要。我們私募另類投資的銷售額翻了一番，同時面向加拿大客戶的保險銷售額也創下了歷史新高。我們也在增加對加拿大皇家銀行直接投資的投資。加拿大第二大自主學習平台，旨在提升顧客價值主張，實現下一階段的成長。

We introduced commission-free ETF trading to create more value and win with early-stage investors. We launched our role Distinction Program that provides dedicated support and exclusive benefits to high net worth clients as they transition into full service relationships. This year, we attracted over 90 experienced financial advisers to US Wealth Management with approximately 80% of these hires delivering over $2 million of historical revenue production. We will continue hiring over the medium term to meet our Investor Day commitments.

我們推出了免佣金 ETF 交易，旨在創造更多價值，贏得早期投資者的青睞。我們推出了“卓越客戶計劃”，旨在為高淨值客戶過渡到全方位服務關係時提供專屬支援和專屬福利。今年，我們為美國財富管理部門吸引了 90 多名經驗豐富的財務顧問，其中約 80% 的顧問創造了超過 200 萬美元的歷史收入。在中期內，我們將繼續招聘，以履行我們在投資者日上的承諾。

An important part of our US strategy is to expand our product shelf with proprietary banking offerings to our US wealth management and private banking clients. By the end of fiscal 2026, we will be launching enhanced credit card and mortgage capabilities as we continue to grow securities-based and tailored lending. We continue to believe in the secular opportunity in UK Wealth Management given the country's structural retirement funding challenges.

我們美國策略的重要組成部分是擴大我們的產品線，為我們的美國財富管理和私人銀行客戶提供專有的銀行服務。到 2026 財年末，我們將推出增強型信用卡和抵押貸款功能，同時我們將繼續發展證券型和客製化貸款業務。鑑於英國面臨的結構性退休資金挑戰，我們仍相信英國財富管理領域有長期發展機會。

While foundational technology integration efforts related to the Brewin Dolphin acquisition are taking longer than anticipated, we believe this will be largely complete by the end of 2026. We remain steadfast in achieving our profitability targets over the medium term.

雖然與 Brewin Dolphin 收購相關的基礎技術整合工作比預期花費的時間更長，但我們相信到 2026 年底，這項工作將基本完成。我們將繼續堅定不移地實現中期獲利目標。

RBC Global Asset Management maintained its leadership position in Canada as we leveraged our leading affiliated retail distribution network, while enhancing our global distribution capabilities. We are expanding our investment capabilities with production innovation, adding to our growing expertise across traditional active mandates. This is in addition to a growing platform of alternative asset classes. These factors contributed to strong net sales of over $38 billion or 5.6% at RBC GAM and growing AUM to $794 billion.

RBC Global Asset Management 利用其領先的附屬零售分銷網絡，保持了在加拿大的領先地位，同時增強了我們的全球分銷能力。我們正透過生產創新來拓展投資能力，並不斷提升我們在傳統主動型投資組合管理方面的專業知識。此外，還有不斷成長的另類資產類別平台。這些因素促成了 RBC GAM 強勁的淨銷售額超過 380 億美元，成長 5.6%，資產管理規模成長至 7,940 億美元。

Turning to slides 14 and 15 and looking at the US as a region. We have made solid progress in enhancing profitability across our US businesses. Net income was up 28% from last year driven by more active clients, strong markets and improved operational efficiency.

翻到第 14 和 15 張幻燈片，看看美國作為一個區域的情況。我們在提升美國各業務的獲利能力方面取得了實際進展。淨收入較去年增長 28%，主要得益於更活躍的客戶、強勁的市場以及更高的營運效率。

City National's net income increased to USD350 million or USD450 million on an adjusted basis as it continues to execute well at the client level, while growing deposits. The US regions ROE increased by 1.4% to 10.7%, with the efficiency ratio improving by 4% to 79%. This success has been underpinned by several factors. Including leveraging enterprise-wide capabilities, centralizing shared services and eliminating duplicative processes, operations and functions. We've seen improvement in both capital and funding efficiency through various financial resource optimization programs.

由於在客戶層面繼續保持良好的業績，同時存款不斷增長，City National 的淨收入增加至 3.5 億美元，經調整後為 4.5 億美元。美國各地區的 ROE 成長了 1.4%，達到 10.7%，效率比率提高了 4%，達到 79%。這項成功得益於多種因素。包括利用企業範圍內的能力，集中共享服務，消除重複的流程、操作和職能。透過各種財務資源優化方案，我們在資本和資金效率方面都取得了進展。

Moving to slides 16 and 17. This was a great year for Personal Banking. In addition to record revenue, we are on track to meet our Investor Day target of a sub-40% efficiency ratio by 2027. We're proud that RBC was ranked highest in customer satisfaction among the big five retail banks in the J.D. Power Canada retail banking satisfaction study for the second consecutive year. We added 400,000 net new clients to our premium client base this year.

接下來請看第16和17張投影片。今年對個人銀行業務來說是碩果累累的一年。除了創紀錄的收入外，我們預計將實現投資者日的目標，即在 2027 年將效率比率降至 40% 以下。我們很自豪，在 J.D. Power 加拿大零售銀行滿意度調查中，RBC 連續第二年在五大零售銀行中客戶滿意度排名第一。今年，我們的優質客戶群淨新增了 40 萬名客戶。

In addition, 40% of new clients acquired in year are now multiproduct clients. We remain focused on capturing the shifting money in motion, benefiting from the combination of our award-winning client value proposition, interconnected distribution channels and leading deposit and investment franchises. Reciprocity is also a core part of our client value proposition. We added strategic relationships with iconic Canadian partners such as Canadian Tire and the Patterson Food Group. This helped us grow our Avion member base by 700,000 in 2025.

此外，今年新增客戶中有 40% 是多產品客戶。我們始終專注於掌握資金流動趨勢，受益於我們屢獲殊榮的客戶價值主張、互聯互通的分銷管道以及領先的存款和投資業務。互惠也是我們顧客價值主張的核心組成。我們與加拿大輪胎公司和帕特森食品集團等加拿大標誌性合作夥伴建立了策略合作關係。這幫助我們在 2025 年將 Avion 會員數量增加了 70 萬。

Looking forward, we are excited about our partnership with Visa for the 2026 FIFA World Cup. With respect to channel optimization, our strategy to automate low complexity work, leverage artificial intelligence and increase the number of specialists and our sales force is helping meet our clients' evolving needs while also driving higher adviser productivity and workload digitization.

展望未來，我們對與 Visa 合作舉辦 2026 年 FIFA 世界盃感到非常興奮。在通路優化方面，我們採取的策略是自動化低複雜度工作，利用人工智慧，增加專家和銷售人員的數量，這有助於滿足客戶不斷變化的需求，同時也有助於提高顧問的生產力和工作量數位化。

Turning to slides 18 and 19. Commercial Banking expanded on our largest business deposit and lending franchise in Canada. We exceeded our growth goals in 2025 with double-digit volume growth on both sides of the balance sheet, driving record revenue. Ultimately, we did not meet our profitability expectations. Our ROE decline from fiscal 2024 largely due to higher PCL amidst an uncertain macro backdrop.

請翻到第18和19張幻燈片。商業銀行業務拓展了我們在加拿大最大的商業存款和貸款業務。2025 年，我們超額完成了成長目標，資產負債表兩端的銷售量均實現了兩位數成長，推動營收創歷史新高。最終，我們未能達到獲利預期。從 2024 財年開始，我們的 ROE 下降主要是由於在不確定的宏觀經濟背景下，PCL 增加所致。

Despite unfavorable business sentiment and heightened competition, average commercial banking deposits and loans were up 10% and 16%, respectively. Our diversification and leading product shelf, including our market-leading transaction banking solutions helped offset the impact from the more challenged sectors while consolidating business with existing clients and attracting new clients.

儘管商業信心低迷且競爭加劇，但商業銀行的平均存款和貸款分別增加了 10% 和 16%。我們多元化的業務和領先的產品線，包括我們市場領先的交易銀行解決方案，幫助抵消了受挑戰行業的影響，同時鞏固了與現有客戶的業務並吸引了新客戶。

Increased investments in dedicated service and integrated distribution teams, along with realigned coverage positions, coverage positions us well to unlock further growth as business sentiment recovers. We are seeing strong momentum with transaction banking revenue of approximately $80 million from last year as we saw increased client activity in both flows and account management activities.

透過增加對專屬服務和綜合分銷團隊的投資，以及重新調整覆蓋範圍，我們的業務覆蓋優勢使我們能夠在商業信心復甦時釋放更大的成長潛力。我們看到交易銀行業務收入成長勢頭強勁，較去年增長約 8,000 萬美元，這得益於客戶在資金流動和帳戶管理活動方面的活躍度提升。

In addition, we are increasing our collaboration with Capital Markets in City National to support the North South banking needs of our clients. Our investments are increasing scale, and increasing scale give us confidence in our ability to continue driving down the efficiency ratio towards 32% target while supporting our medium-term growth ambitions.

此外，我們正在加強與 City National 資本市場的合作，以滿足客戶在南北銀行業務方面的需求。我們的投資規模不斷擴大，規模的擴大使我們有信心繼續將效率比率降低到 32% 的目標，同時支持我們的中期成長目標。

Moving to slide 20. RBC Insurance is an integral part of the One RBC model, working with both our Canadian wealth management and personal banking businesses to provide both wealth and insurance solutions while growing our leading creditor insurance business. As Katherine noted earlier, effective Q1 2026, we are revising our methodology for allocating capital to insurance.

轉到第20張投影片。RBC 保險是 One RBC 模式不可或缺的一部分，它與我們的加拿大財富管理和個人銀行業務合作，提供財富和保險解決方案，同時發展我們領先的債權人保險業務。正如凱瑟琳之前提到的，從 2026 年第一季起，我們將修改向保險業分配資本的方法。

Going forward, the ROE target for insurance will now be in the mid- to high 20s, underpinned by mid-single-digit earnings growth and execution against key strategies. We'll continue enhancing our product suite to gain market share and keep areas of focus including in our group businesses. We'll hear more about this over the coming quarters.

展望未來，保險業的淨資產收益率目標將達到 20% 到 20% 之間，這得益於中等個位數的獲利成長以及關鍵策略的有效執行。我們將繼續改進我們的產品組合，以獲得市場份額，並繼續專注於包括集團業務在內的各個領域。接下來的幾季我們會聽到更多相關消息。

We are leveraging the power of AI to improve our underwriting, claims management and adviser effectiveness. Investment management will also play a part as we increase our allocation towards higher-yielding alternative assets, including infrastructure.

我們正在利用人工智慧的力量來提高我們的承保、理賠管理和顧問效率。隨著我們增加對高收益另類資產（包括基礎設施）的配置，投資管理也將發揮作用。

So to close, we are well positioned to succeed across economic cycles given our unwavering commitment to our clients and diversified revenue streams at scale leading franchises and a strong balance sheet underpinned by robust capital ratios broad sources of funding and a prudent risk appetite. We remain focused on delivering a premium through the cycle ROE and strong EPS growth underpinned by client-driven market share gains, increasing revenue productivity and improving cost efficiencies.

最後，鑑於我們對客戶堅定不移的承諾、多元化的收入來源、領先的特許經營權以及穩健的資產負債表（以穩健的資本比率、廣泛的資金來源和審慎的風險偏好為支撐），我們已做好充分準備，能夠在各個經濟週期中取得成功。我們將繼續專注於透過週期性淨資產收益率和強勁的每股盈餘成長來實現溢價，這得益於客戶驅動的市場份額成長、提高收入效率和改善成本效益。

Finally, we are committed to using our strong internal capital generation to return capital to shareholders through increasing dividends and the strategic cadence of buybacks.

最後，我們致力於利用我們強大的內部資本創造能力，透過增加股利和策略性股票回購節奏，將資本回饋給股東。

With that, operator, let's open the lines for Q&A.

接線員，那麼，我們開始問答環節。

(Operator Instructions) Ebrahim Poonawala, Bank of America.

（操作員說明）Ebrahim Poonawala，美國銀行。

I guess, Dave, thanks for running through all of that. I guess a question around ROE and as we think about just capital deployment, Royal earned what, 17.2% ROE with a 13.5% CET1 this quarter. As we look forward and you look segment by segment, do you consider that the bank is over earning on ROE in any part of the business? Because I guess the follow-up to that is, is the ROE potential even with a 13% plus CET1 exceeding 18%, not 17%. And I ask this in the context of whether or not your scale, your diversity is actually creating a competitive advantage versus your peers in terms of the ROE differential. So would love any color on that.

戴夫，謝謝你把這些都解釋清楚了。我想問一個關於 ROE 的問題，當我們只考慮資本部署時，Royal 本季的 ROE 為 17.2%，CET1 為 13.5%。展望未來，當我們逐一業務板塊進行分析時，您是否認為該銀行在任何業務板塊的淨資產收益率（ROE）過高？因為我想接下來要問的是，即使 CET1 收益率達到 13%，ROE 潛力是否也能超過 18%，而不是 17%。我提出這個問題，是想了解你們的規模和多樣性是否真的在 ROE 差異方面為你們創造了相對於同行的競爭優勢。所以，任何顏色我都喜歡。

Well, I think, first, I'd say our ROE has already differentiated itself significantly from our peers, given that many aspire to get to 15% versus us being already at 17% in the last two quarters, as you mentioned. So I think it is already differentiated quite significantly. And we're very clear about the plus, right? So we're trying to balance a number of things.

嗯，我認為，首先，鑑於許多同行都渴望達到 15% 的淨資產收益率，而我們在過去兩個季度已經達到了 17%（正如您所提到的），我們的淨資產收益率已經與同行有了顯著的差異。所以我認為它已經具有相當顯著的差異化了。我們對「加號」的定義非常清楚，對吧？所以我們正在努力平衡很多方面。

One, we do want to see accelerated growth, and we want to outperform on growth as well. And therefore, as we look at the opportunities. Now, we could easily run this bank at 18%-plus, but we would trade off a bit of growth for that. So we think targeting 17%-plus for now, and that's a target that we review within the year and annually at a minimum. So it's not a static target. It can be a dynamic target for us, and we will continue to review that. We believe that we can achieve accelerated loan growth, return capital to shareholders and drive a premium ROE of 17%.

第一，我們希望看到加速成長，也希望在成長方面取得優異成績。因此，當我們審視這些機會時。現在，我們完全可以把這家銀行的收益率維持在 18% 以上，但為此我們會犧牲一些成長。因此，我們目前的目標是17%以上，並且我們會在一年內以及至少每年對此目標進行審查。所以這不是一個靜態目標。它可以成為我們動態調整的目標，我們會繼續評估這一點。我們相信，我們可以實現貸款加速成長，向股東返還資本，並推動17%的超額淨資產收益率。

Like we're -- as you said there in the last two quarters, others aspire to it. And that's, for us, plus doesn't mean we can't do both. I would think you can also detect a little bit of conservatism from us in that we still haven't resolved CUSMA. We still haven't seen the economy normalize yet. We are running fairly elevated markets right now. And therefore, I think it's just a prudent approach given there are some significant uncertainties that could affect the economy going forward that we just want to see play out a little bit longer. And therefore, I think as we sit here, we thought that 17% kind of clears the board for us.

就像我們——正如你在過去兩個季度所說，其他人也渴望做到這一點。對我們來說，這當然是好事，但這並不代表我們不能兩者兼顧。我認為你也可以從我們身上感受到一絲保守主義，因為我們至今仍未解決美墨加協定問題。我們尚未看到經濟恢復正常。目前市場行情相當高。因此，我認為鑑於未來經濟存在一些可能影響經濟的重大不確定因素，這是一種謹慎的做法，我們希望看看這些因素是否會繼續發展下去。因此，我認為，就我們目前的情況來看，17% 的得票率已經為我們掃清了障礙。

As I said in my comments that we can provide accelerated growth, a very strong ROE at 17%-plus when we fully develop our AI and we start to see the benefits that we might see as 30,000 employees are using generative AI right now in their jobs as we start to see those benefits roll in. And I'm hopeful that we'll be able to look at that again and increase that in the near term. But for now, I think it is differentiated. It's a growth story. It's a capital return story through dividends and buybacks. And it's a really, really strong performance and consistent performance within our risk appetite.

正如我在評論中所說，當我們全面開發人工智慧並開始看到其帶來的益處時，我們可以實現加速成長，獲得超過 17% 的強勁淨資產收益率。目前已有 3 萬名員工在工作中使用生成式人工智慧，我們將開始看到這些益處陸續顯現。我希望我們能夠再次審視這個問題，並在近期內增加投資。但就目前而言，我認為它是有區別的。這是一個成長的故事。這是一個透過分紅和股票回購來實現資本回報的故事。而且，在我們可承受的風險範圍內，這確實是一個非常非常強勁且穩定的業績。

Got it. That's clear. And just following up on that, Dave, I'm having a hard time understanding whether the economy is getting better or worse as we look into the first half of '26 and how significant or important is some clarity on CUSMA or the US trade negotiations to really get business investment going, CapEx going? Or are actions that the governments announced enough to actually start seeing a pickup in activity based on what you're saying?

知道了。這一點很清楚。戴夫，我接著剛才的問題想問一下，展望 2026 年上半年，我很難理解經濟是在好轉還是惡化，以及 CUSMA 或美國貿易談判的明朗化對於真正促進商業投資和資本支出有多重要？或者，按照你的說法，政府宣布的措施是否足以真正開始看到經濟活動回升？

No, I still think there's significant uncertainty exists. So you saw a lot through 2025 and you heard the commentary from both Derek and Sean that investors -- or businesses have held back on CapEx. You're starting to see a little bit of growth there because some businesses just need to replace machinery that's wearing out or at a necessity, they have to move forward.

不，我仍然認為存在很大的不確定性。所以，你看到了 2025 年的許多情況，也聽到了 Derek 和 Sean 的評論，即投資者或企業一直在縮減資本支出。你開始看到那裡出現了一些成長，因為有些企業只是需要更換磨損的機器，或者迫於無奈，他們必須向前發展。

But there still is a hesitancy as we have not resolved the issues around CUSMA. You're seeing pretty severe sectorial impacts that are leading to job losses and Ontario is most acutely impacted by that. So you're seeing challenges there. So I would say we have not resolved CUSMA. And therefore, a lot of elements of the budget were more medium-term oriented and not short-term oriented.

但由於我們尚未解決美墨加協定相關問題，因此仍有猶豫。你會看到各行業受到相當嚴重的衝擊，導致失業，而安大略省受到的影響最為嚴重。所以你看到了這方面的挑戰。所以我認為我們還沒有解決美墨加協定問題。因此，預算中的許多項目都更專注於中期目標，而不是短期目標。

So just for that reason, you heard Graeme's commentary on largely flattish outlook for credit quality, and we're just being a little more conservative in our outlook for the next year, not a deterioration, but we're struggling to see a significant acceleration yet in either mortgages or commercial activity.

所以，正因如此，你們聽到了格雷姆關於信貸品質前景基本持平的評論，我們對明年的展望也更加保守一些，並非情況惡化，而是我們很難看到抵押貸款或商業活動出現顯著加速增長。

Gabriel Dechaine, National Bank.

加布里埃爾·德鏈，國家銀行。

Sort of related to that question, and I guess, Graeme touched upon a little bit in his comment. I'm just kind of trying to get a sense for your credit outlook there. You said the downside scenarios are reflected in your reserves. So if the USMCA or CUSMA is not extended than you've already reflected that. What's the -- what happens if that scenario plays out?

這跟那個問題有點關係，而且我想，格雷姆在他的評論中也稍微提到了一點。我只是想了解你那邊的信用狀況。您提到，下行風險情境已反映在您的儲備金中。所以，如果美墨加協定或美墨加協定沒有延期，那麼你已經考慮到了這一點。如果這種情況真的發生，會發生什麼事？

It's Graeme. I mean, I was a bit reluctant to project what we're going to do on performing allowances, but I think you're focused on the right point that could really kind of be a toggle for us one way or another in 2026. As you recall, we built up fairly significant provisions in Q2 last year kind of following operation. And while that's abated, I think we haven't really released any of those allowances, just reflecting the CUSMA uncertainty. And so as that plays out this year, I mean, you could certainly see, I'd say, three different paths there.

是格雷姆。我的意思是，我原本不太願意預測我們將在績效津貼方面採取什麼措施，但我認為你關注的重點是正確的，這可能真的會成為我們在 2026 年做出決定的轉捩點。如您所知，去年第二季度，我們在營運之後提列了相當可觀的準備金。雖然這種情況有所緩解，但我認為我們還沒有真正釋放任何此類津貼，這反映了美墨加協定的不確定性。所以，隨著今年事態的發展，我的意思是，你當然可以看到，可以說，有三個不同的發展路徑。

If CUSMA conclude satisfactory or favorably, then that certainly would leave us in a spot that we bought some reserves that could be released. I think if it plays out unsatisfactorily, then I would say we have prefunded in part what could be an increase in Stage 3 losses going forward. And quite frankly, if the uncertainty doesn't sort itself out in '26 and drags on, I would say we'd probably continue with those reserves in place. So right now, we don't know how that's going to play out, and that's the uncertainty that Dave is referencing. And I think we'd like to get deeper into that and understand that before we kind of provide direction on which way performing allowances would go.

如果美墨加協定最終達成令人滿意或有利的結果，那麼我們肯定會處於這樣的境地：我們購買的一些儲備可以被釋放。我認為，如果結果不盡人意，那麼可以說我們已經預先承擔了未來第三階段損失可能增加的部分風險。坦白說，如果2026年這種不確定性沒有得到解決，並且持續下去，我認為我們可能會繼續保留這些儲備。所以現在我們還不知道事情會如何發展，這就是戴夫所指的不確定性。我認為我們應該更深入地了解這一點，然後再就績效津貼的走向給予指引。

Yeah. Okay. So yes, that does provide some clarity of uncertainty. And Dave, there's been this trend across the sector of pulling forward ROE targets and stuff like that. Your bank obviously is doing that.

是的。好的。所以，是的，這確實有助於釐清一些不確定性。戴夫，整個產業都出現了提前實現 ROE 目標之類的趨勢。你的銀行顯然正在這樣做。

Something that you included in your 2027 ROE target, the upside scenario was 17% plus at the time and that -- maybe about half of that included some AI benefits. I'm wondering if there's a potential scenario, it sounds like it based on your commentary that we're also going to be pulling forward and maybe upsizing those payoffs from the investments in your various AI strategies. And yeah, let's go with that.

您在 2027 年的 ROE 目標中包含了一項內容，當時的樂觀情境是 17% 以上，其中大約一半可能包含了一些人工智慧帶來的好處。我想知道是否存在這樣一種可能的情況，根據你的評論來看，我們似乎也要提前並可能提高你在各種人工智慧策略方面的投資回報。好的，就這麼定了。

Well, I think you heard in my comments, certainly, as we worked through the year since Investor Day in building the models and testing the models and deploying its model, greater confidence in our ability to execute within that range.

嗯，我想你從我的評論中也聽到了，當然，自從投資者日以來，我們一直在努力構建模型、測試模型並部署模型，這讓我們對我們在該範圍內執行的能力更有信心。

We are confident, obviously, in making those commitments at Investor Day, but we progressed and had a very strong year. We've rolled it out to 30,000 employees, and we haven't seen the benefit of that yet. So we are quite excited about the impact of generative AI. It was kind of one of the factors that featured into our 17%-plus target for ROE. And I think it would be the #1 driver that would factor into was performing against that 17%-plus target.

顯然，我們對在投資者日上做出的承諾充滿信心，而且我們取得了進展，度過了非常強勁的一年。我們已經將其推廣到 3 萬名員工中，但尚未看到任何效果。因此，我們對生成式人工智慧的影響感到非常興奮。這算是我們設定 17% 以上 ROE 目標的因素。我認為，影響最終結果的首要因素是能否達到 17% 以上的目標。

Got it. So we're still 2025 investment year, 2026 investment year pay off, you start to accelerate in 2027? Or is that --

知道了。所以，我們還是2025年投資，2026年投資見效，2027年開始加速？或者說，那是--

Yeah, that's exactly it. Exactly. We're excited about it. We're doing well with it. As I said, we have all these strategic capabilities that have allowed us to accelerate the deployment.

對，就是這樣。確切地。我們對此感到興奮。我們做得很好。正如我所說，我們擁有所有這些戰略能力，使我們能夠加快部署速度。

Mario Mendonca, TD Securities.

馬裡奧門東卡，道明證券。

I observed this morning that the growth in C&IB, the loan growth clearly has improved. So that bank has turned the corner. But one thing I want to follow up on this I've noticed the difference between Royal's growth in commercial in the US and frankly, all the Canadian banks relative to the US banks and those banks that are located in the US, solely in the US.

我今天早上觀察到，C&IB 的成長，特別是貸款成長，明顯有所改善。所以那家銀行已經扭轉了局面。但我想就此追問一點，我注意到皇家銀行在美國商業領域的成長與加拿大所有銀行相對於美國銀行以及那些僅位於美國的銀行的成長存在差異。

And my question is, is there a difference in how capital -- or the capital requirements for the US banks when they lend commercially and the Canadian banks. And I'm making this observation because OSFI has implemented the final rules on Basel III. It appears that in the US, a lot of that is on pause. So the first question is, is Royal at some kind of disadvantage in lending in the commercial space in the US relative to the US peers?

我的問題是，美國銀行在進行商業貸款時所需的資本（或資本需求）與加拿大銀行之間是否有差異。我之所以提出這個觀點，是因為 OSFI 已經實施了巴塞爾協定 III 的最終規則。看來在美國，很多這樣的事情都暫停了。因此，第一個問題是，與美國同行相比，Royal 在美國商業貸款領域是否處於某種劣勢？

I might start with that and if others want to add in. For C&IB in our capital allocation rule, it is -- it starts with the OSFI's rules ultimately. And for C&IB, we are still on a standardized approach with that bank. AIRB is something we're working towards and would hopefully expect to get there. But it really is as these rules that we adhere to in our capital allocation methodology there.

我可能會先從這個開始，如果其他人想補充的話。對於我們的資本配置規則中的企業與投資銀行而言，最終都始於加拿大金融機構監理局 (OSFI) 的規則。至於企業及機構業務，我們仍與該銀行採用標準化的方法。AIRB是我們正在努力的方向，我們希望能夠實現它。但我們確實按照這些規則來制定我們的資本配置方法。

I mean the US rules would be kind of a combination of standardized approach as well as their CCAR methodology that falls into that. What we have to hold capital at our subsidiary level based on those rules. Ultimately from a parent level, we really would focus on the OSFI capital rules first and foremost.

我的意思是，美國的規則會結合標準化的方法以及屬於其中的 CCAR 方法。根據這些規則，我們必須在子公司層級持有多少資本。從母公司層面來看，我們首先要關注的是加拿大金融機構監理局 (OSFI) 的資本規則。

But has Royal received any like exemptions from OSFI on how those loans are treated in the US?

但是，Royal 是否從 OSFI 獲得了類似的豁免，以使其貸款在美國的處理方式有所不同？

No.

不。

So I would just add some color, Mario, that I think I've mentioned on previous calls, we've been rolling off lower ROE single-product relationship loans on the balance sheet and putting on kind of multiproduct relationship assets. And I think that is probably a bigger driver towards an improved ROE story and accelerated growth. It took us a while. So there's a lot of roll on, roll off.

所以，馬裡奧，我想補充一點，我想我在之前的電話會議中提到過，我們一直在資產負債表上剝離 ROE 較低的單一產品關係貸款，並增加多產品關係資產。我認為這或許是提高資產淨值和加速成長的更大驅動因素。我們花了一段時間。所以有很多滾動和停止的情況。

Now we're starting to see kind of more roll on, both on -- not only on the lending side but also on the deposit side. And that's just good evidence of the strategy execution I talked about. That's going to have a much bigger ramp up, I think, on ROEs going forward. And we're pretty excited about the progress at City National.

現在我們開始看到這種趨勢有所好轉，不僅在貸款方面，而且在存款方面也是如此。這正好證明了我所說的戰略執行是有效的。我認為，這將對未來的股本回報率產生更大的提升作用。我們對City National的進展感到非常興奮。

My second question relates to capital markets. And I'm not so much talking about earnings now. I'm just talking about the revenue actually like trading, underwriting revenue, securities and brokerage commissions. Those are those big three items that make up your capital markets revenue. I mean, obviously, an enormous year up 21% year-over-year with trading something like 33%.

我的第二個問題與資本市場有關。我現在主要不是在談論收益。我指的是實際的收入，例如交易收入、承銷收入、證券和經紀佣金。這三大項構成了您的資本市場收入。我的意思是，很明顯，今年是巨大的一年，同比增長 21%，交易量約為 33%。

Can you put a finer point on your outlook for capital markets-related revenue, the big three, like trading, underwriting and then securities brokerage commissions, what you'd expect in '26?

您能否更具體地闡述您對資本市場相關收入的展望，特別是三大收入來源，例如交易、承銷和證券經紀佣金，您對 2026 年的預期是什麼？

Sure. Thanks, Mario. I mean just a couple of high-level questions to frame that before I touch on '26. I would just emphasize -- the strategy we're taking in capital markets is really building sort of long-term franchises, long-term relationships with our clients. And we've obviously benefited from the very robust activity we've seen this year, but we're not sort of just pursuing where the trading revenue might be in the next quarter or two, like it is really about building long-term client franchises.

當然。謝謝你，馬裡奧。我的意思是，在談到 2026 年之前，先提出幾個高層次的問題來建構框架。我只想強調一點——我們在資本市場採取的策略是真正建立長期的特許經營權，與客戶建立長期的關係。我們顯然從今年強勁的交易活動中受益匪淺，但我們並不只是追求未來一兩個季度的交易收入，而是真正致力於建立長期的客戶關係。

A key part of that is the diversification of the business, which has, I think, really been a key to our ability to successfully deliver lower volatility results than our global peers. And so when you look at the diversification across all our businesses, obviously, corporate banking, investment banking, the various sectors and products within that. And then within Global Markets, a very balanced asset class portfolio across both FICC and equities, that diversification, while you may get volatility in certain areas has really allowed us to deliver greater stability over a cycle.

其中一個關鍵因素是業務多元化，我認為，這正是我們能夠比全球同業實現更低波動性業績的關鍵所在。因此，當你審視我們所有業務的多元化時，很明顯，包括企業銀行、投資銀行以及其中的各個行業和產品。然後，在全球市場中，我們建立了一個非常均衡的資產類別組合，涵蓋固定收益、大宗商品和股票。這種多元化雖然在某些領域可能會波動，但確實使我們能夠在一個週期內實現更大的穩定性。

So if you take those two foundational elements to the strategy, and you then look at 2026. We're very constructive on the outlook overall. As Dave highlighted, there are some uncertainties and risks, and we can see cyclicality in the fee pools. But right now, we continue to see very high levels of activity across all three of our major businesses. So across trading, we're seeing a healthy level of volatility.

所以，如果你把這兩個基本要素融入策略中，然後展望2026年。我們對整體前景非常樂觀。正如戴夫所強調的，存在一些不確定性和風險，我們可以看到費用池的周期性波動。但目前，我們三大主要業務的活動水準仍然非常高。因此，整體交易市場呈現出健康的波動水準。

Obviously, there's uncertainty around the economy, the direction of rates, inflation, tariffs, etc. that is driving a fair bit of trading activity, and we expect that will continue. Within investment banking, there is a lot of secular trends. Dave alluded to a few of those that are driving strategic activity among our clients. That strategic activity combined with a strong market backdrop is driving good underwriting activity, both across debt and equity.

顯然，經濟情勢、利率走向、通貨膨脹、關稅等方面存在不確定性，這推動了相當多的交易活動，我們預期這種情況還會持續下去。投資銀行業存在許多長期趨勢。戴夫提到了其中一些正在推動我們客戶採取策略行動的人。這種策略性舉措加上強勁的市場環境，正在推動良好的承銷活動，無論是債務還是股權。

Our pipelines remain very strong there. So we expect that, that will continue. And then we are seeing a lot of clients, particularly outside of Canada, making strategic investments in their business, which is driving very good opportunities in our loan book. So right across all three businesses, we continue to have a very constructive outlook.

我們在當地的管道系統仍然非常強大。所以我們預計這種情況還會持續下去。然後我們看到很多客戶，特別是加拿大以外的客戶，都在對其業務進行策略性投資，這為我們的貸款組合帶來了非常好的機會。因此，就這三個業務而言，我們仍然保持著非常積極的展望。

Even if we were to see a slowdown or a correction in fee pools, as you saw through our Investor Day strategy, we do believe -- we've got a number of key initiatives and investments underway that will allow us to continue to gain share that will offset any slowdown in fee activity. But at this point, our outlook is positive, we don't anticipate a slowdown.

即使我們看到費用池增速放緩或出現調整，正如您從我們的投資者日策略中所看到的，我們相信——我們正在進行多項關鍵舉措和投資，這將使我們能夠繼續獲得市場份額，從而抵消費用活動的任何放緩。但就目前而言，我們的前景樂觀，預計不會出現經濟放緩。

Sohrab Movahedi, BMO.

Sohrab Movahedi，BMO。

Dave, not to take anything away from the excellent detail that you kind of shared with us. Is the ROE improvement simply reducing the targeted CET1, which at Investor Day was 14%, now down to around 13%? Therefore, 16% plus goes up to 17% plus?

戴夫，我並不是想要貶低你和我們分享的精彩細節。ROE 的提高是否只是降低了目標 CET1 比率？投資者日時該比率為 14%，現在已降至 13% 左右？所以，16%以上會上升到17%以上嗎？

I don't think that math is sufficient to get us there alone, right? It's also an improvement on return on assets. I don't know, Katherine, do you want to?

我認為單靠數學不足以讓我們達到目標，對嗎？這也有助於提高資產報酬率。我不知道，凱瑟琳，你想嗎？

Yeah. Why don't I jump in. So that change in the MTO is not dependent at all on us changing our CET1 outlook. At Investor Day, we gave you a path to 16% plus without having to pull down our CET1. And then we also showed you a path to 17% plus. And so what you're seeing today with us announcing that change in MTO is basically just confidence, ongoing confidence in our progress going forward, and that underpins it.

是的。我為什麼不加入呢？因此，MTO 的這種變化完全不取決於我們改變對 CET1 的看法。在投資者日上，我們向您展示了一條在不降低 CET1 的情況下實現 16% 以上收益的途徑。然後，我們也向您展示了一條通往 17% 以上收益的途徑。因此，今天我們宣布 MTO 的這項變化，基本上就是信心，是對我們未來發展進程的持續信心，而這正是其根本所在。

As you would have seen in our remarks, we have guided to operating in a range going forward of 12.5% to 13.5% and that provides prudence gives us opportunity on a variety of fronts and with the unknown environment ahead of us. It also gives us a bit of a buffer there. But as we go forward, if we see the right opportunities, the right actions to move lower in that range, that will result in a higher ROE, but we're not driving down to equate to a higher ROE.

正如你們在我們的演講中所看到的，我們預計未來一段時間的營運目標利率將在 12.5% 至 13.5% 之間，這種謹慎的做法讓我們在各個方面都有機會應對未來未知的環境。這也給我們留了一些緩衝空間。但展望未來，如果我們看到合適的機遇，採取正確的行動來降低這個區間，這將帶來更高的淨資產收益率，但我們不會為了獲得更高的淨資產收益率而降低價格。

At the end of the day, we're trying to drive shareholder value here, and total shareholder return. And therefore, not just optimizing the ROE, but it's driving growth and EPS growth at the same time. And we've obviously simulated all of the outcomes running the organization at 18%-plus , which we can do, and we find a 17%-plus at this point in time, allows us to drive more shareholder value through all the elements of having dividend growth and returning capital to shareholders and being the most efficient capital user. So I think when you get all of that together, it creates more shareholder value at this point in time with the variables that we're working with. If things change, we can certainly revisit it.

歸根究底，我們努力的目標是提升股東價值和股東總回報。因此，它不僅優化了淨資產收益率，而且還同時推動了成長和每股收益成長。顯然，我們已經模擬了公司營運成本在 18% 以上時的所有結果（我們可以做到這一點），我們發現，目前成本在 17% 以上，能夠透過股息成長、向股東返還資本以及成為最有效的資本使用者等所有要素，為股東創造更多價值。所以我認為，把所有這些因素綜合起來，在目前我們所面臨的各種情況下，這將創造更多的股東價值。如果情況發生變化，我們當然可以重新考慮。

No, no, that's -- I just wanted to -- I just kind of wanted to understand how much of it was the numerator, how much of it was the denominator, if you will. But -- but you mentioned it just right now, Dave, and I think you answered -- you mentioned in an answer to another question that if I want -- if we -- if the bank wanted to solve for something higher there's a bit of a toggle basically with the growth end of the spectrum.

不，不，那是──我只是想──我只是想弄清楚其中有多少是分子，有多少是分母，如果你願意這麼說的話。但是——但是你剛才提到了，戴夫，而且我認為你回答了——你在回答另一個問題時提到過，如果我想要——如果我們——如果銀行想要解決更高層次的問題，基本上可以通過調整增長端來實現。

But like you're not adjusting your risk appetite here in any way. Are you -- like are you saying that within my risk appetite I can have accelerated growth that can drive 17% ROE, but within my risk appetite, I can still slow down my growth and get 18% ROE. I'm just trying to understand how I should be thinking about your risk appetite and the comment around the growth and the 17%, 18% type ROEs you're talking about?

但你似乎並沒有以任何方式調整你的風險承受能力。你的意思是——就像你的意思是，在我的風險承受範圍內，我可以實現加速增長，從而獲得 17% 的 ROE，但同時，在我的風險承受範圍內，我也可以放慢增長速度，獲得 18% 的 ROE。我只是想弄清楚我應該如何看待您的風險承受能力，以及您提到的關於成長和17%、18%之類的淨資產收益率的評論？

We're absolutely not changing our risk appetite target. It's return on risk. That focus us and then causes us to make marginal decisions on whether we do a deal or don't do a deal. So no, we're not changing our risk appetite because what's an important part of our medium-term objective is that the volatility of our earnings, right? So it's a big part of how we overall think about the organization and our investor base.

我們絕對不會改變風險承受能力目標。這是風險回報比。這讓我們更加關注細節，從而導致我們在是否進行交易的問題上做出邊緣性決定。所以，不，我們不會改變我們的風險偏好，因為我們中期目標的重要組成部分就是控制獲利的波動性，對吧？所以，這對於我們如何看待公司和投資者基礎來說，是一個很重要的面向。

So consistent risk appetite and risk strategy is critical through the cycle. It doesn't change. But as you look at the trade-offs between doing above cost of equity deals but below hurdle and what balance of that to -- you're above, you look at how you're growing and where the opportunities are, and you're trying to balance towards one of those targets and optimize all of your variables that I talked about. So it's more of the return on risk, the balance of that than is anything around the quantum of risk.

因此，在整個經濟週期中，保持風險偏好和風險策略的一致性至關重要。它不會改變。但是，當你權衡高於股權成本但低於門檻的交易之間的利弊，以及如何平衡兩者時——當你高於門檻時，你會考慮你的成長方式和機會在哪裡，你會試圖在這些目標之間取得平衡，並優化我剛才提到的所有變數。所以，關鍵在於風險回報，在於二者之間的平衡，而不是風險的大小。

And is that toggle mostly in Eric's business then?

那麼，這個開關主要在艾瑞克的公司裡嗎？

Yeah, absolutely, that's one of the areas, but also within Commercial Banking within the United States. So it's in every business where we take risk, we're looking at the return on that risk. And how it's being priced and how we balance that to an overall 17% plus target with the premium growth objectives that we set.

是的，當然，這是其中一個領域，也是美國商業銀行業的一個領域。所以，在任何我們承擔風險的業務中，我們都會考慮風險的報酬。以及它的定價方式，以及我們如何平衡它與我們設定的溢價成長目標（超過 17%）之間的關係。

Paul Holden, CIBC.

Paul Holden，加拿大帝國商業銀行。

I thought dropping the extra 30 page slide deck on the day of earnings. It was a test to see how we're using AI, but Dave, your summary is more useful for me. So I guess, I just want to drive like a little bit of a finer point on the ROE versus growth target.

我原本打算在財報發布當天把那份額外的 30 頁投影片放出來。這是一次測試，看看我們如何使用人工智慧，但戴夫，你的總結對我來說更有用。所以我想，我只是想更細緻地探討一下 ROE 與成長目標之間的關係。

So obviously, you increased the ROE target. I would argue, if you're generating a higher ROE and as you also highlighted, are generating a lot of organic capital generation, like, why not increase the EPS growth target? Or is that something you kind of leave in your back pocket for when you find the right opportunities to deploy that excess capital?

顯然，你提高了淨資產收益率目標。我認為，如果你能產生更高的 ROE，並且像你強調的那樣，還能產生大量的內生資本，那麼為什麼不提高 EPS 成長目標呢？或者，你是把這筆錢留作後備，等到找到合適的時機再使用這筆多餘的資金嗎？

Paul, it's Katherine. So to your question, why not changing the earnings per share target, it kind of goes back to when you looked at the variables and how they come together. We felt confident about moving at this time the ROE to 17%. We felt though the EPS keeping it at 7% plus is the right complement as we think about maximizing that shareholder value return. And I would also emphasize that they're not capped. There's pluses on both of those. And so we will continue to drive forward and drive those results that hit those medium-term objectives and deliver against those.

保羅，我是凱瑟琳。所以對於你的問題，為什麼不改變每股盈餘目標，這其實要追溯到你之前分析變數以及它們如何相互作用的時候。我們當時有信心將淨資產收益率提高到 17%。我們認為，將每股盈餘維持在 7% 以上，是實現股東價值回報最大化的正確策略。我還要強調，這些限制並沒有上限。兩者各有優點。因此，我們將繼續努力，爭取實現中期目標並取得相應成果。

Okay. So maybe the way I'm going to look at it, I think it was 7% probably organically and then maybe the pluses from capital deployment. Second question then -- and I guess, to Graeme. So as I think about the outlook you laid out for '26, I think you mentioned sort of expectation for improving GDP and unemployment rate through the year. Does that suggest then based on your 2026 PCL guidance that maybe we can expect the first half of the year to start higher and then moderate through the back half of the year. I think that's probably how it lines up, and maybe you can talk us through that.

好的。所以，我的看法是，我認為有機成長可能佔 7%，然後資​​本部署帶來的收益也可能佔 7%。那麼，第二個問題──我想，是問葛拉漢的。所以，當我思考你對 2026 年的展望時，我想你提到了對全年 GDP 和失業率改善的期望。那麼，根據您對 2026 年 PCL 的預測，這是否意味著我們可以預期今年上半年會開局較高，然後在下半年趨於緩和？我覺得事情大概就是這樣，也許你可以給我們詳細解釋一下。

Yeah, Paul, it's a good question. I mean I think right now, as we look at it, I think I would focus, first and foremost, on the guidance we laid out for the year. We're kind of at these levels now, we would expect these kind of -- this kind of 35 to 39 basis point range to persist through next year. Well, yes, the macro, we do expect that will trend positively through the year.

是的，保羅，問得好。我的意思是，我認為現在，當我們審視這個問題時，首先應該關注的是我們為這一年制定的指導方針。我們現在大致處於這個水平，我們預計這種 35 到 39 個基點的區間將持續到明年。是的，宏觀經濟方面，我們預計今年將呈現正面趨勢。

I would say a lot of that though then won't really manifest itself in kind of credit outcomes until probably 2027. I would say it's hard to really project a trend broadly. Wholesale will be more volatile quarter-to-quarter I would say retail, there's probably some -- a bit more mix in the trends, I would say, as we progress through the year. The unsecured products could improve.

不過我認為，其中許多因素可能要到 2027 年才會真正反映在信貸結果上。我認為很難對大範圍的趨勢做出準確的預測。我認為批發市場的季度波動性會更大，而零售市場可能會出現一些趨勢上的差異——隨著時間的推移，趨勢可能會更加多元化。不安全的產品還有進步的空間。

They will react quicker to some of the macroeconomic indicators, but on something like mortgages where 2026 is the kind of big year of refinancing and the payment impacts, that will probably see a bit more pressure the other way, not maybe significantly from where we are, but it will see some upward pressure through the year, right?

他們會對一些宏觀經濟指標做出更快的反應，但像抵押貸款這類在 2026 年是再融資和支付影響較大的年份，可能會面臨更大的反向壓力，雖然可能不會比我們目前的情況大很多，但在這一年中會面臨一些上行壓力，對吧？

So there's different portfolios that are going to react differently through the year. And that's kind of why we're looking at it. It's probably a bit of a plateau through the year before we start to see improvements going into 2027.

因此，不同的投資組合在一年中的反應也會有所不同。這就是我們關注它的原因。今年可能會出現一段相對平穩期，之後才會開始看到2027年有所改善。

Jill Shea, UBS Financials.

Jill Shea，瑞銀金融。

I just wanted to touch on efficiency. You've made really good progress on the adjusted efficiency ratio of 54% relative to the medium-term target of the 53%. So just wanted you to maybe touch on that efficiency level. Could we get to a point where it's even lower than that 53% just given the scale of your business? Or is there like a philosophical, like reasoning behind like the 53% that you want to reinvest in the business? So maybe just help us think through that efficiency level over time.

我只是想簡單談談效率問題。你們在調整後的效率比率方面取得了非常好的進展，目前已達到 54%，而中期目標為 53%。所以，我只是想請您談談效率方面的問題。考慮到貴公司的規模，我們能否將這個比例降到低於 53% 的水平？或者說，你之所以想把 53% 的利潤再投資在企業中，背後是否有某種哲學上的理由或考量？所以，或許您可以幫我們思考一下隨著時間的推移，效率水平會如何變化。

Jill, it's Katherine. Thank you for the question. It's a great question. So as we think about the efficiency, we're obviously always striving to improve. And as you've noted, we've had significant improvement over -- when you compare where we are now to the last couple of years, a couple like significant improvement. And even throughout this year, we continue to improve.

吉爾，我是凱瑟琳。謝謝你的提問。這是一個很好的問題。因此，在考慮效率問題時，我們顯然一直在努力改進。正如您所指出的，與過去幾年相比，我們取得了顯著的進步——如果將我們現在的情況與過去幾年進行比較，您會發現進步非常顯著。即使在今年這一年裡，我們也一直在不斷進步。

To your question about do we see a cap? No, I would say that we continue to see opportunity as we go forward. Our first target, though, is what we've put out there for Investor Day is to hit the 53% for 2027. But as we think about our business, as we think about the opportunities going forward, there are the mechanisms. We've talked about artificial intelligence.

關於你提出的「我們是否會看到上限？」這個問題？不，我認為我們未來仍會看到機會。不過，我們的首要目標是，正如我們在投資者日上公佈的那樣，到 2027 年實現 53% 的目標。但當我們思考我們的業務，當我們思考未來的機會時，就會發現其中有相應的機制。我們已經討論過人工智慧了。

We've got use cases underway. We've put a benefit target out there against that. And so that's all going to play into it as we continue to progress. But back to kind of that 53% is our target as we sit now, but we're always looking for opportunity to go further.

我們已經啟動了一些應用案例。我們已經針對此設定了效益目標。所以，隨著我們不斷推進，所有這些都會發揮作用。但回到目前的目標，53% 是我們的目標，但我們一直在尋找機會進一步提高目標。

Mike Rizvanovic, Scotiabank.

麥克·裡茲瓦諾維奇，加拿大豐業銀行。

A quick one for Katherine. I wanted to just ask about your deposit mix in Canada. So you had a nice uptick quarter-quarter on the noninterest-bearing. And when I look at the split between noninterest-bearing to total, it's still hovering in that sort of 14%, 15% range. I think you peaked out at about 20% a few years ago.

給凱瑟琳快速解答一下。我只是想問一下您在加拿大的存款組合情況。所以，你們的非計息部分季度環比成長不錯。當我查看不計息貸款佔總貸款的比例時，發現它仍然徘徊在 14% 到 15% 的範圍內。我認為你們的市佔率幾年前就達到頂峰，大約在20%左右。

And I'm wondering in the rate environment that we're in, where we maybe get a bit of down drift in rates going forward. Can you see that number reflate, like is there a margin benefit to that? Is there anything to be said on maybe the NIM pickup that you might get in the Canadian lending business, if you do get a greater portion in noninterest-bearing going forward?

我很好奇，在目前的利率環境下，未來利率是否會略有下降。你能看到這個數字回升嗎？這樣做有利潤空間嗎？如果未來加拿大貸款業務中無利息貸款的比例增加，那麼淨利差（NIM）是否有所提高？

Thanks, Mike, for the question. It's actually Erica. So when we look at our deposit business in the Canadian bank, A couple of things are happening. We are seeing rotations out of some of those interest-bearing on the GIC portfolio. We are aligned as this movement occurs to the needs of the client.

謝謝你的提問，麥克。其實是艾麗卡。所以，當我們審視我們在加拿大銀行的存款業務時，會發現有兩件事正在發生。我們看到，GIC投資組合中的一些計息資產正被輪動撤出。隨著這一趨勢的發展，我們始終以客戶的需求為導向。

So as we build that portfolio if you go -- sort of end of the pandemic through the last number of years and the attractiveness of the interest rates in the GIC portfolio at that time. We saw a lot of consumer deposits flowing into that category. Now as we see the markets pick up, we see more of a long-term home for some of those deposits into the markets business.

因此，當我們建立該投資組合時，如果你考慮到疫情結束到過去幾年以及當時 GIC 投資組合的利率吸引力。我們看到大量消費存款流入這一類別。現在隨著市場回暖，我們看到一些資金可以更多地用於長期投資市場業務。

So you see a lot of demand, Katherine alluded to in her speech, the pickup that we've had in mutual fund sales in direct investing into our DS businesses as clients sort of seek access to market space. At the same time, we've built strength in our demand deposits in our account, checking and savings accounts built on the back of the strong client acquisition that we have on the back of the depth of relationship that we have. So I continue to see strength in those deposits, while I think we'll see continued movement from our GIC portfolio into the markets businesses.

凱瑟琳在演講中提到，我們看到了許多需求，共同基金的銷售額有所成長，直接投資到我們的DS業務中，客戶都在尋求進入市場空間。同時，憑藉我們強大的客戶獲取能力和深厚的客戶關係，我們在活期存款帳戶、支票帳戶和儲蓄帳戶方面建立了穩固的實力。因此，我仍然看到這些存款的強勁勢頭，同時我認為我們將繼續看到資金​​從我們的GIC投資組合轉移到市場業務。

Mike, I was just going to build on it because you had a commentary also around NIM and then Erica can say too. to what Erica has just outlined, as we continue to see the shift, our expectations as we go into 2026 is that we will have that as a positive momentum into NIM as we go forward. Just given the differences in the margin between term deposits and on term.

麥克，我正想補充一點，因為你也對NIM發表了一些評論，艾麗卡也可以補充。關於艾麗卡剛才概述的內容，隨著我們不斷看到這種轉變，我們預計到2026年，這將為NIM的未來發展帶來積極的勢頭。僅考慮定期存款和短期存款之間的利差差異。

Okay. Got it. And just a quick one for Dave. Just in terms of M&A appetite, and I apologize if I missed this in your earlier remarks, but this whole CUSMA dynamic not being resolved just quite yet, it sounds like it might make you a little bit hesitant to sort of pull the trigger on M&A in the US. If you do intend to build out the City National franchise. Is that a fair way of looking at your appetite right now? It's a little bit hindered by the fact that there's still some uncertainty and you might -- it might preclude you from doing a deal in the near term. Is that fair?

好的。知道了。給戴夫簡單問一個問題。就併購意願而言，如果我錯過了您之前的發言，我深表歉意，但鑑於美墨加協定（CUSMA）的動態尚未完全解決，這似乎會讓您在對美國進行併購時有些猶豫。如果你確實打算發展壯大City National特許經營體系。這樣看待你現在的食慾是否合理？由於目前仍存在一些不確定因素，這可能會對交易造成一定阻礙，並可能導致你在短期內無法達成交易。這樣公平嗎？

No, I don't think CUSMA would impact given the strategy to grow wealth management and secondarily commercial activity in the US in a very strong economy I don't think CUSMA would be the main driver. I honestly think that for the partners who we would execute that strategy with targets they may come to market at any time.

不，我不認為《美墨加協定》會產生影響。鑑於美國的經濟成長強勁，財富管理業務的成長策略是次要地發展商業活動，我認為《美墨加協定》不會成為主要驅動力。我真心認為，對於我們執行該策略的合作夥伴而言，他們隨時都可能進入市場。

And therefore, you have to be ready and understand your playbook and understand your synergy levels and where you can play from a price point, given there's so much capital attracting quality so much capital and free capital available in the US to go after some of these high-performing businesses, you expect a lot of competition.

因此，你必須做好準備，了解你的策略，了解你的協同效應水平，以及你可以從哪個價格點入手。鑑於美國有大量資本吸引優質企業，有大量自由資本可用於收購一些高績效企業，你預期會面臨激烈的競爭。

Therefore, I think it's honestly -- it's more the timing than it is -- you might have to react to someone who goes into play or you get a bilateral opportunity to do something in a relationship you've cultivated over years. That's probably the bigger consideration. And that's why having the strategic optionality of all the capital and our organic capital, and I talked a lot about organic deployment of capital, but we didn't -- I didn't actually talk about inorganic deployment.

因此，我認為老實說——更多的是時機問題——你可能需要對某個人的介入做出反應，或者在你多年來培養的關係中獲得一個雙向機會來做某事。這或許是更重要的考量。這就是為什麼擁有所有資本和我們自身資本的策略選擇權如此重要的原因。我談了很多關於資本的有機部署，但我們並沒有——我實際上並沒有談到無機部署。

So you didn't miss it. That obviously remains an option, but buying back shares right now and returning capital to shareholders and accelerating organic growth remains a priority. So I hope that helps. It's really, I think, timing.

所以你沒錯過。這顯然仍然是一個選項，但目前的首要任務是回購股票，將資本返還給股東，並加速內生成長。希望這能有所幫助。我覺得，關鍵在於時機。

Doug Young, Desjardins.

道格楊，德斯賈丁斯集團。

And I'll try to keep this maybe high level, Dave. I mean lots of information. Thanks for that. Maybe if I can ask you to distill the message down to like what are three items that you're particularly excited by and that you think could surprise investors that maybe isn't well known or thought of in your story?

我會盡量把話題保持在較高的水平上，戴夫。我的意思是，資訊量很大。謝謝。我可以請您把資訊提煉成三點嗎？您特別興奮的、您認為可能會讓投資者感到驚訝的、但可能在您的敘述中並不為人所知或未被提及的三件事是什麼？

I came -- I mentioned this last quarter. I think when you have the management team focused on operating the business the way we are today, and you're seeing the results of that and all our businesses are performing well. All our businesses are outperforming from capital markets, investment banking and global markets right through to consumer banking, commercial banking, wealth management. I think you're seeing the results of a very focused management team focused on organic execution with the client at the center. And we've got so much we've shown you that we're investing in new products and the success of RBC Clear being one of them.

我來了——我上個季度提到這件事。我認為，當管理團隊專注於按照我們今天的方式經營業務時，你會看到成果，我們所有的業務都表現良好。從資本市場、投資銀行和全球市場，到消費銀行、商業銀行、財富管理，我們所有的業務都表現出色。我認為你現在看到的是一個目標明確、以客戶為中心，專注於有機成長的管理團隊所取得的成果。我們已經向大家展示了許多成果，我們正在投資新產品，RBC Clear 的成功就是其中之一。

So we're bringing new services and capabilities to market even without the artificial intelligence input. So I'm very excited about the focus of the business, the performance of all our businesses outperforming. You saw that in the results in the last two quarters. And we're very excited about '26 in the future. So I would say that's kind of one.

因此，即使沒有人工智慧的參與，我們也能將新的服務和功能推向市場。我對公司的業務重點以及所有業務的優異表現感到非常興奮。從過去兩個季度的業績中已經可以看出這一點。我們對2026年的未來充滿期待。所以我覺得這算是一種吧。

Two, I'm really excited about artificial intelligence. So as you look at the impact and the journey that we're on and how it's going to make us more productive, more effective, it's going to allow us to serve more clients with the same or lower cost base to create new products I think I'm very excited about the artificial intelligence journey. I'm also excited about the improvement in our US operations and in our European operations.

第二，我對人工智慧非常感興趣。所以，當你審視人工智慧的影響和我們正在經歷的旅程，以及它將如何使我們更有效率、更富有生產力，它將使我們能夠以相同或更低的成本為更多客戶提供服務，從而創造新產品時，我對人工智慧之旅感到非常興奮。我對我們在美國和歐洲的業務改進也感到非常興奮。

So notwithstanding that we're doing well and we're leading in most of the things we do, we still have areas where we're not doing well. And we can continue to improve those that make a meaningful difference to the shareholder and the investment in particularly City National, our aspirations around RBC Clear and mid-corporate cash management and transaction banking and just as we deploy a full transaction banking solution into our treasury management solutions in the United States next year then connect kind of north, south from there and then globally, very excited about building out a global business that can compete.

儘管我們做得很好，並且在大多數方面都處於領先地位，但我們仍然有一些領域做得不夠好。我們可以繼續改進那些對股東和投資產生重大影響的項目，特別是 City National、RBC Clear 以及中型企業現金管理和交易銀行業務，以及明年在美國將完整的交易銀行解決方案部署到我們的資金管理解決方案中，然後從那裡連接南北，再到全球，我們非常興奮地構建一個能夠參與競爭的全球業務。

I'm excited about deploying capital into new markets like potentially in the Middle East. As we go through a plan there and the accelerated growth in the Middle East and our ability to open up in new markets and use our strengths and wealth management and in capital markets to compete in new areas. The improvement in Asia has been incredibly significant for us, and we're excited there.

我對將資金投入新的市場，例如中東等地區，感到非常興奮。隨著我們推動相關計劃，中東地區經濟加速成長，我們有能力開拓新市場，並利用我們在財富管理和資本市場方面的優勢，在新領域競爭。亞洲市場的改善對我們來說意義非凡，我們對此感到非常興奮。

So they go through focus on the business, organic growth, AI deployment is transformational and improving underperforming businesses, all of it gives us very significant momentum forward. And one of the reasons we increased our MTOs and we certainly -- I certainly appreciate the ambition you have for us and pushing that ambition. I think that's great. We also have that ambition for ourselves.

因此，他們專注於業務、有機成長，人工智慧的部署具有變革性意義，並能改善業績不佳的業務，所有這些都為我們帶來了非常顯著的前進動力。我們增加訂單量的原因之一是——我非常欣賞你對我們的期望和推動我們實現這一目標的努力。我覺得這很棒。我們對自己也有這樣的抱負。

That's helpful. And then just secondly, on capital markets. I think the guidance was pretax pre-provision earnings around $1.1 billion per quarter. Clearly, you've kind of moved past that. It sounds like the pipeline is fairly full. And potentially maybe the earnings power of this business is higher than when you put that out there. So is there a new number that you would kind of point to you for that capital market franchise?

那很有幫助。其次，就是資本市場。我認為公司給出的預期是，稅前撥備前利潤約為每季 11 億美元。顯然，你已經走出了那段時期。聽起來管道已經相當滿了。或許這家企業的獲利能力比你現在公佈的還要高。那麼，對於資本市場特許經營權而言，您能否推薦一個新的數字？

Obviously, the $1.1 billion guidance on PPPT that we provided was a number of years ago. And I think as you've seen, we've continued to invest in and grow the franchise. We really sought to refresh that in our Investor Day target, where we signaled at from 2024, which is a reminder, in 2024, we delivered full year PPPT of $5 billion. So call that $1.25 billion a quarter.

顯然，我們之前對 PPPT 提供的 11 億美元指導意見是幾年前的事了。正如你所看到的，我們一直在持續投資並發展壯大這個品牌。我們在投資者日的目標中確實努力重申了這一點，我們當時表示，從 2024 年開始，提醒大家，2024 年我們實現了全年 50 億美元的 PPPT。所以，算下來就是每季12.5億美元。

From there, we signaled medium-term target of high single-digit annual growth in that PPPT number starting from that 2024 base. Obviously, given the activity in the market this year and the success executing on our strategy, we significantly exceeded that. We're not changing that at this point, but we continue to be very comfortable on how we can continue to deliver against that high single-digit target. And if fee pools remain constructive, we certainly believe we can outperform that.

由此，我們發出訊號，中期目標是從 2024 年為基準，實現 PPPT 指標年均高個位數成長。顯然，鑑於今年的市場活躍度和我們策略的成功執行，我們遠遠超出了預期。我們目前不會改變這一點，但我們仍然非常有信心能夠繼續實現這個高個位數成長目標。如果費用池保持建設性，我們當然相信我們能夠超越這一水平。

Matthew Lee, Canaccord Genuity.

Matthew Lee，Canaccord Genuity。

Maybe just one for Erica on the mortgage front. Most borrowers seem to be entering renewals and pretty healthy equity positions. Rates are stabilizing a bit. So is that changing how clients are shopping for products more towards fixed rate stability or variable rate optionality? And then how does that inform your product mix outlook for NIM and strategy for mortgage retention over the next couple of years?

或許只需要給艾麗卡一份房貸的建議。大多數借款人似乎都在進行續約，並且擁有相當健康的股權狀況。利率正在逐漸穩定下來。那麼，這是否意味著客戶的購買方式正在改變，他們更傾向於固定利率的穩定性，還是更傾向於浮動利率的選擇？那麼，這又將如何影響您未來幾年的淨利差產品組合預期以及抵押貸款保留策略呢？

Yeah. Thanks for the question. Certainly, as the business goes onto the books. We see different dynamics in the fixed and variable rate businesses. So if you look at -- if you look at the acquisition pool, we see more variable rate acquisition than fixed rate acquisition at this moment in time.

是的。謝謝你的提問。當然，隨著業務進入帳簿，情況就會如此。我們看到固定利率和浮動利率業務呈現不同的動態。所以，如果你看一下收購池，我們會發現目前浮動利率收購比固定利率收購多。

But if you wind the clock back a few months that was -- that actually had shifted and was the inverse of that. I think it has more to do on clients' expectations of where rates are going to be and where Bank of Canada is relative to the value of the variable rate mortgage at this time.

但如果你把時間倒回幾個月前，情況實際上已經發生了變化，與之前的情況正好相反。我認為這更取決於客戶對利率走勢的預期，以及加拿大央行目前對浮動利率抵押貸款價值的看法。

And so I think Canadians now, if you are looking, you're thinking the Bank of Canada has been suggesting that it's in a hold guidance at this point in time. And so variable rates in that time can become more attractive to a client than they were when we were in the up cycle of interest rates.

所以我認為，現在加拿大人如果關注相關報道，就會發現加拿大央行一直在暗示，目前它處於維持貨幣政策指引的階段。因此，在此期間，浮動利率對客戶的吸引力可能比利率上行週期時更大。

And so as we look towards this next year, I don't think that it's necessarily -- we don't really think about it as factoring into how we impacting the revenue generation of that business or the potential because the oscillation gets guided by the client and their expectations for what either fixed or variable rates are going to do over the year. So I think we remain confident that the products are priced properly to hit the demand of the client over the next year and so that's the expectation as we think about the guidance for mortgages in the next year.

因此，展望明年，我認為它不一定——我們並沒有真正考慮它如何影響該業務的收入或潛力，因為波動是由客戶及其對固定利率或浮動利率在一年內走勢的預期所引導的。因此，我認為我們仍然有信心，這些產品的定價是合理的，能夠滿足客戶未來一年的需求，這也是我們在考慮明年抵押貸款指導方針時的預期。

Mario Mendonca, TD Securities.

馬裡奧門東卡，道明證券。

Your early comments, I think you referred -- someone referred to the second half of the year 2026 that fee income could be affected by the changes in the budget. Now I'm familiar with what was said in the budget, but I'm not really clear on what fees you'd be referring to here? Is it card fees, deposit fees, FX fees? Could you help me think through what you're referring to there?

我想你之前的評論指的是——有人提到 2026 年下半年費用收入可能會受到預算變化的影響。現在我了解了預算案中的內容，但我不太清楚您在這裡指的是哪些費用？是信用卡手續費、存款手續費還是外匯手續費？你能幫我理清一下你指的是什麼嗎？

Yes. Certainly, it's Erica. Just following up on a question on the bank fees. So certainly, as we go through the back half of this year, we do have the NSF fee reduction that occurs at late in the second quarter of the year that will come to full run rate as we go through the back half of the year and then into 2027.

是的。沒錯，就是艾麗卡。關於銀行手續費的問題，我再補充一下。所以可以肯定的是，在今年下半年，我們將迎來 NSF 費用減免，該減免將於今年第二季末開始，並在今年下半年以及 2027 年恢復到正常水平。

As we commented before, that's largely immaterial. As you think about the guidance, the ability for us to earn through that is there. I will say that bank fees were also a key item related to the most recent budget that came out from the government, and we are working with the government to better understand their expectation on some of the fees that they specifically called out in that budget, but we don't have yet enough guidance on those -- their expectation for changes in those fees to be able to give you any sense of when we would expect that to go into play and whether that you should consider that material.

正如我們之前評論的那樣，這在很大程度上無關緊要。當你思考這些指導時，你會發現我們有能力透過它們來賺錢。我想說的是，銀行手續費也是政府最近公佈的預算案中的一個關鍵項目，我們正在與政府合作，以更好地了解他們對預算案中特別提到的一些費用的預期，但我們目前還沒有足夠的指導意見——他們對這些費用變化的預期，因此我們無法讓你們了解這些變化何時會生效，以及你們是否應該將其視為實質性事項。

Most of the fee reductions that we've had in the portfolio over the last number of years as a bank we've been able to earn through and so we would look to do the same as we consider some of those new potential fee changes.

過去幾年，我們銀行在投資組合中實施的大部分費用減免都讓我們能夠盈利，因此，在考慮一些新的潛在費用變化時，我們也會採取同樣的做法。

Just for clarity, the line item I would focus on there would be the deposit and payment services fees, but not the other, not cards or others. Is that right?

為了說清楚起見，我重點關注的項目是存款和支付服務費，但不包括其他費用，例如信用卡或其他費用。是這樣嗎？

That's correct.

沒錯。

Okay. One other quick question on expenses. I think anybody who's been around the banks would acknowledge that this was an unusual year. It is not normal for any bank to have operating leverage of over 5%, nearly 6% in a given year and especially not a quarter like this month over 8%. So what I'm trying to get at is why?

好的。關於費用方面還有一個小問題。我認為任何在銀行業工作過的人都會承認，今年是不尋常的一年。任何一家銀行的營運槓桿超過 5% 都是不正常的，一年內接近 6% 更是不正常，尤其是像本月這樣在一個季度內超過 8%。所以我想問的是，為什麼？

What was so different about 2025? Was it the mix of business? I mean, is AI starting to have an effect on expense growth? Why was this such an unusual year from an operating leverage perspective?

2025 年究竟有何不同？是業務組合的問題嗎？我的意思是，人工智慧是否開始對支出成長產生影響？從經營槓桿的角度來看，為什麼今年如此不尋常？

Hi, Mario, it's a great question. A couple of things that have really underpinned that high operating leverage. As you've called out, it has been quite a year where every business has performed very well. We've seen the market appreciation we've seen constructive markets for capital markets. And so part of it is that mix that's coming through.

嗨，馬裡奧，這是一個很好的問題。有幾個因素真正支撐了這種高經營槓桿。正如你所指出的，今年是各行各業都表現非常出色的一年。我們已經看到了市場升值，我們看到了資本市場的建設性發展。所以，其中一部分原因就在於這種混合效果。

Another part of it is the HSBC synergies that's coming through, and we're seeing that predominantly in Commercial and Personal Banking, but also in capital markets, as well as in wealth management as well. And then the other -- I guess, maybe another element to the mix, just to call out, is what we've seen on the NIM front. So from a deposit perspective, we've been seeing throughout that year, shift of GICs into non-term. So that's also been definitely positive to our top line and then positive to operating leverage as well.

另一部分是匯豐銀行正在展現的綜效，我們主要在商業銀行和個人銀行業務中看到了這種效應，但在資本市場以及財富管理方面也有所體現。然後還有一點——我想，或許可以提一下，那就是我們在 NIM 方面看到的情況。因此，從存款的角度來看，我們在這一年中一直看到 GIC 向無期限存款的轉變。所以，這無疑對我們的營收和經營槓桿都產生了正面影響。

But is the paradigm still 1% to 2% is normal for a bank -- is that still an appropriate benchmark I should use going forward?

但是，對於銀行來說，1% 到 2% 仍然是正常的標準嗎？這仍然是我今後應該使用的合適基準嗎？

I was just going to say that, that is our guidance for next year. It's a positive outlet for the organization going forward. And then for -- in particular, commercial and personal banking, guiding to still remain in that 1% to 2% going forward.

我正要說的是，這就是我們明年的指導方針。這對組織未來的發展來說是一個積極的途徑。然後，特別是商業和個人銀行業務，預計未來仍將保持在 1% 到 2% 的水平。

Sohrab Movahedi, BMO.

Sohrab Movahedi，BMO。

Really appreciate you squeezing me one more time. Katherine, lots of good outlook commentary. Can I get a sense of what you think would be a reasonable RWA growth for the bank in totality next year?

非常感謝你再次捏了我一下。凱瑟琳，你有很多很好的展望性評論。能否請您估算一下，您認為明年該銀行整體的合理風險加權資產成長率應該是多少？

I would guide you for RWA to be in line with the guidance that I had noted on loans. And so just quickly going back over that, like mortgages was low to mid on the commercial side, it was mix high volume growth. And then capital markets or wholesale say moderate growth going forward. So you can look to that guidance to underpin what you can expense expect us for RWA growth going forward.

我會指導您如何使RWA（風險加權資產）與我之前提到的貸款指導原則保持一致。所以簡單回顧一下，抵押貸款方面，商業方面成長速度處於低到中等水平，混合型業務成長速度很快。然後資本市場或批發市場則表示，未來將維持溫和成長。因此，您可以參考該指南來了解未來 RWA 成長的預期費用。

So no reason why RWA growth may be higher than loan growth?

所以，沒有理由解釋為什麼RWA成長速度可能高於貸款成長率？

No.

不。

Okay. I think that's the end of our questions in the queue. This is Dave, so I'll just quickly close here and really appreciate all the time you spent with us and the questions this morning. I take the lack of questions on the quarter to mean that as we feel it was an outstanding quarter, and we performed well across our businesses.

好的。我想我們的問題就到此為止了。我是戴夫，我就簡單結束今天的節目了，非常感謝大家今天早上抽出時間與我們交流並提出問題。我認為，大家沒有就本季提出任何問題，這意味著我們認為這是一個非常出色的季度，我們各個業務部門都表現出色。

We provided a lot of guidance going forward more than we normally provide. I think we appreciate all the questions around trying to see where the ambition for that guidance was you have a team that has outperformed and wants to continue to outperform. And I think you can face that in the philosophy that we set targets that we want to beat and want to outperform on we have confidence in the future that this is a growth story. This is a capital efficiency story. This is an outstanding franchise with great client segments that will continue to perform.

我們為未來的發展提供了比以往更多的指導。我認為我們很感謝大家提出的所有問題，試圖了解該指導方針的目標是什麼。你們擁有一支表現優異且希望繼續保持優異表現的團隊。我認為，秉持著這樣的理念，我們設定目標，力求超越，並對未來充滿信心，相信這是一個成長的故事。這是一個關於資本效率的故事。這是一個非常優秀的特許經營品牌，擁有優質的客戶群，未來業績將繼續保持成長。

So I really appreciate your time. Your extended time this morning. Thank you for your questions. Have a great holiday season, and we'll see you in the new year. Thank you.

非常感謝您抽出時間。今天早上您有額外的空閒時間。感謝您的提問。祝您假期愉快，新年再見！謝謝。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。