Royal Bank of Canada (RY) 2026 Q3 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to RBC's 2026 third 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 RBC 2026 年第三季業績電話會議。敬請注意，本次通話將被錄音。(接線員指示)

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

謝謝。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; Neil McLaughlin, Group Head Wealth Management and Insurance; 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，今天也有以下主管加入以回答各位提問：個人銀行業務集團主管 Erica Nielsen；商業銀行業務集團主管 Sean Amato-Gauci；財富管理與保險業務集團主管 Neil McLaughlin；以及資本市場業務集團主管 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. To give everyone a chance to ask questions, we ask that you limit your questions and then re-queue.

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，並具有固有風險與不確定性。實際結果可能出現重大差異。我也提醒各位聽眾，本行以申報基礎與調整後基礎評估其表現，並認為兩者皆有助於評估基礎業務表現。為了讓每位都有機會提問，我們請各位限制提問數量，之後再重新排隊。

With that, I will turn it over to Dave.

接下來，我把時間交給 Dave。

Thank you, Asim. Good morning, everyone, and thank you for joining us. Today, we reported very strong results, including record earnings of CAD6 billion, up 11% year-over-year. Revenues grew by 9% year-over-year as we further increased our revenue productivity while also deploying our balance sheet for client-driven growth.

謝謝你，Asim。各位早安，感謝各位加入。今天我們公布了非常強勁的業績，包括創紀錄的 60 億加幣盈餘，年增 11%。營收年增 9%，我們在提升營收生產力的同時，也運用資產負債表支持以客戶需求驅動的成長。

Furthermore, our relatively equal weightings between non-interest revenue and net interest income provides us with an attractive business mix. We also improved our cost efficiency, generating an adjusted operating leverage of 2.4% and adjusted efficiency ratio of 52%.

此外，我們在非利息收入與淨利息收入之間相對均衡的比重，為我們帶來具吸引力的業務組合。我們也改善了成本效率，產生 2.4% 的調整後營運槓桿，以及 52% 的調整後效率比率。

These results reflect three forces working together: diversified business model, strong client activity, and a favorable market backdrop. This was enabled by a disciplined execution of well-articulated strategies, investments in talent and technology, and deployment of our balance sheet.

這些成果反映三股力量共同作用：多元化的業務模式、強勁的客戶活動，以及有利的市場背景。這得益於我們對清晰策略的紀律性執行、對人才與科技的投資，以及對資產負債表的運用。

Our performance this quarter delivered a premium return on equity of nearly 18% and broad-based growth while maintaining a robust 13.5% Common Equity Tier 1 ratio. This combination continues to generate sustainable long-term shareholder value, and this was evidenced by the 10% year-over-year growth in book value per share and 80 basis points of internal capital generation this quarter, or 3 percentage points over the last 12 months.

本季我們的表現帶來接近 18% 的優質股東權益報酬率，並在維持強健的 13.5% 普通股權第一類資本比率（CET1）的同時，實現廣泛的成長。此一組合持續創造可持續的長期股東價值，具體表現在每股帳面價值年增 10%，以及本季 80 個基點的內部資本生成；過去 12 個月合計為 3 個百分點。

We deployed 85 basis points of capital in the quarter to grow our business, pay dividends, and buy back our stock. As always, we continue to prioritize the deployment of our balance sheet towards client-driven organic growth.

本季我們運用 85 個基點的資本來擴展業務、發放股利並回購股票。一如既往，我們仍優先將資產負債表的運用聚焦於以客戶需求驅動的有機成長。

As we mentioned earlier this year, we are looking to continue building the bank of the future. That means growing market share and laying the foundation for new growth verticals and relationships to diversify the business and create future value. These create a flywheel multiplier effect for driving durable ancillary revenue streams. Our integrated platform, client trust, and market leadership helped us earn the recognition as both Canada's and North America's best bank in Euromoney's 2026 Awards for Excellence.

如同我們今年稍早提到的，我們希望持續打造未來的銀行。這意味著擴大市占率，並為新的成長垂直領域與關係奠定基礎，以分散業務並創造未來價值。這些將形成飛輪式的乘數效應，推動持久的附屬收入來源。我們的整合平台、客戶信任與市場領導地位，協助我們在《歐洲貨幣》（Euromoney）2026 年卓越獎中獲評為加拿大及北美最佳銀行。

We also continue to return capital to our shareholders. Our total payout ratio increased to 69% this quarter as we grow our dividends towards the midpoint of our medium-term dividend payout ratio objective of 40%-50%. We are also buying back our stock in a disciplined manner as we look to optimize ROE, EPS growth, and compound book value per share growth in a multi-tiered operating environment.

我們也持續向股東回饋資本。本季我們的總派息率提高至 69%，同時我們正將股利提升至中期股利派息率目標 40%–50% 的中點。在多層次的營運環境下，我們也以紀律方式回購股票，以期最佳化 ROE、EPS 成長，以及每股帳面價值的複利成長。

Taking a step back to look at the global landscape, market conditions have remained largely constructive, with mega trends continuing to shape critical sectors including natural resources, power infrastructure, strategic defense, healthcare, and the AI ecosystem.

退一步觀察全球局勢，市場狀況整體仍大致具建設性，巨型趨勢持續形塑多個關鍵產業，包括天然資源、電力基礎建設、戰略防務、醫療保健，以及 AI 生態系。

These trends support increased client activity for our Capital Markets and Wealth Management segments. Nonetheless, elevated bond yields across many large economies are creating fiscal challenges and refinancing risks for both governments and corporations.

這些趨勢支持我們資本市場與財富管理業務分部的客戶活動增加。然而，許多大型經濟體的債券殖利率仍處於高位，正為政府與企業帶來財政挑戰與再融資風險。

A few comments on the outlook for Canada. The Canadian economy and labor market have performed well, having already absorbed multiple shocks over the past 18 months. Our clients have also continued to spend, and delinquencies remained well controlled. Looking forward, the implementation of the recently announced Section 338 tariffs could impact approximately 40 basis points of Canadian GDP with a larger impact on certain sectors and provinces.

關於加拿大前景，我有幾點評論。加拿大經濟與勞動市場表現良好，過去 18 個月已吸收多次衝擊。我們的客戶也持續消費，逾期情況仍控制良好。展望未來，近期宣布的第 338 條關稅（Section 338 tariffs）之實施，可能影響約 40 個基點的加拿大 GDP，且對特定產業與省份的影響更大。

While Canada and the U.S. have yet to come to a longer-term solution, we note the average effective tariff rate remains low at approximately 6%, with over 80% of exports remaining duty-free. Furthermore, the government has announced substantial support packages leveraging Canada's significant financial flexibility.

雖然加拿大與美國尚未就較長期的解決方案達成一致，但我們注意到平均有效關稅率仍偏低，約為 6%，且超過 80% 的出口仍免關稅。此外，政府已宣布大規模支持方案，運用加拿大顯著的財政彈性。

The medium-term opportunity remains more meaningful. We look forward to working with all stakeholders on the development of major nation-building projects, and we are pleased to see advancements, support of Montreal expansion, and shipbuilding contracts. Increased foreign direct investment and new trade relationships adds to our optimism.

中期機會仍更具意義。我們期待與所有利害關係人合作推動重大國家建設專案的發展，也樂見相關進展、對蒙特婁擴建的支持，以及造船合約。外國直接投資增加與新的貿易關係，進一步提升我們的樂觀情緒。

We believe we are well-positioned to navigate near-term uncertainty while supporting our clients' growth aspirations, given the strength of our balance sheet and diversified business model. With this context, I will now speak to the drivers behind our strong segment results with a focus on four key factors.

憑藉我們資產負債表的實力與多元化的業務模式，我們相信自己具備良好條件，在支持客戶成長抱負的同時，因應短期不確定性。在此背景下，我將聚焦四項關鍵因素，說明推動我們各分部強勁業績的驅動力。

First, our leading award-winning franchises that are laser-focused on client needs. Second, our strategies that position us to benefit from our significant data scale, structural growth opportunities and client activity. Third, the targeted connectivity of balance sheet scale, client acquisition, and deepening client relationships. And fourth, operating scale that underpins our premium risk-adjusted profitability.

第一，我們領先且屢獲獎項的特許經營業務，精準聚焦客戶需求。第二，我們的策略使我們能受益於龐大的數據規模、結構性成長機會與客戶活動。第三，資產負債表規模、客戶獲取與深化客戶關係之間的目標式連結。第四，支撐我們優質風險調整後獲利能力的營運規模。

Moving to slide 5, Personal Banking in Canada reported record revenue this quarter and remains the preeminent franchise in the country, with leading market share in personal lending, total deposits and investments. It is encouraging to see higher switch volumes and strong retention driving a significant uptick in sequential mortgage growth to 1.8%, the highest since our acquisition of HSBC Bank Canada.

轉到投影片 5，加拿大個人銀行業務本季創下營收新高，並仍是全國首屈一指的特許經營業務，在個人放款、總存款與投資方面皆具領先市占。令人鼓舞的是，更高的轉換量與強勁的留存率，帶動按揭貸款季增率顯著上升至 1.8%，為我們收購加拿大滙豐銀行（HSBC Bank Canada）以來的最高水準。

Credit card balances increased 7% from last year in a quarter where Avion Rewards had a record number of new accounts acquired. We also launched new cashback products, as well as our partnership with Hopper, which will bring a world-class travel booking platform and innovative travel offerings to the Canadian market.

在 Avion Rewards 創下新開戶數紀錄的季度中，信用卡餘額較去年增加 7%。我們也推出新的現金回饋產品，以及與 Hopper 的合作夥伴關係，將為加拿大市場帶來世界級的旅遊訂票平台與創新的旅遊產品。

Also, the aggregate of average retail deposits and mutual fund AUA increased 8%, or CAD47 billion year over year, with net money inflows positive for the quarter. Ultimately, this repositioning primarily out of term deposits to fee-based investments benefits both the client and the bank.

此外，平均零售存款與共同基金管理資產（AUA）的合計年增 8%，或 470 億加幣，本季淨資金流入為正。最終，這種主要由定期存款轉向收費型投資的重新配置，對客戶與銀行皆有利。

Commercial banking has leading market share in both loans and deposits across client categories. This segment generated record net income this quarter, underpinning an ROE of 18.6% in an environment of trade uncertainty and geopolitical risks weighing on business activity and client sentiment, particularly in real estate, supply chain, and consumer sectors within Ontario and British Columbia. However, this quarter showed an uptick in sequential loan growth to 1.2%, partly due to growth pockets in agriculture, healthcare, and the public sector, as well as HST rebates in the real estate sector.

商業銀行在各客戶類別的貸款與存款方面均擁有領先的市場份額。在貿易不確定性與地緣政治風險壓抑商業活動與客戶情緒的環境下（尤其影響安大略省與卑詩省的房地產、供應鏈與消費者等領域），本季度該業務分部創下淨利新高，支撐股東權益報酬率（ROE）達18.6%。然而，本季度序列貸款成長回升至1.2%，部分來自農業、醫療保健與公共部門的成長亮點，以及房地產部門的HST退稅帶動。

Deposit growth was very strong at 9% year-over-year, benefiting from increased client coverage and improved sales productivity. There was also ancillary fee-based benefits to this volume growth as client activity drove double-digit transaction banking revenue growth across FX and cash management fees.

存款年增成長非常強勁，達9%，受惠於客戶覆蓋提升與銷售生產力改善。隨著客戶活動帶動外匯（FX）與現金管理費用，交易銀行收入呈現雙位數成長，該等量的成長亦帶來附帶的手續費型收益。

RBC Capital Markets is the leading franchise in our home market, a top 10 global investment bank, and was recently named Canada's best investment bank by Euromoney. This segment reported record revenue and net income this quarter, while generating an ROE of 14.5%. Investment banking revenue increased 23% from last year, and our market share over the last 12 months grew to 2.1%, benefiting from higher origination and M&A activity across most regions.

RBC資本市場（RBC Capital Markets）是我們本土市場的領先平台、全球前十大投資銀行，並近期獲《歐洲貨幣》（Euromoney）評選為加拿大最佳投資銀行。本季度該分部創下營收與淨利新高，同時實現14.5%的ROE。投資銀行收入較去年增加23%，過去12個月的市場份額提升至2.1%，主要受惠於多數地區承銷發行與併購（M&A）活動增加。

Strong lending growth in corporate banking was largely driven by higher investment-grade loans and securitization finance in support of our clients' growth aspirations. This drove increased opportunities to cross-sell into advisory, origination, and sales and trading intermediation activities.

公司金融業務的強勁放款成長，主要由更高的投資級貸款與證券化融資所帶動，以支持客戶的成長願景。這也帶來更多交叉銷售機會，延伸至顧問服務、承銷發行，以及銷售與交易的中介業務活動。

Our average investment banking fee per client and average fee per senior banker continued to increase, demonstrating our monetization of expanded client connectivity as well as continued talent investments and balance sheet productivity overall, driving stronger returns. Global markets revenue was up 11% from last year, underpinned by growing momentum in our equities franchise, where we reported strong market share gains in equity derivatives.

我們每位客戶的平均投資銀行費用，以及每位資深銀行家的平均費用持續上升，顯示我們將擴大的客戶連結有效變現，同時持續投入人才與提升整體資產負債表生產力，進而推動更佳回報。全球市場收入較去年成長11%，主要由我們股票業務動能增強所支撐，其中股票衍生品的市場份額顯著提升。

As we noted at our Investor Day, growing our equity financing capabilities is a strategic imperative. We grew these volumes 40% compared to last year. We continue to leverage our strong balance sheet, credit rating, and brand to drive these strategies, which have robust returns on equity. Looking ahead, our pipeline remains healthy in a constructive environment, and our ongoing growth initiatives support our client-focused strategies.

正如我們在投資人日所提到的，擴大股票融資能力是策略要務。相較去年，我們將相關量能提升了40%。我們持續運用強健的資產負債表、信用評等與品牌來推動這些策略，並帶來穩健的股東權益報酬。展望未來，在具建設性的環境下，我們的案源管線仍然健康，持續的成長計畫也支持以客戶為核心的策略。

Wealth management also reported record revenue and net income this quarter, benefiting from its diversified revenue streams as clients came to us for trusted advice, service, and solutions in an evolving environment. Starting with our wealth advisory businesses, RBC Dominion Securities, which is the largest Canadian wealth management franchise, was recently recognized by its advisors as the highest-rated bank-owned investment dealer in Canada in Investment Executive's Brokerage Report Card for the 20th consecutive year.

財富管理本季度同樣創下營收與淨利新高，受惠於多元化的收入來源；在環境持續演變之際，客戶向我們尋求值得信賴的建議、服務與解決方案。先從我們的財富顧問業務談起：RBC Dominion Securities作為加拿大最大的財富管理平台，近期在《Investment Executive》券商報告卡（Brokerage Report Card）中，連續第20年獲其顧問評選為加拿大評價最高的銀行系投資經紀商。

Our U.S. wealth advisory business, the sixth-largest U.S. wealth advisory firm, recently ranked fourth in J.D. Power's Advisory Satisfaction ranking. Canadian wealth management and U.S. wealth management AUA increased 20% and 14% respectively, benefiting from both market appreciation as well as net new assets this quarter.

我們的美國財富顧問業務為美國第六大財富顧問公司，近期在J.D. Power的顧問滿意度排名中名列第四。加拿大財富管理與美國財富管理的管理資產（AUA）分別年增20%與14%，受惠於市場上漲以及本季度的淨新增資產。

RBC Direct Investing, our self-directed platform, benefited from nearly a 40% year-over-year increase in trading volumes, partly due to the successful launch of GoSmart earlier this year. Our wealth management platforms also benefited from higher deposits in our Canadian business and an 18% year-over-year growth in credit and lending balances in our U.S. wealth advisory franchise. Our new advisor hiring pipeline continues to be strong, positioning us well for future revenue growth.

我們的自助式平台RBC Direct Investing受惠於交易量年增近40%，部分原因是今年稍早成功推出GoSmart。我們的財富管理平台亦受惠於加拿大業務存款增加，以及美國財富顧問平台的信貸與放款餘額年增18%。我們新顧問招募的管線持續強勁，使我們在未來營收成長方面具備良好定位。

As the largest Canadian retail mutual funds franchise, RBC Global Asset Management increased assets under management by 13% year-over-year due to constructive markets and leading mutual fund net sales. In addition, the RBC iShares Alliance led the industry with respect to long-term ETF net sales of CAD10 billion for calendar Q2 2026, while currently announcing the expansion of its lineup of fixed income solutions as we continue to expand into private markets.

作為加拿大最大的零售共同基金平台，RBC Global Asset Management在市場環境正向與共同基金淨銷售領先的帶動下，管理資產（AUM）年增13%。此外，RBC iShares Alliance在2026年曆年第二季（Q2）以加幣100億元的長期ETF淨銷售額領先同業；同時也宣布擴充其固定收益解決方案產品線，並持續拓展至私募市場。

I will now cover a few of the key initiatives that will underpin our next leg of profitable growth, with a more detailed update to come in Q4. We have an ambition to build a global transaction banking business with an end-to-end offering that allows us to service our business and wholesale clients as they operate seamlessly across borders in a world with evolving trade connections.

接下來我將說明幾項將支撐我們下一階段獲利成長的關鍵計畫，並將於第四季（Q4）提供更詳細的更新。我們的目標是打造一個具端到端服務的全球交易銀行業務，使我們能在貿易連結持續演變的世界中，協助企業與批發客戶跨境無縫營運。

Secondly, our U.S. region efficiency ratio has improved to 75% year to date, moving us closer towards our target in the low 70s. As part of this success, City National Bank's net income increased to USD184 million this quarter, benefiting from 8% loan growth and 5% deposit growth as we continue to add teams and execute well for our clients.

第二，我們美國區域的效率比率今年迄今已改善至75%，使我們更接近低70%區間的目標。作為這項成果的一部分，City National Bank本季度淨利增至1.84億美元，受惠於貸款成長8%與存款成長5%；同時我們持續擴編團隊並為客戶有效執行。

And third, we are also accelerating the execution around our AI ambitions as we build towards generating CAD700 million to CAD1 billion in enterprise value by the end of fiscal 2027. We are leveraging our advantages in data scale, client relationships, execution capabilities, and nearly a decade of investments in our Borealis AI Research Institute.

第三，隨著我們朝著在2027財政年度末創造加幣7億元至10億元的企業價值目標邁進，我們也正在加速推動AI願景的落地執行。我們正運用在資料規模、客戶關係、執行能力，以及近十年對Borealis AI研究院的投資所形成的優勢。

With that, Katherine, over to you.

以上，Katherine，交給你。

Thanks, Dave, and good morning, everyone. Starting with slide 7, we delivered record results this quarter with diluted earnings per share of CAD4.23. Adjusted diluted earnings per share of CAD4.28 was up 11% from last year, reflecting record revenues across most of our segments and all-bank operating leverage of 3%.

謝謝你，Dave，各位早安。先看第7頁投影片，本季度我們交出創紀錄的成果，稀釋後每股盈餘為加幣4.23元。調整後稀釋每股盈餘為加幣4.28元，較去年成長11%，反映我們多數業務分部的營收創新高，以及全行營運槓桿為3%。

Turning to capital on slide 8, our CET1 ratio remains flat at 13.5%. We generated ROE of 17.9%, underpinning strong capital generation of 80 basis points this quarter.

接著看第8頁投影片的資本狀況，我們的普通股權一級資本（CET1）比率維持在13.5%不變。我們實現17.9%的ROE，支撐本季度強勁的資本生成，增加80個基點。

After dividends and strong client-driven growth, primarily in corporate lending, credit cards, and residential mortgages, complemented by higher market-related exposures in capital markets, we generated 16 basis points of net capital. This was largely absorbed by the repurchase of 5.6 million shares for approximately CAD1.6 billion.

在支付股利以及強勁的客戶帶動成長之後（主要來自公司放款、信用卡與住宅房貸），並由資本市場較高的市場相關曝險所補充，我們淨增加資本16個基點。其中大部分被回購560萬股所吸收，回購金額約為加幣16億元。

Lastly, the previously announced sale of Moneris is expected to contribute approximately 10 basis points to CET1 in the first quarter of 2027, while the run rate earnings impact is not expected to be significant.

最後，先前已宣布的Moneris出售案，預期將在2027年第一季為CET1貢獻約10個基點，而其常態化（run rate）盈餘影響預期不會顯著。

Moving to slide 9, all-bank net interest income grew 5% from last year. Excluding trading net interest income, all-bank net interest income was up 7%.

接著看第9頁投影片，全行淨利息收入較去年成長5%。若排除交易淨利息收入，全行淨利息收入成長7%。

Further excluding the impact of certain transactions in Capital Markets that carry related offsets in other non-interest income, as well as excluding lower purchase price adjustments or PPA related to the acquisition of HSBC Canada, our all-bank net interest income was up 11%. This reflected solid volume growth across our largest segments, including Personal Banking, Commercial Banking, and Wealth Management.

再進一步排除資本市場中若干交易的影響（其在其他非利息收入中有相對應的抵銷項），並排除與收購滙豐加拿大（HSBC Canada）相關的較低購買價格調整（PPA），我們的全行淨利息收入成長11%。這反映我們最大幾個業務分部的穩健量能成長，包括個人銀行、商業銀行與財富管理。

We also continue to benefit from our deposit traction strategy. The sequential decline of 4 basis points in all bank NIM, excluding trading, was largely due to Capital Markets, including the aforementioned transactions, as well as lower loan book spreads, including a shift towards investment-grade loans.

我們也持續受惠於存款動能策略。在排除交易因素後，全行淨利息收益率（NIM）序列下降4個基點，主要來自資本市場（包括前述交易），以及貸款組合利差下降（包括轉向投資級貸款所致）。

Trading net interest income was down CAD178 million or 27% from last year, driven by higher financing volumes in Capital Markets, as Dave noted earlier. This was more than offset in trading non-interest income. Total non-interest income was up 13%, driven largely by higher fee-based revenues in Wealth Management and Capital Markets.

交易淨利息收入較去年減少1.78億加元或27%，主要受資本市場融資量增加所帶動，正如Dave先前提到的。不過，這一影響已被交易非利息收入的增長所抵銷。非利息收入總額上升13%，主要由財富管理與資本市場較高的手續費型收入所帶動。

Moving to slide 10, reported non-interest income was up 6% from last year and up 7% on an adjusted basis. Higher variable compensation, consistent with higher revenues, drove more than half of the growth. Higher salaries was the second largest driver of the growth as we continue to invest in our talent, including in Capital Markets, Wealth Management, and Personal Banking. The remainder of the increase reflected technology-related spends, including safety and soundness initiatives and digital tools, as well as higher marketing investments, including new brand partnerships.

接著看第10頁，申報口徑的非利息支出較去年上升6%，調整後口徑上升7%。與收入增加一致的較高浮動薪酬，貢獻了超過一半的增長。薪資上升是第二大推動因素，因我們持續投資於人才，包括資本市場、財富管理與個人銀行。其餘增幅反映了科技相關支出，包括安全與穩健性計畫及數位工具，以及較高的行銷投資，包括新的品牌合作夥伴關係。

Moving to taxes, the adjusted non-TEB effective tax rate increased by 1 percentage point to 22.3%, reflecting changes in earnings mix. I'll now turn to our Q3 segment results, which begin on slide 11.

在稅務方面，調整後非TEB有效稅率上升1個百分點至22.3%，反映獲利組合的變化。接下來我將說明我們第三季各業務分部的結果，從第11頁開始。

Personal Banking generated CAD1.9 billion of earnings this quarter. Personal Banking Canada net income was down 1% from last year. Revenue was a record, up 4% from last year. Net interest income was up 5% as we earned through the impact of lower HSBC Canada-related PPA. Excluding this, our net interest income was up 8% from last year, driven by 4% loan growth and higher margins.

本季個人銀行創造19億加元的獲利。加拿大個人銀行淨利較去年下降1%。收入創新高，較去年上升4%。淨利息收入上升5%，因我們逐步消化與HSBC Canada相關的PPA降低所帶來的影響。若排除此因素，我們的淨利息收入較去年上升8%，主要由貸款成長4%及利差擴大所帶動。

Non-interest income was up 3%, driven by growth in mutual fund distribution fees, underpinned by higher fee-based assets. This was partly offset by lower service charges, largely reflecting the impact of regulatory changes that we guided to previously.

非利息收入上升3%，主要由共同基金分銷手續費成長所帶動，並受較高的手續費型資產支撐。部分被服務費下降所抵銷，主要反映我們先前已指引的監管變更影響。

Expenses were up 9%, including higher staff-related costs and the timing of investments in technology and marketing. This included digital and AI initiatives, as well as client acquisition and engagement campaigns.

費用上升9%，包括較高的人員相關成本，以及科技與行銷投資時點的影響。其中包含數位與AI計畫，以及客戶獲取與互動推廣活動。

Turning to slide 12, Commercial Banking net income was a record CAD936 million, up 12% from last year, underpinned by record pre-provision, pre-tax earnings of CAD1.5 billion. Revenue was up 5%, primarily reflecting higher net interest income growth, driven by higher volumes and margins.

接著看第12頁，商業銀行淨利創新高達9.36億加元，較去年上升12%，主要受益於創新高的提存前、稅前獲利15億加元。收入上升5%，主要反映淨利息收入成長較高，受較高的業務量與利差所帶動。

Commercial Banking loan-to-deposit ratio improved 3 percentage points from last year to 58%, as deposits grew 9% from last year and 6% sequentially, reflecting growth in non-maturity deposits. Loans were up 4% from last year and 1% sequentially, as growth accelerated among our larger clients and in certain sectors.

商業銀行貸存比率較去年改善3個百分點至58%，因存款較去年成長9%、較前一季成長6%，反映非到期存款的成長。貸款較去年上升4%、較前一季上升1%，因我們較大型客戶及部分產業的成長加速。

I'll now make a few comments on our combined Canadian banking segments. Net interest income was up 5% from last year, or up 7%, excluding the impact of lower HSBC Canada-related PPA. NIM was down 3 basis points from last quarter. This is primarily reflecting the seasonally higher lending spreads we noted in the prior quarter.

接下來我對合併後的加拿大銀行業務分部補充幾點。淨利息收入較去年上升5%；若排除與HSBC Canada相關的PPA降低影響，則上升7%。淨利差（NIM）較上季下降3個基點。這主要反映我們在上一季提到的季節性較高放款利差。

Lastly, our combined Canadian banking segments generated a leading efficiency ratio of 37%. This quarter's negative operating leverage of 3% largely reflected lower HSBC Canada-related PPA, the impact of regulatory changes, and the timing investments in personal banking. Our year-to-date operating leverage remains strong at 2%.

最後，我們合併後的加拿大銀行業務分部達成領先同業的效率比率37%。本季營運槓桿為負3%，主要反映與HSBC Canada相關的PPA降低、監管變更的影響，以及個人銀行投資時點的影響。年初至今的營運槓桿仍維持強勁，為2%。

Turning to wealth management on slide 13. Net income of CAD1.4 billion was up 32% from last year, reflecting record revenue and a strong pre-tax margin of 29.3%, which was up 4 percentage points from last year.

接著看第13頁的財富管理。淨利14億加元，較去年上升32%，反映收入創新高以及強勁的稅前利潤率29.3%，較去年提高4個百分點。

Non-interest income was up 16%, underpinned by market appreciation, positive net sales, and net new assets across most regions. Higher transactional revenue also contributed to the increase, with increased activity in Canadian wealth management, including our Direct Investing business. Net interest income was up 16% from last year, benefiting from deposit growth in Canadian wealth management and higher spreads and loan volumes in U.S. wealth management, including City National Bank.

非利息收入上升16%，主要受市場上漲、淨銷售為正，以及多數地區的淨新增資產所支撐。較高的交易型收入亦推升增幅，加拿大財富管理（包括我們的自助投資業務）活動增加。淨利息收入較去年上升16%，受益於加拿大財富管理存款成長，以及美國財富管理（包括City National Bank）較高利差與貸款量。

Turning to Capital Markets on slide 14. Record net income of CAD1.5 billion was up 16% from last year. Pre-provision, pre-tax earnings of CAD2 billion was also record, driven by strong revenue momentum across all businesses and efficiency ratio improvement of 3 percentage points.

接著看第14頁的資本市場。淨利創新高達15億加元，較去年上升16%。提存前、稅前獲利20億加元亦創新高，主要由各項業務強勁的收入動能，以及效率比率改善3個百分點所帶動。

Global markets performance remained strong, with revenue up 11% from last year, reflecting continued momentum in equities trading and strength in our non-trading and financing portfolios. This was partly offset by headwinds in rates trading amid muted client activity.

全球市場表現依然強勁，收入較去年上升11%，反映股票交易動能延續，以及我們非交易與融資投資組合的強勢表現。但在利率交易方面，由於客戶活動偏淡而面臨逆風，部分抵銷了上述增長。

Corporate and investment banking revenue was a record, up 16% from last year, with investment banking revenue up 23% from last year, reflecting record levels of activity. Lending and transaction banking revenue was up 10%, driven partly by strong growth in loans and in deposits.

企業與投資銀行收入創新高，較去年上升16%；其中投資銀行收入較去年上升23%，反映活動水準創新高。放款與交易銀行收入上升10%，部分由貸款與存款的強勁成長所帶動。

Turning to slide 15, insurance net income of CAD197 million was down 20% from last year, largely due to lower insurance service results. This is primarily a result of favorable longevity reinsurance adjustments and recaptures in the prior year. Our premium deposits were up 9% from last year, reflecting higher segregated funds and group annuity sales.

接著看第15頁，保險淨利1.97億加元，較去年下降20%，主要因保險服務結果較低。這主要是因去年有利的長壽再保險調整與回收（recaptures）。保費存款較去年上升9%，反映分離帳戶基金與團體年金銷售增加。

To conclude, we reiterate our full-year targets while remaining mindful of the evolving macro environment. All bank net interest income, excluding trading, is up 7% year to date and on track to deliver against our mid-single-digit range guidance. Looking ahead to next quarter, we expect Canadian banking margins to be relatively stable, with structural tailwinds offset by increased competition for mortgages and term deposits.

總結而言，在留意宏觀環境持續演變的同時，我們重申全年目標。全行淨利息收入（不含交易）年初至今上升7%，並按計畫達成我們中個位數區間的指引。展望下一季，我們預期加拿大銀行業務利差將相對穩定，結構性利多將抵銷房貸與定期存款競爭加劇的影響。

Expense growth of 5% year to date remains consistent with our mid-single-digit range guidance. We continue to expect positive all-bank operating leverage for the full year, including 1% to 2% in Canadian banking. As a reminder, we continue to expect the non-TEB effective tax rate to move towards the higher end of our 21% to 23% guided range over the coming quarters.

年初至今費用成長5%，仍符合我們中個位數區間的指引。我們仍預期全年全行將維持正向營運槓桿，其中加拿大銀行業務為1%至2%。提醒一下，我們仍預期未來幾季非TEB有效稅率將朝我們指引的21%至23%區間的較高端移動。

Lastly, following the recent change in the domestic stability buffer, we now expect the CET1 ratio to trend toward the midpoint of our 12.5% to 13.5% range over time as we look to drive organic growth, increase our dividends, and execute share buybacks at a similar cadence to the last couple of quarters.

最後，隨著近期國內穩定緩衝（domestic stability buffer）調整，我們目前預期CET1比率將隨時間推移趨向我們12.5%至13.5%區間的中點；同時我們將推動內生成長、提高股利，並以與過去幾季相近的節奏執行庫藏股回購。

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

接下來，我把時間交給Graeme。

Thank you, Katherine, and good morning, everyone. I'll now discuss our allowances in the context of the current macroeconomic environment, continuing geopolitical tensions, and ongoing trade developments.

謝謝你，Katherine，各位早安。接下來我將在當前宏觀經濟環境、持續的地緣政治緊張局勢，以及持續的貿易發展背景下，討論我們的備抵。

As Dave noted earlier, the Canadian economy has proven to be resilient. With the improvements in employment and GDP seen in Q2, we maintain a cautiously optimistic outlook that the economy will continue to expand.

如同 Dave 先前所提到的，加拿大經濟已證明具備韌性。隨著第二季就業與 GDP 的改善，我們維持審慎樂觀的看法，認為經濟將持續擴張。

Likewise, the U.S. economy has demonstrated strong productivity growth and lower employment rates, but geopolitical risks remain as significant sources of economic and credit uncertainty. This stems from two key areas. First, the impact of evolving and uncertain trade policy. And second, the inflationary pressures arising from the ongoing conflict in the Middle East.

同樣地，美國經濟展現強勁的生產力成長與較低的失業率，但地緣政治風險仍是經濟與信用不確定性的重大來源。這主要來自兩個關鍵面向。第一，是不斷演變且不確定的貿易政策所帶來的影響。第二，是中東持續衝突所引發的通膨壓力。

On the trade front, CUSMA moving to an annual review cycle has left tariff exemptions intact for goods and services covered in the pact. Nevertheless, last week we saw the implementation of new Section 338 tariffs on Canadian exports to the U.S. As these apply to a narrow base of Canadian products, these tariffs alone are not expected to meaningfully change our overall economic forecasts.

在貿易方面，CUSMA 轉為年度審查週期後，仍維持對協定涵蓋之商品與服務的關稅豁免。然而，上週我們看到美國對加拿大出口實施新的第 338 條關稅。由於其適用範圍僅涵蓋少數加拿大產品，單就這些關稅而言，預期不會對我們整體經濟預測造成實質改變。

The economic impact ultimately depends on how long the new tariffs remain in place, any potential retaliatory tariffs, and potential government support measures provided to affected workers and businesses. Against this backdrop, we continue to lean on our robust credit underwriting and provisioning processes.

最終的經濟影響取決於新關稅維持的時間長短、任何可能的報復性關稅，以及政府可能提供給受影響勞工與企業的支援措施。在此背景下，我們持續倚重穩健的信用承作（underwriting）與提存流程。

For allowances, we have prudently retained elevated weighting to our downside scenarios, including our trade disruption scenario, which contemplates a North American recession driven by an escalating global trade war and rising geopolitical risks.

在備抵方面，我們審慎地維持對下行情境的較高權重配置，包括我們的貿易中斷情境；該情境假設在全球貿易戰升級與地緣政治風險上升的推動下，北美將陷入衰退。

Turning to slide 17, we took a total of CAD21 million or one basis point of provisions on performing loans this quarter. This is predominantly driven by portfolio growth in personal banking and capital markets, partially offset by favorable changes in our macroeconomic forecasts, largely in the U.S. region.

轉到第 17 頁，本季我們對正常放款合計提列 2,100 萬加幣（或 1 個基點）的備抵。這主要由個人金融與資本市場的投資組合成長所帶動，部分被我們宏觀經濟預測（主要在美國地區）的有利變動所抵銷。

Moving to slide 18, gross impaired loans were up CAD353 million, or one basis point from last quarter, primarily driven by capital markets and wealth management and offset by lower impaired loans in commercial banking. In capital markets, gross impaired loans increased by CAD466 million, largely due to impaired loans in the real estate and related sector.

轉到第 18 頁，總減損放款較上季增加 3.53 億加幣（或 1 個基點），主要由資本市場與財富管理帶動，並被商業銀行減損放款下降所抵銷。在資本市場方面，總減損放款增加 4.66 億加幣，主要來自不動產及相關產業的減損放款。

These borrowers are part of a subset of our commercial real estate portfolio, which we expect will face continued impact from ongoing secular headwinds in the near term. The facilities impacted are structured to minimize losses and therefore were not a key driver of PCL this quarter.

這些借款人屬於我們商用不動產投資組合中的一個子集合；我們預期在短期內仍將持續受到結構性逆風的影響。受影響的授信案結構設計旨在將損失降至最低，因此並非本季 PCL 的主要驅動因素。

In wealth management, impaired loans, predominantly City National Bank, increased CAD114 million, primarily driven by the utility sector. In commercial banking, impaired loans are down CAD241 million over the quarter, where we are seeing lower impairments in the real estate and consumer discretionary sectors.

在財富管理方面，減損放款（以 City National Bank 為主）增加 1.14 億加幣，主要由公用事業產業所帶動。在商業銀行方面，減損放款本季下降 2.41 億加幣，我們看到不動產與非必需消費（consumer discretionary）產業的減損下降。

As a reminder, impairments in our wholesale portfolios are inherently more difficult to predict and can be episodic. However, while risk continues to be elevated, we are seeing modest improvements in credit quality across the wholesale portfolio.

提醒一下，我們批發（wholesale）投資組合的減損本質上較難預測，且可能呈現間歇性。不過，儘管風險仍偏高，我們正看到批發投資組合的信用品質出現小幅改善。

Turning to slide 19, PCL and impaired loans of 35 basis points was up one basis point, or CAD80 million quarter-over-quarter, and remains in line with our expectations. In Capital Markets, provisions were up CAD148 million quarter-over-quarter. The largest driver of provisions this quarter relate to a former investment grade borrower in the other services sector, more specifically in the utility space, that we originally impaired in the first quarter of 2025.

轉到第 19 頁，PCL 與減損放款合計 35 個基點，較上季上升 1 個基點（或 8,000 萬加幣），仍符合我們的預期。在資本市場方面，提存較上季增加 1.48 億加幣。本季提存的最大驅動因素，與一位前投資級借款人有關，該借款人屬於其他服務業，更具體而言是在公用事業領域；我們最初於 2025 年第一季將其列為減損。

Recent changes in the political environment have significantly increased uncertainty around the path to resolution on this file. Accordingly, we are prudently taking an additional CAD120 million in provisions while recognizing that the ultimate outcome remains uncertain.

近期政治環境的變化，已顯著提高此案件解決路徑的不確定性。因此，我們審慎地額外提列 1.2 億加幣備抵，同時也承認最終結果仍不確定。

In the commercial portfolio, while PCL and impaired loans remains elevated compared to historical levels, we have seen improving loss trends over the last three quarters. Additionally, retail credit indicators are showing signs of stabilization.

在商業投資組合方面，雖然 PCL 與減損放款相較歷史水準仍偏高，但過去三個季度我們已看到損失趨勢改善。此外，零售信用指標也顯示出穩定的跡象。

Delinquencies in unsecured products, particularly credit cards, remain elevated, but have leveled off from last quarter. In our home equity finance portfolio, while we continue to manage near-term renewal risks, we are encouraged by recent improvements in impairment formations.

無擔保產品的逾期情況，特別是信用卡，仍然偏高，但較上季已趨於持平。在我們的房屋淨值融資（home equity finance）投資組合中，雖然我們仍在管理短期續約風險，但近期減損形成（impairment formations）的改善令我們感到鼓舞。

To conclude, despite various geopolitical and trade headwinds over the last few quarters, Canada's economy has shown signs of stabilization, driven by resilient household spending, recovering business investment, and expanding net trade. Although sectors directly targeted by U.S. tariffs to date have faced headwinds, the impacts have remained contained and have not spread to the overall economy.

總結而言，儘管過去幾季面臨各種地緣政治與貿易逆風，加拿大經濟已顯示出穩定跡象，主要由具韌性的家庭支出、回升的企業投資，以及擴大的淨貿易所帶動。雖然迄今直接受到美國關稅鎖定的產業面臨逆風，但影響仍受控，並未擴散至整體經濟。

Internally, as noted previously, credit indicators have generally been stable or improving. We are pleased with the performance of our loan portfolios this quarter, and we expect our overall full-year 2026 provisions on impaired loans to remain within the range we previously guided to.

在內部方面，如先前所述，信用指標整體而言大致穩定或正在改善。我們對本季放款投資組合的表現感到滿意，並預期 2026 全年減損放款提存將維持在我們先前指引的區間內。

Now back to Dave.

現在交回給 Dave。

Operator, we can take Q&A now.

接線員，我們現在可以開始問答。

(Operator Instructions) Ebrahim Poonawala, Bank of America.

(接線員指示) Ebrahim Poonawala，美國銀行。

I had a two-part question since you want to limit questions, but both with the angle of trying to understand where Royal can outperform peers on growth. Maybe for Dave or Derek, one, talk to us in terms of what the AI CapEx cycle means for Royal. Yes, you are on some of these IPOs, debt issuance, but is there something more lasting when we think about lending, deposits, wealth management that this AI cycle can create? We just heard NVIDIA last night talk about growth into the next couple of years. So trying to understand if we should view Royal on the revenue side as a beneficiary of what's going on with the AI CapEx build-out.

我有一個兩部分的問題，因為你們希望限制提問數量，但兩個問題都從「了解皇家銀行在哪些成長面向能優於同業」的角度出發。也許請 Dave 或 Derek 回答：第一，請談談 AI 資本支出（CapEx）週期對皇家銀行意味著什麼。是的，你們參與了一些 IPO、債務發行，但當我們思考放款、存款、財富管理時，這個 AI 週期是否能帶來更長期、更持久的機會？我們昨晚剛聽到 NVIDIA 談到未來幾年的成長。因此想了解，我們是否應將皇家銀行在營收端視為 AI 資本支出建置浪潮的受益者。

Second, you made a big splash with the global transaction banking. Just to summarize for us where you think Royal has the right to win in an area that is intensely competitive.

第二，你們在全球交易銀行（global transaction banking）方面動作很大。請你們為我們總結一下，在競爭極為激烈的領域中，你們認為皇家銀行具備哪些「有權利贏」（right to win）的優勢。

It's Derek. I'll maybe take your first question on the AI CapEx cycle. I think, certainly, it's an area that's obviously driving tremendous growth, and we do think it will be a unique growth opportunity for us where we are positioned to drive differentiated performance.

我是 Derek。我先回答你第一個關於 AI 資本支出週期的問題。我認為，這確實是一個明顯推動巨大成長的領域；我們也認為，這將是我們一個獨特的成長機會，因為我們具備條件推動差異化表現。

If I step back from that or unpack that a little bit, obviously the AI build-out is impacting a variety of sectors, from technology to data centers, to power, to energy, to critical minerals. Those are all areas where we feel we have strengths today, areas we've been investing over time, and areas where we're bringing together our collective expertise very well in our view.

如果我退一步或稍微拆解一下，顯然 AI 的建置正在影響多個產業，從科技到資料中心，再到電力、能源，以及關鍵礦物。這些都是我們認為目前具備優勢的領域，也是我們長期持續投資的方向；同時，我們也認為我們正有效整合集體專業能力。

When we then look at those areas of opportunity and how they connect to our businesses, obviously there's a lot of financing required for the build-out. Given our size and scale and AA balance sheet, it is an opportunity for us to support clients initially with lending, and you have seen that come through in some very strong loan growth for us year-over-year. Importantly then, anchoring that lending and those relationships into other businesses.

接著當我們看這些機會領域以及它們如何與我們的業務連結時，顯然這波建置需要大量融資。憑藉我們的規模、AA 級資產負債表與量能，這讓我們有機會先以放款支持客戶；你也看到我們的放款年增呈現非常強勁的成長。更重要的是，將這些放款與客戶關係作為錨點，延伸到其他業務。

You mentioned GTB. Clearly, as we are growing our loan book, we are connecting the dots with our cash management business and growing deposits as part of that. We are obviously tying that to investment banking activity, where we had very good results this quarter both across DCM, ECM, project finance, and advisory. That obviously has ancillary benefits into our trading businesses and also into our wealth franchise. In totality, there is a very big opportunity, and we think we are positioned well to capitalize on it, and we do think it will be sustainable.

你提到 GTB。很明顯地，當我們擴大放款規模時，我們也把現金管理業務串聯起來，並在此過程中帶動存款成長。我們也將其與投資銀行業務活動連結；本季我們在債務資本市場（DCM）、股權資本市場（ECM）、專案融資與顧問業務方面都取得非常好的成果。這也為我們的交易業務帶來附帶效益，並延伸至我們的財富管理平台。整體而言，這是一個非常大的機會；我們認為自身具備良好條件把握，也相信這將具有可持續性。

Ebrahim, this is Dave. Maybe I will give some of the rationale behind creating this global transaction banking business and integrating it across platforms, and I will hand it to Sean and Derek for more specific comments about the competitive rationale.

Ebrahim，我是 Dave。或許我先說明一下成立這個全球交易銀行（Global Transaction Banking）業務並將其跨平台整合的部分理由，接著我會把問題交給 Sean 和 Derek，就競爭層面的理由提供更具體的評論。

We do have aspirations to compete globally. We have invested heavily in technology platforms across commercial banking, obviously, RBC Clear and Capital Markets that Derek just spoke to, and our City National franchise. We felt that we wanted to integrate that technology platform and bring it under one common leader to not only create efficiencies but enable a more focused go-to-market strategy with our clients globally as we segment. This allows us to be more efficient and bring our technology to our customers, approach the market more efficiently. And our aspiration is to really serve a more globally connected bank, globally connected customer from RBC.

我們確實有在全球競爭的企圖心。我們已在商業銀行的科技平台上投入大量資源，當然也包括 Derek 剛提到的 RBC Clear 與資本市場平台，以及我們的 City National 特許經營業務。我們認為應該把這些科技平台整合起來，並置於單一共同領導之下，不僅能創造效率，也能在我們進行客戶分群、面向全球客戶時，形成更聚焦的市場進入（go-to-market）策略。這讓我們能更有效率，並把我們的科技帶給客戶，以更有效率的方式切入市場。而我們的願景，是讓 RBC 能真正服務一個更全球互聯的銀行，以及更全球互聯的客戶。

We see the world moving to create more global trade relationships and more global cross-border flow, also enabling the group to look at modernizing payments through tokenization and stable coins. So that is the strategy behind it.

我們看到世界正朝向建立更多全球貿易關係與更多跨境資金流動的方向發展，同時也讓集團得以透過代幣化（tokenization）與穩定幣（stable coins）來推動支付現代化。這就是背後的策略。

We are very optimistic about it. We think we have, and we believe we have the right to win. We are a significant creditor to a very large corporate loan book and commercial loan book, and City National is growing their mid-corporate and commercial loan book. Therefore, we are part of syndicates, we have relationships with these customers, and we feel we have, with modern technology, the right to ask for the cross-sell into the global transaction banking capability.

我們對此非常樂觀。我們認為，而且我們相信，我們具備勝出的條件。我們是非常龐大的企業貸款與商業貸款組合的重要債權人，而 City National 也正在擴大其中型企業與商業貸款組合。因此，我們參與聯貸（syndicates），與這些客戶已有往來關係；我們認為，憑藉現代化科技，我們有正當理由要求交叉銷售（cross-sell）全球交易銀行能力。

With that, maybe Sean and then Derek, some comments about specific competition.

基於此，或許請 Sean，然後 Derek，談談特定競爭面的看法。

Thanks, David. This is Sean speaking. When we have assessed the opportunity here, we started by looking at where are we today. Ultimately, we have got an exceptionally strong foundation across Canada, and increasingly in the U.S., as Dave mentioned.

謝謝你，David。我是 Sean。當我們評估這裡的機會時，我們先從「我們今天處於什麼位置」開始看起。最終，我們在加拿大擁有極其強大的基礎，而且如 Dave 所提，在美國的基礎也正持續增強。

You saw in our results approaching CAD340 billion in Canadian deposits across all segments of the business and wholesale landscape. We have invested heavily, as Dave has mentioned, to build leading cash management platforms here and in the U.S. with Edge and Clear. We now have the most comprehensive product suite across the cash management treasury and trade landscape.

你們在我們的業績中看到，加拿大存款在涵蓋所有業務分部與批發（wholesale）版圖下，接近 3,400 億加元。如 Dave 所提，我們已大力投資打造領先的現金管理平台，在加拿大與美國皆然，包括 Edge 與 Clear。我們現在在現金管理、財資（treasury）與貿易（trade）領域擁有最完整的產品組合。

When we start thinking about our clients and client needs across all segments, clients are expecting more connected and integrated experiences. They also want less friction when they are dealing with us across borders.

當我們開始思考各分部客戶及其需求時，客戶期待更互聯、更整合的體驗。他們也希望在跨境與我們往來時摩擦更少。

Clients of all sizes across all sectors and segments increasingly are operating internationally. This is about supporting client needs and accelerating, I'd say, our growth ambitions across the transaction banking landscape across regions. Ultimately, this leads to some of our long-standing focuses as an organization. Deposit strength, funding advantage, and growing kind of fee-resilient businesses and ROE expansion for the enterprise.

各產業、各分部、各規模的客戶，愈來愈多在國際間營運。這是為了支援客戶需求，並加速我們在各地區交易銀行版圖上的成長企圖。最終，這也回到我們作為一家機構長期關注的幾個重點。存款實力、資金來源優勢，以及擴大較具費用韌性（fee-resilient）的業務並提升企業整體 ROE。

I would just briefly add in terms of a competitive market, but where we feel we have a right to win. Beyond building on Sean's comments on the very strong foundation we obviously enjoy in Canada, I think we've seen very good success in our build-out of RBC Clear, and we look forward to providing a more detailed update at Q4. Needless to say, we're tracking ahead of our plans.

我再簡短補充一下競爭市場層面，以及我們為何認為自己具備勝出的條件。延續 Sean 對我們在加拿大所享有的強大基礎的評論，我認為我們在 RBC Clear 的建置上已看到非常好的成果，我們也期待在第四季提供更詳細的更新。不用說，我們目前的進度領先於原先計畫。

We're seeing very good results in terms of new client onboarding, the growth of deposits, and the profitability that's coming with that. So that track record now of two years entering a new market in the transaction banking business and the success we're seeing to date gives us confidence we can continue to build off that, not just in North America, but over time in other regions.

我們在新客戶導入（onboarding）、存款成長，以及隨之而來的獲利能力方面，都看到非常好的結果。因此，這兩年來我們進入交易銀行這個新市場所累積的成績，以及迄今所見的成功，讓我們有信心能在此基礎上持續擴張，不僅在北美，隨時間推進也會在其他地區。

Extremely comprehensive.

非常全面。

John Aiken, Jefferies.

John Aiken，Jefferies。

Wanted to talk about the wealth management pre-tax margins. Now, I know in the quarter benefited from the reserve release. But basically, what we've seen over the last two years, as Dave McKay highlighted in his comments, very significant growth in AUM that's leaded to operating leverage and benefiting the segment. Where I'm going with this is with this growth, are we going to see a necessary step of investment in the segment to perpetuate this? Or are we at a level now where we're actually going to see the scale benefiting and potentially see that margin continue to increase?

我想談談財富管理的稅前利潤率。我知道本季受惠於準備金回轉（reserve release）。但基本上，過去兩年我們看到的情況是，如 Dave McKay 在評論中提到，AUM 顯著成長，帶來營運槓桿並使該分部受益。我想問的是，隨著這樣的成長，我們是否需要在該分部進行必要的投資，以延續這種成長？還是我們現在已到了一個規模效益開始發揮、並可能讓利潤率持續上升的階段？

So listen, overall, in terms of pre-tax margin, what you're seeing, maybe just start with our Wealth Canada franchise. You heard in Dave McKay's comments, this is the number one platform in Canada. We're actually larger than our number two and three competitors put together. So we do have a scale advantage there, and that continues to grow in terms of just a fixed cost base, in terms of as we're competing and having these assets continue to grow, we're getting some real scale benefit in our Canadian business.

好的，整體而言，關於稅前利潤率，你看到的情況——或許先從我們的加拿大財富管理特許經營業務談起。你在 Dave McKay 的評論中也聽到，這是加拿大排名第一的平台。我們的規模其實比第二名與第三名競爭對手加總還大。因此我們確實具備規模優勢，而且隨著成長持續，在固定成本基礎下，當我們競爭並讓資產持續成長時，加拿大業務正獲得實質的規模效益。

You also heard in some of the comments, a very updraft direct investing franchise, both in terms of adding new clients, but also seeing much steeper client activity in terms of trades per day. So these are all very positive, I'd say, revenue and top-line benefits in terms of the pre-tax margin.

你也在一些評論中聽到，我們的直投（direct investing）特許經營業務動能非常強，不僅新增客戶，同時也看到客戶活動顯著升溫，例如每日交易筆數大幅提高。因此我會說，這些都是對稅前利潤率非常正面的營收與收入端（top-line）助益。

In terms of do we expect to see a step-up of investment? Right now, we have been investing fairly consistently across our wealth franchises in terms of technology. We do not expect to have a required sort of step-up in that investment. Even within that envelope, we are funding our AI use cases.

至於是否預期投資會有一個「上台階」的增加？目前我們在各個財富管理特許經營業務的科技投資一直相當穩定且一致。我們不預期需要額外出現那種必須的投資躍升。即使在既有的資金框架內，我們也正在為 AI 的使用案例提供資金。

First -- probably first and foremost, to make better productivity for those same advisors so they can go out and spend more time connecting with clients, continue to grow those individual portfolios, do better for the client, and obviously better for the enterprise. Also, in our back office, being able to streamline our processes, think end-to-end, take costs down, increase our service levels. The last portion is our AI for Alpha and making sure that our global asset management business is getting the best signals they can and embedding that into the 30 plus customized investment processes to generate alpha. So within all of that's all within our existing funding envelope, and we do not see any required step-up.

第一——可能也是最重要的——是提升同一批理財顧問的生產力，讓他們能花更多時間與客戶連結，持續擴大各自的投資組合，為客戶做得更好，當然也讓企業整體表現更好。另外，在後台作業方面，我們能夠精簡流程、以端到端的方式思考，降低成本、提升服務水準。最後一部分是我們的「AI for Alpha」，確保我們的全球資產管理業務能取得最佳訊號，並把它嵌入 30 多個客製化投資流程中以創造超額報酬（alpha）。以上都在我們既有的資金框架內，我們不認為需要任何必須的投資上調。

Stephen Boland, Raymond James.

Stephen Boland，Raymond James。

I'm going to follow up on the GTB announcement. I think that was a good comprehensive answer. I'm just wondering about implementation, timing of this, and how do we measure success in this initiative? Is it just going to be kind of buried in the loan growth numbers, maybe the deposit numbers? What metrics are you looking for to show that this initiative is actually taking traction? I'm not sure who wants to take that.

我想追問一下 GTB 的公告。我認為剛才的回答很完整。我只是想了解執行面、時程安排，以及我們要如何衡量這項倡議的成功？它會不會只是被埋在貸款成長數字裡，或是存款數字裡？你們會看哪些指標來顯示這項倡議確實正在取得進展、開始發揮牽引力（traction）？我不確定誰要回答這題。

Sure, Steve. It's Derek. I'll start and Sean can add. A very good question. In terms of implementation, we have well-established businesses today that individually are all doing very well. We've got great momentum. We see an even bigger prize over time that we can get after. We're very pleased at how all the businesses are doing right now, and we're going to try to ensure we don't disrupt that strong momentum in any way.

當然，Steve。我是Derek。我先回答，Sean可以補充。這是一個非常好的問題。就落地執行而言，我們目前已有成熟的業務，各自表現都非常好。我們的動能很強。我們也看到隨著時間推進，還有更大的機會可以去爭取。我們對目前各項業務的表現非常滿意，也會努力確保不以任何方式干擾這股強勁動能。

We'll be bringing the businesses together. It will be some organizational changes around that. We'll be working through that over the next 60 to 90 days. We think it'll be a fairly seamless transition to take those existing businesses into a unified offering importantly for our clients and as well for our teams.

我們會把這些業務整合在一起。在此之上會有一些組織調整。我們會在接下來60到90天內推進這些工作。我們認為，把既有業務納入一個統一的產品/服務方案，對客戶以及我們的團隊而言，將會是相當順暢的過渡。

We've obviously done a lot of work looking at what we think the opportunity is in North America and beyond. As we bring this business together, we will be crystallizing those targets, and over time, we'll look to come out with different KPIs to address your exact point. I'd say stay tuned, but definitely while this will continue to be reported in the existing segments today, we will be coming out with KPIs to track how the broader GTB initiative is proceeding.

我們顯然已做了大量工作，評估我們認為在北美及其他地區的機會。隨著我們把這項業務整合起來，我們會把這些目標具體化；並且隨著時間推進，我們會推出不同的KPI來回應你提到的重點。我會說請持續關注；但可以確定的是，雖然目前仍會在既有分部中揭露，但我們將推出KPI，用以追蹤更廣泛的GTB倡議進展情況。

Gabriel Dechaine, National Bank Financial.

Gabriel Dechaine，National Bank Financial。

An 18% ROE is great, so it's a little bit odd to maybe poke holes into it. What I mean by that is the Capital Markets business is, unlike other banks, has not really been enhancing the ROE to the same degree. That's because of the capital intensity of that business we've seen over the past year or two, more corporate lending, balance sheet expansion. I understand the motivation behind that strategy. I'm just wondering when do you expect the inflection point, the balance sheet intensity to maybe calm down a little bit and then the lower capital intensity revenue items moving higher and the ROE following that?

18%的ROE很棒，所以要挑毛病似乎有點奇怪。我的意思是，資本市場業務與其他銀行不同，並沒有在同樣程度上提升ROE。這是因為過去一兩年我們看到該業務的資本密集度提高：更多企業放款、資產負債表擴張。我理解這個策略背後的動機。我只是想問，你們預期何時會出現拐點：資產負債表的資本占用強度可能稍微緩和，然後較低資本密集度的收入項目占比上升，ROE也隨之改善？

Sure. It's Derek. I'll address that. First, just a couple of comments I would make. One as you're probably aware, different banks have different approaches to capital allocation to the businesses. So it's a little bit apples and oranges when you compare the Capital Markets ROEs across peers.

好的。我是Derek。我來回答。首先，我想先補充幾點。第一，正如你可能知道的，不同銀行對各業務的資本配置方式不同。因此，拿同業之間的資本市場ROE來比較，有點像拿蘋果比橘子。

I think to your point, though, it's very important to look over time at how has that been progressing. If you look back, and again, we've had our own changes to capital attribution in recent years. If you look back and you normalize that, we've seen very significant expansion of the Capital Markets ROE really going back to 2019, 2020.

不過我認為就你提到的重點而言，從時間序列來看其進展非常重要。回頭看一下，而且我們近年在資本歸屬（capital attribution）上也做過調整。如果把這些因素標準化後來看，我們看到資本市場ROE自2019、2020年以來其實有非常顯著的擴張。

As you'll recall, at Investor Day, we put out a target of 14% by 2027. We're operating well ahead of that this year, so we feel very pleased about how we've been able to continue on that trajectory. And even year to date, we obviously seen a good lift in ROE, but when we look at our revenue to RWA, again, very good progression in those metrics. The strategy obviously is to continue to improve that. We feel very confident in our ability to do it. Part of that comes from the mix of non-lending versus lending.

你也記得，在投資人日我們提出到2027年達到14%的目標。今年我們的表現明顯超前於該目標，因此我們對能持續沿著這條軌跡前進感到非常滿意。而且即使就年初至今而言，我們的ROE確實有不錯的提升；但當我們看收入對RWA（風險加權資產）的比率時，這些指標同樣呈現非常好的進展。策略上當然是要持續改善。我們對自身做到這點的能力非常有信心。其中一部分來自於非放款與放款業務的組合。

I would just highlight that, again, if you come back to the very strong balance sheet growth we've seen year to date, some of that gets monetized in the very near term because there's a direct linkage between the capital you provide and ancillary business. But some of that is building for the long term, and that's where we see very good opportunities where some of the balance sheet deployment right now is really building our medium-term client franchises. And we feel very confident that as we've seen in the last number of years, we'll continue to see that monetization ratio come through, and strengthen our franchises over time.

我也想強調，回到我們年初至今看到的非常強勁的資產負債表成長，其中一部分會在很短期內變現，因為你提供的資本與附帶業務之間存在直接連結。但其中也有一部分是在為長期布局；我們看到很好的機會，因為目前的部分資產負債表投放，實際上是在打造我們中期的客戶特許經營（client franchises）。我們非常有信心，正如過去幾年所見，我們會持續看到這個變現比率逐步體現，並隨時間推進強化我們的特許經營。

I guess it's different approach. You learned from the past, a long time ago, admittedly, but we saw the corporate loan book growing by a lot, and then there was some reversal of that eventually. So it's different this time, I suppose.

我想這是不同的做法。你們從過去學到經驗——雖然那是很久以前的事了——但我們曾看到企業放款部位大幅成長，之後又出現某種程度的回撤。所以我想這次應該不一樣。

My next question for Dave, M&A is an obvious area of discussion here given where bank stock valuations are. How do you define a tuck-in acquisition these days? What would it take for you to do something more than a tuck-in, I guess?

我下一個問題想問Dave。考量到銀行股估值的現況，併購（M&A）顯然是這裡的重點議題。你們現在如何定義「補強型收購」（tuck-in acquisition）？要達到什麼條件，你們才會做超出補強型收購的交易？

I would say first and foremost, Gabriel, we're focused on organic growth. You've seen the momentum quarter-over-quarter and year-over-year in our corporate loan book, in our commercial loan book, in City National.

我會說，首先也是最重要的，Gabriel，我們專注於內生成長。你已經看到我們企業放款、商業放款，以及City National的放款部位，無論季對季或年對年都呈現動能。

You look at the mega projects coming. We're expecting to see RWA growth and lending growth and revenue growth and NII growth from those sectors. So there's going to be significant opportunity and growing opportunity to deploy capital into organic growth, and we're quite excited about it.

你看看即將到來的超大型專案。我們預期這些領域將帶來RWA成長、放款成長、收入成長以及NII（淨利息收入）成長。因此，把資本投入內生成長將有顯著且持續擴大的機會，我們對此相當興奮。

You saw the very strong client activities across all our lending, including mortgages. So I think that's where we're going to put capital first and foremost. We've always said that, and I'm very excited about the growth and opportunities around that super cycle generated from AI that was previously asked. So I think that's foremost.

你也看到我們在所有放款業務（包括房貸）上的客戶活動非常強勁。所以我認為我們會優先把資本投入在這裡。我們一直都是這麼說的；而且我也對先前有人提到、由AI帶動的超級循環所帶來的成長與機會感到非常振奮。所以我認為這是首要之務。

As we think about then to your question, second, we are going to buy back our shares and continue and buy back shares at the rate we have done in the last number of quarters and accelerate where possible. I think we have got significant capital. We generated a significant amount of capital from our profitability.

接著回到你的問題，第二，我們會回購自家股票，並且以過去幾季的速度持續回購，並在可能時加速。我認為我們有相當充足的資本。我們也從獲利能力中產生了大量資本。

I think second -- third, as I think about then, it is always important to state those first two because that is our priority, and that is how we are going to create significant shareholder value. We are always mindful of franchises that can create value for us, whether it is creating scale in commercial banking in the U.S., creating scale in wealth management in the U.S. has always been our focus.

我想第二——第三，接著來看，我總是覺得有必要先把前兩點講清楚，因為那是我們的優先事項，也是我們將如何創造顯著股東價值的方式。我們也一直留意能為我們創造價值的特許經營機會，無論是在美國商業銀行業務擴大規模，或是在美國財富管理擴大規模，這一直都是我們的重點。

We have an ability because of RBC's scale to allow City National to grow. We do not need to do something to be competitive. We have cash management products. We have treasury management. We have commercial and consumer lending capability. We are cross-selling those effectively now. It is not that we need it to close a capability gap. We will do it if it can create shareholder value. I guess while our stocks are strong, so are the potential targets, and therefore it is all about creating a playbook that creates medium-term shareholder value.

憑藉RBC的規模，我們有能力讓City National成長。我們不需要為了具備競爭力而去做某件事。我們有現金管理產品。我們有資金管理（treasury management）。我們有商業與消費金融放款能力。我們現在也正在有效地交叉銷售這些產品。並不是因為我們需要它來補足能力缺口。如果它能創造股東價值，我們就會去做。我想，雖然我們的股價表現強勁，但潛在標的也同樣強勁，因此關鍵在於建立一套能在中期創造股東價值的行動手冊（playbook）。

Nothing has changed. We are not keeping capital because we think we are going to do something imminently. We are keeping capital for growth, and we are also keeping capital because there is a little bit of instability in the geopolitics around the world right now.

沒有任何改變。我們保留資本並不是因為我們認為即將要做什麼事。我們保留資本是為了成長，同時也因為目前全球地緣政治存在些許不穩定性。

But we are not keeping capital because we feel we have to do something. We are only going to do something if it creates meaningful shareholder value because management time is best placed in growing this franchise client by client, and we have huge opportunity to do that.

但我們保留資本並不是因為覺得非做點什麼不可。只有在能創造具意義的股東價值時，我們才會採取行動，因為管理層的時間最應該用在一位客戶一位客戶地擴大這個業務版圖，而我們在這方面有非常大的機會。

Mario Mendonca, TD Securities.

Mario Mendonca，TD Securities。

I was looking at Royal's pre-tax pre-provision profit growth this quarter, and frankly, over the last couple of quarters, it's in line with some, but certainly weaker than others.

我在看 Royal 本季的稅前、提存前獲利成長，坦白說，過去幾季也是如此，表現與部分同業相當，但確實弱於其他一些同業。

As I drill down and think about it's certainly not your fee income. Clearly, that's very strong. While there could be some lagging on the trading, I understand that because of Royal's focus on fixed income compared to some of your peers. But where it does stand out is on the NIM, essentially. I appreciate the bank's target is to grow NII, but your NII growth is lagging several of your peers.

我再往下拆解來看，顯然不是你的手續費收入問題。那部分非常強勁。交易業務可能有些落後，我也能理解，因為相較於一些同業，Royal 更偏重固定收益。但真正突出的地方基本上是在 NIM（淨利差）。我理解銀行的目標是提升 NII（淨利息收入），但你們的 NII 成長落後於幾家同業。

The reason I'm coming at it from this direction is I would not have expected that given Royal's deposit profile, and you tout that profile and the funding advantages regularly as you should. Why is that not driving better margin performance relative to your peers, given the funding profile and the level of rates that we have in the market today?

我之所以從這個角度切入，是因為以 Royal 的存款結構來看，我原本不會預期如此；你們也經常（而且應該如此）強調這個結構與資金來源優勢。在目前市場利率水準下，為什麼這樣的資金結構沒有帶來相較同業更好的利差表現？

It's Katherine. As you noted, our all bank NIM is impacted at the top of the house by some capital markets items. As you pull those out and you look at the overall kind of underlying growth, the one thing that I would take you to is on the net interest income side, we have been earning through our purchase price equation. So that is the headwind that we've been earning through.

我是 Katherine。如你所提到的，我們全行的 NIM 在總體層面會受到一些資本市場項目的影響。如果把那些因素剔除、看整體的基礎成長，有一點我想帶你看的是，在淨利息收入方面，我們一直在消化（earn through）收購價格分攤（PPA）的影響。所以那就是我們正在消化的逆風。

If you take that aside, as I referenced in my remarks, we are growing our net interest income at 7%, and that is underpinned by strong volume growth that we've seen in both our commercial as well as in our personal bank. So both on the loan side as well as the deposits in the commercial banking.

如果把那部分先放一邊，正如我在發言中提到的，我們的淨利息收入成長為 7%，其基礎來自我們在商業銀行與個人銀行都看到的強勁量能成長。因此無論是在放款端，或是在商業銀行的存款端，都有成長。

Overall, we're feeling good about that trajectory going forward as we think about our NIM. As I said in my comments, I feel like we've got a stable NIM as we enter into the fourth quarter.

整體而言，展望未來、就我們對 NIM 的看法，我們對這個走勢感到樂觀。如我在評論中所說，我覺得在進入第四季時，我們的 NIM 會維持穩定。

Could you talk about what the effect of the wind-down of the PPA, is that taking out three points of growth, four points of growth? What would you put that at? When would you expect the bank to lap that headwind?

你能談談 PPA 逐步結束（wind-down）的影響嗎？那會拉低三個百分點的成長、四個百分點的成長嗎？你會怎麼估？你預期銀行何時能跨過（lap）這個逆風？

The PPA is about CAD100 million headwind per quarter, and that translates into about a 4-basis point headwind. We will lap that when we head to the Q2 next year.

PPA 每季大約是 1 億加幣的逆風，換算約為 4 個基點的逆風。我們會在明年第二季時跨過這個逆風。

Paul Holden, CIBC.

Paul Holden，CIBC。

Sort of questioning along the same vein, specifically, I guess for Sean. Just looking at the NII growth and, I guess, loan growth specifically. We have seen some of the peers show accelerated commercial loan growth over the last couple quarters. Not seeing that as much as for Royal, but obviously, it's still really good deposit growth. Just wondering if you can talk about that and what's going on in terms of the competitive dynamics there.

我想沿著同樣的脈絡提問，具體來說我想問 Sean。就 NII 成長、以及我想特別是放款成長來看，我們看到一些同業在過去幾季的商業放款成長加速。Royal 這邊似乎沒有那麼明顯，但顯然存款成長仍然非常好。想請你談談這點，以及在競爭動態方面目前發生了什麼。

Sure. Our loan growth for the quarter was 1.2%, as Katherine highlighted. That was actually double the growth rate from our previous quarter, with really strong exit momentum. July actually was our highest growth month that we've experienced in a year.

當然。我們本季放款成長為 1.2%，如 Katherine 所強調。這其實是上一季成長率的兩倍，而且期末動能非常強。7 月其實是我們一年來成長最高的月份。

Looking ahead, we expect to track and to continue to build on that momentum. Our pipelines are really strong. We've obviously seen some variability across regions and sectors, especially those impacted by the tariffs. But we're also seeing some really good green shoots that's driving that momentum, especially in those sectors that are less impacted by tariffs, or some of the uncertainty, whether it's in agriculture, in healthcare, in public sector. And some emerging green shoots also in real estate, especially in Ontario, as developers have shifted to single family homes and purpose-built rental driven by the HST rebate.

展望未來，我們預期會維持並持續累積這股動能。我們的案源（pipeline）非常強。我們確實看到不同地區與產業之間存在一些差異，尤其是受關稅影響的領域。但我們也看到一些非常好的新萌芽（green shoots）在推動動能，特別是在那些較不受關稅或不確定性影響的產業，例如農業、醫療保健、公部門。另外在不動產方面也出現一些新萌芽，尤其是在安大略省，因為開發商在 HST 退稅的帶動下，轉向獨棟住宅與專建出租（purpose-built rental）。

Our pipelines are really strong, as I mentioned. We continue to see quality improvements across the portfolio, whether it's declining watch list, impaired rates, and special loans volumes. And as Dave mentioned, we've got some obviously optimism that the government and infrastructure programs will start to take effect.

如我所提到的，我們的案源非常強。我們也持續看到整體投組的品質改善，包括觀察名單下降、不良率，以及特殊放款量。而且如 Dave 所提到的，我們對政府與基礎建設計畫將開始發揮效果也抱持一些明顯的樂觀。

We're pretty well-balanced and steady through the cycle lenders, Paul, and have coming off of 12 of 13 consecutive quarters of outsized growth relative to the market. So we're happy with our growth, especially at this part of the cycle. And we have a lot of focus on continuing the momentum we have recently and continuing to invest in the business on both sides of the balance sheet.

Paul，我們在景氣循環中一直是相當均衡且穩健的放款機構，並且在過去 13 季中有 12 季的成長明顯高於市場。所以我們對成長表現感到滿意，尤其是在景氣循環的這個階段。我們也非常專注於延續近期的動能，並在資產負債表兩端持續投資這項業務。

Okay. That's helpful. So sounds like building momentum. Just one quick follow-up. Just HSBC client retention that's being strong in line with or better than your expectations?

好的。這很有幫助。聽起來動能正在建立。再追問一個很快的問題。HSBC 客戶留存表現強勁，是否符合或優於你們的預期？

Yeah, absolutely. I'll start, maybe Erica can follow as well. On the client side, we are well below our targeted attrition rates that we would have modeled during the due diligence. We've had extremely strong retention and growing with the client bases now that we fully integrated, completed the TSA, and also are picking up strength in some of the areas that HSBC had outsized positions in.

是的，絕對如此。我先回答，之後 Erica 也可以補充。在客戶端，我們的流失率遠低於我們在盡職調查期間建模的目標流失率。在我們完成全面整合、完成 TSA（過渡服務協議）之後，客戶留存非常強勁，並且在 HSBC 原本具有較大市占的某些領域也開始回升增強。

For example, in hotels and seniors housing and the upper end of the market in our corporate client group, where we really embedded a lot of the learnings from HSBC's model to drive growth in that segment. So absolutely, we're really pleased with the retention and importantly, the recent growth from that portfolio.

例如在飯店、銀髮住宅，以及我們企業客群中市場高端的部分；我們把 HSBC 模式中的許多經驗深度嵌入，用以推動該分群的成長。所以確實，我們對留存非常滿意，更重要的是，也對該投組近期的成長感到非常滿意。

And then on the retail side -- it's Erica. I would say similar themes to what Sean just expressed. At the aggregate client retention level, feel very good about the performance of that trending at or slightly ahead of where we would have expected it when we went into the deal.

至於零售端——我是 Erica。我會說主題與 Sean 剛才表達的相似。在整體客戶留存層面，我們對目前的表現感到非常好，趨勢大致符合、或略優於我們在交易初期的預期。

We continue to see the opportunity for depth of relationship across that client franchise take hold. Month over month, we are continuing to deepen those client relationships. That HSBC client came to us with less depth than the RBC client, and so we see ourselves on track exactly as we would expect relative to that depth of relationship. So feeling good that those clients are being well-served by us.

我們持續看到在該客戶版圖上加深關係深度的機會正在落地。每個月我們都在持續深化這些客戶關係。HSBC 的客戶轉入時，關係深度低於 RBC 的客戶，因此就關係深度而言，我們的進展完全符合預期。所以我們對這些客戶正獲得良好服務感到樂觀。

Mike Rizvanovic, Scotiabank.

Mike Rizvanovic，加拿大豐業銀行（Scotiabank）。

I had a question for Dave just on the capital ratio. Just wondering, it seems like there's a bit of a hesitation to fully incorporate the 100-basis point DSB range reduction into where you sort of want to be on the CET1 ratio. I understand in the current environment perfectly why. But if you're thinking more longer term, let's say 2 to 3 years out, is there a possibility that maybe we go back to that previous historical dynamic where the banks, well, Royal, would be somewhere in that 50- to 100-basis point buffer above the high end of where the DSB could land at? Meaning that right now, the max that OSFI could be at the CET1 requirement would be 11. Can you get to sort of ballpark 12% flat on CET1 in, say, 2 to 3 years?

我有一個關於資本比率的問題想請教 Dave。想請問一下，看起來你們對於將 DSB 區間下調 100 個基點完全納入你們希望維持的 CET1 比率水準，似乎有些猶豫。我完全理解在目前環境下為什麼會這樣。但如果從更長期來看，比方說 2 到 3 年後，是否有可能回到先前的歷史慣例，也就是銀行——嗯，皇家銀行——會把 CET1 維持在 DSB 可能落點上緣之上約 50 到 100 個基點的緩衝？也就是說，目前 OSFI 對 CET1 要求的最高水準可能是 11%。那你們是否能在例如 2 到 3 年內，把 CET1 大致拉到約 12% 的水準？

Yeah, great question. We are being careful and prudent given some of the uncertainty in the geopolitical environment. But we do, as Katherine mentioned, foresee bringing that 13.5 down towards initially the mid of a range, 12.5 to 13.5, because we're at this high end now. Then potentially even lower, to your point, because we have that ability to do so, whether it's organic growth or continuing share buyback. I would say yes, we would not have an adverse reaction to bringing it down consistently through the deployment of capital to somewhere near those ranges given the recent DSB pullback by OSFI.

是的，這是個很好的問題。鑑於地緣政治環境存在一些不確定性，我們正以謹慎、審慎的方式行事。但正如 Katherine 提到的，我們確實預期會把 13.5% 往下調，先降到 12.5% 到 13.5% 這個區間的中位附近，因為我們目前在區間高端。之後甚至可能更低，如你所說，因為我們有能力這麼做，無論是透過內生成長或持續回購股票。我會說是的，考量到 OSFI 最近下調 DSB，我們不會對於透過資本部署、持續把比率降到接近那些區間而有負面反應。

Okay. That's helpful. Then a quick one for Neil. Just wanted to ask about CNB. Obviously, the number this quarter looks really strong, and you've had a pretty strong rebound here. When you think about CNB and the next leg of growth, is this something that is just going to largely be an organic story, or are you potentially looking to add to your capabilities with inorganic?

好的。這很有幫助。接著我有個簡短問題想問 Neil。想請教關於 CNB。顯然本季的數字看起來非常強勁，而且你們的反彈也相當明顯。當你們思考 CNB 下一階段的成長時，這主要會是一個以內生成長為主的故事，還是你們可能也會透過外延式（併購等）來補強能力？

Maybe I'll address that as I work very closely with Greg Carmichael, the head of CNB and our U.S. operations. Yes, first and foremost, we have a very significant opportunity to grow organically. We are adding teams across different markets now into the Southeast. Looking potentially to go into Texas. We are adding product capability to cross-sell into our wealth clients in Neil's business, whether it is mortgages, core banking product, credit cards coming off the CNB platform. We are moving into mid-corporate global transaction banking with new capabilities there. There is a significant organic push that the team is very focused on.

也許我來回答，因為我與 CNB 以及我們美國業務的負責人 Greg Carmichael 合作非常密切。是的，首先也是最重要的，我們有非常重大的內生成長機會。我們正在不同市場增聘團隊，現在也擴展到美國東南部。也可能考慮進入德州。我們也在增加產品能力，以便向 Neil 業務中的財富客戶進行交叉銷售，無論是房貸、核心銀行產品，或是基於 CNB 平台的信用卡。我們也正以新的能力切入中型企業的全球交易銀行業務。團隊非常專注於推動顯著的內生成長。

If there is an opportunity to add to commercial scale, we do talk about that and the synergies. We are increasingly building a capability to have a robust, as you said, as we have gone through all this change in investment in our platforming, our risk platforms, our tech platforms.

如果有機會擴大商業規模，我們也會討論這點以及相關的協同效益。隨著我們在平台化、風險平台與科技平台上的投資與變革一路走來，我們正逐步建立更強健的能力，如你所說。

Increasingly, we are building a capability to roll another bank onto those platforms. We have a number of very significant opportunities to integrate the U.S. already within RBC, whether it is our Georgia bank and others. There are synergies there that we are focused on.

我們也越來越在建立一種能力，能把另一家銀行併入並運行在這些平台之上。我們在 RBC 內部已經有多個非常重大的機會可整合美國業務，例如我們在喬治亞州的銀行以及其他單位。我們正專注於其中的協同效益。

The U.S. has enormous opportunity for us. You saw very significant growth in CNB, and we think there is more exciting growth coming as we continue to reduce costs from our remediation efforts, and we continue to grow organic, our footprint.

美國對我們而言有巨大的機會。你們看到 CNB 有非常顯著的成長，而我們認為隨著我們持續透過補救（remediation）工作降低成本，並持續以內生方式擴大我們的版圖，未來還會有更多令人振奮的成長。

Yes, we are always thinking and talking about how can we add to that scale with a confident playbook like we had with HSBC, where we take out costs as the predominant driver of shareholder returns and then look to grow our footprint in the region. It is both. Honestly, it is a great question, and we are very excited about the opportunities in the United States.

是的，我們一直在思考並討論，如何用一套有把握的作戰手冊來擴大規模，就像我們在 HSBC 案子中所做的那樣：以成本移除作為股東報酬的主要驅動因素，然後再尋求擴大我們在該區域的版圖。兩者都會做。老實說，這是個很好的問題，而我們對美國的機會感到非常興奮。

This concludes the question-and-answer session. I will now turn the call back over to Dave McKay for closing remarks.

問答環節到此結束。我現在把電話交回給 Dave McKay 作結語。

Thank you for your questions today. We are really happy with the results. I think there are some areas where certainly we are looking to improve our operations, but I think the underlying thematic that we tried to convey today is we are seeing very strong client activity. We are winning market share, not always at the margin we wanted, but we are winning market share across our corporate banking, investment banking activities, commercial banking, deposits in particular, consumer banking, mortgages competing well.

感謝各位今天的提問。我們對業績結果非常滿意。我認為確實有一些領域我們希望改善營運，但我想我們今天試圖傳達的核心主題是：我們看到非常強勁的客戶活動。我們正在贏得市占率，雖然不一定總是在我們希望的利差水準上，但我們在企業銀行、投資銀行活動、商業銀行，特別是存款，以及消費金融、房貸等方面都在贏得市占並具備良好競爭力。

We are competing really well for AUA and AUM. So you are seeing a franchise that is really invested and continues to invest in building a sustainable foundation for growth on our balance sheet, off our balance sheet, and I think that is the characteristic of our franchise. This is sustainable growth built through clients with great products, great systems, great capabilities, and we are going to continue to do that with a really healthy mix between NII and non-interest income.

我們在爭取 AUA 與 AUM 方面的競爭也非常出色。因此你們看到的是一個已深度投入、並持續投入的特許經營體（franchise），在資產負債表內與表外持續打造可持續的成長基礎，而我認為這正是我們 franchise 的特質。這是透過客戶、優質產品、優良系統與強大能力所建立的可持續成長；我們也將在利息淨收入（NII）與非利息收入之間維持非常健康的組合，並持續推進。

Thank you very much for your questions. We look forward to our ongoing dialogue and to see you next quarter.

非常感謝各位的提問。我們期待持續的交流，並在下個季度與各位再見。

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。