Toronto-Dominion Bank (TD) 2023 Q2 法說會逐字稿

Good afternoon, everyone, and welcome to the TD Bank Group Q2 2023 Earnings Conference Call. I would now like to turn the meeting over to Ms. Brooke Hales. Please go ahead, Ms. Hales.

大家下午好，歡迎參加道明銀行集團 2023 年第二季度收益電話會議。我現在想將會議轉交給 Brooke Hales 女士。請繼續，Hales 女士。

Thank you, operator. Good afternoon, and welcome to TD Bank Group's Second Quarter 2023 Investor Presentation. Many of us are joining today's meeting from lands across North America. North America is known as Turtle Island by many indigenous communities.

謝謝你，運營商。下午好，歡迎來到道明銀行集團 2023 年第二季度投資者介紹會。我們中的許多人來自北美各地參加今天的會議。北美被許多土著社區稱為海龜島。

I am currently situated in Toronto. As such, I would like to begin today's meeting by acknowledging that I am on the traditional territory of many nations, including the Mississaugas of the Credit, the Anishinaabe, the Chippewa, the Haudenosaunee and the Wendat people and is now home to many diverse nations, Métis and Inuit people. We also acknowledge that Toronto is covered by Treaty 13, signed with the Mississaugas of the Credit and the Williams Treaties, signed with multiple Mississaugas and Chippewa bands.

我目前住在多倫多。因此，在今天的會議開始之際，我想承認我在許多國家的傳統領土上，包括信貸的密西沙加人、Anishinaabe、奇佩瓦人、豪德索尼人和溫達特人，現在是許多不同國家的家園、梅蒂斯人和因紐特人。我們還承認多倫多受第 13 條條約的保護，該條約與 Mississaugas of the Credit 和 Williams Treaties 簽署，與多個 Mississaugas 和 Chippewa 樂隊簽署。

We will begin today's presentation with remarks from Bharat Masrani, the bank's CEO, after which Kelvin Tran, the bank's CFO, will present our second quarter operating results. Ajai Bambawale, Chief Risk Officer, will then offer comments on credit quality, after which we will invite questions from prequalified analysts and investors on the phone.

我們將從銀行首席執行官 Bharat Masrani 的講話開始今天的演講，之後銀行首席財務官 Kelvin Tran 將介紹我們的第二季度經營業績。隨後，首席風險官 Ajai Bambawale 將就信用質量發表評論，之後我們將通過電話邀請通過資格預審的分析師和投資者提問。

Also present today to answer your questions are Michael Rhodes, Group Head, Canadian Personal Banking; Barbara Hooper, Group Head, Canadian Business Banking; Raymond Chun, Group Head, Wealth Management and Insurance; Leo Salom, President and CEO, TD Bank, America's Most Convenient Bank; and Riaz Ahmed, Group Head, Wholesale Banking.

今天出席並回答您問題的還有加拿大個人銀行業務集團主管 Michael Rhodes；加拿大商業銀行業務集團主管 Barbara Hooper；財富管理及保險集團主管 Raymond Chun；美國最便利銀行道明銀行總裁兼首席執行官 Leo Salom；批發銀行業務集團負責人 Riaz Ahmed。

Please turn to Slide 2. At this time, I would like to caution our listeners that this presentation contains forward-looking statements, that there are risks that actual results could differ materially from what is discussed and that certain material factors or assumptions were applied in making these forward-looking statements. Any forward-looking statements contained in this presentation represent the views of management and are presented for the purpose of assisting the bank's shareholders and analysts in understanding the bank's financial position, objectives and priorities and anticipated financial performance. Forward-looking statements may not be appropriate for other purposes.

請轉到幻燈片 2。此時，我想提醒我們的聽眾，本演示文稿包含前瞻性陳述，存在實際結果可能與所討論內容存在重大差異的風險，並且某些重要因素或假設適用於做出這些前瞻性陳述。本演示文稿中包含的任何前瞻性陳述均代表管理層的觀點，旨在幫助銀行股東和分析師了解銀行的財務狀況、目標和優先事項以及預期的財務業績。前瞻性陳述可能不適用於其他目的。

I would also like to remind listeners that the bank uses non-GAAP financial measures such as adjusted results to assess each of its businesses and to measure overall bank performance. The bank believes that adjusted results provide readers with a better understanding of how management views the bank's performance.

我還想提醒聽眾，該銀行使用非 GAAP 財務指標（例如調整後的結果）來評估其每項業務並衡量銀行的整體業績。該銀行認為，調整後的結果可以讓讀者更好地了解管理層如何看待該銀行的業績。

Bharat will be referencing -- referring to adjusted results in his remarks. Additional information on items of note, the bank's use of non-GAAP and other financial measures, the bank's reported results and factors and assumptions related to forward-looking information are all available in our Q2 2023 report to shareholders.

Bharat 將在他的評論中提到 - 指的是調整後的結果。有關注意事項的更多信息、銀行使用非公認會計原則和其他財務措施、銀行報告的結果以及與前瞻性信息相關的因素和假設，都可以在我們向股東提交的 2023 年第二季度報告中找到。

With that, let me turn the presentation over to Bharat.

有了這個，讓我把演示文稿交給 Bharat。

Thank you, Brooke, and thank you, everyone, for joining us today. To start, I want to express that our thoughts are with Albertans in light of the devastating fires. TD has mobilized to provide assistance to impacted customers and colleagues. The bank has also contributed directly to relief efforts and enable customers to do so as well through branches, phone and online.

謝謝你，布魯克，也謝謝大家今天加入我們。首先，我想表達的是，鑑於毀滅性的大火，我們與艾伯塔人同在。 TD 已動員起來為受影響的客戶和同事提供幫助。該銀行還直接為救災工作做出了貢獻，並使客戶也可以通過分行、電話和在線方式這樣做。

In addition, before I review our second quarter, I'd like to provide a few comments on our joint announcement with First Horizon earlier this month. While we are not at liberty to address confidential discussions with our regulators, we are confident the mutual termination was the right decision, given the uncertainty in timing of regulatory approvals. This decision provides clarity to our colleagues, our customers and to you, our shareholders. I want to thank Bryan Jordan, First Horizon's President and CEO, and his team for their partnership and wish them great future success.

此外，在回顧我們的第二季度之前，我想就我們本月早些時候與 First Horizon 的聯合公告發表一些評論。雖然我們無權與監管機構進行機密討論，但鑑於監管批准時間的不確定性，我們相信相互終止是正確的決定。這一決定向我們的同事、我們的客戶以及您，我們的股東提供了明確的信息。我要感謝 First Horizon 總裁兼首席執行官 Bryan Jordan 及其團隊的合作夥伴關係，並祝愿他們未來取得巨大成功。

Now let me turn to the future of our U.S. business. TD Bank, America's Most Convenient Bank is well capitalized with a stable deposit base and deep customer relationships. We built a brand that is second to none and the best team in banking. Our business model and footprint provide a robust foundation for continued growth, and we have already executed on -- executing on significant opportunities. TD is strong, resilient and well positioned to build on our momentum in the months and years ahead.

現在讓我談談我們美國業務的未來。 TD Bank 是美國最便利的銀行，資本雄厚，擁有穩定的存款基礎和深厚的客戶關係。我們建立了一個首屈一指的品牌和銀行業最好的團隊。我們的商業模式和足跡為持續增長提供了堅實的基礎，我們已經執行了 - 執行重大機會。 TD 強大、有彈性，並且處於有利地位，可以在未來幾個月和幾年內繼續發展我們的勢頭。

Let me now turn to our results. Q2 was a good quarter for TD. Earnings were $3.8 billion, and EPS was $1.94. There were many moving parts this quarter with strength in our retail businesses, while Wholesale Banking was impacted by challenging market conditions.

現在讓我談談我們的結果。第二季度對 TD 來說是一個不錯的季度。收益為 38 億美元，每股收益為 1.94 美元。本季度我們的零售業務表現強勁，而批發銀行業務則受到充滿挑戰的市場條件的影響。

Revenue grew 14% year-over-year driven by margin expansion. This was offset by higher provision for credit losses and increased expenses, reflecting the inclusion of Cowen, investments in colleagues and business growth and the impact of foreign exchange. PTPP was over 6% year-over-year as TD's business fundamentals remain strong.

在利潤率擴張的推動下，收入同比增長 14%。這被更高的信貸損失準備金和增加的費用所抵消，反映了 Cowen 的納入、對同事的投資和業務增長以及外彙的影響。由於 TD 的業務基本面依然強勁，PTPP 同比增長超過 6%。

Our long-standing strategic focus on gathering core deposits across our North American franchise continues to be a significant competitive advantage, particularly in the current operating environment amid increased competition for deposits. And as expected, we saw some credit normalization this quarter, but credit performance remains robust. The bank's CET1 ratio was 15.3%, reflecting organic capital generation, offset by the impact of the Cowen acquisition.

我們在北美特許經營中收集核心存款的長期戰略重點仍然是一個重要的競爭優勢，特別是在當前存款競爭日益激烈的經營環境中。正如預期的那樣，本季度我們看到了一些信貸正常化，但信貸表現依然強勁。該銀行的 CET1 比率為 15.3%，反映了有機資本生成，被 Cowen 收購的影響所抵消。

Beginning with the dividend declared today, we have decided to remove the discount to the shares issued under our dividend reinvestment plan. And to offset the discounted shares issued under the DRIP, today, we announced our intention to repurchase up to 30 million common shares for cancellation, subject to regulatory approval.

從今天宣布的股息開始，我們決定取消根據我們的股息再投資計劃發行的股票的折扣。為了抵消根據 DRIP 發行的折價股，我們今天宣布，我們打算回購最多 3000 萬股普通股以供註銷，但須經監管部門批准。

Depending on market conditions, we expect to complete this share buyback by the end of the summer, at which point we will assess the opportunity for further buybacks. We have a strong capital position, which provides flexibility in an uncertain operating environment.

根據市場情況，我們預計將在夏末完成此次股票回購，屆時我們將評估進一步回購的機會。我們擁有強大的資本狀況，可以在不確定的運營環境中提供靈活性。

We are pleased to be able to return capital to shareholders while simultaneously accelerating investments to drive profitable growth across attractive opportunities. For example, in the U.S., we're increasing new store openings by 50% and doubling wealth adviser hiring.

我們很高興能夠將資本返還給股東，同時加速投資以通過有吸引力的機會推動盈利增長。例如，在美國，我們將新店開張增加了 50%，並將財富顧問的招聘人數增加了一倍。

In Canada, we are expanding hiring of frontline and specialist advisers and accelerating investment to upgrade platforms and enhance digital and mobile capabilities across our businesses. You will hear more about these strategic growth initiatives in the weeks and months to come.

在加拿大，我們正在擴大一線和專家顧問的聘用，並加快投資以升級平台並增強我們業務的數字和移動能力。在接下來的幾周和幾個月內，您將聽到更多關於這些戰略增長計劃的信息。

Turning to our Canadian Personal and Commercial Banking segment. We delivered earnings of $1.6 billion, reflecting revenue growth of 11% and significant positive operating leverage. In the personal bank, we saw robust growth in everyday banking with sales up 28% year-over-year. And to help build confidence for newcomers to Canada, we enhanced our online appointment booking capabilities to enable customers to book appointments in their preferred language. The bank delivered industry-leading market share gains in core deposits, putting TD's market share at almost 26%.

轉向我們的加拿大個人和商業銀行業務部門。我們實現了 16 億美元的收益，反映了 11% 的收入增長和顯著的積極經營槓桿。在個人銀行業務方面，我們看到日常銀行業務強勁增長，銷售額同比增長 28%。為了幫助加拿大新移民樹立信心，我們增強了在線預約功能，使客戶能夠以他們的首選語言進行預約。該銀行在核心存款方面實現了行業領先的市場份額增長，使道明的市場份額接近 26%。

In credit cards, we saw record organic Q2 loan growth of 14% year-over-year and the highest quarter ever for active accounts and digital acquisition. TD recently launched an exclusive Canadian bank offer with Uber, adding to the list of leading global consumer brands that partner with TD, including Air Canada, Amazon, Expedia and Starbucks.

在信用卡方面，我們看到第二季度有機貸款同比增長 14%，創下活躍賬戶和數字收購的最高季度記錄。 TD 最近推出了與優步合作的獨家加拿大銀行優惠，加入了與 TD 合作的全球領先消費品牌名單，包括加拿大航空、亞馬遜、Expedia 和星巴克。

In real estate secured lending, we saw strong sequential volume growth. Our teams also delivered the highest quarterly retention rate since 2008. The business bank achieved double-digit loan growth for the seventh consecutive quarter. In the first phase of a multiyear initiative to modernize our customer and credit platforms, almost 3,000 business bankers across our footprint began using a new relationship management tool that will lead to improved customer experience and increased efficiency.

在房地產擔保貸款方面，我們看到了強勁的環比增長。我們的團隊還實現了自 2008 年以來最高的季度保留率。該商業銀行連續第七個季度實現了兩位數的貸款增長。在我們的客戶和信貸平台現代化多年計劃的第一階段，我們業務範圍內的近 3,000 名商業銀行家開始使用新的關係管理工具，這將改善客戶體驗並提高效率。

And TD Auto Finance was ranked the highest in dealer satisfaction among noncaptive, nonprime lenders with retail credit for the sixth year in a row in the J.D. Power 2023 Canada Dealer Financing Satisfaction Study.

在 J.D. Power 2023 年加拿大經銷商融資滿意度研究中，TD Auto Finance 連續第六年在擁有零售信貸的非專屬、非優質貸款機構中的經銷商滿意度中名列前茅。

Turning to the U.S. Our U.S. Retail Bank delivered another strong quarter with earnings of USD 944 million, up 23% year-over-year, reflecting revenue growth of 24% and record positive operating leverage.

轉向美國。我們的美國零售銀行又迎來了一個強勁的季度，收益為 9.44 億美元，同比增長 23%，反映出收入增長 24% 和創紀錄的積極經營槓桿。

With the contribution from our investment in Schwab of USD 185 million, segment earnings were USD 1.1 billion. We saw robust loan growth again this quarter with personal loans and business loans up 12% and 9%, respectively, year-over-year.

加上我們對嘉信理財 1.85 億美元的投資貢獻，分部收益為 11 億美元。本季度我們再次看到強勁的貸款增長，個人貸款和商業貸款分別同比增長 12% 和 9%。

TD also has strong momentum in customer acquisition with new business checking accounts up 29% year-over-year. We continue to invest in our U.S. credit card business, where we have significant opportunity to expand our lending footprint and deepen relationships with existing deposit customers.

TD 在客戶獲取方面也有強勁勢頭，新業務支票賬戶同比增長 29%。我們繼續投資我們的美國信用卡業務，我們有很大的機會擴大我們的貸款足跡並加深與現有存款客戶的關係。

Earlier this month, we launched TD Clear and TD Flex Pay, innovative new cards that offer compelling value propositions to accelerate TD's growth in the market. The bank also enhanced benefits to the popular TD Cash and double up credit cards and made significant advancements in our card servicing and digital capabilities. These investments are supported by TD's recent renewal of its agreements with Visa in Canada and the United States.

本月早些時候，我們推出了 TD Clear 和 TD Flex Pay 這些創新的新卡，提供極具吸引力的價值主張，以加速 TD 在市場上的增長。該銀行還增強了廣受歡迎的 TD Cash 和雙倍信用卡的福利，並在我們的卡服務和數字功能方面取得了重大進步。這些投資得到了 TD 最近與 Visa 在加拿大和美國續籤的協議的支持。

Further driving organic growth, TD Bank, America's Most Convenient Bank has an ambitious plan to open 150 new stores by 2027. We're on track to open a total of 18 stores in 2023 with 5 already up and running. Earlier this month, we were excited to open our first store in Charlotte, North Carolina. When TD entered each of New York City, Philadelphia, Boston and Miami, we meaningfully outgrew peers, and I'm confident that we will have the same success in Charlotte.

為了進一步推動有機增長，美國最方便的銀行道明銀行 (TD Bank) 制定了一項雄心勃勃的計劃，即到 2027 年開設 150 家新店。我們有望在 2023 年共開設 18 家店，其中 5 家已經開業。本月早些時候，我們很高興在北卡羅來納州夏洛特開設了第一家商店。當 TD 進入紐約市、費城、波士頓和邁阿密時，我們明顯超越了同行，我相信我們將在夏洛特取得同樣的成功。

Today, nearly 80% of TD's deposits are in the NSAs where we have a top 3 position, as customers respond to our model by entrusting us with more of their business. And the bank continues to receive recognition for its unique and inclusive culture. In April, TD was once again named one of America's Best Employers for Diversity by Forbes, moving up to #2 spot out of 500 companies ranked.

如今，TD 近 80% 的存款都在我們排名前三的 NSA 中，因為客戶通過將更多業務委託給我們來響應我們的模式。該銀行繼續因其獨特和包容的文化而受到認可。 4 月，TD 再次被福布斯評為美國最佳多元化雇主之一，在 500 家公司中排名第二。

In Wealth Management and Insurance, we earned $563 million this quarter, revenue was up 2% year-over-year, reflecting the strength of our diversified business model as high insurance volumes and the benefit of higher interest rates helped offset the impacts of trading normalization and market volatility.

在財富管理和保險方面，本季度我們的收入為 5.63 億美元，收入同比增長 2%，反映出我們多元化業務模式的優勢，因為高保險量和較高利率的好處有助於抵消交易正常化的影響和市場波動。

TD Direct Investing continued to widen the gap to peers with gross new accounts and trading market share increasing year-over-year. And we rolled out a series of enhancements to TD Easy Trade, adding streamlined access to ready-made TD one-click ETF portfolios and more self-service capabilities.

道明自管投資繼續擴大與同行的差距，新賬戶總額和交易市場份額同比增長。我們推出了一系列 TD Easy Trade 增強功能，增加了對現成的 TD 一鍵式 ETF 投資組合的簡化訪問和更多自助服務功能。

TD Asset Management widened its lead versus competitors as the #1 Canadian institutional asset manager and the #1 money manager for Canadian pension assets. TD Asset Management also led the banking industry in long-term mutual fund sales in the quarter and leveraged its broad product shelf to grow ETF market share.

道明資產管理擴大了與競爭對手的領先優勢，成為加拿大排名第一的機構資產管理公司和加拿大養老金資產排名第一的資金管理公司。道明資產管理還在本季度的長期共同基金銷售中領先銀行業，並利用其廣泛的產品架擴大 ETF 市場份額。

In advice, we continue to invest for future growth, adding over 500 advice professionals in the past year. And on the insurance side, we launched Small Business Insurance this quarter. Direct-to-consumer offering is resonating with customers. And TD is uniquely positioned to satisfy this unmet need in the marketplace. We are Canada's #1 direct insurer and building on our digital leadership with almost 1 in 4 new sales across our insurance business completed online from end to end this quarter.

在建議方面，我們繼續為未來的增長進行投資，在過去的一年中增加了 500 多名諮詢專業人員。在保險方面，我們本季度推出了小企業保險。直接面向消費者的產品引起了客戶的共鳴。 TD 在滿足市場上這一未滿足的需求方面具有得天獨厚的優勢。我們是加拿大排名第一的直接保險公司，在我們的數字領導地位的基礎上，本季度末至末我們保險業務中近四分之一的新銷售是在線完成的。

In Wholesale Banking, we delivered a net income of $213 million. Despite weaker market conditions, revenues were up 13% year-over-year driven by the Cowen acquisition and growth in transaction banking and lending. This was more than offset by an increase in expenses, reflecting the Cowen acquisition and the impact of investments in colleagues made throughout the year.

在批發銀行業務方面，我們實現了 2.13 億美元的淨收入。儘管市場環境疲軟，但在收購 Cowen 以及交易銀行和貸款業務增長的推動下，收入同比增長 13%。這被費用的增加所抵消，這反映了 Cowen 的收購以及全年對同事投資的影響。

The dealer has added almost 100 new corporate lending relationships over the past year, extending approximately $34 billion in additional loan commitments across a diversified range of industries.

該經銷商在過去一年中增加了近 100 個新的企業貸款關係，在多個行業提供了約 340 億美元的額外貸款承諾。

TD Securities was proud to be 1 of 3 banks shortlisted by Global Trade Review for the top North American leaders in trade award for its trade finance offering. And our integration with Cowen is well underway. In fact, only 1 day after closing, TD Cowen acted as book runner on its first equity offering. And since then, TD Cowen has booked run 13 equity offerings totaling USD 3.5 billion.

道明證券因其貿易融資產品而榮幸地成為《全球貿易評論》入圍北美頂級貿易領導者獎的 3 家銀行之一。我們與 Cowen 的整合正在進行中。事實上，在收盤後僅一天，TD Cowen 就擔任了其首次股票發行的賬簿管理人。從那以後，TD Cowen 已經進行了 13 次股票發行，總計 35 億美元。

This is just the beginning as we leverage our new capabilities in U.S. equities and extend our competitive advantage. I'm excited to welcome our Cowen colleagues once again and for all that we will accomplish together.

這只是我們利用我們在美國股票方面的新能力並擴大我們的競爭優勢的開始。我很高興再次歡迎我們的 Cowen 同事，感謝我們共同完成的一切。

Halfway through the year, much has shifted. With the mutual termination of the First Horizon agreement and deterioration in the macroeconomic environment, we do not expect the bank to deliver adjusted EPS growth in the 7% to 10% medium-term target range in 2023. Despite the difficult operating environment, TD continues to deliver for all of its stakeholders and reimagine financial services to shape the future of banking.

今年過半，情況發生了很大變化。隨著 First Horizon 協議的相互終止和宏觀經濟環境的惡化，我們預計該銀行不會在 2023 年實現 7% 至 10% 的中期目標範圍內的調整後每股收益增長。儘管經營環境艱難，TD 繼續為所有利益相關者提供服務並重新構想金融服務以塑造銀行業的未來。

I hope you will join us for TD's Investor Day on June 8, where we will provide more details on the bank's strategy and growth plans with a focus on our Canadian retail businesses. We will hold a subsequent Investor Day to highlight our U.S. and wholesale businesses.

我希望您能參加 6 月 8 日 TD 的投資者日，屆時我們將提供有關該銀行戰略和增長計劃的更多詳細信息，重點是我們的加拿大零售業務。我們將舉辦隨後的投資者日，重點介紹我們的美國和批發業務。

TD is forward-focused and purpose-driven. And our TD bankers around the globe bring that vision to life every day. I will close by thanking them for all they do to make TD the better bank.

TD 以前瞻性和目標為導向。我們遍布全球的道明銀行家每天都在將這一願景變為現實。最後，我要感謝他們為使 TD 成為更好的銀行所做的一切。

With that, I'll turn things over to Kelvin.

有了這個，我會把事情交給開爾文。

Thank you, Bharat. Good afternoon, everyone. Please turn to Slide 9. For Q2, the bank reported earnings of $3.4 billion and earnings per share of $1.72, down 12% and 17%, respectively. Adjusted earnings were $3.8 billion, up 1%, and adjusted earnings per share was $1.94, down 4%.

謝謝你，巴拉特。大家下午好。請轉到幻燈片 9。第二季度，該銀行報告的收益為 34 億美元，每股收益為 1.72 美元，分別下降 12% 和 17%。調整後收益為 38 億美元，增長 1%，調整後每股收益為 1.94 美元，下降 4%。

Reported revenue increased 10% and includes a net loss from mitigation of impact from interest rate volatility to closing capital on the First Horizon acquisition. Adjusted revenue increased 14%, reflecting margin growth in the personal and commercial banking businesses, the impact of FX translation and higher advisory fees, equity commissions and global transaction banking and lending revenue in TD Securities.

報告的收入增長了 10%，其中包括因利率波動的影響緩解而導致的淨虧損，以及 First Horizon 收購的收盤資本。調整後收入增長 14%，反映了個人和商業銀行業務利潤率的增長、外匯換算的影響以及道明證券更高的諮詢費、股票佣金和全球交易銀行和貸款收入。

Provision for credit losses was $599 million compared with $27 million in the second quarter last year. Reported expenses increased 16% and include acquisition and integration-related charges. Adjusted expenses increased 12%, reflecting the inclusion of TD Cowen, higher employee-related expenses, the impact of FX translation and higher spend supporting business growth.

信貸損失準備金為 5.99 億美元，而去年第二季度為 2700 萬美元。報告的費用增加了 16%，其中包括與收購和整合相關的費用。調整後的費用增加了 12%，反映了 TD Cowen 的納入、員工相關費用的增加、外匯換算的影響以及支持業務增長的支出增加。

Absent the retailer partners' net share of the profits of the U.S. strategic card portfolio, adjusted expenses increased 12.3% ex FX. Reported total bank PTPP was up 3% year-over-year.

剔除零售商合作夥伴在美國戰略卡組合利潤中的淨份額，調整後的費用增長 12.3%（不含外匯）。報告的銀行 PTPP 總額同比增長 3%。

Consistent with prior quarters, Slide 24 shows how we calculate adjusted total bank PTPP and operating leverage, removing the impact of the U.S. strategic portfolio along with the impact of foreign currency translation and the insurance fair value charge. Adjusted total bank PTPP was up 6% after these modifications.

與前幾個季度一致，幻燈片 24 顯示了我們如何計算調整後的銀行總 PTPP 和運營槓桿，消除了美國戰略投資組合的影響以及外幣換算和保險公允價值費用的影響。經過這些修改後，調整後的銀行總 PTPP 上升了 6%。

Please turn to Slide 10. Canadian Personal and Commercial Banking net income for the quarter was $1.6 billion, up 4% year-over-year. Revenue increased 11%, reflecting higher margins and volume growth.

請轉到幻燈片 10。本季度加拿大個人和商業銀行業務淨收入為 16 億美元，同比增長 4%。收入增長 11%，反映出較高的利潤率和銷量增長。

Average loan volumes rose 6%, reflecting 5% growth in personal volumes and 11% growth in business volume. Average deposits rose 2%, reflecting 8% growth in personal deposits, partially offset by a 7% decrease in business deposits. In the current rate environment, we continue to see migration of balances into term deposits and other high-yielding investments.

平均貸款量增長 6%，反映個人貸款量增長 5%，業務量增長 11%。平均存款增長 2%，反映出個人存款增長 8%，部分被商業存款下降 7% 所抵消。在當前的利率環境下，我們繼續看到餘額轉移到定期存款和其他高收益投資中。

Net interest margin was 2.74%, down 6 basis points compared to the prior quarter primarily due to lower deposit margin. Many factors can impact margins, including the path of short-term rates, tractor on and off rate, customer activity and competitive market dynamics. While margins may bounce around quarter-to-quarter, we are pleased with the year-to-date margin expansion and expect the return of moderate expansion by the end of the year.

淨息差為 2.74%，較上一季度下降 6 個基點，主要原因是存款利率較低。許多因素都會影響利潤率，包括短期利率的路徑、拖拉機開/關率、客戶活動和競爭激烈的市場動態。雖然利潤率可能會按季度反彈，但我們對年初至今的利潤率擴張感到滿意，並預計到今年年底將恢復適度擴張。

Total PCL of $247 million decreased $80 million sequentially. Total PCL as an annualized percentage of credit volume was 0.19%, down 6 basis points sequentially. Noninterest expenses increased 8% year-over-year, reflecting higher spend supporting business growth, including technology and higher employee-related expenses.

PCL 總額為 2.47 億美元，環比減少 8000 萬美元。總 PCL 佔信貸量的年化百分比為 0.19%，連續下降 6 個基點。非利息支出同比增長 8%，反映出支持業務增長的支出增加，包括技術支出和員工相關支出增加。

Please turn to Slide 11. U.S. Retail segment reported net income for the quarter was USD 1 billion, down 3% year-over-year. Adjusted net income was USD 1.1 billion, up 19% year-over-year.

請轉到幻燈片 11。美國零售部門報告的本季度淨收入為 10 億美元，同比下降 3%。調整後淨收入為 11 億美元，同比增長 19%。

U.S. Retail Bank reported net income was USD 859 million, down 5% primarily reflecting higher noninterest expenses, including acquisition and integration-related charges for the First Horizon acquisition and higher PCL, partially offset by higher revenue. U.S. Retail bank adjusted net income was USD 944 million, up 23%.

美國零售銀行報告的淨收入為 8.59 億美元，下降 5%，主要反映非利息支出增加，包括 First Horizon 收購的收購和整合相關費用以及更高的 PCL，部分被收入增加所抵消。美國零售銀行調整後淨收入為 9.44 億美元，增長 23%。

Reported revenue increased 14% year-over-year. Prior year reported revenue includes an insurance recovery related to litigation. Adjusted revenue increased 24% year-over-year, reflecting higher deposit margins and loan volumes, partially offset by lower deposit volumes and low margin and lower overdraft fees.

報告收入同比增長 14%。上一年度報告的收入包括與訴訟相關的保險追償。調整後的收入同比增長 24%，反映出更高的存款保證金和貸款量，部分被較低的存款量和低利潤率以及較低的透支費用所抵消。

Average loan volumes increased 10% year-over-year. Personal loans increased 12%, reflecting good originations and lower payment rates across portfolio. Business loans increased 9%, reflecting strong originations from new customer growth, higher commercial line utilization and slower payment rates, partially offset by PPP loan forgiveness.

平均貸款量同比增長 10%。個人貸款增長了 12%，反映出良好的貸款來源和較低的還款率。商業貸款增長 9%，反映出新客戶增長強勁、商業線路利用率提高和支付速度放緩，部分被 PPP 貸款寬恕所抵消。

Average deposit volumes, excluding super deposits, were down 5% year-over-year. Personal deposits were down 3%, and business deposits declined 6%. Balances were impacted by the economic environment and inflationary pressures. We also saw some migration to higher-yielding products, including CDs and nondepository investment opportunities.

不包括超級存款的平均存款量同比下降 5%。個人存款下降 3%，商業存款下降 6%。餘額受到經濟環境和通脹壓力的影響。我們還看到一些人轉向更高收益的產品，包括 CD 和非存款投資機會。

Sweep deposits decreased 23%. Earlier this month, TD and Schwab amended the insured deposit account agreement to reflect the current market and interest rate environment. The Revised agreement extends the term by 3 years and provides for lower deposit balances in the next -- in the first 6 years and higher balances in the latter years. In addition, the agreement increases certainty for TD around future deposit balances and strengthen our partnership with Schwab.

清掃存款減少了 23%。本月早些時候，TD 和嘉信理財修改了受保存款賬戶協議，以反映當前的市場和利率環境。修訂後的協議將期限延長 3 年，並規定在接下來的前 6 年存款餘額較低，而後幾年存款餘額較高。此外，該協議增加了 TD 未來存款餘額的確定性，並加強了我們與嘉信理財的合作夥伴關係。

Net interest margin was 3.25%, down 4 basis points sequentially due to lower deposit margins, reflecting higher funding costs. Many factors can impact margins, including the path of short-term interest rates, tractor on and off rate, customer activity and competitive market dynamics.

淨息差為 3.25%，連續下降 4 個基點，原因是存款利差較低，反映融資成本較高。許多因素都會影響利潤率，包括短期利率路徑、拖拉機開/關率、客戶活動和競爭激烈的市場動態。

While we are pleased with the substantial year-to-date margin expansion, we expect downward pressure again on margins in Q3, reflecting intensifying pricing competition in the U.S. market. However, we do expect margins to resume growth, albeit moderately starting in Q4 with new tractor on rates.

雖然我們對今年迄今利潤率大幅增長感到滿意，但我們預計第三季度利潤率將再次面臨下行壓力，反映出美國市場價格競爭加劇。然而，我們確實預計利潤率將恢復增長，儘管從第四季度開始隨著新拖拉機的利率而溫和增長。

Total PCL was USD 140 million, a decrease of USD 9 million sequentially. U.S. retail net PCL ratio, including only the bank's share of PCL for the U.S. strategic cards portfolio as an annualized percentage of credit volume was 0.33%, lower by 1 basis point sequentially.

PCL 總額為 1.4 億美元，環比減少 900 萬美元。美國零售淨 PCL 比率（僅包括銀行在美國戰略卡組合的 PCL 份額佔信貸量的年化百分比）為 0.33%，環比下降 1 個基點。

Reported expenses increased 17% and include acquisition and integration-related charges for the First Horizon acquisition. Adjusted expenses were up 9%, reflecting higher employee-related expenses and higher business investments. The contribution from TD's investment in Schwab was USD 185 million, up 5% from a year ago, reflecting higher net interest income, partially offset by higher expenses, lower asset management fees and lower trading revenue.

報告的費用增加了 17%，其中包括 First Horizon 收購的收購和整合相關費用。調整後的費用增長了 9%，反映了員工相關費用的增加和業務投資的增加。 TD 對嘉信理財的投資貢獻為 1.85 億美元，同比增長 5%，反映出更高的淨利息收入，部分被更高的費用、更低的資產管理費和更低的交易收入所抵消。

Please turn to Slide 12. Wealth Management and Insurance net income for the quarter was $563 million, down 16% year-over-year. Revenue increased 2%, reflecting high investment income in the insurance business, an increase in the fair value of investments supporting claims liabilities and higher insurance volumes, partially offset by lower transaction and fee-based revenue in wealth.

請轉到幻燈片 12。本季度財富管理和保險淨收入為 5.63 億美元，同比下降 16%。收入增長 2%，反映了保險業務的高投資收入、支持理賠負債的投資公允價值的增加以及保險量的增加，部分被較低的交易和基於費用的財富收入所抵消。

PCL for the quarter was $1 million, an increase of $1 million from the prior quarter. Insurance claims increased 36% year-over-year, reflecting the impact of changes in the discount rate, which resulted in a similar increase in the fair value of investment supporting claims liabilities reported in noninterest income, more severe related -- weather-related events and increased driving activity in inflationary costs.

本季度的 PCL 為 100 萬美元，比上一季度增加了 100 萬美元。保險索賠同比增長 36%，反映出貼現率變化的影響，導致非利息收入中報告的支持索賠負債的投資公允價值出現類似增長，更嚴重的相關——天氣相關事件並增加了通貨膨脹成本中的驅動活動。

Noninterest expenses decreased 1% year-over-year, reflecting lower variable compensation, partially offset by higher spend supporting business growth, including employee-related expenses and technology. Asset under management increased 3% year-over-year, and assets under administration increased 2% year-over-year, both reflecting net asset growth.

非利息支出同比下降 1%，反映出較低的可變薪酬，部分被支持業務增長的支出增加所抵消，包括與員工相關的支出和技術。管理資產同比增長 3%，管理資產同比增長 2%，均反映淨資產增長。

Please turn to Slide 13. Wholesale Banking reported net income for the quarter was $150 million, a decrease of 58% year-over-year. This reflects higher noninterest expenses, which include acquisition and integration-related charges for TD Cowen, partially offset by higher revenues.

請轉到幻燈片 13。批發銀行業務報告的本季度淨收入為 1.5 億美元，同比下降 58%。這反映了更高的非利息支出，其中包括 TD Cowen 的收購和整合相關費用，部分被更高的收入所抵消。

Adjusted net income was $213 million, down 41% year-over-year. Revenue, including TD Cowen, was $1.4 billion, up 13% year-over-year. Higher revenue reflects higher advisory fees, equity commissions, global transaction banking revenue and lending revenue, partially offset by lower trading-related revenue.

調整後的淨收入為 2.13 億美元，同比下降 41%。包括 TD Cowen 在內的收入為 14 億美元，同比增長 13%。更高的收入反映了更高的諮詢費、股權佣金、全球交易銀行收入和貸款收入，部分被交易相關收入的減少所抵消。

PCL for the quarter was $12 million, a decrease of $20 million from the prior quarter. Reported expenses increased 53% and include acquisition and integration-related charges for TD Cowen. Adjusted expenses increased 44%, reflecting the inclusion of TD Cowen, continued investments in Wholesale Banking's U.S. dollar strategy, including the hiring of banking, sales and trading and technology professionals and the impact of foreign exchange translation.

本季度的 PCL 為 1200 萬美元，比上一季度減少 2000 萬美元。報告的費用增加了 53%，其中包括 TD Cowen 的收購和整合相關費用。調整後的費用增加了 44%，反映了 TD Cowen 的加入、對批發銀行業務美元戰略的持續投資，包括銀行、銷售和交易以及技術專業人員的聘用以及外匯翻譯的影響。

Please turn to Slide 14. Corporate segment reported a net loss of $399 million in the quarter compared with a reported net loss of $151 million in the second quarter last year. The year-over-year increase primarily reflects lower revenue from treasury and balance sheet management activities, net loss from mitigation of impact from interest rate volatility to closing capital on First Horizon acquisition and higher net corporate expenses. Adjusted net loss for the quarter was $177 million compared with an adjusted net loss of $79 million in the second quarter last year.

請轉到幻燈片 14。企業部門報告本季度淨虧損 3.99 億美元，而去年第二季度報告的淨虧損為 1.51 億美元。同比增長主要反映了來自財務和資產負債表管理活動的收入減少、利率波動影響的緩解對 First Horizon 收購的關閉資本造成的淨虧損以及更高的淨公司支出。本季度調整後的淨虧損為 1.77 億美元，而去年第二季度調整後的淨虧損為 7900 萬美元。

Please turn to Slide 15. The common equity Tier 1 ratio ended the quarter at 15.3%, down 14 basis points sequentially. We had strong internal capital generation this quarter, which added 28 basis points to CET1. This was partially offset by an increase in RWA net of FX, which decreased CET1 by 2 basis points. We saw a 14 basis point increase in CET1 related to the issuance of common shares under our dividend reinvestment plan.

請轉到幻燈片 15。普通股一級資本比率在本季度結束時為 15.3%，連續下降 14 個基點。本季度我們產生了強勁的內部資本，為 CET1 增加了 28 個基點。這部分被扣除外彙的 RWA 增加所抵消，這使 CET1 降低了 2 個基點。根據我們的股息再投資計劃，我們看到與普通股發行相關的 CET1 增加了 14 個基點。

As Bharat mentioned, beginning with the dividend declared today and until further announcement, there will be no discount to the shares issued under our dividend and reinvestment. As a reminder, in Q1, we implemented credit risk methodology changes in preparation for Basel III reform. The implementation of the Basel III reform had a small positive impact this quarter.

正如 Bharat 提到的，從今天宣布的股息開始，直到進一步宣布，根據我們的股息和再投資發行的股票將不會有任何折扣。提醒一下，在第一季度，我們實施了信用風險方法變更，為巴塞爾協議 III 改革做準備。巴塞爾協議 III 改革的實施在本季度產生了較小的積極影響。

The Cowen acquisition decreased CET1 by 55 basis points, inclusive of the increase in RWA and increase in goodwill and intangible reduction. Relating to the First Horizon acquisition, a net loss from the mitigation of the impact from interest rate volatility to closing capital decreased CET1 by 2 basis points, and an FX hedge increased CET1 by 4 basis points. All hedges related to the First Horizon acquisition are now closed.

收購 Cowen 使 CET1 降低了 55 個基點，包括 RWA 的增加和商譽的增加以及無形資產的減少。與 First Horizon 收購相關，緩解利率波動對期末資本的影響產生的淨虧損使 CET1 降低了 2 個基點，外匯對沖使 CET1 增加了 4 個基點。與 First Horizon 收購相關的所有對沖現已關閉。

RWA, including FX, increased 3.3% quarter-over-quarter, reflecting higher market risk and operational risk RWA, partially offset by a decrease in credit risk RWA. Credit risk RWA decreased $3.4 billion or 1%, mainly reflecting the impact from Basel III reforms, largely offset by the TD Cowen acquisition and volume increases. Market risk RWA increased $2.2 billion or 11%, reflecting the impact of the Cowen acquisition.

包括外彙在內的風險加權資產環比增長 3.3%，反映出較高的市場風險和操作風險風險加權資產，部分被信用風險風險加權資產的減少所抵消。信用風險 RWA 減少 34 億美元或 1%，主要反映了巴塞爾協議 III 改革的影響，這在很大程度上被 TD Cowen 的收購和交易量增加所抵消。市場風險 RWA 增加了 22 億美元或 11%，反映了 Cowen 收購的影響。

Operational risk RWA increased $19 billion or 29%, reflecting the impact of Basel III reform, inclusive of the impact of the Stanford settlement and the TD Cowen acquisition. The leverage ratio was 4.6% this quarter, and the LCR ratio was 144%, both well above published regulatory minimum.

運營風險 RWA 增加 190 億美元或 29%，反映了巴塞爾協議 III 改革的影響，包括斯坦福和解協議和 TD Cowen 收購的影響。本季度槓桿率為 4.6%，LCR 比率為 144%，均遠高於公佈的監管最低水平。

Finally, before I turn the call over to Ajai, I wanted to note that we appreciate that analysts and investors may have questions on the financial impact from the mutual termination of the First Horizon agreement. We have added Slide 26 in this presentation to assist in that regard.

最後，在我將電話轉給 Ajai 之前，我想指出，我們理解分析師和投資者可能對 First Horizon 協議相互終止的財務影響提出疑問。我們在本演示文稿中添加了幻燈片 26 以在這方面提供幫助。

With that, Ajai, over to you.

有了這個，Ajai，交給你了。

Thank you, Kelvin, and good afternoon, everyone. Please turn to Slide 16. Gross impaired loan formations decreased by 2 basis points to 14 basis points quarter-over-quarter reflected in the commercial lending portfolios, partially offset by further normalization of credit performance in the consumer lending portfolios.

謝謝你，開爾文，大家下午好。請轉到幻燈片 16。商業貸款組合中的總減值貸款形成環比下降 2 個基點至 14 個基點，部分被消費貸款組合中信貸表現的進一步正常化所抵消。

Please turn to Slide 17. Gross impaired loans were stable quarter-over-quarter and remained at low levels.

請轉到幻燈片 17。總減值貸款環比穩定並保持在較低水平。

Please turn to Slide 18. Recall that our presentation reports PCL ratios, both gross and net of the partner share of the U.S. strategic card PCLs. We remind you that U.S. card PCLs recorded in the corporate segment are fully absorbed by our partners and do not impact the bank's net income.

請轉到幻燈片 18。回想一下，我們的演示文稿報告了 PCL 比率，包括美國戰略卡 PCL 合作夥伴份額的總額和淨額。提醒您，計入企業板塊的美卡PCL全部由我們的合作夥伴吸收，不影響銀行的淨收入。

The bank's provision for credit losses decreased 4 basis points quarter-over-quarter to 28 basis points. The decrease reflects a smaller performing allowance build this quarter.

該銀行的信貸損失準備金環比下降 4 個基點至 28 個基點。這一減少反映了本季度績效津貼的減少。

Please turn to Slide 19. The bank's impaired PCL was $551 million, a decrease of $2 million quarter-over-quarter. The bank's current quarter impaired PCL rate remained well below 2019 levels. Performing PCL decreased by $89 million quarter-over-quarter to $48 million. The smaller current quarter provision was recorded across segments.

請轉到幻燈片 19。該銀行受損的 PCL 為 5.51 億美元，環比減少 200 萬美元。該銀行當前季度的受損 PCL 率仍遠低於 2019 年的水平。執行 PCL 環比減少 8900 萬美元至 4800 萬美元。本季度較小的準備金是跨部門記錄的。

Please turn to Slide 20. The allowance for credit losses increased by $168 million quarter-over-quarter, reflecting an $83 million impact of foreign exchange, current credit conditions, including some credit migration and volume growth. The bank's allowance coverage remains elevated to account for ongoing uncertainty relating to the economic trajectory and credit performance.

請轉到幻燈片 20。信貸損失準備金環比增加 1.68 億美元，反映出 8300 萬美元的外匯影響、當前信貸狀況，包括一些信貸遷移和交易量增長。該銀行的備抵覆蓋率仍然較高，以應對與經濟軌跡和信貸表現相關的持續不確定性。

In summary, while we've seen ongoing normalization of key credit metrics in the consumer lending portfolios, the bank's credit performance remained strong this quarter evidenced by gross impaired loan formations, gross impaired loans and impaired PCLs remaining at low levels. Looking forward, after 2 quarters of continued strong credit performance, I now expect total PCLs in 2023 to come in near the lower end of my prior guidance of 35 to 45 basis points. However, results may vary by quarter.

總而言之，雖然我們看到消費貸款組合中的關鍵信貸指標正在持續正常化，但該銀行本季度的信貸表現依然強勁，這從總減值貸款形成、總減值貸款和減值 PCL 保持在低水平上得到證明。展望未來，在經歷了兩個季度持續強勁的信貸表現之後，我現在預計 2023 年的 PCL 總額將接近我先前指導的 35 至 45 個基點的下限。但是，結果可能因季度而異。

To conclude, despite recent challenges for the broader financial sector, TD remains well positioned, given we are adequately provisioned. We have a strong capital and liquidity position, and we have a business that is broadly diversified across products and geographies.

總而言之，儘管近期更廣泛的金融部門面臨挑戰，但鑑於我們有充足的準備金，TD 仍然處於有利地位。我們擁有強大的資本和流動性狀況，而且我們的業務在產品和地域方面廣泛多元化。

With that, operator, we are now ready to begin the Q&A session

有了這個，接線員，我們現在準備開始問答環節

(Operator Instructions) The first question is from Ebrahim Poonawala from Bank of America.

（操作員說明）第一個問題來自美國銀行的 Ebrahim Poonawala。

My first question, Bharat, maybe on capital, CET1 15.3, it sounds like you have no restriction in terms of what you can do in the U.S. I appreciate you can't talk about whatever the regulatory issue is, but the growth plans that you laid out sounds like TD can go about business as usual or sounds like you're accelerating your growth. But give us a sense of the 15.3 CET1, what is the right capital level that you're managing to? And how do you get there in a world where U.S. M&A probably is out of the question for the foreseeable future? Yes, maybe if you could start there.

我的第一個問題，巴拉特，也許是關於資本，CET1 15.3，聽起來你在美國可以做什麼沒有任何限制。我很感激你不能談論任何監管問題，但你的增長計劃佈局聽起來像 TD 可以像往常一樣開展業務，或者聽起來像您正在加速增長。但是讓我們了解一下 15.3 CET1，您要達到的正確資本水平是多少？在可預見的未來美國併購可能是不可能的世界裡，你如何做到這一點？是的，也許如果你能從那裡開始。

Yes, Ebrahim, great question, and nice to talk to you. Firstly, we are going through an uncertain period here from an economic perspective, markets perspective, volatility so to have the level of capital we have, that is a good thing. So it's always good when you have such an uncertainty in the marketplace.

是的，Ebrahim，問得好，很高興和你交談。首先，從經濟角度、市場角度和波動性來看，我們正在經歷一個不確定的時期，因此擁有我們擁有的資本水平，這是一件好事。所以當你在市場上有這樣的不確定性時，它總是好的。

Secondly, as you said, we continue to invest in our franchises. And over the next little while, you'll hear more about it. We will provide more detail as to how we are thinking about growth. And that should be a good discussion, and hopefully, you'll be able to make it to the Canadian side of that discussion on June the 8 when we have our Investor Day. And as I said in my remarks, we will have a follow-on Investor Day regarding our U.S. business as well as our wholesale business.

其次，正如你所說，我們繼續投資於我們的特許經營權。在接下來的一段時間裡，你會聽到更多關於它的信息。我們將提供更多關於我們如何考慮增長的細節。這應該是一個很好的討論，希望您能夠在 6 月 8 日我們的投資者日參加該討論的加拿大方面。正如我在發言中所說，我們將有一個關於我們的美國業務和批發業務的後續投資者日。

Targeting capital, I mean, I know last quarter, there was lots of discussion by many of you that what your path to 12%, and I've laid out a clear path as to how we get to 12%. So I guess around 12% would be a good target based on conditions as we know today. But we continue to see good growth in our businesses. I'm sure Michael, Leo, Riaz and Ray will talk about there's terrific momentum in our businesses. And we are looking forward to deliver the volumes and taking share, which has been the historic advantage TD has had in any type of environment.

以資本為目標，我的意思是，我知道上個季度，你們中的許多人討論了你們達到 12% 的途徑，我已經為我們如何達到 12% 制定了明確的途徑。因此，根據我們今天所知的情況，我猜 12% 左右是一個不錯的目標。但我們繼續看到我們業務的良好增長。我相信 Michael、Leo、Riaz 和 Ray 會談論我們的業務發展勢頭強勁。我們期待著交付數量並分享份額，這一直是 TD 在任何類型的環境中都擁有的歷史優勢。

So I leave it at that. As you know, we did announce a buyback of 30 million shares. This is to reflect in the shares we had issued under the DRIP in order to finance the First Horizon transaction. Since that deal is now terminated, it makes sense to buy back those shares. And we expect to finish that buyback by the end of the summer or so.

所以我就此打住。如您所知，我們確實宣布回購 3000 萬股股票。這是為了反映我們根據 DRIP 發行的股票，以便為 First Horizon 交易提供資金。由於該交易現已終止，因此回購這些股票是有意義的。我們預計在夏末左右完成回購。

And then, of course, we will look at what makes sense, and we will be assessing the way forward from that with respect to capital deployment. But my message on capital deployment has not changed. It has been there for a few years.

然後，當然，我們將研究什麼是有意義的，我們將評估在資本配置方面的前進方向。但我關於資本部署的信息沒有改變。它已經存在了幾年。

We look at what level of capital we're going to require to support our strategies, RWA growth, market share growth. We have not been shy in deploying our capital where we think we need a capability build, either we buy or build it ourselves.

我們著眼於支持我們的戰略、RWA 增長、市場份額增長所需的資本水平。我們並不羞於將資本部署在我們認為需要能力建設的地方，無論是購買還是自己建造。

We look at other opportunistic situations that might present themselves, and we also consider buybacks when appropriate. So that thinking, that framework remains unchanged. And I would say that over the next few months, we'll be able to provide more clarity as to how we will deploy our capital going forward.

我們會考慮其他可能出現的機會主義情況，我們也會在適當的時候考慮回購。所以那個想法，那個框架保持不變。我想說的是，在接下來的幾個月裡，我們將能夠更清楚地說明我們將如何部署我們的資金。

But Bharat, are you saying that you are able to do M&A? Because it sounded like you may build or buy. So does that mean you can still do M&A if you wanted to? Because the expectation externally is given this issue that whatever happened to led to the First Horizon termination, you're out of M&A for the foreseeable future. Is that a wrong assumption?

但是巴拉特，你是說你有能力進行併購嗎？因為聽起來您可以建造或購買。那麼，這是否意味著您仍然可以根據需要進行併購？因為外部的期望是這個問題，無論發生什麼導致 First Horizon 終止，在可預見的未來你都不會進行併購。這是一個錯誤的假設嗎？

I think to speculate on M&A, it's always a dangerous game because nobody can say it perfectly. But we've done deals previously on capability builds. I think in Ray's business, we acquired Greystone a few years ago. In Riaz's business, we just acquired Cowen. We, in Riaz's business, acquired Headlands as well not too long ago.

我認為對併購進行投機，這總是一場危險的遊戲，因為沒有人能說得很完美。但我們之前已經完成了能力建設方面的交易。我認為在 Ray 的業務中，我們幾年前收購了 Greystone。在 Riaz 的業務中，我們剛剛收購了 Cowen。在 Riaz 的業務中，我們不久前也收購了 Headlands。

And so that goes -- it's an ongoing exercise for us, either it's capability builds or where there's an extension to our businesses. And that will -- we will continue to look at those as they present themselves.

就這樣——這對我們來說是一個持續的練習，無論是能力建設還是我們業務的擴展。那將 - 我們將繼續關注他們的表現。

The next question is from Meny Grauman from Scotiabank.

下一個問題來自豐業銀行的 Meny Grauman。

Just a follow-up on Ebrahim. Bharat, just wanted to better understand why not be more aggressively buying back shares here, given the excess capital position? What's the counterpoint to doing a bigger buyback?

只是對易卜拉欣的跟進。 Bharat，只是想更好地理解，鑑於資本頭寸過剩，為什麼不更積極地回購這裡的股票？進行更大規模回購的對立面是什麼？

I said it would take us a bit of time to get the 30 million shares but -- and after that, we will reassess. And as I said in my comments, we should be able to complete this phase of the buyback by the end of the summer, and then we will reassess our position. And hopefully, by that time, we would also outline some of our growth plans. And then we can discuss further as to what would be an appropriate level of buybacks.

我說過我們需要一些時間才能獲得 3000 萬股，但在那之後，我們將重新評估。正如我在評論中所說，我們應該能夠在夏季結束前完成這一階段的回購，然後我們將重新評估我們的立場。希望到那個時候，我們也能概述我們的一些增長計劃。然後我們可以進一步討論什麼是合適的回購水平。

Got it. And then just focusing in on the U.S. you terminated the transaction with FHN, but you still have a very sizable U.S. business. And I'm just wondering how you view our U.S. regional banking crisis, how that has impacted that existing business, both in terms of good and bad from your perspective?

知道了。然後只專注於美國，你終止了與 FHN 的交易，但你仍然擁有非常可觀的美國業務。我只是想知道您如何看待我們的美國區域銀行業危機，從您的角度來看，這對現有業務有何影響，無論是好是壞？

I'll pass it on to Leo to provide a perspective on that. But we've been in the U.S. for many years. As you said, we have a sizable, great scale business from Maine to Florida that has been terrific and continues to be a terrific growth engine for the bank.

我會將其傳遞給 Leo，以提供對此的看法。但是我們在美國已經很多年了。正如您所說，從緬因州到佛羅里達州，我們擁有規模龐大、規模龐大的業務，這些業務一直非常出色，並將繼續成為該銀行出色的增長引擎。

And in this current crisis, in my remarks, I said how many new accounts we are opening, the type of business we're attracting. But Leo can perhaps provide more perspective because we are viewed as a -- we have a brand that is second to none in the U.S.

在當前的危機中，在我的發言中，我說了我們開設了多少新賬戶，我們正在吸引什麼樣的業務。但 Leo 或許可以提供更多的視角，因為我們被視為——我們擁有一個在美國首屈一指的品牌。

This particular turmoil, we've seen our deposits -- actually deposit flow to be attractive. The number of accounts opened at TD is, I think, in -- some of our business is a record. And Leo, why don't you provide some more color?

這種特殊的動盪，我們已經看到了我們的存款——實際上存款流量很有吸引力。我認為，在 TD 開設的賬戶數量是——我們的一些業務創下了記錄。 Leo，你為什麼不提供更多顏色？

Sure, Bharat. And Meny, it's good to speak to you. Obviously, the last 2 months somewhat unprecedented in terms of the activity. The market has continued to see deposit contraction at the industry level. I think overall, deposits down about $1 trillion year-on-year. That, coupled with, obviously, the liquidity scares that took place, it did -- no doubt the regional banks and some of the small banking players that might find themselves with either mark-to-market challenges from a capital standpoint and/or commercial real estate concentrations do find themselves in a slightly challenged environment.

當然，巴拉特。還有 Meny，很高興和你說話。顯然，過去 2 個月的活動在某種程度上是前所未有的。市場繼續看到行業層面的存款收縮。我認為總體而言，存款同比下降約 1 萬億美元。顯然，再加上發生的流動性恐慌，它確實發生了——毫無疑問，從資本和/或商業角度來看，地區銀行和一些小型銀行業者可能會發現自己面臨按市值計價的挑戰房地產集中確實發現自己處於一個略有挑戰的環境中。

As Bharat said, I feel really quite positive about our franchise. We've got a very strong deposit base. I think what probably characterizes our footprint in the U.S. is that we've got probably one of the leading retail deposit franchises, and it's held up quite well.

正如 Bharat 所說，我對我們的特許經營權感到非常積極。我們有一個非常強大的存款基礎。我認為我們在美國的足蹟的特徵可能是我們可能擁有領先的零售存款特許經營權之一，並且保持得很好。

In fact, on a quarter-on-quarter basis, retail deposits were essentially flat, and we saw a very good account opening volumes. Even on the commercial side of the house, our commercial checking accounts opened in the quarter were up 29% on a year-on-year basis.

事實上，按季度計算，零售存款基本持平，我們看到開戶量非常好。即使在房屋的商業方面，我們本季度開設的商業支票賬戶同比增長 29%。

So the franchise continues to perform well. We were resilient from a deposit standpoint. I do think that the market will be tighter as we move forward. We're already seeing tighter credit conditions. And I think given the fact that we've got a strong capital base liquidity to be able to provide our clients with the support that they need through the cycle, I think either we find ourselves in a very good position to be able to consolidate relationships with some of our key clients and be able to take share.

因此，特許經營權繼續表現良好。從存款的角度來看，我們具有彈性。我確實認為，隨著我們的前進，市場會更加緊張。我們已經看到信貸條件趨緊。而且我認為，鑑於我們擁有強大的資本基礎流動性，能夠為我們的客戶提供他們在整個週期中所需的支持，我認為要么我們發現自己處於能夠鞏固關係的非常有利的位置與我們的一些主要客戶，並能夠分享。

Is growth in the U.S. Southeast still a priority, geographically speaking?

從地理上講，美國東南部的增長仍然是優先事項嗎？

I'm sorry, can you say that again, Meny?

對不起，你能再說一遍嗎，Meny？

The big -- part of the rationale for FHN was growing in the U.S. Southeast, fast-growing region. How important is growth in that region? And can you do it organically?

FHN 的主要理由是在美國東南部快速發展的地區發展。該地區的增長有多重要？你能有機地做到嗎？

Yes, very much so, Meny. As Bharat indicated in his opening remarks, we've outlined a plan to open up 150 stores. A very large portion of that is in the Southeast. So think consolidating our footprint in Florida, specifically South and Central Florida, continuing expansion in the Carolinas. We already have a very strong footprint in South Carolina.

是的，非常重要，Meny。正如巴拉特在開場白中指出的那樣，我們已經制定了開設 150 家商店的計劃。其中很大一部分在東南部。因此，考慮鞏固我們在佛羅里達州的足跡，特別是佛羅里達州南部和中部，繼續在卡羅來納州擴張。我們已經在南卡羅來納州擁有非常強大的足跡。

Bharat alluded to the fact that we opened up our first store in North Carolina. I was down in Charlotte. The mayor had a great grand opening. We're going to continue to lean into that market as well.

Bharat 提到了我們在北卡羅來納州開設了第一家商店這一事實。我在夏洛特。市長舉行了盛大的開幕式。我們也將繼續涉足該市場。

Atlanta is a market -- it's the one major metro market where we do not have a significant retail presence, and we're going to lean into there. We've already got an interesting commercial footprint, but we want to continue to expand there.

亞特蘭大是一個市場——這是一個我們沒有大量零售業務的主要地鐵市場，我們將向那裡傾斜。我們已經有了一個有趣的商業足跡，但我們想繼續在那裡擴張。

And then selectively, outside of that Southeast footprint, Meny, there are gaps that we think we have in our urban market centers. So think Boston, Philly, New York, where we think there are expanding communities, growing communities where we'll lean into the sort of round out our existing footprint. But the Southeast is going to be a very important part of the overall equation.

然後有選擇地，在東南足蹟之外，Meny，我們認為我們在城市市場中心存在差距。所以想想波士頓、費城、紐約，我們認為那裡有不斷擴大的社區，不斷發展的社區，我們將在這些社區中傾斜，以完善我們現有的足跡。但東南部將成為整體方程式中非常重要的一部分。

The next question is from Scott Chan of Canaccord Genuity.

下一個問題來自 Canaccord Genuity 的 Scott Chan。

Maybe I'll stick with you, Leo, on the U.S. side. I Noticed that your loan growth was pretty strong quarter-over-quarter, retail, commercial and mortgages. And it seems like your peers have kind of stepped back or called out the market conditions. And just wondering if TD is just a bit more aggressive? Or how are you kind of gaining that incremental market share that we've seen over the past few quarters?

也許我會堅持你，Leo，站在美國這邊。我注意到你們的貸款環比增長非常強勁，包括零售、商業和抵押貸款。似乎您的同行已經退後一步或指出市場狀況。只是想知道 TD 是否更具侵略性？或者你是如何獲得我們在過去幾個季度看到的增量市場份額的？

Sure. Sure, Scott. Let me just provide a little bit of color on the numbers because I think it will help. We were pretty balanced in terms of loan growth in the quarter. Both our personal and our commercial banking businesses ex PPP were up double digits.

當然。當然，斯科特。讓我在數字上提供一點顏色，因為我認為這會有所幫助。我們在本季度的貸款增長方面相當平衡。我們的個人和商業銀行業務（不包括 PPP）均增長了兩位數。

If you look at the consumer side of the house for just a moment, RESL was quite strong. It was up 17% in terms of overall balance growth on a year-on-year basis. I'd like to say that it was powered by significant origination growth. It wasn't. We had solid performance in terms of origination.

如果你看一下房子的消費者方面，RESL 非常強大。整體餘額同比增長 17%。我想說它是由顯著的起源增長推動的。事實並非如此。我們在原創方面表現出色。

I think the real story was paydowns. Paydowns are at historical levels. And so obviously, what we did originate resulted in good loan growth, and we tend to be slightly undersized in terms of our overall mortgage book. So it provided us a good headline print.

我認為真正的故事是回報。賠付處於歷史水平。很明顯，我們所做的一切導致了良好的貸款增長，而且就我們的整體抵押貸款賬簿而言，我們的規模往往略有不足。所以它為我們提供了一個很好的標題打印。

Cards, we were really pleased with the cards performance. We saw a 9% growth in cards. And the lion's share of that was actually in our proprietary line. So think bank card and our retail card services business were up 15% and 13%, respectively.

卡，我們對卡的性能非常滿意。我們看到卡片數量增長了 9%。而其中大部分實際上是在我們的專有產品線中。因此，認為銀行卡和我們的零售卡服務業務分別增長了 15% 和 13%。

And then the auto business, which obviously has been quite challenged with supply chain issues, saw some very good performance. We were up 6%. And more importantly, we're seeing good risk-adjusted yield expansion in that market. So we're hopeful that will translate into greater profitability.

然後，顯然受到供應鏈問題挑戰的汽車業務取得了一些非常好的表現。我們上漲了 6%。更重要的是，我們看到該市場經風險調整後的收益率良好擴張。因此，我們希望這將轉化為更高的盈利能力。

On the commercial side, we continue to do well from a commercial standpoint. I think a combination of factors played into it. We saw a little bit more growth than we did in previous quarters in the small business and the community regional segments.

在商業方面，從商業角度來看，我們繼續做得很好。我認為是多種因素共同作用的結果。我們看到小企業和社區區域部門的增長比前幾個季度多一點。

Commercial real estate is still somewhat sluggish. As you would expect, we've been cautious in that area. We've been quite deliberate over the past 3, 4 years, and we've reduced our overall exposure to commercial real estate. But we saw good, solid growth in the mid-market and the C&I community. And the pipeline remains strong.

商業地產仍然有些低迷。如您所料，我們在該領域一直持謹慎態度。在過去的 3、4 年裡，我們一直非常謹慎，我們已經減少了對商業房地產的整體敞口。但我們在中端市場和 C&I 社區看到了良好、穩健的增長。而且管道仍然很強大。

I would just caution a little bit that I think the outlook, the debt ceiling discussions, I could see a little bit of moderation in that commercial -- I'm sorry, in the commercial banking space at least in the near term. But I'm still quite confident that once again, given our capital, our liquidity position, we'll be able to support clients through the cycle.

我只是稍微提醒一下，我認為前景、債務上限討論，我可以看到該商業廣告有點緩和——對不起，至少在短期內，在商業銀行領域。但我仍然非常有信心，鑑於我們的資本和流動性狀況，我們將能夠在整個週期中為客戶提供支持。

And maybe just for Riaz on capital markets, it was suspected that 2 months of Cowen would have held up profitability in the segment. It seems like Cowen's run rate of profit is about $50 million a quarter in the normal market. So can you help us maybe unpack where the shortfall came? Was it your core business Cowen or just market factors?

也許僅僅對於資本市場上的 Riaz 來說，有人懷疑 Cowen 的 2 個月會阻止該部門的盈利能力。在正常市場中，Cowen 的運行利潤率似乎每季度約為 5000 萬美元。那麼，您能否幫助我們解決不足之處？是您的核心業務 Cowen 還是僅僅是市場因素？

Scott, thanks for that. Look, I think overall, the quarter continue to -- we continue to kind of navigate a difficult operating environment with kind of mixed results by business. So overall trading results, equity underwriting and U.S. M&A were revenue headwinds this quarter, which we were able to partially mitigate with very strong loan demand, transaction banking results.

斯科特，謝謝你。看，我認為總體而言，本季度繼續——我們繼續在艱難的經營環境中渡過難關，業務結果喜憂參半。因此，整體交易結果、股票承銷和美國併購是本季度的收入逆風，我們能夠通過非常強勁的貸款需求、交易銀行業務結果來部分緩解。

And also Canadian M&A revenue was spectacular for us this quarter, given we were able to close 3 or 4 transactions that had already been in the pipeline. So all in all, kind of a mixed result on revenue with a 14% growth. I think U.S. equity and M&A would have been lighter by USD 50 million to USD 75 million, let's say, on what our overall expectation would have been.

本季度加拿大的併購收入對我們來說也很可觀，因為我們能夠完成 3 到 4 筆已經在籌備中的交易。總而言之，收入增長了 14%，結果喜憂參半。我認為，根據我們的總體預期，美國股票和併購交易會減少 5000 萬美元至 7500 萬美元。

But as you say, thrilled to close the acquisition of Cowen. We had a nice equity -- a nice pickup in equity commissions and a little bit of contribution on the advisory side and expect a strong pickup in revenue when markets turn more favorable.

但正如您所說，很高興完成對 Cowen 的收購。我們有一個很好的股權——股權佣金的一個很好的回升和諮詢方面的一點貢獻，並且當市場變得更有利時，我們預計收入會強勁回升。

And then on the expenses side, we've been talking about the significant investments we've made in growing our U.S. platform and now including the acquisition of Cowen. So all in all, I think the -- I'm really quite excited and optimistic to prepare TD Securities and wholesale bank for its next phase of growth. But I do expect the revenue and expense numbers over the next couple of quarters to remain a bit bumpy as we adjust and optimize business mix and deepen the integration. So I think it will be -- we'll hit our -- more of a run rate stride by fiscal '24.

然後在費用方面，我們一直在談論我們在發展美國平台方面所做的重大投資，現在包括收購 Cowen。所以總而言之，我認為 - 我真的很興奮和樂觀地為道明證券和批發銀行的下一階段增長做好準備。但我確實預計，隨著我們調整和優化業務組合併深化整合，未來幾個季度的收入和支出數字仍將有些波動。因此，我認為到 24 財年，我們將實現更多的運行率進步。

The next question is from Doug Young from Desjardin Capital Markets.

下一個問題來自 Desjardin Capital Markets 的 Doug Young。

I guess the question is for Kelvin. In your prepared remarks, you talked about the Canada and the U.S. And it sounds -- and correct me if I'm wrong, but it sounds like you expect some moderation in Q3 and then a return to modest expansion in Q4, and then it sounds like maybe going into fiscal '24. But I don't want to put words in your mouth, you can correct me if I'm wrong, but what I'm kind of -- I'm trying to figure out is what's driving that? Is it just the pickup in tractors in Q4? Like what gives you the confidence that it will start to moderately expand in Q4 and going forward?

我想這個問題是給開爾文的。在你準備好的發言中，你談到了加拿大和美國，這聽起來——如果我錯了請糾正我，但聽起來你預計第三季度會有所放緩，然後在第四季度恢復適度擴張，然後它聽起來可能會進入 24 財年。但我不想把話說到你嘴裡，如果我錯了你可以糾正我，但我有點——我想弄清楚是什麼在驅動它？只是第四季度拖拉機的皮卡嗎？比如是什麼讓您有信心它將在第四季度和未來開始適度擴張？

Thanks, Doug. Yes, it's Kelvin here. That's correct. The tractors are going to be supporting that trend. Obviously, there are many factors that impact margin. It's not just about rates but also competitive behaviors as well.

謝謝，道格。是的，我是開爾文。這是正確的。拖拉機將支持這一趨勢。顯然，影響保證金的因素有很多。這不僅與費率有關，還與競爭行為有關。

But when you're looking at rates, what we benefited from over the last year are rise in short-term rates, which have a more immediate impact. And then now we're looking at tractors coming on with tractors on rates being higher than the off rate. And so that's going to be supportive of margin expansion, but more gradually than what normally you see in short-term rate increases.

但是當你看利率時，我們在過去一年中受益的是短期利率的上升，這會產生更直接的影響。然後現在我們正在研究拖拉機的拖拉機率高於關閉率。因此，這將支持利潤率擴張，但比你通常看到的短期利率增長更為緩慢。

Is there a reason why it's Q4? And is there a structural reason why there's a delay, and you don't see that unfolding in Q3?

為什麼是Q4？是否存在延遲的結構性原因，而您在第三季度看不到這種情況？

Well, it really depends on what the rates were 5 or 7 years ago. And as these tractors price in every month is like a ladder bond portfolio that gets repriced. And so bit by bit, it actually helps with the margin, which is very different than if you have a short-term rate on float rate investment because when there's a change in Central Bank rate, then that entire deposit investment from those deposits get repriced, whereas tractors is one of a fraction of that every month. And then over time, it builds.

好吧，這實際上取決於 5 或 7 年前的利率。由於這些拖拉機每個月的價格就像一個階梯債券組合，會被重新定價。一點一點地，它實際上有助於保證金，這與浮動利率投資的短期利率有很大不同，因為當中央銀行利率發生變化時，這些存款中的全部存款投資都會重新定價，而拖拉機是每個月的一小部分。然後隨著時間的推移，它會建立起來。

Yes. No, I understand. And you haven't disclosed the size of that tractoring portfolio or have you or would you be willing to?

是的。不，我明白。你還沒有透露拖拉機投資組合的規模，或者你有或者你願意嗎？

No, we haven't disclosed that detail.

不，我們還沒有透露那個細節。

Okay. All right. And my second question is, I guess, in the U.S., you had a decline in sweep deposits from Schwab, 11% quarter-over-quarter. I think I kind of get what drove it. But can you talk a bit about what drove it? And can you talk a bit about the new sweep deposit agreement and how that impacts the economics for TD going forward versus the old agreement? And what are the puts and takes that we should think about?

好的。好的。我的第二個問題是，我想，在美國，嘉信理財的清掃存款環比下降了 11%。我想我有點明白是什麼驅動了它。但是你能談談是什麼推動了它嗎？您能否談談新的清算存款協議，以及這對 TD 未來與舊協議的經濟性有何影響？我們應該考慮哪些 puts 和 takes？

Yes. This is Leo. I can take that. Maybe just to start with the quarter itself. So sweeps closed the quarter at about $110 billion and down 23%. And essentially, as would have been reported by Schwab, a lot of that is simply clients cash sorting or looking for brokerage fixed income yield pickup vis-a-vis deposit sweeps.

是的。這是獅子座。我可以接受。也許只是從本季度本身開始。因此，橫掃本季度的收入約為 1100 億美元，下降了 23%。從本質上講，正如 Schwab 所報告的那樣，其中很多只是客戶現金分類或尋找經紀固定收益收益率相對於存款清算。

So a very expected sort of behavior amongst clients that are investing with Schwab for investment returns. We do expect that trend to continue, albeit maybe moderate a bit as we think about the subsequent quarter.

因此，在與 Schwab 一起投資以獲取投資回報的客戶中，這是一種非常令人期待的行為。我們確實預計這種趨勢會繼續下去，儘管在我們考慮下一個季度時可能會有所緩和。

I think we're quite pleased with the new agreement. Kelvin outlined the basic terms of the agreement. It essentially extends the agreement with Schwab for another 3 years. And it increases our long-term floor in that agreement up to $60 billion, which is certainly important to us in terms of preserving that strategic relationship.

我認為我們對新協議非常滿意。開爾文概述了協議的基本條款。它實質上將與 Schwab 的協議再延長 3 年。它將我們在該協議中的長期底線增加到 600 億美元，這對我們保持戰略關係當然很重要。

We do provide greater flexibility for them to accommodate some of that cash-sorting behavior that's taking place. We would expect more downdraft into 2024. We think that the actual impact on that is going to be manageable and something that can certainly be absorbed within the overall revenue performance in the business.

我們確實為他們提供了更大的靈活性，以適應正在發生的一些現金分類行為。我們預計到 2024 年會有更多下降。我們認為對此的實際影響將是可控的，並且肯定可以在業務的整體收入表現中吸收。

Am I right that you're sharing more of the yield on those sweep deposits in the new agreement with Schwab versus prior because you're reflecting, obviously, the current rate environment versus the way it was structured before? Is that -- am I right to think of it like...

我是否正確，你在與施瓦布的新協議中與之前的協議中分享了更多的掃描存款收益，因為你顯然反映了當前的利率環境與之前的結構方式？那是——我認為它是對的嗎……

No, no. The actual economics on the actual sweep structures themselves, that hasn't changed. What -- the only fundamental change is providing a lower floor that gives them greater flexibility in terms of liquidity management in the short term.

不，不。實際掃描結構本身的實際經濟學並沒有改變。什麼 - 唯一的根本變化是提供較低的底線，使他們在短期流動性管理方面具有更大的靈活性。

The next question is from Paul Holden from CIBC.

下一個問題來自 CIBC 的 Paul Holden。

A couple of questions related to the U.S. retail business. I guess, first off, just looking at the increase in average FTE across the different segments, I noticed U.S. retail is up 12% year-over-year pretty significant. So maybe you can talk about some of those investments you've made in the FDA. Like what specifically are those for? Are those related to the new upcoming store openings? Or is it a separate investment?

幾個與美國零售業務相關的問題。我想，首先，看看不同細分市場平均 FTE 的增長，我注意到美國零售業同比增長 12%，相當可觀。所以也許你可以談談你在 FDA 所做的一些投資。比如那些具體是做什麼用的？這些與即將開業的新店有關嗎？還是單獨投資？

Yes. Paul, thanks for the question. Actually, 3 sources, just to maybe oversimplify a bit. One, a portion of that is just returning staffing levels to pre-pandemic levels in both -- in all of our front-facing areas. So think the stores, the call centers, we had experienced attrition through the pandemic, and now we're returning that. And fortunately, that increase is translating into better customer satisfaction scores. So we're quite pleased with that investment.

是的。保羅，謝謝你的提問。實際上，有 3 個來源，只是為了簡化一點。第一，其中一部分只是將我們所有正面領域的人員配備水平恢復到大流行前的水平。所以想想商店、呼叫中心，我們在大流行期間經歷了消耗，現在我們正在歸還。幸運的是，這種增長正在轉化為更好的客戶滿意度得分。所以我們對這項投資非常滿意。

The second grouping is a very deliberate investment in our digital technology and data initiatives. It's a major thrust. So not only are we trying to grow the store network, which has historically been a real asset for TD in the States, but we're also complementing with a big push on digital and mobile. And those investments and that staff complement is supporting the delivery of some critical initiatives there.

第二組是對我們的數字技術和數據計劃的非常慎重的投資。這是一個重大的推動力。因此，我們不僅在努力發展商店網絡，這在歷史上一直是美國 TD 的真正資產，而且我們還通過大力推動數字和移動來補充。這些投資和人員補充正在支持在那裡實施一些關鍵舉措。

And the third was actually resources for the First Horizon integration program. And so what you would expect us to do is unwind those resources. We're going to do that gradually, obviously. Where we have an opportunity to be able to backfill into our core franchise, we'll certainly do that. But we'll see a reduction there with regards to the overall integration resource that we had put in place.

第三個實際上是 First Horizon 集成計劃的資源。因此，您希望我們做的是釋放這些資源。顯然，我們將逐步做到這一點。如果我們有機會能夠回填我們的核心特許經營權，我們一定會這樣做。但是我們會看到我們已經部署的整體集成資源有所減少。

Okay. That sounds great color on that. And then I want to ask a question on the planned store opening. So I think we'll all agree it's the right long-term strategy, but we also know the market can get a little bit fast around the growth in expenses ahead of the planned revenue benefit. So just wondering how you're trying to -- how you plan on sort of legging in these store openings if there's any planned expense efficiencies against it? Or maybe just give us a general sense of how you visualize the expense growth in the U.S. business as a result of this planned strategy.

好的。這聽起來很棒。然後我想問一個關於計劃開店的問題。因此，我認為我們都會同意這是正確的長期戰略，但我們也知道，在計劃的收入收益之前，市場可能會圍繞支出增長有點快。所以只是想知道你是如何嘗試的 - 如果有任何計劃的費用效率反對它，你如何計劃在這些商店開業時穿上緊身褲？或者，也許只是讓我們大致了解一下您如何想像由於這一計劃戰略而導致的美國業務的費用增長。

Sure, Paul. And Bharat talked about trying to do an Investor Day, and I look forward to being able to share maybe the more fulsome strategy with you. But we're essentially looking to invest in 4 critical areas: our consumer distribution expansion, the store expansion that we talked about; leaning into digital and mobile capabilities and making sure that we're delivering commensurate legendary experience through those digital assets; growing our parts franchise; and then finally, building out our national commercial banking footprint.

當然，保羅。 Bharat 談到了嘗試舉辦投資者日活動，我期待著能夠與您分享更精彩的策略。但我們基本上希望投資於 4 個關鍵領域：我們的消費者分銷擴張，我們談到的商店擴張；專注於數字和移動功能，並確保我們通過這些數字資產提供相稱的傳奇體驗；發展我們的零件特許經營權；最後，建立我們的全國商業銀行足跡。

Underpinning all of that is a very deliberate productivity program focused on identifying structural opportunities to not only fund these programs, but hopefully give us some absorptive capacity for what might be declining rate cuts in the future. So productivity is going to be a very important part.

所有這一切的基礎是一項非常慎重的生產力計劃，該計劃的重點是確定結構性機會，不僅為這些計劃提供資金，而且希望為我們提供一些吸收能力，以應對未來可能出現的降息。所以生產力將是一個非常重要的部分。

We've already enacted some of those measures. You would have seen our expense growth rate on a quarter-on-quarter, we were down 3.8%. And we will continue to lean in on trying to partially fund some of our critical investment and critical growth initiatives. So that will certainly be part of the strategy.

我們已經實施了其中一些措施。你會看到我們的費用環比增長率下降了 3.8%。我們將繼續努力為我們的一些關鍵投資和關鍵增長計劃提供部分資金。所以這肯定會成為戰略的一部分。

Got it.

知道了。

Just maybe, Paul, I'll add one thing, Leo, is we're making early days, but certainly strong progress on growing our U.S. wealth business in partnership with Leo's retail and commercial business. And so some of the FTE that you'd see that we're making investments in the U.S. is actually to accelerate our advisers in the U.S. footprints in sort of our 4 major markets.

也許，保羅，我要補充一件事，Leo，我們正在取得早期進展，但肯定會在與 Leo 的零售和商業業務合作發展我們的美國財富業務方面取得重大進展。因此，您會看到我們在美國進行投資的一些 FTE 實際上是為了加速我們的顧問在我們 4 個主要市場的美國足跡。

And we've taken our playbook here, our very successful playbook on how to build out our financial planning business for the mass affluent clients from Canada. And we're exporting that into the United States and already seeing very early promising signs.

我們在這裡採用了我們的劇本，我們非常成功的劇本，講述瞭如何為加拿大的大眾富裕客戶建立我們的財務規劃業務。我們正在將其出口到美國，並且已經看到了非常早期的有希望的跡象。

The next question is from Gabriel Dechaine from National Bank Financial.

下一個問題來自 National Bank Financial 的 Gabriel Dechaine。

I'll rapid fire these. The U.S. business, I saw that you used a few more Federal Home Loan Bank deposits. Just wondering why you tap that funding source higher cost, given that your balance sheet in the U.S. is so liquid to begin with.

我會快速射擊這些。美國業務，我看到你多用了幾筆Federal Home Loan Bank的存款。只是想知道為什麼你利用該資金來源成本更高，因為你在美國的資產負債表一開始就非常流動。

Then the wealth business in Canada, primarily, I saw transaction revenues down 35% year-over-year. I'm wondering how much of that is caused by fee impact or changes to your fee structure versus just market behavior subdued?

然後是加拿大的財富業務，主要是我看到交易收入同比下降了 35%。我想知道其中有多少是由於費用影響或費用結構變化造成的，而不僅僅是市場行為受到抑制？

And then on the wholesale business, I get markets weren't favorable this quarter, but operating leverage was quite negative this quarter. And I'm wondering how you're thinking about the combined Cowen and your legacy business and the cost base there basically?

然後在批發業務方面，我發現本季度市場不利，但本季度的經營槓桿率非常低。我想知道您是如何考慮合併後的 Cowen 和您的遺留業務以及那裡的成本基礎的？

Gabe, why don't I take the first one with regards to FHLB borrowings? Borrowings in the quarter went up to $19.5 billion, up from $10 billion at the end of last quarter. We typically use it as a temporary bridge source of liquidity.

Gabe，為什麼我不接受關於 FHLB 借款的第一個？本季度的借款從上一季度末的 100 億美元增至 195 億美元。我們通常將其用作流動性的臨時橋樑來源。

Sometimes it is more economic to do that than breaking into an investment position that hasn't yet matured. To give you a sense, we've already on a spot basis today, those borrowings are back down to $11.5 billion. So it's simply a transitional source of funding for us.

有時這樣做比進入尚未成熟的投資頭寸更經濟。為了給你一種感覺，我們今天已經以現貨為基礎，這些借款又回到了 115 億美元。所以它只是我們的過渡性資金來源。

And it's Raymond. If I think about Canadian wealth, the question you had on fee income, I would say similar to the rest of the industry, there's probably 3 headwinds that are impacting fee income. One is equities. And with the S&P on average down about 8%, that will have headwinds on our fee income side of the business.

這是雷蒙德。如果我考慮加拿大的財富，你對費用收入的問題，我會說與該行業的其他人類似，可能有 3 個不利因素正在影響費用收入。一是股票。隨著標準普爾平均下跌約 8%，這將對我們業務的費用收入方面產生不利影響。

The other piece is trades per day. Trades per day continued to normalize in our direct investing business, still down about 29% on a year-on-year basis. It's still up from pre-pandemic levels, but we're still seeing a normalization on trades per day.

另一部分是每天的交易量。我們的直接投資業務每天的交易量繼續正常化，但仍同比下降約 29%。它仍然高於大流行前的水平，但我們仍然看到每天的交易正常化。

And then like the rest of the industry, a deposit mix with the higher interest rate environment that we're in, we're certainly seeing some of our deposits staying within the TD family but moving to more interest-bearing products like GICs in the short term.

然後像該行業的其他人一樣，存款與我們所處的高利率環境相結合，我們當然會看到我們的一些存款留在 TD 系列中，但轉向更多有息產品，如 GICs短期。

What I would say though is the fundamentals of the business I'm very pleased with is continuing to see very strong net asset growth, which is leading to market share gains across all of our wealth management businesses. And so whether that's in our institutional asset management business, we're widening our market share lead there.

不過，我要說的是，我非常滿意的業務基本面繼續看到非常強勁的淨資產增長，這導致我們所有財富管理業務的市場份額增加。因此，無論是在我們的機構資產管理業務中，我們都在擴大我們在那裡的市場份額領先優勢。

We're picking up more from a market share on trades in general in the direct investing business. We picked up market share in new accounts in direct investing and continue to be the fastest-growing private wealth management business in Canada. So the fundamentals of the businesses are strong. And I think the impact that you're seeing on fee income are more industry-related at this moment.

我們從直接投資業務的一般交易市場份額中獲得更多。我們在直接投資的新賬戶中獲得了市場份額，並繼續成為加拿大增長最快的私人財富管理業務。因此，企業的基本面很強。而且我認為你現在看到的對費用收入的影響更多地與行業相關。

Yes. I was asking specifically about the trade -- that's a volume client behavior thing not -- because you have tweaked your fee structure a bit, and you're telling me that hasn't really had an impact there.

是的。我特別詢問了交易——這不是大客戶行為——因為你稍微調整了你的費用結構，你告訴我這並沒有真正產生影響。

Has had nominal impact on the introduction.

對引入產生了名義上的影響。

Okay.

好的。

Gabe, just to add on the wholesale side that, as you know, we've been building out our U.S. capabilities for a number of years now. And essentially, the Cowen acquisition was about that. And you'll remember when we announced the transaction, we said that the transaction was not about cost synergy.

Gabe，只是在批發方面補充一點，如你所知，多年來我們一直在建設我們的美國能力。從本質上講，收購 Cowen 就是為了這個。你會記得當我們宣布交易時，我們說過交易與成本協同無關。

And I think as we move things around and optimize things, we'll find some efficiencies. But clearly, with the weaker markets, we're going to go through a little bit of an S curve to build up the revenue with the elevated cost base.

而且我認為，當我們四處移動並優化事物時，我們會發現一些效率。但顯然，在市場疲軟的情況下，我們將通過一點 S 曲線來增加成本基礎上的收入。

But look, I think I have to say to you that from the announcement of the transaction and now since closing, we're kind of 90 days since closing, there is such an overwhelmingly positive reaction from our clients, both legacy TD Securities as well as legacy Cowen clients as to what we can do together. And as the teams have started to work together, we're already involved in so much dialogue as a combined firm with our clients that we could have not done individually on our own.

但是，我想我必須告訴你，從宣布交易到現在關閉，我們已經關閉了 90 天，我們的客戶，包括傳統的道明證券以及作為 Cowen 的傳統客戶，了解我們可以一起做什麼。隨著團隊開始合作，作為一家合併後的公司，我們已經與客戶進行瞭如此多的對話，這是我們單獨無法單獨完成的。

So I feel incredibly positive about the acquisition and the transaction. And I think it would be a mistake to start unwinding the capabilities we just acquired. So I think the platform will require a little bit of patience to continue to prepare for better performance, but I feel very good about where we are, especially in light of the incredible client feedback we've been getting.

所以我對收購和交易感到非常積極。而且我認為開始放棄我們剛剛獲得的能力是錯誤的。因此，我認為該平台需要一點耐心才能繼續為更好的性能做準備，但我對我們所處的位置感到非常滿意，尤其是考慮到我們收到的令人難以置信的客戶反饋。

The next question is from Lemar Persaud from Cormark Securities.

下一個問題來自 Cormark Securities 的 Lemar Persaud。

I appreciate the commentary on the segmented margins. But I'm wondering, does that translate through to the all bank level? So we should expect a pause on expansion of the all bank level for Q3 and an expansion again in Q4. Is that fair?

我很欣賞對分段邊距的評論。但我想知道，這會轉化為所有銀行級別嗎？因此，我們應該預計第三季度所有銀行層面的擴張將暫停，第四季度將再次擴張。這公平嗎？

Generally speaking, there is a correlation, but at the total bank level, assuming you mean ex trading, the core NIM, you also have impact on some of our hedging activities like in corporate and also the sweep deposit that is not included in the U.S. P&C business.

一般而言，存在相關性，但在整個銀行層面，假設您指的是前交易，即核心 NIM，您也會對我們的一些對沖活動產生影響，例如公司的對沖活動以及不包括在美國的清算存款。財產險業務。

And then generally, we don't talk about the trading -- the nontrading NIM of TD securities, but they do have that impact as well as wealth and insurance. So those are some of the components that could be refined in terms of estimate versus the 2 big, their U.S. P&C businesses.

然後一般來說，我們不談論交易——道明證券的非交易 NIM，但它們確實具有這種影響以及財富和保險。因此，與 2 大美國 P&C 業務相比，這些是可以在估計方面進行改進的一些組成部分。

So it depends on the movement of those other factors? You're not offering any guidance at the all bank level.

所以這取決於那些其他因素的運動？您沒有在所有銀行級別提供任何指導。

Yes, because those one like if you look at the hedging stuff that (inaudible) in corporate, but I think the important thing is that for the fundamentals of our retail businesses, that is what we expect for those segments.

是的，因為那些人喜歡看企業中的（聽不清）對沖內容，但我認為重要的是，對於我們零售業務的基本面，這就是我們對這些細分市場的期望。

Okay, okay. That's fair. And then maybe for Ajai, but can you talk a little bit about the office portfolio? How much of that is Canada versus U.S.? And should we expect some rising losses on this portfolio moving forward?

好吧好吧。這還算公平。然後也許是 Ajai，但你能談談辦公室產品組合嗎？其中有多少是加拿大對美國的？我們是否應該預期該投資組合未來會出現一些不斷上升的損失？

I'm happy to respond. So office, I'd say overall is about 11% of total CRE. And as a percent of total bank loans and BAs, it's 1%. So it's quite small. $3 billion of that, which is approximately 30% of our loan exposure or 10.3 in office is Canada. And that's largely in the GTA and the GVA. And it's spread across A, B and C properties.

我很樂意回應。所以辦公室，我想說總體上大約是總 CRE 的 11%。佔銀行貸款和 BA 總額的百分比為 1%。所以它很小。其中 30 億美元，約占我們貸款風險的 30%，或 10.3% 是在加拿大。這主要是在 GTA 和 GVA 中。它分佈在 A、B 和 C 屬性中。

The one distinguishing factor in Canada is that you have meaningful recourse to guarantors. And the portfolio is performing at present quite well. In the U.S., our exposure is $7.3 billion. 70% of that is in major metros, and a significant portion of our exposure is actually Class A properties.

加拿大的一個顯著因素是您可以向擔保人求助。該投資組合目前表現良好。在美國，我們的風險敞口為 73 億美元。其中 70% 位於主要大都市，我們的敞口很大一部分實際上是 A 級物業。

If I look at both Canada and the U.S. across office CRE, I would describe the classified exposure or what we would call watch exposure and impairment levels to currently be low. However, there is migration occurring on the portfolio. And what we've done as a bank is we've stress tested our office portfolio.

如果我跨辦公室 CRE 查看加拿大和美國，我會描述分類風險或我們所說的手錶風險和減值水平目前很低。但是，組合中發生了遷移。作為一家銀行，我們所做的是對我們的辦公室組合進行壓力測試。

So we've looked at rates, rate stress, a lease renewal stress and a value stress. And we find ourselves already well reserved for such stress because we didn't release our CRE results.

因此，我們研究了利率、利率壓力、續租壓力和價值壓力。我們發現自己已經為這種壓力做好了準備，因為我們沒有發布 CRE 結果。

We kept most of our CRE reserves, and our CRE reserves overall are approximately 2.5x pre-COVID level. So we feel we're well reserved from what data we know today. And overall, I'd say we got comfort from the fact that we do have a lot of depth of experience in this space. And as I said, the reserve levels give me comfort as well. So hopefully, that's enough color for you.

我們保留了大部分 CRE 儲備，我們的 CRE 儲備總體約為 COVID 前水平的 2.5 倍。所以我們覺得我們對今天所知道的數據有所保留。總的來說，我想說的是，我們在這個領域確實擁有豐富的經驗，這讓我們感到欣慰。正如我所說，儲備水平也讓我感到安慰。所以希望這對你來說足夠了。

The next question is from Joo Ho Kim from Credit Suisse.

下一個問題來自瑞士信貸的 Joo Ho Kim。

I just had a quick question, and I wanted to ask on the -- on capital deployment. And I appreciate that you will provide more clarity as we look ahead, but I wanted to see if you could discuss sort of beyond the U.S. retail banking space where you're seeing some interesting opportunities.

我只是有一個簡單的問題，我想問關於資本部署的問題。我很感激你會在我們展望未來時提供更多的清晰度，但我想看看你是否可以討論美國零售銀行領域以外的問題，在那裡你會看到一些有趣的機會。

Could we maybe see they're going to do something in the wealth space in Canada? Or would the bank consider sort of an out-of-footprint acquisition opportunities as we look ahead? I'm just trying to get a general sense or any color commentary would be helpful.

我們能否看到他們將在加拿大的財富領域有所作為？或者在我們展望未來時，銀行會考慮某種超出足蹟的收購機會嗎？我只是想了解一下一般情況，否則任何顏色評論都會有所幫助。

It's hard to speculate on M&A. It's difficult to say where because these opportunities present themselves when market conditions allow them. But as you've seen in Canada, whenever there is an opportunity, TD looks at it very seriously, given our size, scale and the number of customers we have.

很難對併購進行推測。很難說在哪裡，因為當市場條件允許時，這些機會就會出現。但正如您在加拿大看到的那樣，只要有機會，TD 就會非常認真地看待它，考慮到我們的規模、規模和我們擁有的客戶數量。

I pointed out an example of TD Greystone was a terrific acquisition that was about 3 years ago, 4 years ago. And we continue to monitor the market for what is possible and what would make sense for us.

我指出 TD Greystone 的一個例子是大約 3 年前，4 年前的一次了不起的收購。我們將繼續監控市場，尋找可能發生的事情以及對我們有意義的事情。

The important thing to note is that at TD, we are disciplined on this. I mean, just because we have the capital, we don't want to chase everything that's out there. It has to make strategic sense. It has to make financial sense. It has to be a -- within our risk appetite. It has to be culturally aligned. We have a very disciplined approach on this. But if the transaction were to fit all that, then of course, we look at it very seriously.

需要注意的重要一點是，在 TD，我們在這方面受到了紀律處分。我的意思是，只是因為我們有資本，我們不想追逐那裡的一切。它必須具有戰略意義。它必須具有財務意義。它必須是——在我們的風險偏好之內。它必須在文化上保持一致。我們對此採取非常嚴格的方法。但如果這筆交易符合所有這些條件，那麼我們當然會非常認真地看待它。

The next question is from Sohrab Movahedi from BMO Capital Markets.

下一個問題來自 BMO Capital Markets 的 Sohrab Movahedi。

Without going into the details of the regulatory constraints in the U.S., can you comment if resolving those issues will mean elevated spending in the foreseeable future?

在不深入探討美國監管限制的細節的情況下，您能否評論解決這些問題是否意味著在可預見的未來增加支出？

It's -- the bank spend, what -- how much do we spend in a year, Kelvin? What's -- I think it's $20-odd billion. The scale of TD is quite large. And whether we have to spend on this or that, I mean, of course, there's a prioritization required as you would expect in any business and is normal course stuff to continue to look at opportunities to invest in our platforms.

這是——銀行支出，什麼——我們一年要花多少錢，開爾文？什麼是 - 我認為這是 20 多億美元。 TD的規模相當大。無論我們是否必須在這個或那個上花錢，我的意思是，當然，正如您在任何企業中所期望的那樣，需要優先排序，並且是正常的課程內容，以繼續尋找投資我們平台的機會。

And you heard some of the things that Leo was talking about, and that's an investment. And I would add, and I think the question was the expenses are upfront and the returns are later on. But at TD, we've had a tradition of doing what is right over the long term.

你聽到了 Leo 談論的一些事情，那是一項投資。我想補充一點，我認為問題是費用是前期的，而回報是後來的。但在 TD，我們有長期做正確事情的傳統。

I mean, we don't see -- we don't look at what's our quarter-to-quarter. Of course, you look at it, and we take it seriously. But the whole plan here is that are we creating long-term sustainable shareholder value or not. And that's the way you should think about it.

我的意思是，我們沒有看到 - 我們沒有看到我們的季度環比。當然，你看著辦，我們也當真。但這裡的整個計劃是我們是否創造了長期可持續的股東價值。這就是你應該考慮的方式。

And I'm surprised, my friend, Michael Rhodes, is sitting here, and he's got such a great story. So I'm going to pass it on to him to talk about what are you doing in the biggest business we have within the TD family.

我很驚訝，我的朋友邁克爾·羅茲 (Michael Rhodes) 就坐在這裡，他講了一個很棒的故事。所以我要把它轉達給他，談談你在我們 TD 家族中最大的業務中所做的事情。

Bharat, thank you for the question.

巴拉特，謝謝你的提問。

But just -- sorry, sorry, Mike, I would like to hear from you, but my question is resolving the regulatory issues in the U.S. So I would love to hear from Canada for sure.

但是只是 - 抱歉，抱歉，邁克，我想听聽你的意見，但我的問題是解決美國的監管問題，所以我很想听聽加拿大的意見。

But the issues in the U.S., will it require elevated spend? Is this -- do you have to spend money to issue the -- to resolve the issues in the U.S. with the regulator?

但美國的問題是否需要增加支出？這是——你必須花錢發行——來解決美國與監管機構的問題嗎？

When the time is right, we will talk more about it. We got an Investor Day coming for the U.S. is what our spend levels will be and how we'll be spending it and what categories we'll be still spending in. So stay tuned Sohrab on that.

在適當的時候，我們會更多地討論它。我們即將迎來美國的投資者日。我們的支出水平將是多少，我們將如何支出以及我們仍將支出哪些類別。敬請關注 Sohrab。

But the U.S., I like the question. The FTE increase in the U.S. and the investments continue to be at quite a pace in the U.S., and I don't see that changing.

但是美國，我喜歡這個問題。美國的 FTE 增長和投資在美國繼續以相當快的速度增長，我認為這種情況不會改變。

So Bharat, still want me to answer your question?

Bharat，還想讓我回答你的問題嗎？

Yes.

是的。

Okay. Thank you for the question, Bharat. But you think about, obviously, a lot of great things going across the enterprise. And throughout the conversation, Leo, Ray and others have used the word fundamentals quite a lot. And I'm going to use the word fundamentals also.

好的。謝謝你的問題，Bharat。但是，很明顯，您會想到整個企業都發生了很多偉大的事情。在整個談話過程中，Leo、Ray 和其他人都大量使用了基礎這個詞。我也將使用基礎這個詞。

And I think about the fundamental is the Canadian personal bank are really quite strong and particularly strong this quarter. Bharat, you mentioned your introductory comments, 20% growth in everyday bank accounts on a year-over-year basis, checking accounts, savings accounts, credit card accounts and relative to pre-pandemic, it's more than 20% growth, so doing very well there.

我認為基本面是加拿大的個人銀行業務確實非常強勁，本季度特別強勁。 Bharat，你提到了你的介紹性評論，日常銀行賬戶同比增長 20%，支票賬戶、儲蓄賬戶、信用卡賬戶和大流行前相比，增長超過 20%，所以做得非常好好吧。

Our core checking accounts in the second quarter are the best ever. The core check account is a franchise account from which like all other sorts of goodness happens in terms of deepening of relationships.

我們第二季度的核心支票賬戶是有史以來最好的。核心支票賬戶是一個特許賬戶，就像所有其他種類的善事一樣，它會在深化關係方面發生。

Our net customer growth is the best we've seen in years. Our deposit growth is $20 billion on a year-over-year basis, 8%. Our cards growth was 14%, and we continue to expect strong growth on an ongoing basis.

我們的淨客戶增長是多年來最好的。我們的存款同比增長 200 億美元，增幅為 8%。我們的卡片增長率為 14%，我們繼續期待持續的強勁增長。

Our new account acquisition has been strong, and we haven't quite returned to pre-pandemic, a ways to go to return to pre-pandemic levels on revolve rate. Our RESL growth was the best sequentially in the marketplace if you actually look on a spot basis and recognize the market has been slow for real estate in general, but we're certainly seeing green shoots.

我們的新客戶收購一直很強勁，我們還沒有完全回到大流行前，這是一種在周轉率上恢復到大流行前水平的方法。如果您實際觀察並認識到整個房地產市場一直很緩慢，那麼我們的 RESL 增長是市場上最好的順序，但我們肯定會看到新芽。

And it's not just the retention that's been very strong, but our acquisition pipeline has been good. And then year-on-year, we've added hundreds and hundreds of new advisers. And so our fundamentals are strong, and we feel good with the pipelines we have to drive continued growth on an ongoing basis. And it's really across the franchise and now between Leo, Barb, Ray and myself and Riaz, I feel good about how we are positioned.

這不僅僅是非常強大的保留，而且我們的收購渠道一直很好。然後年復一年，我們增加了成百上千的新顧問。因此，我們的基本面很強，我們對推動持續增長的管道感到滿意。這真的是整個特許經營權，現在在 Leo、Barb、Ray 和我以及 Riaz 之間，我對我們的定位感覺很好。

Thank you, Mike.

謝謝你，邁克。

I hope you didn't front run your June 8 event. Can I ask a second question since you answered Bharat's question. I guess my second question, again for the team is obviously nice to have the elevated capital levels. How much does the ROE drag from that elevated capital level factor into the urgency to deploy it?

我希望你沒有搶先舉辦 6 月 8 日的活動。既然你回答了 Bharat 的問題，我能問第二個問題嗎？我想我的第二個問題，同樣對於團隊來說，擁有更高的資本水平顯然是件好事。股本回報率從高資本水平因素到部署它的緊迫性有多大影響？

So we generate good returns, Sohrab. If you look at our ROEs, like where we are. It's well in excess of our cost of capital, and it's within the range that you see historically from TD.

所以我們產生了良好的回報，Sohrab。如果你看看我們的 ROE，比如我們現在的位置。這遠遠超過了我們的資本成本，並且在您從 TD 歷史上看到的範圍內。

So we feel comfortable. And like I said, you should not assume that just because we have capital in our pockets that it's burning a hole there, and we need to be impatient as to how we manage that. It is important that we look at the environment, look at what our own growth plans are, and those things are important factors for us. So the ROE drag is something that I'm sure Kelvin will keep on calculating, but we feel pretty comfortable as to where we are.

所以我們覺得舒服。就像我說的，你不應該僅僅因為我們口袋裡有資金就認為它在那裡燒了一個洞，我們需要對我們如何管理它不耐煩。重要的是我們要審視環境，審視我們自己的成長計劃，這些都是我們的重要因素。因此，我相信 Kelvin 會繼續計算 ROE 阻力，但我們對我們所處的位置感到非常自在。

The next question is from Nigel D'Souza from Veritas Investment Research.

下一個問題來自 Veritas Investment Research 的 Nigel D'Souza。

Just a couple of quick follow-ups. First on deposits. Wondering if you could expand on the trends you're seeing for migration of term deposits. What's the rate of that migration this quarter and if possible where you see so far in Q3? And on the U.S. retail side, any color on trends you're seeing specifically for noninterest-bearing and on the short deposits.

只是幾個快速跟進。首先是存款。想知道您是否可以擴展您看到的定期存款遷移趨勢。本季度的遷移率是多少？如果可能的話，您在第三季度到目前為止看到了什麼？在美國零售方面，您看到的趨勢的任何顏色都特別針對無息存款和短期存款。

Okay. First was Canada.

好的。首先是加拿大。

Okay. Sure. Great question. And well, first of all, may I just start with first stating the obvious that our strategy to grow our core deposit franchise. And we pick our spots to compete, and we've been obviously very pleased with the results we've seen so far this year.

好的。當然。很好的問題。好吧，首先，我可以首先說明我們發展核心存款特許經營權的戰略。我們選擇自己的位置參加比賽，顯然我們對今年到目前為止所看到的結果非常滿意。

And one thing I should probably underscore, which I didn't mention earlier, is new to Canada is really doing a great job of actually fueling our core customer relationship growth and certainly our core deposits. And so when you look at our total deposits up $22 billion on a year-over-year basis, you can then disaggregate core deposits from term deposits.

我可能應該強調的一件事，我之前沒有提到，是加拿大的新事物，它在實際推動我們的核心客戶關係增長以及當然是我們的核心存款方面確實做得很好。因此，當您查看我們的總存款同比增長 220 億美元時，您可以將核心存款與定期存款分開。

And you'll see 2 things as we look at the data. First one is that our overall mix of core deposits is better in the marketplace. And then second is if you look at the trend lines of the marketplace, everyone has seen some degree of migration. We're seeing less migration than others in the marketplace.

當我們查看數據時，您會看到兩件事。第一個是我們的核心存款的整體組合在市場上更好。其次，如果你看一下市場的趨勢線，每個人都看到了某種程度的遷移。我們看到的移民比市場上的其他人少。

And so I actually feel very good about where we are in terms of overall mix, our deposit behaviors. And certainly brought to the marketplace both in absolute level and trend line, we look quite good.

因此，我實際上對我們在整體組合、我們的存款行為方面所處的位置感到非常滿意。當然，無論是在絕對水平還是在趨勢線上，我們看起來都相當不錯。

And Nigel, I'll just add, it's Raymond, that -- and I said a little bit earlier from a wealth perspective, we are definitely seeing some of our deposits from our cash and mutual funds moving to more interest rate-sensitive products like GICs, high-interest savings accounts.

奈傑爾，我要補充一點，是雷蒙德，我之前從財富的角度說過，我們肯定會看到我們的現金和共同基金中的一些存款轉向對利率更敏感的產品，比如GIC，高息儲蓄賬戶。

And so what you'll see is the deposits are moving from the wealth business, but they're actually staying inside the TD franchise and moving into Michael's personal deposits. And so net-net, you're seeing still us retaining our deposits.

因此，您會看到存款正在從財富業務中轉移，但實際上它們留在 TD 特許經營權內並轉移到邁克爾的個人存款中。所以淨淨，你看到我們仍然保留我們的存款。

What I would say is that migration has definitely slowed significantly. And so we do think, hopefully, that we've reached the bottom of that piece of it. And those deposits that are sitting in GICs are sitting in short term. And so we do see as the markets do turn the opportunity for those funds to come back into the equities.

我要說的是，移民肯定已經顯著放緩。所以我們確實認為，希望我們已經達到了那部分的底部。那些存放在 GIC 中的存款都是短期的。因此，我們確實看到市場確實為這些資金提供了重返股市的機會。

Before Leo takes it, Barb, do you want to comment on business deposits if you want?

在 Leo 接受之前，Barb，如果您願意，是否要對業務存款發表評論？

Yes. The story is similar. We are also focused on core deposits, and our core deposit business remains very strong and stable. We have seen core deposits move into term deposits.

是的。故事很相似。我們還專注於核心存款，我們的核心存款業務仍然非常強勁和穩定。我們已經看到核心存款轉變為定期存款。

We were very price disciplined on term deposits. And they really for the majority of our clients aren't franchise-type deposits. They're very transactional. And so we don't write business to any great extent that is not economically attractive for us. And so that's what we've seen.

我們對定期存款的價格非常嚴格。對於我們的大多數客戶來說，它們真的不是特許經營類型的存款。他們非常具有交易性。因此，我們不會在很大程度上開展對我們沒有經濟吸引力的業務。這就是我們所看到的。

Is it slowing? I'd say we saw some slowdown in April. 1 month doesn't make a trend, so we'll have to wait and see.

它在減速嗎？我想說我們在四月份看到了一些放緩。 1個月不會形成趨勢，所以我們必須拭目以待。

Leo?

獅子座？

And Nigel, maybe just giving you a sense of what's -- what are some of the underlying trends. Earlier in previous quarters, we were seeing some of the excess pandemic deposits running out of what I would call the mass retail and small business client bases. We didn't see that this quarter.

奈傑爾，也許只是讓你了解一些潛在趨勢是什麼。在前幾個季度的早些時候，我們看到一些過剩的大流行存款從我稱之為大眾零售和小型企業客戶群中耗盡。我們在本季度沒有看到這一點。

In fact, retail deposits under $100,000 actually increased overall despite the uncertainty in the marketplace. So we felt really good about the -- that sort of core retail and small business client franchise. Where we're seeing more migration is obviously clients, mass affluent and high net worth clients on the retail side and your institutional larger corporate mid-market players, which are actively yield-seeking. And so to give you a sense, in our commercial banking business, we had just 3 very large clients move significant amount of deposits into TD Wealth and secure brokerage returns that are better than what they were securing previously with sweep. So we're still seeing that at the margin.

事實上，儘管市場存在不確定性，但 100,000 美元以下的零售存款實際上總體上有所增加。因此，我們對這種核心零售和小型企業客戶特許經營權感覺非常好。我們看到更多的遷移顯然是客戶，零售方面的大眾富裕和高淨值客戶以及您的機構中較大的公司中端市場參與者，他們正在積極尋求收益。因此，為了讓您了解，在我們的商業銀行業務中，我們只有 3 個非常大的客戶將大量存款轉移到 TD Wealth 中，並獲得比他們之前通過 Sweep 獲得的更好的經紀回報。所以我們仍然看到了這一點。

Now medium-term rates have come off a little bit. And so some of that may not be quite as attractive as it might have been. But I still think there's going to be some yield seek that's likely to take place in the market.

現在中期利率已經下降了一點。因此，其中一些可能不像以前那樣有吸引力。但我仍然認為市場上可能會出現一些尋求收益的行為。

We have looked at our pricing. I think our pricing is solid. But given the strength of our deposit, we certainly aren't pricing at margin. I think we've got a strong core, and I think we can defend our current pricing in place.

我們已經查看了我們的定價。我認為我們的定價是可靠的。但鑑於我們的存款實力，我們當然不會按保證金定價。我認為我們有一個強大的核心，我認為我們可以捍衛我們目前的定價。

Got it. And could you also comment on the level of excess deposits and maybe tied down into the rising debt service costs or potential behavior changes for your clients in Canada, I guess, focusing in the U.S. Maybe on variable mortgages, are you seeing higher paydowns to kind of manage the renewal payment shock? Or what are you seeing on the excess deposit side?

知道了。您是否也可以評論超額存款的水平，並且可能與不斷上升的償債成本或您在加拿大的客戶的潛在行為變化有關，我想，重點是美國。也許在可變抵押貸款上，您是否看到更高的償還額管理續訂付款衝擊？或者您在超額存款方面看到了什麼？

So if I look at our deposit book in a situation where both obviously the mortgage and the deposits, it's actually interesting. On average, we're actually seeing more discretionary reduction in spend in customers who don't have a mortgage than who do have a mortgage. And so mortgage customers in general are handling things very well.

因此，如果我在明顯有抵押貸款和存款的情況下查看我們的存款簿，這實際上很有趣。平均而言，我們實際上看到沒有抵押貸款的客戶比有抵押貸款的客戶更多地減少支出。因此，抵押貸款客戶一般都處理得很好。

And then when you look at customers who have renewals coming up, again, we're seeing that customers are making very modest shifts in the discretionary behavior. When you get to trigger rate customers, there's a bit more of a shift, but overall, across the board, our customers are handling the increased payments on their mortgages, I think, quite, quite well. Ajai?

然後，當您再次查看即將續訂的客戶時，我們再次看到客戶在自由裁量行為方面做出了非常適度的轉變。當你開始觸發利率客戶時，會有更多的轉變，但總的來說，我們的客戶正在處理抵押貸款增加的付款，我認為，相當非常好。阿傑？

No, I agree with that. And actually, the deposits look at the numbers quite closely are -- continue to be well above pre-COVID levels. Not only Canada, it's the United States as well. And again, our experience is as customers are reaching their rate reset dates, they're doing the right thing. Some of them are even taking actions earlier.

不，我同意這一點。實際上，存款非常仔細地看數字——繼續遠高於 COVID 前的水平。不僅是加拿大，美國也是如此。再一次，我們的經驗是，當客戶到達他們的利率重置日期時，他們在做正確的事。他們中的一些人甚至更早地採取了行動。

So the overall quality we're seeing on RESL, but even on the variable interest rate mortgage book is good, and it's really no different. So customers are, at least so far, adapting quite well.

所以我們在 RESL 上看到的整體質量，但即使在可變利率抵押貸款賬簿上也很好，而且真的沒有什麼不同。所以客戶，至少到目前為止，適應得很好。

And Nigel, I would just add from a paydown perspective in the U.S., we're still at historical lows. Obviously, we don't have the same variable pricing challenges that the Canadian market has. So we're not -- we're seeing record low paydown activities in terms of the RESL book.

奈傑爾，我只想從美國的支付角度補充一下，我們仍處於歷史低位。顯然，我們沒有加拿大市場所面臨的可變定價挑戰。所以我們不是——我們看到就 RESL 賬簿而言，支付活動創歷史新低。

Likewise, on the commercial side, paydowns were down significantly in the quarter. So that is -- that's contributing to some of the actual loan growth that we're seeing over the past couple of quarters.

同樣，在商業方面，本季度的回報率大幅下降。這就是 - 這有助於我們在過去幾個季度看到的一些實際貸款增長。

The last question will be from Mike Rizvanovic from KBW Research.

最後一個問題將來自 KBW Research 的 Mike Rizvanovic。

For Michael, I think part of your great Canadian story is your residential mortgage book. So just looking at your market share gains, it looks like it was pretty much across the board. Every region, you picked up share among the big 5 this quarter.

對於邁克爾，我認為你的加拿大故事的一部分是你的住宅抵押貸款書。所以只要看看你的市場份額增長，它看起來幾乎是全面的。在每個地區，你們在本季度都獲得了 5 大公司的份額。

My question is how much -- how highly correlated is that to your margin compression in Canadian P&C Banking? I'm not sure how spreads acted in the quarter in the mortgage lending business. But was that a meaningful impact to the margin downside that we saw?

我的問題是，這與您在加拿大 P&C 銀行業務的利潤率壓縮有多大關聯？我不確定本季度抵押貸款業務的利差如何。但這是否對我們看到的利潤率下降產生了有意義的影響？

I can make this answer very short. No, that was not a meaningful impact. The mortgage performance that we had was just from a combination of very strong retention of our existing book. And I think we've -- we're just getting better and better at winning new business on the front end. And so that would not have had a meaningful impact on the margin at all.

我可以讓這個答案非常簡短。不，那不是有意義的影響。我們擁有的抵押貸款業績只是來自我們現有賬簿的非常強大的保留。而且我認為我們 - 我們在前端贏得新業務方面做得越來越好。因此，這根本不會對利潤率產生有意義的影響。

Okay. And then just a really quick one for Bharat. And sorry to kind of keep circling back to this. But with respect to whatever it is going on with the regulators in the background, can you at least delineate if this is in any way impactful on your ability to deploy capital in nondeposit-taking institutions? I think it's a fair assumption that we're all making that you can't buy another bank, hence, FHN got canceled.

好的。然後是 Bharat 的一個非常快的。很抱歉一直回到這個問題上。但是關於監管機構在後台發生的任何事情，您能否至少描述一下這是否會以任何方式影響您在非存款機構中部署資本的能力？我認為這是一個公平的假設，即我們都在假設你不能購買另一家銀行，因此，FHN 被取消了。

But what about if you were to look at like a wealth or capital markets acquisition? Is it any different? Or does the same -- whatever issue is going on in the background impact put the whole thing on, I guess, on hold in terms of capital deployment? Is there a difference between the 2?

但是，如果您將其視為財富或資本市場收購呢？有什麼不同嗎？還是同樣的——無論背景影響中發生了什麼問題，我想，在資本部署方面，整個事情都被擱置了？兩者之間有區別嗎？

Well, it depends what it is. And I mean, approvals take time. And so we'll have to assess depending on what kind of opportunity there is in the market. And, Mike, as you know, I can't comment any further. But we look at all kinds of transactions, and many of them don't make sense. It's hard to speculate on what we would do or what we would not do.

好吧，這取決於它是什麼。我的意思是，批准需要時間。因此，我們必鬚根據市場上存在什麼樣的機會進行評估。而且，邁克，正如你所知，我不能再發表評論了。但是我們看看各種各樣的交易，其中有很多是沒有意義的。很難推測我們會做什麼或不會做什麼。

Okay. So you are open to other types of M&A, not just necessarily deposit-taking institutions. Is that a fair assessment?

好的。所以你對其他類型的併購持開放態度，而不僅僅是接受存款機構。這是一個公平的評估嗎？

Riaz is just saying the big check in (inaudible) Cowen.

Riaz 只是在說（聽不清）Cowen 的大檢查。

There are no further questions registered. At this time, I will talk -- sorry, turn the call back over to Mr. Masrani.

沒有其他問題登記。這個時候，我會說話——抱歉，把電話轉回給 Masrani 先生。

Thank you, operator, and thank you, everyone, for joining. I know we went long, but it was such a great discussion. Brooke thought we should keep on extending since we have so much interest, but thank you. It was a great, great call and terrific questions as well.

謝謝接線員，也謝謝大家的加入。我知道我們進行了很長時間，但這是一次很棒的討論。 Brooke 認為我們應該繼續擴展，因為我們有如此多的興趣，但謝謝你。這是一個非常棒的電話，也是非常棒的問題。

And hopefully, we'll see all of you on June 8 here in Toronto, really looking forward to it. And I would end by thanking my TD colleagues around the world. They are the ones who keep on delivering for all our stakeholders, including our shareholders. So thank you to all of you, and see you on the 8th.

希望我們將於 6 月 8 日在多倫多與大家見面，真的很期待。最後，我要感謝我在世界各地的 TD 同事。他們是不斷為我們所有利益相關者（包括我們的股東）提供服務的人。謝謝大家，8 號見。

Thank you. The conference has now ended. Please disconnect your lines at this time, and we thank you for your participation.

謝謝。會議現已結束。請此時斷開您的線路，我們感謝您的參與。