Royal Bank of Canada (RY) 2026 Q2 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to the RBC's 2026 second quarter results conference call. Please be advised that this call is being recorded. (Operator Instructions)

各位女士、先生，早安。歡迎參加加拿大皇家銀行（RBC）2026 年第二季業績電話會議。請注意，本次通話將被錄音。(接線員指示)

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

現在我想把會議交給 Asim Imran。請開始。

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; and Neil McLaughlin, Group Head Wealth Management; and Derek Neldner, Group Head Capital Markets.

謝謝，各位早安。今天發言的有：總裁兼執行長 Dave McKay；財務長 Katherine Gibson；以及風險長 Graeme Hepworth。另外，今天也加入回答各位提問的有：個人銀行事業群主管 Erica Nielsen；商業銀行事業群主管 Sean Amato-Gauci；財富管理事業群主管 Neil McLaughlin；以及資本市場事業群主管 Derek Neldner。

As noted on Slide 2, 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. (Operator Instructions) With that, I'll turn it over to Dave.

如投影片 2 所示，我們的評論可能包含前瞻性陳述，這些陳述涉及假設，並具有內在風險與不確定性。實際結果可能出現重大差異。我也提醒各位聽眾，本行以「報告基礎」與「調整後基礎」評估績效，並認為兩者皆有助於評估核心業務表現。(接線員指示) 接下來我把時間交給 Dave。

Thanks, Asim, and good morning, everyone, and thank you for joining us. Today we reported earnings of $5.5 billion and adjusted earnings of $5.6 billion, our second highest quarterly performance on record. As you'll see on Slide 4, pre-provision pretax earnings were up 15% from last year, benefiting from strong revenue growth of 11% and all bank operating leverage of over 3%.

謝謝你，Asim，各位早安，也感謝各位加入我們。今天我們公布的淨利為 55 億美元，調整後淨利為 56 億美元，為我們歷來第二高的單季表現。如投影片 4 所示，提列備抵前稅前盈餘較去年成長 15%，受惠於 11% 的強勁營收成長，以及全行超過 3% 的營運槓桿。

Our performance this quarter delivered a 17.2% return on equity on the foundation of a robust 13.5% common equity Tier 1 ratio. These results were underpinned by the strength of our diversified business model benefiting from both a constructive environment for our market-related businesses and operating scale in our Canadian Personal Banking and Commercial Banking segments.

本季表現帶來 17.2% 的股東權益報酬率（ROE），並建立在穩健的 13.5% 普通股權第一類資本比率（CET1）基礎之上。這些結果反映我們多元化商業模式的優勢：一方面市場相關業務處於有利環境，另一方面加拿大個人銀行與商業銀行部門具備營運規模優勢。

Capital Markets reported record net income reflecting strong performance in both Global Markets and Investment Banking. Wealth Management continued to report strong results across our North American advisory and asset management businesses. Personal Banking results were driven by an operating leverage of 3% and growth of in-money balances. Commercial Banking generated an ROE of over 17%.

資本市場業務淨利創新高，反映全球市場與投資銀行兩者皆表現強勁。財富管理在北美的顧問與資產管理業務持續繳出亮眼成績。個人銀行的成果主要來自 3% 的營運槓桿以及具利差優勢（in-money）餘額的成長。商業銀行的 ROE 超過 17%。

Moving to Slide 5, starting with Capital Markets, where Global Investment Banking improved their last 12-month market share to over 2% as we saw record levels of fee-based revenue from strong M&A advisory activity as well as debt and equity origination. In Global Markets, our ongoing investments in talent and technology are strengthening our equities franchise, which also reported record revenue this quarter. Our strong FICC franchise also reported solid results.

接著看投影片 5，先從資本市場談起：全球投資銀行在過去 12 個月的市占率提升至 2% 以上；我們在併購（M&A）顧問活動強勁，以及債券與股票承銷發行帶動下，手續費型收入創下紀錄水準。在全球市場方面，我們持續投資人才與科技，強化股票業務平台，本季股票業務營收亦創新高。我們強勁的 FICC（固定收益、外匯與商品）平台也繳出穩健表現。

We also saw solid growth in our financing transaction banking businesses as we continue to support our clients' growth aspirations. With the leading Canadian franchise as well as the a 10 ranked global business, we are in a great position to support and grow alongside key macro trends, including AI, energy, digital infrastructure and aerospace and defense around the world.

我們也看到融資與交易銀行業務穩健成長，持續支持客戶的成長願景。憑藉加拿大領先的業務平台，以及全球排名第 10 的業務規模，我們具備絕佳定位，可在多項關鍵宏觀趨勢中與客戶共同成長並擴張，包括全球的 AI、能源、數位基礎建設，以及航太與國防。

In AI and related infrastructure, we advised CPPIB on its US $4.2 billion acquisition of atNorth, a Pan-Nordic data center operator, as well as acted as joint active book runner on Alphabet's $8.5 billion inaugural Maple senior unsecured notes offering, the largest bond offering ever in the Canadian market. In the energy space, RBC acted as an exclusive financial advisor to ARC Resources on their sale agreement with Shell in a transaction valued at $22 billion. In the United States, RBC acted as joint lead book runner to Fervo Energy on their recent $2.2 billion IPO.

在 AI 及相關基礎建設方面，我們就 CPPIB 以 42 億美元收購泛北歐資料中心營運商 atNorth 提供顧問服務；同時也擔任 Alphabet 85 億美元首次 Maple 優先無擔保票據發行的聯合主辦簿記行，該案為加拿大市場史上最大規模的債券發行。在能源領域，RBC 擔任 ARC Resources 與 Shell 簽署出售協議的獨家財務顧問，交易價值 220 億美元。在美國，RBC 擔任 Fervo Energy 近期 22 億美元 IPO 的聯合主辦簿記行。

Wealth Management continued to drive strong performance in a volatile environment. Clients are coming to us for trusted advice as they move money back into investments across our distribution network, including our full-service Dominion Securities and PH&N Investment Council channels as well as through our Personal Banking network.

財富管理在波動環境中持續推動強勁表現。當客戶透過我們的通路網路把資金重新投入投資時，他們會來找我們尋求值得信賴的建議；通路包括我們的全方位服務 Dominion Securities 與 PH&N Investment Council 管道，以及個人銀行通路。

Our leading Canadian Wealth Management business with assets under administration of over $1 trillion benefited from both market appreciation as well as $10 billion in net new assets this quarter. US wealth management AUA of nearly USD 800 billion included USD 5 billion in net new assets this quarter and over USD 2 billion in recruited assets benefiting from our continued advisor recruitment. Furthermore, credit and lending balances were up 16% from last year, reflecting growing demand from US clients for our full-service capabilities.

我們在加拿大領先的財富管理業務，管理資產（AUA）超過 1 兆美元，受惠於市場上漲以及本季 100 億美元的淨新增資產。美國財富管理的 AUA 接近 8,000 億美元，其中本季淨新增資產 50 億美元，另有超過 20 億美元的招募顧問帶入資產，受惠於我們持續招募理財顧問。此外，信貸與放款餘額較去年成長 16%，反映美國客戶對我們全方位服務能力的需求增加。

Loan growth in City National was also strong, up 9% year-over-year in US dollars. RBC Global Asset Management assets under management, surpassed $800 billion this quarter, benefiting from leading mutual fund net sales as we continue to capture money-in-motion in our Canadian retail channels amidst changing client preferences.

City National 的放款成長同樣強勁，以美元計年增 9%。RBC Global Asset Management 的資產管理規模（AUM）本季突破 8,000 億美元，受惠於共同基金淨銷售領先；在客戶偏好改變之際，我們持續在加拿大零售通路掌握資金流動（money-in-motion）。

In this context, the combined Personal Banking Canada average deposits and AUA were up 5% or $34 billion year-over-year, with spot Personal Banking AUA surpassing $300 billion for the first time. We maintained very high retention rates as clients moved between deposits and investments. As always, we're guided by doing what we think is right for them given interest rate and equity market conditions.

在此背景下，加拿大個人銀行的平均存款與 AUA 合計年增 5%（或 340 億美元），其中個人銀行即期 AUA 首次突破 3,000 億美元。當客戶在存款與投資之間轉換時，我們維持非常高的留存率。一如既往，我們會依利率與股市狀況，以我們認為對客戶最合適的方式提供服務。

Mortgage growth continued to be impacted by macro uncertainty and moderating house prices, with funded volumes largely driven by an increase in switch activity. Importantly, approximately 90% of home equity balances had a multiproduct relationship.

房貸成長仍受宏觀不確定性與房價趨緩影響，撥款量主要由轉貸（switch）活動增加所帶動。重要的是，約 90% 的房屋淨值（home equity）餘額與本行存在多產品往來關係。

Commercial Banking growth remains resilient despite facing two structural demand headwinds with Ontario seeing the greatest impact. Firstly, tariff-driven uncertainty is having a disproportionate impact on the growth in trade-exposed sectors such as supply chain. Secondly, we continue to see moderating demand in commercial real estate, particularly in condo development.

商業銀行成長在面臨兩項結構性需求逆風下仍具韌性，其中安大略省受影響最大。第一，關稅所驅動的不確定性，對供應鏈等貿易曝險產業的成長造成不成比例的衝擊。第二，我們持續看到商用不動產需求降溫，特別是在公寓（condo）開發領域。

Nonetheless, we have delivered 12 consecutive quarters of market share capture in lending balances as of last quarter. We are seeing growth in health care and other service-oriented sectors and regions such as the Prairies. We are also beginning to see increased FX and cash management-related activity.

儘管如此，截至上季，我們在放款餘額方面已連續 12 個季度擴大市占。我們看到醫療保健與其他服務導向產業，以及草原省份等地區出現成長。我們也開始看到外匯（FX）與現金管理相關活動增加。

I'll now shift to the macro environment. We are operating in a world of competing signals. Equity markets are hitting record highs, driven in part by expectations of rising corporate profits and an AI-enabled future. At the same time, bond yields tell a different story, reflecting the risk of monetary tightening as inflation pressures build from both the direct and indirect impacts of the energy shock.

接下來我將轉向宏觀環境。我們正處於一個訊號相互競逐的世界。股市在創新高，部分由企業獲利上升預期與 AI 驅動的未來所帶動。同時，債券殖利率傳遞出不同訊息，反映在能源衝擊的直接與間接影響下，通膨壓力升溫所帶來的貨幣緊縮風險。

Throughout this period of volatility, the Canadian economy has remained resilient with annualized GDP growth tracking at 1.7% in Q1 2026. Core inflation, excluding energy, has stayed broadly stable and our own card spending data shows consumers are still spending in service-related sectors despite the energy disruption.

在這段波動期間，加拿大經濟仍展現韌性，2026 年第一季年化 GDP 成長率約為 1.7%。剔除能源後的核心通膨大致維持穩定，而我們自身的刷卡消費數據顯示，儘管能源受擾，消費者在服務相關領域的支出仍然持續。

So far, weakness in tariff-exposed sectors has not spread to the broader economy, with growth seen in several sectors, including energy and agriculture. However, uncertainty remains elevated. The near-term outlook for Canada hinges on how CUSMA negotiations unfold and how long the Middle East conflict persists with impacts yet to be fully felt on input costs. The outcome of these factors will have implications for client demand, supply chain stability and the direction of monetary policy.

截至目前，關稅曝險產業的疲弱尚未擴散至整體經濟，多個產業仍見成長，包括能源與農業。然而，不確定性仍然偏高。加拿大短期展望取決於《美墨加協定》（CUSMA）談判的進展，以及中東衝突將持續多久；其對投入成本的影響仍未完全顯現。這些因素的結果將影響客戶需求、供應鏈穩定性，以及貨幣政策的走向。

Looking further out, there are emerging opportunities that are creating optimism. We believe the resolution of CUSMA uncertainty, new trading relationships and the advancement of major nation-building projects can meaningfully expand the Canadian economic ecosystem, creating a multiplier effect over the near to medium term.

展望更長遠的未來，正浮現出一些新興機會，帶來樂觀情緒。我們相信，CUSMA 不確定性的消除、新的貿易關係，以及重大國家建設專案的推進，能在近至中期實質擴大加拿大的經濟生態系，並產生乘數效應。

RBC Research sheds light on enormous opportunity for Canada. The country can become an energy superpower, strengthen its presence in the critical mineral supply chain, expand power infrastructure and build a stronger strategic defense posture. We encourage policymakers and all levels of government to continue to work together to secure Canada's future prosperity.

RBC Research 揭示了加拿大的巨大機會。加拿大可成為能源超級強國，強化其在關鍵礦物供應鏈中的地位，擴充電力基礎設施，並建立更強健的戰略防禦態勢。我們鼓勵政策制定者及各級政府持續攜手合作，以確保加拿大未來的繁榮。

As Canada's largest bank, we're well positioned to support the future, with a strong balance sheet and leading franchises. We’ve backed that commitment with action. We recently announced an Indigenous advisory and finance practice within RBC Capital Markets to help expand access to capital for Indigenous-owned major projects and investments.

作為加拿大最大的銀行，我們憑藉強健的資產負債表與領先的業務平台，具備良好條件支持未來發展。我們以行動落實這項承諾。我們近期在 RBC Capital Markets 宣布成立原住民諮詢與融資業務，協助擴大原住民擁有之重大專案與投資取得資本的管道。

Beyond Canada, global fee pools have maintained their momentum as the macro environment continues to support growing corporate activity and strategic boardroom discussions. Our own investment banking pipeline remains healthy, in part due to our ongoing investments in talent to build bench strength in high priority areas.

在加拿大以外，全球手續費資金池持續保持動能，因為總體環境仍支持企業活動成長與董事會層級的策略討論。我們自身的投資銀行業務案源（pipeline）仍然健康，部分原因在於我們持續投資人才，以在高優先領域建立更強的後備戰力。

Moving to Slide 6. We constantly strive to optimize long-term shareholder value through increased profitability, client-driven growth and returning capital to shareholders. We have increased our return on assets to approximately 90 basis points by executing against key strategic initiatives.

接著看第 6 張投影片。我們持續致力於透過提升獲利能力、以客戶為導向的成長，以及向股東返還資本，來最佳化長期股東價值。透過落實關鍵策略性舉措，我們已將資產報酬率提升至約 90 個基點。

We have increased our revenue productivity through our diversified fee-based businesses and by leveraging our technology and operational scale to improve cost efficiency, all while continuing to grow our businesses.

我們透過多元化的手續費型業務提升營收生產力，並運用科技與營運規模改善成本效率，同時持續推動各項業務成長。

We have improved our US region efficiency ratio from 83% in 2024 to 75% this quarter. We continue to make significant progress in bringing together our strong US franchises as we drive towards our target of a regional efficiency ratio in the low 70s. We're also committed to our bold ambitions when it comes to generating $700 million to $1 billion in enterprise value from AI.

我們已將美國區域效率比率從 2024 年的 83% 改善至本季的 75%。在整合我們強大的美國業務平台方面，我們持續取得顯著進展，並朝著區域效率比率落在 70% 出頭的目標邁進。在透過 AI 創造 7 億至 10 億美元企業價值方面，我們也致力於實現我們的大膽願景。

We've developed over 200 leading-edge AI models, rethinking how we operate, streamliningworkflows and delivering more hyper-personalized client experiences by leveraging our proprietary ATOM foundation model and our increasing data scale within our Lumina platform.

我們已開發超過 200 個前沿 AI 模型，重新思考我們的營運方式、精簡工作流程，並透過我們自有的 ATOM 基礎模型，以及在 Lumina 平台上持續擴大的資料規模，提供更高度個人化的客戶體驗。

Since fiscal 2025, LLM token usage has increased by over 500%, reflecting the speed at which AI is being integrated into daily workflows and critical business processes. Our digital assistant uses AI for intent detection and orchestration, navigating clients to digital capabilities or the best advisor across the network, allowing our people to focus on deepening client relationships.

自 2025 財政年度以來，LLM token 使用量已增加逾 500%，反映 AI 正以極快速度被整合進日常工作流程與關鍵業務流程。我們的數位助理運用 AI 進行意圖辨識與流程編排，引導客戶使用數位功能或連結至全網路中最合適的顧問，使我們的人員能專注於深化客戶關係。

We have also deployed AI to deliver significant time savings. An AI-powered search of policy and procedure articles to advisors is processing approximately 2 million searches per month. In Commercial Banking, our clients' financials are being ingested and spread using AI.

我們也部署 AI 以帶來顯著的時間節省。提供給顧問的 AI 驅動政策與程序文章搜尋，每月處理約 200 萬次搜尋。在商業銀行業務方面，我們正使用 AI 將客戶財務資料匯入並進行展開（spread）。

AI is also accelerating how we're building our technology platform of the future. To date, AI has contributed to the development of over 24 million lines of code and facilitated over 120,000 code reviews. Given the importance of combining technology with talent, we continue to invest in our people to accelerate client-driven, profitable growth opportunities, which remains our priority.

AI 也正在加速我們打造未來科技平台的方式。截至目前，AI 已貢獻超過 2,400 萬行程式碼的開發，並促成超過 120,000 次程式碼審查。鑑於結合科技與人才的重要性，我們持續投資於員工，以加速以客戶為導向、具獲利性的成長機會，這仍是我們的優先事項。

We are hiring senior talent in key sectors in capital markets, growing our advisor base across our North American and wealth advisory businesses while adding relationship managers across our Commercial Banking businesses in Canada and City National Bank.

我們正在資本市場的關鍵產業領域招募資深人才，擴大北美與財富顧問業務的顧問團隊，同時在加拿大的商業銀行業務與 City National Bank 增聘客戶關係經理。

Beyond these strategic investments, we remain committed to returning capital to shareholders in a balanced way. Our total payout ratio has increased from 51% in 2024 to 65% in the first half of 2026. This morning, we increased our dividend by $0.12 from last quarter, a 14% increase year-over-year as we look to drive our dividend payout ratio towards the midpoint of our 40% to 50% medium-term objective.

除上述策略性投資外，我們仍致力於以均衡方式向股東返還資本。我們的總派息率已從 2024 年的 51% 提升至 2026 年上半年的 65%。今天早上，我們將股利較上季提高 0.12 美元，年增 14%，並將股利派息率推向我們中期目標 40% 至 50% 的中點。

Buybacks remain an important avenue for returning capital to shareholders. We increased our buybacks to 7 million shares this quarter at an annualized pace of 2% of our common shares outstanding. Furthermore, we announced our intention this morning subject to relevant stock exchange and regulatory approvals to commence a normal course issuer bid to repurchase for cancellation up to 45 million common shares.

庫藏股回購仍是向股東返還資本的重要途徑。本季我們將回購提高至 700 萬股，按年化計算約為流通普通股的 2%。此外，今天早上我們宣布，待相關證券交易所及監管機構核准後，擬啟動一般性發行人回購（NCIB），回購並註銷最多 4,500 萬股普通股。

We plan to continue buying back our shares as we believe their intrinsic value remains higher than current valuations given the opportunities to improve both profitability and growth while maintaining a strong balance sheet in an uncertain environment.

我們計畫持續回購自家股票，因為在不確定的環境下，考量到提升獲利與成長的機會，同時維持強健的資產負債表，我們認為其內在價值仍高於目前估值。

However, we remain disciplined and will look to optimize not only ROE and EPS growth but also the compounding of our book value per share growth, which is also an important driver of long-term shareholder value.

然而，我們仍將保持紀律，並致力於最佳化的不僅是 ROE 與 EPS 成長，也包括每股帳面價值成長的複利累積，這同樣是長期股東價值的重要驅動因素。

And with that, Katherine, over to you.

接下來，Katherine，交給你。

Thanks, Dave, and good morning, everyone. Starting with Slide 8. This quarter, we reported strong results with diluted earnings per share of $3.85. Adjusted diluted earnings per share of $3.90 was up 25% from last year, reflecting solid revenue growth and all bank operating leverage of 2%. FX trends, including US dollar weakness, reduced earnings by $85 million from last year, and earnings were sequentially impacted buy 3 fewer days this quarter.

謝謝你，Dave，大家早安。先從第 8 張投影片開始。本季我們公布強勁業績，稀釋後每股盈餘為 3.85 美元。調整後稀釋每股盈餘 3.90 美元，較去年成長 25%，反映穩健的營收成長，以及全行營運槓桿為 2%。外匯走勢（包括美元走弱）使盈餘較去年減少 8,500 萬美元，且本季因少了 3 個營業日，盈餘亦受到連續期間的影響。

Turning to capital on Slide 9. The CET1 ratio of 13.5% was down 20 basis points from last quarter. Our strong ROE of 17.2% was underpinned by 75 basis points of internal capital generation this quarter. Net of both dividends and client-driven RWA growth, we generated 23 basis points of capital, which was mostly offset by repurchases of 7.4 million shares, for approximately $1.7 billion. Retail parameter changes, which we guided to in Q1, and the impact of market movements on OCI balances also had a modest negative impact.

接著看第 9 張投影片的資本。CET1 比率為 13.5%，較上季下降 20 個基點。本季強勁的 ROE（17.2%）主要由 75 個基點的內生資本生成所支撐。在扣除股利與以客戶驅動的 RWA 成長後，我們產生 23 個基點的資本，惟其中大部分被回購 740 萬股（約 17 億美元）所抵銷。我們在第一季已提供指引的零售參數變更，以及市場波動對 OCI 餘額的影響，也帶來小幅負面影響。

Moving to Slide 10. All bank net interest income was up 6% from last year, reflecting volume growth and higher spreads. This was partly offset by lower purchase price adjustments, or PPA, related to the acquisition of HSBC Canada.

接著看第 10 張投影片。全行淨利息收入較去年成長 6%，反映業務量成長與利差擴大。但部分被較低的購買價格調整（PPA）所抵銷，該 PPA 與收購 HSBC Canada 相關。

All bank net interest margin was up 3 basis points from last quarter. All bank NIM, excluding trading revenue, was down 2 basis points sequentially, including the impact of lower lending spreads in Capital Markets, which partly reflects [the impacts of a shift in business mix, including](added by company after the call) a shift toward investment-grade loans.

全行淨利息利差較上季上升 3 個基點。若排除交易收入，全行 NIM 連續期間下降 2 個基點，其中包括資本市場放款利差下降的影響，這部分反映了[業務組合變動的影響，包括](公司於電話會議後補充)轉向投資等級貸款。

As a reminder, the cost of funding of certain transactions, particularly in Capital Markets, is recorded in interest expense, while related revenue is recorded in other noninterest income. This was particularly evident on a year-over-year basis this quarter.

提醒一下，某些交易（特別是在資本市場）的資金成本會記錄在利息費用中，而相關收入則記錄在其他非利息收入中。本季在年對年比較上，這一點特別明顯。

Canadian Banking NIM was flat relative to last quarter, including a 4 basis point impact from lower HSBC Canada acquisition-related PPA and increased competitive pricing pressures for term deposits. These were offset by continued benefits from our structural hedges and seasonally higher spreads within our lending portfolio, which in the past has included items such as higher credit card revolve rates.

加拿大銀行業務 NIM 與上季持平，其中包括因 HSBC Canada 收購相關 PPA 較低而帶來的 4 個基點影響，以及定期存款競爭性定價壓力上升。上述影響被我們結構性避險的持續效益，以及放款組合中季節性較高的利差所抵銷；過去這也包括例如信用卡循環餘額利率較高等項目。

Moving to Slide 11. Reported noninterest expense was up 8% from last year. Adjusted expense growth was 9%, of which approximately half was driven by higher variable compensation consistent with higher revenues in Wealth Management and Capital Markets.

接著看第 11 張投影片。申報的非利息費用較去年增加 8%。調整後費用成長為 9%，其中約一半來自較高的變動薪酬，與財富管理與資本市場較高的收入相一致。

The remainder of the increase was largely driven by a combination of growth-related initiatives, including higher salaries and other staff-related costs, as well as ongoing technology initiatives, marketing and business development. Legal provisions of $84 million in corporate support also contributed to the increase.

其餘增幅主要由多項與成長相關的計畫所帶動，包括較高的薪資與其他員工相關成本，以及持續的科技計畫、行銷與業務拓展。企業支援項下 8,400 萬美元的法律準備金亦促成了費用增加。

Our adjusted all-bank operating leverage of 2% helped lower our all-bank adjusted efficiency ratio by 1 percentage point from last year, as we continue to focus on expense discipline. This includes optimizing our multichannel distribution network and leveraging both digital and AI-driven initiatives across multiple workflows and businesses. Moving to taxes. As per our guidance, the adjusted non-TEB effective tax rate of 22.5% largely reflected changes in earnings mix.

我們全行調整後營運槓桿為 2%，在我們持續專注於費用紀律之下，協助全行調整後效率比率較去年下降 1 個百分點。這包括最佳化我們的多通路分銷網路，並在多個工作流程與業務中運用數位化及 AI 驅動的計畫。接著談稅務。依照我們的指引，調整後（非 TEB）有效稅率 22.5% 主要反映獲利組合的變化。

I'll now turn to our Q2 segment results beginning on Slide 12. Personal Banking reported strong earnings of $1.9 billion this quarter. Net income in Personal Banking Canada was up 18% from last year. Revenue growth was 6%, benefiting from the strength of our leading scale in money and franchise, as client balances shifted between core banking accounts, term deposits and our diverse investment offerings, including within our Wealth Management business.

我現在將從第 12 張投影片開始說明我們第二季各業務分部的結果。個人金融本季繳出強勁獲利 19 億美元。加拿大個人金融的淨利較去年增加 18%。營收成長 6%，受惠於我們在存款與客戶基礎方面的領先規模優勢；隨著客戶餘額在核心銀行帳戶、定期存款與我們多元的投資產品（包括財富管理業務內的產品）之間移轉。

Net interest income was up 6% from last year, reflecting solid average volume growth and higher margins. Noninterest income was up 5% from last year, reflecting double-digit growth in mutual fund revenue, partly offset by lower service charges, including impacts from regulatory changes we guided to in Q1. Volatility in card service revenue also impacted the quarter. Operating leverage was strong, 4%, benefiting from continued expense management.

淨利息收入較去年增加 6%，反映穩健的平均量成長與較高的利差。非利息收入較去年增加 5%，反映共同基金收入呈現雙位數成長，但部分被較低的服務費所抵銷，其中包括我們在第一季指引中提及的監管變動影響。卡片服務收入的波動亦影響本季表現。營運槓桿表現強勁，達 4%，受惠於持續的費用管理。

Turning to Slide 13. Commercial Banking reported strong net income of $854 million, up 43% from last year, which included elevated PCL on both performing and impaired loans. Pre-provision pretax earnings were up 5% from last year, driven by higher net interest income growth, reflecting higher volumes and a favorable deposit mix as well as higher margins.

接著看第 13 張投影片。商業金融淨利為 8.54 億美元，較去年增加 43%，其中包含對正常與減值貸款皆偏高的 PCL（信用損失準備）。提列前稅前獲利較去年增加 5%，主要由較高的淨利息收入成長所帶動，反映更高的業務量、較有利的存款組合以及較高的利差。

Deposits increased 3% from last year and flat sequentially, largely driven by higher non-maturity deposits despite seasonally higher tax payment activity by our clients. Amidst continued tariff-related uncertainties, loans were up 3% from last year or 1% sequentially.

存款較去年增加 3%，與前一季持平，主要由較高的非到期存款所帶動，儘管客戶因季節性較高的稅款支付活動而有所影響。在關稅相關不確定性持續之際，貸款較去年增加 3%，或較前一季增加 1%。

Turning to Wealth Management on Slide 14. Net income of $1.2 billion was up 28% from last year, reflecting strong revenue growth. Noninterest income was up 10%, reflecting higher fee-based client assets driven by market appreciation, particularly in North American equity markets, and net new asset growth. In RBC Global Asset Management, we continue to see positive retail net sales with $5.2 billion in long-term retail, largely distributed across equity and balanced mandates. This was partly offset by outflows in institutional mandates, which can be lumpy in nature.

接著看第 14 張投影片的財富管理。淨利 12 億美元，較去年增加 28%，反映強勁的營收成長。非利息收入增加 10%，反映以費用為基礎的客戶資產增加，主要由市場上漲所帶動，尤其是北美股票市場，以及淨新增資產成長。在 RBC 全球資產管理方面，我們持續看到零售端淨銷售為正，長期零售淨銷售達 52 億美元，主要分布於股票與平衡型委託。但部分被機構委託的資金流出所抵銷，而此類流出通常具有不規則性。

Transaction revenue, reflecting increased client activity in Canadian Wealth Management also contributed to the increase. Net interest income was up 10% from last year, benefiting from higher spreads, reflecting higher mortgage roll-on rates and loan growth in US Wealth Management, including City National Bank. Canadian Wealth Management also contributed to the increase, reflecting deposit growth.

交易收入亦有所貢獻，反映加拿大財富管理客戶活動增加。淨利息收入較去年增加 10%，受惠於較高的利差，反映較高的房貸續作利率，以及美國財富管理（包括 City National Bank）的貸款成長。加拿大財富管理亦因存款成長而對增幅有所貢獻。

Turning to our Capital Markets results on Slide 15. Record net income of $1.5 billion increased 23% from last year, underpinning a strong ROE of 14.8% and an efficiency ratio of 53.2%. Strong pre-provision pretax earnings of $1.8 billion was up 30% from last year, reflecting strong revenue growth. Global Markets revenue was up 16% from last year, reflecting continued momentum in cash equities and derivatives and a rebound in credit trading from a challenging market backdrop last year. This was partly offset by market headwinds for rates trading in Europe this quarter.

接著看第 15 張投影片的資本市場結果。創紀錄的淨利 15 億美元，較去年增加 23%，支撐強勁的 ROE（股東權益報酬率）14.8% 與效率比率 53.2%。提列前稅前獲利 18 億美元，較去年增加 30%，反映強勁的營收成長。全球市場營收較去年增加 16%，反映現貨股票與衍生性商品動能延續，以及信用交易自去年艱困市場環境後的回升。但本季歐洲利率交易面臨市場逆風，部分抵銷上述增長。

Corporate and Investment Banking revenue was a record, up 17% from last year. Investment Banking revenue was up 27% from last year and lending and transaction banking revenue was up 10%, driven by higher volumes.

企業與投資銀行營收創新高，較去年增加 17%。投資銀行營收較去年增加 27%，放款與交易銀行營收較去年增加 10%，由較高的業務量所帶動。

Turning to Slide 16. Insurance net income of $218 million was up 3% from last year, reflecting strong insurance investment results from lower funding costs as well as lower expenses. This was partly offset by lower insurance service results on unfavorable claims experience, offset partly by the favorable impact of reinsurance contract recaptures. Premiums and deposits were up 17% from last year, reflecting strong segregated fund and group annuity sales.

接著看第 16 張投影片。保險淨利為 2.18 億美元，較去年增加 3%，反映因資金成本下降而帶來強勁的保險投資結果，以及較低的費用。但部分被保險服務結果下降所抵銷，原因是不利的理賠經驗；其中部分又被再保險合約回收（recaptures）的有利影響所抵銷。保費與存款較去年增加 17%，反映分離帳戶基金與團體年金銷售強勁。

Corporate Support reported a net loss of $102 million. Segment net interest income and expenses represented a modest 2% and 1% of all-bank results, respectively, underscoring our disciplined approach to transfer pricing and expense allocation. We are similarly disciplined when it comes to allocating capital internally, including a 12.1% capital attribution rate to our business segments, which we increased last year. We also allocate the leverage required to each business segment's attributed capital.

企業支援錄得淨損 1.02 億美元。該分部的淨利息收入與費用分別僅占全行結果的 2% 與 1%，凸顯我們在移轉訂價與費用分攤上的紀律作法。在內部資本分配方面我們同樣嚴謹，包括對各業務分部採用 12.1% 的資本歸屬比率（我們於去年提高）。我們也將所需槓桿分配至各業務分部的歸屬資本。

In conclusion, I will now spend a few minutes updating our outlook for the remainder of 2026. We continue to expect that annual all-bank net interest income growth, excluding trading, to be in the mid-single-digit range, including over $250 million of lower PPA benefits. We expect portfolio mortgage spreads to be marginally higher by the end of 2026 as roll-on spreads are expected to be slightly higher than roll-off spreads. However, any changes in competitive intensity could provide headwinds.

總結來說，我接下來將用幾分鐘更新我們對 2026 年剩餘期間的展望。我們仍預期全行年度淨利息收入成長（不含交易）將落在中個位數區間，其中包含超過 2.5 億美元的 PPA（購買價格分攤）效益下降。我們預期到 2026 年底，投資組合房貸利差將小幅提高，因為預期續作利差將略高於到期流失利差。然而，競爭強度的任何變化都可能帶來逆風。

We also maintain our guidance of full year all-bank expense growth in the mid-single-digit range, and positive all-bank operating leverage, including higher variable compensation and costs associated with growth-related initiatives and continued investments in our safety and soundness framework.

我們也維持全年全行費用成長落在中個位數區間的指引，並維持全行正向營運槓桿，其中包括較高的變動薪酬、與成長相關計畫的成本，以及持續投資於我們的安全與穩健框架。

Lastly, given the uncertain environment, we intend to maintain capital levels closer to the higher end of our targeted CET1 range, while returning capital to shareholders through dividends and share buybacks.

最後，鑑於環境不確定，我們打算將資本水準維持在目標 CET1 區間較高端附近，同時透過股利與庫藏股回購向股東返還資本。

With that, I'll now turn it over to Graeme.

接下來我把時間交給 Graeme。

Great. Thank you, Katherine, and good morning, everyone. I will now discuss our allowances in the context of the current macroeconomic environment, evolving geopolitical tensions and ongoing trade uncertainty.

好的。謝謝你，Katherine，各位早安。我接下來將在目前的總體經濟環境、地緣政治緊張局勢的演變，以及持續的貿易不確定性背景下，說明我們的備抵（allowances）。

As Dave noted earlier, while North American economies continue to show resilience, we are also seeing soft underlying conditions with geopolitical risks and trade uncertainties pushing inflation and interest rate risks higher, and posing potential headwinds to growth. Currently, our Canadian GDP growth and unemployment rate base case forecasts are a little changed from last quarter. However, the base case is conditional on the conflict in the Middle East being resolved in the near term and the core of CUSMA largely remaining intact.

如同 Dave 先前提到的，儘管北美經濟持續展現韌性，我們也看到基本面偏弱的情況；地緣政治風險與貿易不確定性推升通膨與利率風險，並對成長構成潛在逆風。目前，我們對加拿大 GDP 成長與失業率的基準情境預測，與上季相比變動不大。然而，基準情境的前提是中東衝突能在短期內解決，且 CUSMA 的核心內容大致維持完整。

While our base case outlook remains cautiously optimistic, the uncertainty around our forecast has increased. As a result, we have incorporated a modest amount of additional severity into our downside macroeconomic scenarios. Furthermore, consistent with the last four quarters, we have also retained elevated weightings to our downside scenarios. These scenarios incorporate potential impacts from inflationary and geopolitical headwinds.

雖然我們的基本情境展望仍維持審慎樂觀，但圍繞我們預測的不確定性已增加。因此，我們在下行情境的總體經濟假設中納入了適度增加的嚴重程度。此外，與過去四個季度一致，我們也保留了對下行情境較高的權重配置。這些情境納入了通膨與地緣政治逆風可能帶來的影響。

Turning to Slide 18. We took a total of $18 million or 1 basis point of provisions on performing loans this quarter. This was driven by unfavorable macroeconomic impacts, which were partially offset by changes in credit quality and updates to our retail models.

接著看第18頁。本季我們對表現正常的貸款共提列1,800萬美元（或1個基點）的備抵。此主要由不利的總體經濟影響所致，但部分被信用品質變化以及我們零售模型更新所抵銷。

Moving to Slide 19. Gross impaired loans of $9.8 billion increased by $623 million or 4 basis points from last quarter, primarily driven by Capital Markets and Wealth Management. In Capital Markets, impaired loans increased by $321 million driven by formations across a few sectors, including real estate, forest products and consumer discretionary. The increase in real estate is predominantly driven by one larger commercial real estate file in the US.

接著看第19頁。總減值貸款為98億美元，較上季增加6.23億美元（或4個基點），主要由資本市場與財富管理所帶動。在資本市場，減值貸款增加3.21億美元，係由數個產業的新增形成所致，包括不動產、林產品及非必需消費。不動產的增加主要由美國一筆較大型的商用不動產個案所驅動。

In Wealth Management, impaired loans have increased by $224 million, predominantly in City National, and driven by names in utilities, real estate and other services sectors, as well as our consumer mortgage portfolio. Recall that in the first quarter of 2025, we had increased performing provisions on select mortgages at City National due to the California wildfires.

在財富管理方面，減值貸款增加2.24億美元，主要集中於City National，並由公用事業、不動產及其他服務業的個別客戶，以及我們的消費者房貸投資組合所帶動。請回想在2025年第一季，因加州野火，我們已在City National對部分房貸提高了表現正常貸款的備抵提列。

This quarter, we have identified a small subset of higher-risk clients, most of which were subject to deferral programs, that we have now moved into impaired status. While impaired loans remain elevated, new formations decreased quarter-over-quarter across most segments, including Capital Markets.

本季，我們辨識出一小部分較高風險客戶，其中多數曾參與延期（deferment）方案，現已轉列為減值狀態。雖然減值貸款仍處於較高水準，但多數業務分部（包括資本市場）的新增形成較上季下降。

Turning to Slide 20. PCL and impaired loans of 34 basis points or $899 million was down $169 million or 6 basis points quarter-over-quarter, reflecting lower provisions across Capital Markets, Personal Banking and Commercial Banking. In Capital Markets, PCL and impaired loans totaled $113 million, down $132 million quarter-over-quarter due to the absence of any larger losses on new individual impairments, partially offset by incremental provisions on some existing impaired names.

接著看第20頁。PCL與減值貸款為34個基點或8.99億美元，較上季減少1.69億美元（或6個基點），反映資本市場、個人銀行與商業銀行的提列較低。在資本市場，PCL與減值貸款合計1.13億美元，較上季減少1.32億美元，原因是本季未出現任何較大型的新單一減值損失；但部分被對若干既有減值個案的增量提列所抵銷。

In Personal Banking, PCL on impaired loans totaled $488 million or 36 basis points, down $28 million quarter-over-quarter driven by lower provisions in residential mortgages and personal loans, partially offset by higher provisions in credit cards. The credit cards portfolio in particular has seen a sustained increase in PCL over the last few quarters driven by regional pressures, particularly in Ontario.

在個人銀行方面，減值貸款的PCL合計4.88億美元（或36個基點），較上季減少2,800萬美元，主要由住宅房貸與個人貸款提列下降所致，但部分被信用卡提列上升所抵銷。特別是信用卡投資組合，過去幾季PCL持續上升，主要由區域性壓力所驅動，尤其在安大略省。

In Commercial Banking, PCL and impaired loans totaled $246 million or 53 basis points, down $27 million quarter-over-quarter. While we saw a reduction in new provisions, impairments remain elevated due to softer economic conditions in Canada, especially in economically sensitive sectors and regions. In Wealth Management, PCL and impaired loans totaled $52 million or 16 basis points, up $18 million quarter-over-quarter, with new provisions in both the utilities and other sectors.

在商業銀行方面，PCL與減值貸款合計2.46億美元（或53個基點），較上季減少2,700萬美元。雖然我們看到新增提列下降，但由於加拿大經濟情勢較疲弱，特別是在對景氣敏感的產業與地區，減值仍維持在較高水準。在財富管理方面，PCL與減值貸款合計5,200萬美元（或16個基點），較上季增加1,800萬美元，公用事業及其他產業皆有新增提列。

To conclude, while we are pleased with the credit performance this quarter, we continue to have a cautious outlook on credit. For the Canadian economy, we are seeing signs of stabilization and we expect to see continued modest economic growth. Sectors exposed to US demand have experienced job losses, but those losses have not spread to the broader economy. Internally, credit indicators have generally been stable or improving.

總結而言，雖然我們對本季的信用表現感到滿意，但對信用前景仍維持審慎。就加拿大經濟而言，我們看到穩定化跡象，並預期經濟將持續溫和成長。受美國需求影響的產業出現就業流失，但這些流失尚未擴散至更廣泛的經濟。在內部方面，信用指標整體上大致穩定或改善。

This includes stabilizing delinquency rates across most retail products as well as moderate improvements in wholesale indicators such as watch list exposure and files moving to our workout team.

這包括多數零售產品的逾期率趨於穩定，以及批發端指標的溫和改善，例如觀察名單曝險，以及移交至我們重整（workout）團隊處理的案件。

In terms of the external environment, headwinds from the conflict in the Middle East, US tariffs, trade policy uncertainty and a shrinking population will likely keep economic risk elevated. Despite heightened uncertainty, we remain confident in the overall quality, diversification and resilience of our portfolios. Our robust provisioning framework and monitoring allow us to assess a wide range of potential outcomes and impacts to our portfolio. We continue to expect our full year 2026 provisions on impaired loans to remain within the range we previously guided to.

就外部環境而言，中東衝突、美國關稅、貿易政策不確定性以及人口縮減所帶來的逆風，可能使經濟風險維持在較高水準。儘管不確定性升高，我們仍對投資組合整體品質、多元化程度與韌性保持信心。我們健全的提列架構與監控機制，使我們能評估各種可能結果及其對投資組合的影響。我們仍預期2026全年減值貸款提列將維持在先前指引的區間內。

And now back to Dave.

現在交回給Dave。

Thanks, Graeme. So to close, we continue to execute against our strategic priorities and look to drive improvements in our profitability metrics while deploying capital for client-driven growth and returning capital to shareholders. Our underlying strength is built on a foundation of a strong brand, a robust balance sheet and a OneRBC diversified business model where we have leading scale in our home market while having a diversified footprint at scale beyond Canada.

謝謝，Graeme。最後總結，我們持續推進策略優先事項，並在為客戶驅動的成長部署資本、同時回饋股東資本的過程中，致力提升獲利能力指標。我們的根本實力建立在強勢品牌、穩健的資產負債表，以及OneRBC多元化業務模式之上；我們在本土市場具領先規模，同時在加拿大以外亦擁有具規模的多元布局。

This combination has underpinned the resilience of our earnings through several shocks over the recent cycle, generating an average ROE of 16% from 2020 onwards and over 17% over the last 12 months.

這樣的組合支撐了我們在近期景氣循環中面對多次衝擊時的獲利韌性，自2020年以來平均ROE為16%，而過去12個月更超過17%。

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

接下來，接線員，請開放電話線進行問答。

(Operator Instructions)

(接線員指示)

Ebrahim Poonawala, Bank of America.

美國銀行的Ebrahim Poonawala。

Maybe, Dave, for you, just listening to your prepared remarks on the macro and then Graeme kind of handicapping credit risk tied to the war, the trade uncertainty, I guess the question from an investor standpoint is, is the risk of things breaking negatively over the next 6 months to 12 months higher, than things moving in the right direction and a year from now looking a lot more constructive? As you look at both those, one, is that the right frame through which to think about where the macro could go either well or negatively?

Dave，或許請教你：聽完你對總體環境的事先發言，以及Graeme對與戰爭、貿易不確定性相關的信用風險所做的評估，從投資人的角度來看，問題是：未來6到12個月，情勢負面失序的風險，是否高於情勢朝正向發展、並在一年後看起來更具建設性的可能性？你在看這兩種可能時，這是否是思考總體環境可能走向（好或壞）的正確框架？

And within that, like do you have enough confidence based on what you're hearing from either the Prime Minister Carney and his administration where [CUSMA] negotiations might be going, just at least -- and what you're seeing in terms of the ground reality in Canada today, that things have actually stabilized and are ready to improve? Or is it still too early to make a call there?

在此之下，例如基於你從卡尼總理及其政府所聽到的、關於[CUSMA]談判可能走向的訊息——至少——以及你對當前加拿大第一線實況的觀察，你是否有足夠信心認為情勢其實已經穩定並準備好改善？還是說現在下結論仍為時過早？

Yes. Ebrahim, a very good question. So I feel good about where we are. I think I'm really impressed by the resilience of the Canadian economy right now. When you think about the positive growth that we're looking at, our forecast might be on the more optimistic side in our economics group, but we're thinking 1.5% to 1.6% GDP growth over the coming four quarters.

是的。Ebrahim，這是個非常好的問題。我對我們目前的狀況感到樂觀。我對加拿大經濟當前展現的韌性印象深刻。當你想到我們所預期的正向成長時，我們經濟研究團隊的預測可能偏樂觀，但我們認為未來四個季度GDP成長約為1.5%到1.6%。

And that's in the face of very little residential real estate activity, very little commercial activity. The fact that that's such a big part of the Canadian economy, and we've shown an ability to grow through that, the consumer is still spending and the consumer is saving as well. So I see so many positive trends in the Canadian economy that's allowed us to be resilient to what we have.

而這是在住宅不動產活動非常有限、商業活動也非常有限的情況下達成的。考量到這兩者在加拿大經濟中占比很大，而我們仍展現出在此環境下成長的能力；消費者仍在支出，同時也在儲蓄。因此，我看到加拿大經濟中許多正向趨勢，使我們能對現況保持韌性。

Notwithstanding that, we should be eyes wide open about the Section 232 impacts that have had on the Ontario economy in particular, it's led to credit weakness that we've recognized in our portfolio in Stage 3 and Stage 1 and 2 builds, as you know. So there is a little bit of caution there that we're not through the Section 232.

儘管如此，我們仍應清楚認知第232條（Section 232）對安大略省經濟的影響，尤其如此；它已導致我們在投資組合中所辨識的信用走弱，並反映在第3階段以及第1與第2階段的提列增加上，如你所知。因此，我們仍有一些審慎，因為第232條的影響尚未完全結束。

But I still come back to this is an important trade deal for both countries. It's pursuing along a track that's not dissimilar to the track that happened the last time. And I'm optimistic we'll get to something that's good for both countries. So I'm impressed by the resilience, not with standing the Section 232s have impacted the Canadian economy and then created some weakness there.

但我仍然回到這一點：這對兩國而言都是一項重要的貿易協議。它正沿著一條與上一次發生時並無太大不同的軌道推進。而我樂觀地認為，我們會達成對兩國都有利的結果。所以我對其韌性印象深刻，儘管第232條款已對加拿大經濟造成影響，並在那裡帶來一些疲弱。

And then there's the longer-term investment. You saw the risk on Canada. You saw the investment flows shifting. You saw Canada moving in. These are going to still take a while to get shovels in the ground, but they're moving at a pace and in parallel that we haven't seen before. And I'm getting -- I'm excited about the opportunity to deploy RBC capital into that, and we have a significant balance sheet to do that.

接著是較長期的投資。你看到加拿大面臨的風險。你看到投資資金流向在轉移。你看到加拿大正在加速投入。這些項目要真正動工仍需要一些時間，但它們正以我們前所未見的速度、並且同步推進。而我也很期待把RBC的資本部署到其中；我們有相當可觀的資產負債表可以做到這點。

The investment -- we're going to have an investment forum again with the Prime Minister in the fall, and we're going to showcase some of these and a number of these energy opportunities, rare earth minerals, infrastructure opportunities, electricity grid. You go through the fence build, you go through the opportunities for this country to deploy capital, that creates value for our partners around the world and diversifies our economy, it's really, really significant. And I haven't seen it in my kind of 40 years in this organization.

關於投資——我們將在秋季再次與總理舉辦投資論壇，並將展示其中一些以及多項能源機會、稀土礦產、基礎建設機會、電力電網等。你從建設防護圍籬一路看到這個國家部署資本的機會；這為我們在全球的合作夥伴創造價值並使我們的經濟更多元化，意義非常、非常重大。在我於本機構約40年的經歷中，我從未見過這樣的情況。

So the resilience in the short term, the meaningful opportunities in the long term, and part of that resilience I should mention is we are running a structural fiscal deficit as well across provinces and governments. And therefore, like the US economy, that's significantly bolstered by a structural fiscal deficit at the government level. So at the Canadian economy, that's going to help us absorb some of the uncertainty in the short term. So I hope that answers your question, but I think resilience in the short term, growth in the medium term.

所以短期有韌性、長期有實質機會；而這份韌性的一部分我也應該提到，我們在各省與各級政府層面同樣存在結構性財政赤字。因此，就像美國經濟一樣，政府層面的結構性財政赤字對經濟形成了顯著支撐。對加拿大經濟而言，這將有助於我們在短期內吸收部分不確定性。所以希望這回答了你的問題；但我認為短期是韌性，中期是成長。

I think that's well put. And maybe a follow-up, Dave. The other thing here that investors are sort of actively thinking about is disruption risks to banks, legacy revenue streams and margins. As we think about like AI and the effort by the OSFI to sort of accelerate fintech charters, just frame that for us.

我覺得說得很好。也許再追問一下，Dave。投資人另外也在積極思考的是，對銀行的顛覆風險——既有收入來源與利潤率。當我們想到像AI，以及OSFI試圖加速金融科技牌照（charters）的推動時，請你幫我們框架一下這件事。

When you think about -- I mean, you all have been at the forefront or ahead of the pack, I would argue, on all things AI. One, the opportunity, is that meaningful, do you think, in a market like Canada that can fall to the bottom line? And secondly, the risk from fintechs being able to scale up at a much faster rate due to AI and how you think about disruption risk?

當你思考——我的意思是，我會說你們在AI各方面一直走在最前面或領先同業。第一，這個機會有多大？你認為在像加拿大這樣的市場，是否足以直接反映到淨利（bottom line）？第二，金融科技公司因AI而能以更快速度擴張的風險，以及你如何看待顛覆風險？

I do think it's a really meaningful opportunity. We gave you some data points as we continue to -- we've built over 200 models. We have our employees that are making great use of this. You see the productivity lift that's making our employees more efficient, more effective. The ability for us to serve I think 25 million customers with the same cost base is our objective.

我確實認為這是一個非常有意義的機會。我們也提供了一些數據點：我們持續——已建立超過200個模型。我們的員工正在很好地運用這些工具。你可以看到生產力提升，使員工更有效率、更有成效。我們的目標是以相同的成本基礎服務2,500萬名客戶。

So when you look at the opportunities to marry this AI capability with our commercial account managers, with our private bankers, with our wealth managers, with our asset managers, you look at our investment bankers, you look at the productivity lift and the ability to make -- to be more efficient, but more effective as well in front of the customer, it's a significant lift.

所以當你看把這項AI能力與我們的商業客戶經理、私人銀行家、財富管理人員、資產管理人員結合，再看我們的投資銀行家，你會看到生產力提升，以及讓我們——更有效率，同時在客戶面前也更有成效的能力；這是非常顯著的提升。

And it's really exciting. I think it's going to make our employees better and it's going to make our employees more effective in front of the customer. It's going to allow them to serve more customers at the same time. And therefore, we're super excited about that across every single business, including right into the back office.

而且這真的令人振奮。我認為它會讓我們的員工變得更好，也會讓員工在客戶面前更有成效。它將使他們能在同一時間服務更多客戶。因此，我們對此在每一個業務領域都非常興奮，甚至包括一路延伸到後台作業。

So I think this is meaningful. We put that $1 billion target out there. We fully intend on meeting that target over the next 18 months as we put in the Investor Day. And then we'll take it from there. I just see the pervasiveness of the technology capability throughout the bank.

所以我認為這很有意義。我們提出了10億美元的目標。正如我們在投資人日所說，我們完全打算在未來18個月內達成該目標。然後再從那裡繼續推進。我只是看到這項技術能力在整個銀行內的普及性。

To your second point, on disruption. I've seen this model in this scenario run throughout my career. And I always come back to the basic foundation is, are we capable of building the same thing? Is there anything inherent in a patent or a capability that we can't do? And the answer is absolutely not. In fact, we have enormous scale to create these technologies and accelerate their deployment into our business model. So there's nothing that we see out there that we can't do just as quickly.

至於你第二點，關於顛覆。在我的職涯中，我看過這種情境下這個模式一再上演。而我總是回到最基本的基礎：我們是否有能力打造同樣的東西？是否有任何內建於專利或能力中的因素，是我們做不到的？答案是絕對沒有。事實上，我們具備龐大的規模來創造這些技術，並加速把它們部署到我們的商業模式中。所以我們在外面看到的任何東西，都沒有我們不能同樣快速做到的。

The other advantage and moat that we have is in this complex world fraught with risk and fraud and uncertainty, trust and brand and security become paramount. And therefore, I don't think customers are going to choose nonregulated financial institutions for their savings if they're -- what is the cyber risk of that institution? What is the capital base of that institution to absorb errors and fraud and operational risk?

我們另一個優勢與護城河在於：在這個充滿風險、詐欺與不確定性的複雜世界裡，信任、品牌與安全性變得至關重要。因此，我不認為客戶會把他們的儲蓄放在非受監管的金融機構——如果他們在想：那家機構的資安風險是什麼？那家機構的資本基礎是否足以吸收錯誤、詐欺與營運風險？

So we talk about customers will move their money freely. No, I think customers are going to be judicious in trust and brand and scale and capability and price. And I think that all goes together. It's not just going to be on price. And we've seen that through our history at the end of the day. So we're competing, I think, with moats as well that are not going to disintermediate.

所以我們談到客戶會自由地移動他們的資金。不，我認為客戶在信任、品牌、規模、能力與價格上會更審慎。而我認為這些因素是綜合在一起的。不會只看價格。而我們在歷史中也看到，歸根結底就是如此。所以我認為我們也在以一些不會被去中介化的護城河來競爭。

And then if there is a competition, we are fully capable of building this. You've seen our response with GoSmart and our ambition to build that out into a much bigger capability for our clients and we can respond. So I think that's the premise I keep coming back to. I always ask and make sure, can we build it? Can we deploy this?

然後如果真的出現競爭，我們完全有能力打造這些。你已經看到我們以GoSmart的回應，以及我們的企圖心：把它擴展成為為客戶提供更大型能力的平台；而我們可以做出回應。所以我認為這就是我一直回到的前提。我總是會問並確認：我們能不能做出來？我們能不能把它部署出去？

Is there anything different between our product and theirs? No. Okay. Is this a price issue? Okay, then let's talk about price. So I think that's how I would look at it. We feel fully confident in matching any of the tools out there.

我們的產品和他們的之間有任何不同嗎？沒有。好。這是價格問題嗎？好，那我們就來談價格。所以我想我會這樣看待它。我們完全有信心能匹配市面上任何工具。

Gabriel Dechaine, National Bank Financial.

Gabriel Dechaine，National Bank Financial。

Question to start on the credit picture here. You had gross impaired loans going up, a couple of conflicting data points. I guess, gross impaired loans going up and then you had lower loan losses. And part of the lower loan loss figure was because performing provisions were quite low. I'm just wondering, can you explain that?

先從這裡的信貸狀況提問。你們的總不良貸款（gross impaired loans）上升，出現了幾個相互矛盾的數據點。我想是，總不良貸款上升，但你們的貸款損失卻較低。而較低的貸款損失部分原因是，對正常（performing）資產的備抵提列相當低。我想請問，你能解釋一下嗎？

But I'm just wondering why you wouldn't feel compelled, given the macro outlook, the uncertainty vis-a-vis CUSMA, the inflation risk, all that stuff, that you weren't a little bit more aggressive on the performing build this quarter? Coverage ratios.

但我只是想知道，鑑於宏觀前景、相對於 CUSMA 的不確定性、通膨風險等等，為什麼你們這一季在表現中（performing）貸款的提存（build）上，沒有覺得需要更積極一些？覆蓋率。

Yes. Good question, and it's Graeme. What I would point to that, so the build we did do related to kind of that uncertainty. We certainly acknowledge it, I would say we did increase the severity of our downside scenarios. Roughly speaking, that would have added about $80 million to our Stage 1 and 2 provisions, all else being equal.

是的。好問題，我是 Graeme。我想指出的是，我們確實做的那部分提存，主要是與那種不確定性相關。我們當然承認這點；我會說我們確實提高了下行情境的嚴重程度。粗略來說，在其他條件不變下，這大約會讓我們第一階段與第二階段的備抵增加約 8,000 萬美元。

But kind of the counter to that, what played out this quarter is the credit quality side of it, right? As I noted in my comments, we've seen more stability, if not some improvements, in a lot of our kind of credit indicators, if you will, ratings migration, watch list, delinquency trends.

但與此相對的，是本季實際發生的是信用品質那一面，對吧？如我在評論中提到的，我們在許多信用品質指標上看到更穩定，甚至有些改善，例如評等遷移、觀察名單、逾期趨勢等。

And so credit has for the last, I think, since the beginning of 2025, we've been adding about $80 million a year to our performing loan loss allowances for credit quality, just reflecting kind of those increasing trends around delinquencies, et cetera. And so this -- with that stability playing through this quarter, we actually released $20 million on credit quality rate. So that's just you're seeing that credit quality, that stability playing through into our performing loan loss calculations.

因此在信貸方面，我想自 2025 年初以來，我們每年大約會因信用品質因素，對表現中貸款損失備抵增加約 8,000 萬美元，主要反映逾期等趨勢上升。而本季隨著這種穩定性發揮作用，我們在信用品質面向反而回轉（released）了 2,000 萬美元。所以你看到的是，信用品質的穩定性反映到我們表現中貸款損失的計算中。

And so that's what kind of countered that build on that severity and kind of left us in a bit more of a neutral status there. And then maybe just kind of to support that, I mean you did note the increase in the GIL ratio. Again, I think more importantly is just noting the new formations. I think that's a better indicator of kind of some of the trends we're seeing -- we've seen in generally improving trends on new formations. The GIL ratio itself, it's getting higher. I would expect it to increase going forward.

因此，這就抵銷了我們在情境嚴重程度上所做的提存，讓我們整體呈現較為中性的狀態。另外也補充一下，你確實提到 GIL 比率上升。同樣地，我認為更重要的是看新增形成（new formations）。我覺得那是更好的指標，用來觀察我們看到的趨勢——我們看到新增形成的趨勢整體在改善。至於 GIL 比率本身，它正在變高。我預期未來它還會繼續上升。

That's just reflecting a few things. There's new formations kind of stabilize, workouts are just taking longer, right? When you look at, say, res mortgages, there's a fixed capacity in the system, and we're at that fixed capacity. And so until that starts to balance better, we'll just see that GIL ratio increase.

這反映了幾個因素。新增形成大致穩定，但處置/重整（workouts）只是需要更長時間，對吧？以住宅房貸來看，系統的處理量能是固定的，而我們目前已經在那個固定量能上限。因此在供需更平衡之前，我們會看到 GIL 比率上升。

Likewise, on the wholesale side, again, while we're seeing some better trends there, it's still very uneven. And workouts, when we look at some of the bigger names in our GIL balances on the wholesale side, I wouldn't expect we'll see resolution on those files, so probably closer to the kind of tail end of this year. So there's a timing part of when resolutions ultimately play out in those GIL ratios.

同樣地，在批發端也是如此；即便我們看到一些較好的趨勢，但仍然非常不均衡。而在處置方面，當我們看批發端 GIL 餘額中一些較大的個案名稱時，我不預期那些案件會很快結案，可能要到今年接近年底。所以在那些 GIL 比率中，最終解決的時間點也會影響其表現。

Okay. And then on the margin side of the discussion, excuse me, I think that HSBC purchase accretion is behind us now. So steady state now. Your tractors are a tailwind, I suppose, the mortgage refinancing in the back half, it sounds marginally positive. Is that a little bit less spread-enhancing than you thought previously.

好的。接著談到利差方面，抱歉，我認為 HSBC 收購帶來的收益攤提（purchase accretion）現在已經過去了。所以現在是穩態。我想你們的「tractors」是個順風，而下半年房貸再融資聽起來略為正面。這是否比你們先前想的更不利於利差擴張一些？

Just throwing a few things together, but I want to get your general outlook for NIM going forward.

我把幾件事放在一起問，但我想了解你們對未來 NIM 的整體展望。

Gabe, it's Katherine. I'll take that question, and then I'll get Erica to just step in because we've also got the money-in-motion which is playing a key part in our results and expect it to as we go forward. So you probably have heard me say this before, like for the all-bank NIM, we feel that it's got a lot of moving parts. And so actually I'll guide you to the guidance on the net interest income, excluding trading, which I said, remains in the mid-single digits.

Gabe，我是 Katherine。我來回答這題，然後我也會請 Erica 補充，因為我們還有「money-in-motion」在結果中扮演關鍵角色，而且我們預期未來也會如此。你可能以前聽我說過，整體銀行的 NIM 我們認為有很多變動因素。因此我會引導你看我們對淨利息收入（不含交易）的指引；我提到它仍維持在中個位數成長。

I feel like it's a better construct for Canadian Banking. So if I take it to the CB NIM level, we are expecting it to be largely stable over the back half of the year.

我覺得這對加拿大銀行業務（Canadian Banking）是更好的衡量架構。如果把它拉到 CB NIM 的層級，我們預期在今年下半年大致維持穩定。

As I mentioned in my remarks, there is a little bit of seasonality that played into Q2. So we'll likely see some volatility between the quarters in the second half of the year as that seasonality rolls off. But the key drivers, as you've called out will have a tailwind would be the tractor. So that will continue to play out for the rest of the year. We'll have some of that mortgage roll on and roll off that Erica can touch on as well.

如我在發言中提到的，第二季有一些季節性因素影響。因此隨著季節性因素消退，我們可能會在下半年各季之間看到一些波動。但你點出的關鍵驅動因素中，會形成順風的是 tractor。所以它會在今年剩餘時間持續發揮作用。我們也會有一些房貸到期（roll off）與新增（roll on）的影響，Erica 也可以談談。

And then I would say the unknown is really the competitor actions and then the client actions as well, just to the degree that as we've see term deposits roll down, how much will move into demand deposits and how much will move into investment products? But even as it moves into investment products, yes, that's a compression to NIM. But overall, just a reminder, it's still positive to revenue for the organization. With that, I'll turn it to Erica.

然後我會說，不確定因素主要是同業行動，以及客戶行為；也就是當我們看到定期存款利率下調（roll down）時，有多少會轉到活期存款，有多少會轉到投資產品？即便轉到投資產品，沒錯，這會壓縮 NIM。但整體而言，提醒一下，對本組織的營收仍是正面的。接下來我交給 Erica。

Yes. Thanks, Katherine, and thanks for the question. So on mortgages, in particular, as we look to the back half, Gabe, you're quite right that on the roll-off dynamics on that portfolio, we do see lower spread mortgages rolling off. So as we think about the back half, there's a couple of different dynamics we're watching. One is the competitive intensity as it relates to price as we go into the latter half of the spring/summer market and into the fall.

是的。謝謝 Katherine，也謝謝你的問題。就房貸而言，特別是展望下半年，Gabe，你說得沒錯，從該投資組合的到期（roll-off）動態來看，我們確實看到較低利差的房貸在到期退出。因此談到下半年，我們在觀察幾個不同的動態。第一個是競爭強度，尤其是價格面，當我們進入春夏市場後段並進入秋季時。

And of course, we want to compete effectively, but we want to balance the margin that we're going to earn on the volume that we're competing for. So that will play a role.

當然，我們希望有效競爭，但也要在我們爭取的量（volume）與可賺取的利差（margin）之間取得平衡。因此這會扮演一定角色。

The second dynamic that's happening in there is, of course, how we think about hedging and the cost of that hedging, which has been more volatile in the last quarter than it has been in prior quarters. And sometimes, we have to -- that's a cost to the business that we have. And so we'll see where markets are as we go through the back half of the year to determine how that -- those hedge costs perform for us.

第二個正在發生的動態是，當然還有我們如何看待避險，以及避險成本；過去一季它比先前幾季更為波動。有時候，我們必須——那是我們業務必須承擔的一項成本。因此我們會在下半年過程中觀察市場狀況，以判斷那些避險成本對我們的表現會如何。

Matthew Lee, Canaccord Genuity.

Matthew Lee，Canaccord Genuity。

Maybe a bigger picture one. Just given the fact that you're already operating at a premium ROE and a bit above guidance, how should investors think about the next leg of EPS growth if ROE is stable from here? I mean is the growth algorithm now more about organic deployment of capital, fee income growth, productivity, capital return? Maybe touch on those pieces.

也許問一個更宏觀的問題。鑑於你們已經在較高的 ROE 水準運作，且略高於指引，如果 ROE 從這裡開始維持穩定，投資人應該如何看待下一階段的 EPS 成長？我的意思是，成長方程式現在是否更著重於資本的有機部署、手續費收入成長、生產力提升、資本回饋？能否談談這些面向。

Yes. Maybe I'll take that. It's Dave. And thank you, Matthew, for your question. Certainly, as we look across our businesses, to capitalize on growth, it is an organic story for us. We obviously have done a great job in integrating HSBC, and we have growth opportunity from those clients, and we're well on our way to meeting our cross-sell commitments of $300 million and a little over halfway there already. So we're seeing growth out of the HSBC portfolio.

是的。也許我來回答這題。我是 Dave。也謝謝你，Matthew，提出問題。當然，從我們各項業務來看，為了把握成長，我們的成長故事主要是內生成長。我們顯然在整合 HSBC 方面做得非常好，並且能從這些客戶身上看到成長機會；我們也正穩步達成 3 億美元的交叉銷售承諾，目前已經完成一半以上。因此，我們看到 HSBC 投資組合帶來的成長。

You're seeing strong growth coming out of City National. We reported 9% growth out of that business. So we're adding account managers. We're seeing strong demand on that side. We're seeing geographic expansion.

你也看到 City National 帶來的強勁成長。我們報告該業務成長 9%。因此我們正在增加客戶經理。我們看到那一端需求強勁。我們也看到地理版圖的擴張。

So City National is on its front foot. So you're seeing good client flow. You're seeing the Capital Markets, and maybe I'll turn it to Derek next to talk about his pipeline and what's going on. But we're seeing very strong client flow activity through our advisory businesses, our equity capital markets businesses. Obviously it's a lot of corporate-driven activity, which is good to see as well and a balance there.

所以 City National 正積極進攻。因此你會看到良好的客戶流入。你也會看到資本市場方面——也許我接著請 Derek 談談他的案源管線與目前的情況。不過，我們在顧問業務、股票資本市場業務中，都看到非常強勁的客戶流量活動。顯然其中有很多是企業端驅動的活動，這也很高興看到，並且形成一定的平衡。

And then you're seeing an opportunity for the residential mortgage business to restart. You're seeing green shoots, as Erica mentioned. And that provides a foundation for growth. And the Commercial Banking demand from hopefully, the uncertainty alleviating in cross-border trade, all of that before we get into the major projects that we can fund.

另外，你也會看到住宅房貸業務重新啟動的機會。如 Erica 提到的，你會看到一些復甦的跡象。這為成長提供了基礎。此外，商業銀行的需求也有望受惠於跨境貿易不確定性緩解；在我們進入可融資的大型專案之前，這些因素都會先行發酵。

And then there's a cost opportunity. There's a very significant opportunity for us to continue to be more efficient in this organization, deploying AI as part of that. And those benefits are really just starting to accrue as we deploy those 200 models across the organization and embed them in our flows.

再來是成本面的機會。我們在這個組織中持續提升效率，有非常顯著的空間，其中也包括導入 AI。隨著我們在全組織部署那 200 個模型並把它們嵌入流程中，這些效益其實才剛開始逐步顯現。

So you've got growth, you've got costs, and all those are very supportive of structural ROEs. And we don't even really need margin expansion. Margin stability gets us there. But some of our businesses are operating at historically low margins as well. And therefore, you heard us mention that we're hopeful, given how tight funding is for many organizations, that you get back to a little more reasonable margins and better hurdles than you're seeing today.

所以你有成長、你有成本，而這些都非常支持結構性 ROE。我們甚至不一定需要利差擴張。利差維持穩定就能達成。但我們部分業務目前也處於歷史低利差水準。因此，你也聽到我們提到：鑑於許多機構的資金面非常吃緊，我們希望利差能回到更合理的水準，門檻報酬也能比現在更好。

So I'll stop there. I'll provide some more comments in my summary. But maybe, Derek, just on the Capital Markets side, to talk about kind of the opportunities for growth you're seeing.

我先說到這裡。我會在總結時再補充一些評論。不過也許 Derek，你可以就資本市場這一塊，談談你看到的成長機會。

Sure. Thanks, Dave, and thanks for the question. I mean just a few observations I would make. Obviously, we had a very strong quarter. Importantly, we continue to see that activity as we look forward.

好的。謝謝你，Dave，也謝謝這個問題。我想我先分享幾點觀察。顯然，我們這一季表現非常強勁。更重要的是，展望未來，我們仍持續看到這樣的活動水準。

Our pipelines on the investment banking side remain at record levels. I think the conditions that have driven very high levels of client activity in our sales and trading in Global Markets business continue to be in place. And we're seeing very good demand from clients for lending and financing capital to help support those initiatives. And so certainly, as we look forward, we continue to see a very constructive environment for our clients.

我們投資銀行端的案源管線仍處於歷史新高水準。我認為，推動我們全球市場（Global Markets）業務中銷售與交易（sales and trading）客戶活動維持在高檔的條件，仍然存在。我們也看到客戶對放款與融資資金的需求非常良好，以支持這些計畫。因此，展望未來，我們持續看到對客戶而言相當具建設性的環境。

Against that backdrop and consistent with our Investor Day messaging, we see lots of opportunities for organic growth across all 4 of our major businesses in Capital Markets. So in Global Markets, we're investing in our sales teams, we're investing in building out new capabilities around our equities, FX and commodities platforms as well as broader financing platforms.

在這樣的背景下，並且與我們投資人日的訊息一致，我們看到資本市場四大主要業務都有許多內生成長的機會。因此在全球市場方面，我們正在投資銷售團隊，也投資建立股票、外匯（FX）與商品平台周邊的新能力，以及更廣泛的融資平台。

In Investment Banking, we continue to make very good progress on hiring and building out our sector capabilities. And then importantly, in Corporate Banking, the loan growth to support both our markets clients and our Investment Banking clients against their most important strategic initiatives is critical.

在投資銀行方面，我們在招募與建立產業別能力上持續取得非常好的進展。而且很重要的是，在企業銀行方面，為了支持我們的市場客戶與投資銀行客戶、配合他們最重要的策略性計畫所需的放款成長，是關鍵。

And then finally, obviously, we're seeing great progress in our global transaction banking and cash management build-out, and we continue to see opportunities to deploy capital to invest in those product capabilities.

最後，顯然我們在全球交易銀行與現金管理的建置上進展非常好，我們也持續看到可投入資本、投資這些產品能力的機會。

And finally, I would just say, Dave touched on it a little bit earlier, but when I bring a geographic lens to us, we're very optimistic about the levels of activity we have seen and we anticipate going forward in Canada in line with a number of the major government-supported initiatives.

最後我想補充一點：Dave 先前也稍微提到，若從地理角度來看，我們對於加拿大目前所見、以及未來預期的活動水準非常樂觀，這與多項主要由政府支持的計畫相一致。

The US as our second home market is obviously a very large opportunity for us, and we've got a -- it's the largest part of our business today, but significant growth ahead. And then increasingly, we see some very good opportunities to continue to invest and expand our footprint in Europe. So right across the businesses and our 3 core geographies, we see very good opportunities for organic capital investment.

美國作為我們的第二本土市場，顯然對我們是非常大的機會；我們在那裡——目前已是我們業務中最大的一部分，但未來仍有顯著成長空間。此外，我們也愈來愈看到一些非常好的機會，可以持續投資並擴大我們在歐洲的版圖。因此，橫跨各項業務以及我們三大核心地理區域，我們都看到非常好的內生資本投資機會。

Okay. I think we should go to the next question. Thanks, Derek.

好的。我想我們應該進入下一個問題。謝謝你，Derek。

Sohrab Movahedi, BMO Capital Markets.

Sohrab Movahedi，BMO 資本市場。

Okay. Dave, I just want to go back to ROE for a second. I think in response to one of the questions, you said that some of the businesses are actually not quite operating at capacity or I think you said something closer to historically low margins. So can I get a sense of which businesses do you think are not quite where you would like them to be?

好的。Dave，我想回到 ROE 談一下。我記得你在回答其中一個問題時提到，有些業務其實還沒有完全在產能水準運作，或你說得更接近是處於歷史低利差。所以我想了解一下，你認為哪些業務還沒有達到你希望的狀態？

And as we think about the outlook that you've presented, not necessarily over the next six months, but over the medium term, is it going to be a case of retaining this resilient ROE is going to be in and around where you are with the return on assets, and the capital levels are going to drift closer to the bottom end of the range that Katherine talked about? Or how do you see the capital ROA dynamic kind of playing out and in which business segment?

另外，從你所提出的展望來看，不一定是未來六個月，而是中期而言，是否會是這樣的情況：維持這個具韌性的 ROE，大致會落在你目前的資產報酬率（ROA）所對應的水準，而資本水位會逐步往 Katherine 提到的區間下緣靠攏？或者你如何看待資本與 ROA 的動態關係將如何演變，以及會出現在哪些業務分部？

There's a lot in that question. So let me start on macro, at your last question. Yes, we're absolutely targeting an ROA of 1%, as you saw in our Investor Day, moving it there. So I think from that perspective, we want to continue to move that higher. And I think from all the levers that we have, from growth, from efficiency and productivity capabilities are driving us to aspire to a higher ROA.

這個問題涵蓋很多面向。我先從你最後一個宏觀問題開始。是的，我們絕對以 1% 的 ROA 為目標，正如你在我們投資人日看到的，我們要把它推升到那個水準。所以從這個角度來看，我們希望持續把它往上提高。而且我認為，透過我們所有可用的槓桿——成長、效率與生產力能力——都在推動我們追求更高的 ROA。

And as that filters through into our overall decisions to deploy capital and return capital to shareholders, I think where our posture is today is that we're a little bit conservative and that we're going to keep our capital levels towards the higher end of that range.

而當這些反映到我們整體的資本配置決策，以及對股東的資本回饋時，我認為我們目前的立場是稍微偏保守，也就是我們會把資本水位維持在該區間的較高端。

You saw us deploy 2% share buyback. And that was a use of what about, cap -- and 30 basis points of capital -- RWA capital, roughly. So I think from that perspective, we'll keep it closer to the higher end in the short term as we get through the conflicts in the war and the uncertainty around trade agreement on Section 232 impacts.

你看到我們執行了 2% 的庫藏股回購。那大約使用了——資本方面——約 30 個基點的資本（以 RWA 資本計），大致如此。因此從這個角度來看，短期內在我們度過戰爭衝突與貿易協議不確定性（第 232 條影響）之際，我們會把資本水位維持在較高端。

But then as we look at our commitment to keep returning capital to you above that is an important kind of marker for us is we'll continue to do buybacks. And you saw us announce an NCIB to do that, up to 3% of our shares. So returning capital to you will be a constant trend. And then we'll look for opportunities to accelerate that as we did in Q2 to get higher into that range more towards that 2% to 3%.

但接著，當我們檢視我們在此之上持續向各位返還資本的承諾時，對我們而言一個重要的指標是：我們將持續進行庫藏股回購。而你們也看到我們宣布了NCIB（正常發行人投標）來執行此事，最多可回購我們3%的股份。因此，向各位返還資本將會是一個持續的趨勢。然後我們也會尋找機會加速返還，就像我們在第二季所做的那樣，把返還提高到該區間內更高的位置，更接近2%到3%。

So I think it's not a change in how we've articulated, Sohrab. It's being strategic and tactical, I might call it at the same time, that there's a constant level of return and then there's going to be an acceleration and our desire to do that. And yes, we do feel we can operate this bank over the medium term at a lower target CET1 ratio in that range. And therefore, we're not saying that we're always going to be at 13.5%, but we want to be there now.

所以我認為這並不是我們表述方式的改變，Sohrab。我會說這同時是策略性與戰術性的：有一個持續的返還水準，然後也會有加速，以及我們想要這麼做的意願。而且是的，我們確實認為在中期內，我們可以在該區間較低的目標CET1比率下經營這家銀行。因此，我們不是說我們永遠都會在13.5%，但我們希望現在在那個水準。

But I would -- I do say that I can see running this bank at a lower capital level and returning that capital to you. And we're generating such significant capital through our profitability and we think we're going to enhance our profitability going forward. So we're going to generate even more capital. But from that range, we do see ourselves moving into the mid-range or lower end of that range over time and continuing to return capital through organic and capital returns.

但我會——我確實要說，我可以想像以較低的資本水準來經營這家銀行，並把那部分資本返還給各位。而我們透過獲利能力正在產生相當可觀的資本，而且我們認為未來將提升我們的獲利能力。所以我們將產生更多資本。但就那個區間而言，隨著時間推移，我們確實看到自己會移向該區間的中段或較低端，並持續透過內生成長與資本返還來回饋資本。

So I hope that helps. It's like tactical in the short term, but it's continue to be strategically align towards that. And where the ROEs end up, we're committed to exceeding as best we can our target ROE that we gave you of 17-plus percent. We had a very strong ROE this quarter and a shortened quarter, that tells you the earnings power and the capital efficiency of this organization continues to improve, and we expect it to continue to improve.

希望這能有所幫助。短期來看像是戰術性的，但在策略上仍會持續朝那個方向對齊。至於ROE最終落點，我們承諾會盡最大努力超越我們給各位的目標ROE——17%以上。本季我們的ROE非常強，而且本季是縮短的季度，這顯示本組織的獲利能力與資本效率仍在提升，我們也預期會持續改善。

I've also guided that we balance growth, and growth and EPS are really important. And therefore, why would you turn -- if you can -- a 13% or 14% ROE opportunity down, if you can continue to drive an overall balance and mix in your organization of 17-plus, plus percent going forward. So we're always trying to balance growth and EPS growth with book value growth per share along with target ROEs.

我也曾指引我們要在成長之間取得平衡，而成長與EPS都非常重要。因此，如果你能做到——為什麼要放棄13%或14% ROE的機會，若你仍能在組織整體的平衡與組合上，持續推動未來達到17%以上、甚至更高的水準。所以我們一直在努力平衡成長與EPS成長、每股帳面價值成長，以及目標ROE。

And I think the capital efficiency and the operational efficiency opportunity is going to allow us to do all of that. I think that's the magic in our business model, that we'll continue to improve on all those metrics. I think that gives us enormous shareholder value creation opportunity.

而我認為資本效率與營運效率的機會將使我們能做到這一切。我認為這就是我們商業模式的魔力：我們會持續在所有這些指標上改善。我認為這為我們帶來巨大的股東價值創造機會。

Mario Mendonca, TD Securities.

Mario Mendonca，TD Securities。

Real quickly on some dynamics on the loan side. So commercial loan growth, it's good at 3% year-over-year in Canada, but it's light relative to what we're seeing from some of your peers. So maybe a comment on that?

很快問一下貸款端的一些動態。加拿大的商業貸款年增3%，表現不錯，但相較於我們從你們一些同業看到的，似乎偏弱。能否評論一下？

And then the $12 billion increase in wholesale lending this quarter, that's a big number, not something I'm used to seeing. So could you speak to those two?

另外，本季批發放款增加了120億美元，這是個很大的數字，我不太習慣看到這樣的變化。能否談談這兩點？

Yes. Thank you, Mario. It's Sean. On the commercial side, we've -- 3% year-over-year, 1% on a quarter-over-quarter basis. I would say we've been pleased with our commercial growth for an elongated period. We've taken share capture for 12 consecutive quarters, as Dave mentioned, leading into Q1. We don't have the full results for Q2 yet.

好的。謝謝你，Mario。我是Sean。在商業端，我們——年增3%，季增1%。我會說，在相當長的一段期間內，我們對商業成長感到滿意。如Dave提到的，截至第一季，我們已連續12個季度取得市占。我們目前還沒有第二季的完整結果。

And going forward, we're really starting to see some nice tailwinds. Our pipelines are really strong. We've seen continued growth and resilience in some of the sectors that have been less impacted by tariffs, like agriculture, public sector, services, health care, seniors housing, et cetera. We've seen some really strong month-over-month momentum. In March and April, we've seen the largest month-over-month growth rates that we've seen in about six months also in the business.

展望未來，我們確實開始看到一些不錯的順風。我們的案源管線非常強勁。我們看到一些受關稅影響較小的產業持續成長且具韌性，例如農業、公部門、服務業、醫療保健、銀髮住宅等。我們也看到相當強的月對月動能。在3月與4月，我們看到約六個月以來最大的月對月成長率，也出現在企業業務中。

And then we're also starting to see some pickup in Ontario real estate directly correlated to the [HST] announcements and some early wins in the defense sector.

此外，我們也開始看到安大略省房地產出現一些回升，這與[HST]公告直接相關，同時在國防產業也有一些早期斬獲。

So I've got some confidence that we're going to continue to pick up share and grow into the second half of the year. And that's further amplified as Dave mentioned, with the medium-term benefits that we'll see from the infrastructure spend, the impact of the new global trade agreements as well as the eventual CUSMA resolution.

因此我相當有信心，我們將在下半年持續提升市占並擴大成長。而如Dave所提到的，這也會因中期可見的效益而進一步放大，包括基礎建設支出、全新全球貿易協議的影響，以及最終CUSMA解決方案的落地。

Derek, do you want to talk to Capital Markets?

Derek，你要談談資本市場嗎？

Sure. Thanks for the question, Mario. Yes, we obviously saw a very good growth in the corporate loan book quarter-over-quarter, as you highlighted. A few things I would highlight. One, that really reflects some of the broader activity we're seeing amongst clients, both in terms of strategic M&A, which sometimes requires term loans or bridges that are shorter term in nature as they fund into those acquisitions, as well as some of the organic capital build that we're seeing across major infrastructure investments and otherwise.

當然。謝謝你的問題，Mario。是的，正如你指出的，我們本季公司貸款組合季對季出現非常好的成長。我想強調幾點。第一，這確實反映了我們在客戶之間看到的更廣泛活動，包括策略性併購（M&A），這有時需要定期貸款或過橋融資，屬於較短期性質，用以在完成收購時提供資金；同時也包括我們在大型基礎建設投資等領域看到的一些有機資本建置。

In addition, we had very good success this quarter adding some new large clients. And so these were larger investment-grade names that we've been building relationships with across the platform and finally have the opportunity to come into their core banking group, which was a very nice win for us. So it really reflected growth across those three areas. Broadly, we're being very disciplined in how we're managing risk and capital allocation around it. That incremental growth you saw this quarter skewed more heavily investment-grade than our broader book.

此外，我們本季在新增一些大型新客戶方面也非常成功。這些是我們一直在整個平台上建立關係、且最終有機會進入其核心往來銀行團的較大型投資級客戶，對我們而言是非常漂亮的勝利。因此，這確實反映了上述三個領域的成長。整體而言，我們在風險管理與資本配置方面非常自律。你們本季看到的增量成長，其投資級占比高於我們整體組合。

So it's actually increase the overall credit quality of the book, notwithstanding the higher level of growth you saw in the quarter.

所以，儘管本季成長水準較高，整體信用品質其實是提升的。

I think we have a few more questions to go.

我想我們還有幾個問題要回答。

Paul Holden, CIBC.

Paul Holden，CIBC。

I was going to ask the question on the commercial loan growth, but we already got an answer for that. Maybe I'll try, quickly, a different one. Derek, you gave a pretty good update and outlook on sort of the near-term growth for Cap Markets.

我本來要問商業貸款成長的問題，但我們已經得到答案了。也許我快速換一個問題。Derek，你對資本市場（Cap Markets）近期成長做了相當不錯的更新與展望。

What about kind of -- I guess, one of the things we're struggling for the group, not just for RBC, is kind of like can you build revenue and earnings in Cap Markets off of what's shaping up to be a very good 2026, which was projecting to be growth off a very good 2025? Like how much longer can this growth continue?

那麼更長一點的——我想，我們整個同業（不只是RBC）一直在苦惱的一點是：在看起來2026會是非常好的一年（而且原本預期是在非常好的2025之上再成長）的情況下，你們能否在資本市場持續擴大營收與獲利？這樣的成長還能持續多久？

Paul, very good question. I'd really break it into three pieces. As I mentioned, in terms of the near-term visibility of our pipelines that we see, we continue to be very encouraged by the level of activity. And so that certainly will carry us through a number of quarters.

Paul，問題很好。我會把它拆成三個部分。如我提到的，就我們所看到的管線在短期內的能見度而言，我們仍然對活動水準感到非常鼓舞。因此，這當然會支撐我們走過接下來好幾個季度。

To your question, when we think sort of medium term and how sustainable is the level of client activity, there can always be macro shocks or other things. But our base case is, we think some of the structural dynamics that are really fueling activity amongst both our corporate and private assets and institutional asset management clients really remain intact.

回到你的問題，當我們思考中期以及客戶活動水準的可持續性時，宏觀衝擊或其他因素隨時可能出現。但我們的基本情境是，我們認為真正推動我們企業與私人資產，以及機構資產管理客戶活動的一些結構性動能仍然完好無損。

And so touching on those, obviously, some of the geopolitical uncertainty, the uncertainty that's creating around the economy, inflation, commodities, et cetera, these are all driving heightened levels of run rate trading activity in our markets business. We think a lot of those trends in terms of the environment we're in over likely the next few years stay intact. They'll ebb and flow a little bit quarter-to-quarter, but the volatility and the level of uncertainty that we're seeing from a variety of different factors probably persists.

談到這些因素，顯然，部分地緣政治不確定性，以及其對經濟、通膨、商品等所造成的不確定性，正推動我們市場業務出現更高的常態交易活動水準。我們認為，未來幾年我們所處環境中的許多這類趨勢大致仍會延續。它們會在季度之間略有起伏，但我們從多種不同因素所看到的波動性與不確定性水準，可能仍會持續存在。

Within the Investment Banking and Corporate Banking business, usually when you see that uncertainty, you might see lower activity. But what we're seeing is some multiyear strategic trends that are driving activity. So when you think about shifts to supply chains, benefits of scale, obviously, very constructive regulatory environments that are facilitating transactions and consolidation, energy transition, digital infrastructure spending, these are all multiyear trends that we think will continue to drive activity and capital required for investment.

在投資銀行與企業銀行業務中，通常當你看到那樣的不確定性時，活動可能會降低。但我們看到的是一些跨多年的策略性趨勢正在推動活動。因此，當你想到供應鏈的轉移、規模效益、顯然相當具建設性的監管環境正在促成交易與整併、能源轉型、數位基礎建設支出，這些都是我們認為將持續推動活動以及投資所需資本的多年期趨勢。

And then finally, I would just say we can't control the environment. We're optimistic on the outlook. But if there was some shock and we saw a slowdown, we take a lot of comfort in the incremental growth strategies we have that can outperform irrespective of what the market environment brings, and the core stability and quality of our franchise that I think you've seen play out over many years in terms of lower volatility of results than many of our peers.

最後，我想說的是，我們無法控制外部環境。我們對前景保持樂觀。但如果出現某種衝擊並看到放緩，我們對自身的增量成長策略感到很有信心，這些策略不論市場環境如何都能跑贏；同時，我們特許經營體系的核心穩定性與品質——我想你多年來已看到其展現——使得我們的業績波動性低於許多同業。

Okay. I think we have one more question from Mike.

好的。我想我們還有最後一個問題，來自Mike。

Mike Rizvanovic, Scotiabank.

Mike Rizvanovic，加拿大豐業銀行（Scotiabank）。

I'll keep this quick. Just a quick one for Erica. Can you provide some color on deposit flows? So I'm looking at the bottom left quadrant of Slide 24. I do find it interesting that it's the first time in a while we've seen personal and savings come off.

我簡短問一下。給Erica一個快速問題。你能否就存款流向提供一些說明？我在看第24頁投影片左下象限。我覺得很有意思的是，這是我們一段時間以來第一次看到個人與儲蓄存款出現下滑。

I understand the GIC dynamic going to mutual funds. But what about the personal and savings side? Is that something that -- was there any anomaly in the quarter? Does it go back to positive in the near term? Any thoughts on that would be helpful.

我理解GIC轉向共同基金的動態。但個人與儲蓄這一塊呢？這是否——本季度是否有任何異常？短期內會回到正成長嗎？任何看法都會很有幫助。

Yes, Mike, thanks for your question. Just a couple of reflections. Like I think when we think about the Personal Bank, we play a very large role in the growth of our clients across all of our businesses. So if you think about the -- we talked about it in the last quarter, some of the accelerated movement of money from the Personal Bank into Wealth Management.

是的，Mike，謝謝你的提問。我分享幾點觀察。我認為，談到個人銀行（Personal Bank）時，我們在推動客戶於我們所有業務中的成長方面扮演非常重要的角色。所以如果你想到——我們在上一季也談到過——資金從個人銀行加速流向財富管理的一些情況。

So when you look at those figures at the bottom left of 24%, that is also us supporting rotation back into equities both in our broker GICs and RISA business as well as in our core personal banking business going over to our direct investing and DS channel.

因此，當你看第24頁左下角的那些數字時，那也反映出我們在支持資金輪動回到股票：不論是在我們的經紀GIC與RISA業務，或是在我們核心個人銀行業務中，資金轉向我們的自助投資（direct investing）與DS通路。

And then as well, some of the rotation that's happening within our own -- on our own balance sheet as clients are coming out of term deposits and going into mutual funds.

另外，還有一些輪動發生在我們自身——在我們自己的資產負債表內：客戶從定期存款退出並轉入共同基金。

And we had a stellar quarter from a mutual funds perspective in Q2. We saw February was our second highest month ever in mutual fund sales, and our market capture at about 25% of the bank market capture was tremendous. And so we know we're supporting clients as they rotate into their long-term positions of having the balance between savings and equities, and we'll continue to support that as the organization for our clients.

而且從共同基金的角度來看，我們在第二季（Q2）表現非常亮眼。我們看到2月是我們共同基金銷售史上第二高的月份，而我們的市占擷取約為銀行業市占擷取的25%，表現非常出色。因此，我們知道我們正在支持客戶輪動到其長期配置，也就是在儲蓄與股票之間取得平衡；我們也將持續以組織的力量支持客戶。

Okay. Thanks, Erica. So that brings our call to a close. Again, we had a very strong quarter. You saw strong client flows across all our businesses, you saw really good margins and enhanced profitability from that.

好的。謝謝你，Erica。那麼我們的電話會議就到此結束。再次強調，我們本季表現非常強勁。你看到我們所有業務都有強勁的客戶資金流入，也看到因此帶來相當不錯的利差與更高的獲利能力。

And I think the theme that you should hopefully take away from this is very good growth opportunities across all our businesses: Commercial, Capital Markets, the Consumer Bank, Insurance, Wealth Management, not just in Canada, but the United States and in Europe, which we didn't get to touch on as much as well today.

我想你希望從中帶走的主題是：我們所有業務都有非常好的成長機會——商業金融、資本市場、消費金融銀行、保險、財富管理——不僅在加拿大，也在美國與歐洲；而今天我們也沒有太多時間深入談到歐洲的部分。

So thank you very much for your questions, and look forward to seeing you next quarter. Thank you.

非常感謝各位的提問，期待下個季度再見。謝謝。

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

各位女士、先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。