Toronto-Dominion Bank (TD) 2023 Q3 法說會逐字稿

Good afternoon, everyone. Welcome to the TD Bank Group Q3 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 年第三季度收益電話會議。我現在想把會議交給布魯克·黑爾斯女士。請繼續，黑爾斯女士。

Thank you, operator. Good afternoon, and welcome to TD Bank Group's Third Quarter 2023 Investor Presentation. Many of us are joining today's meeting from lands across North America. North America is known as Turtle Islands by many indigenous communities. I am currently situated in Toronto.

謝謝你，接線員。下午好，歡迎參加道明銀行集團 2023 年第三季度投資者介紹會。我們中的許多人從北美各地參加今天的會議。北美被許多土著社區稱為海龜群島。我目前位於多倫多。

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, Metis 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.

因此，在今天的會議開始時，我要承認，我身處許多民族的傳統領土上，包括信用社的密西沙加人、阿尼希納貝人、齊佩瓦人、豪德諾索尼人和溫達特人，現在是許多不同民族的家園、梅蒂斯人和因紐特人。我們還承認多倫多受與密西沙加信用社簽署的第 13 號條約以及與多個密西沙加和齊佩瓦樂隊簽署的威廉姆斯條約的保護。

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 third 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.

我們將從該銀行首席執行官巴拉特·馬斯拉尼 (Bharat Masrani) 的講話開始今天的演講。隨後，該銀行首席財務官 Kelvin Tran 將介紹我們第三季度的運營業績。然後，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經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； Barbara Hooper，加拿大商業銀行業務集團主管； Raymond Chun，財富管理及保險集團主管； Leo Salom，美國最便利銀行道明銀行總裁兼首席執行官；以及批發銀行業務集團主管 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討論內容存在重大差異的風險，並且某些重大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. Bharat will be 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 Q3 2023 report to shareholders.

我還想提醒聽眾，該銀行使用調整後業績等非公認會計準則財務指標來評估其每項業務並衡量銀行整體業績。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銀行的業績。巴拉特將在講話中提到調整後的結果。有關值得注意的項目、銀行使用非公認會計準則和其他財務指標、銀行報告的結果以及與前瞻性信息相關的因素和假設的更多信息，均可在我們向股東提交的2023 年第三季度報告中獲得。

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

接下來，讓我將演示文稿交給巴拉特。

Thank you, Brooke, and thank you, everyone, for joining us today. Before I begin, our thoughts are with the communities and colleagues impacted by the devastating wildfires in British Columbia and the Northwest territories. TD is supporting relief efforts, and we are ready to assist those in need. I would also like to add my thanks to the emergency responders and the many volunteers supporting those who are impacted.

謝謝布魯克，也謝謝大家今天加入我們。在我開始之前，我們的心與受不列顛哥倫比亞省和西北地區毀滅性野火影響的社區和同事同在。運輸署正在支持救援工作，我們已準備好為有需要的人提供幫助。我還要向緊急救援人員和為受影響的人們提供支持的許多志願者表示感謝。

Moving to our results. Q3 was a good quarter for TD. Earnings were $3.7 billion and EPS was $1.99. Revenue grew 12% year-over-year, primarily driven by margin expansion in our retail businesses. PCLs were higher, reflecting credit normalization and expenses increase driven by the inclusion of TD Cowen, investments in colleagues and business growth and the impact of foreign exchange.

轉向我們的結果。第三季度對道明來說是一個不錯的季度。盈利為 37 億美元，每股收益為 1.99 美元。收入同比增長 12%，主要得益於我們零售業務的利潤率擴張。 PCL 較高，反映出信貸正常化以及因納入 TD Cowen、對同事的投資和業務增長以及外匯影響而導致的費用增加。

PTPP was up 7% year-over-year as TD's diversified business model continues to deliver. The bank's CET1 ratio was 15.2%, reflecting organic capital generation and the impact of over 14 million common shares bought back during the quarter. Subject to market conditions, we expect to complete our previously announced 30 million common share buyback by early September. And today, we announced our intention to repurchase up to an additional 90 million common shares for cancellation, subject to regulatory approvals over the next year.

由於道明多元化業務模式的持續發揮，PTPP 同比增長 7%。該銀行的 CET1 比率為 15.2%，反映了有機資本生成以及本季度回購超過 1,400 萬股普通股的影響。根據市場情況，我們預計將在 9 月初完成之前宣布的 3000 萬股普通股回購。今天，我們宣布打算回購最多 9000 萬股普通股並註銷，但須在明年獲得監管部門的批准。

The bank continues to invest to build new capabilities for our customers and shape the future of banking. TD was recently named the Best Consumer Digital Bank in Canada and recognized for the best transformation and innovation in North America by Global Finance.

該銀行繼續投資，為我們的客戶打造新的能力，塑造銀行業的未來。道明銀行最近被評為加拿大最佳消費者數字銀行，並被《全球金融》雜誌評為北美最佳轉型和創新銀行。

Let me now turn to each of our businesses and review some highlights from Q3. In our Canadian Personal and Commercial Banking segment, earnings were $1.7 billion, with revenue growing -- growth of 7%, PTPP growth of 9% and significant positive operating leverage. The Personal Bank had strong everyday banking acquisition, with new accounts up 26% year-over-year, driven by a record quarter for New to Canada accounts. To continue to support growth in the New to Canada segment, TD offers ATMs in a market-leading 7 languages and enables customers to select their preferred language when booking appointments online.

現在讓我談談我們的每項業務，並回顧第三季度的一些亮點。在我們的加拿大個人和商業銀行業務部門，盈利為 17 億加元，收入不斷增長——增長 7%，PTPP 增長 9%，運營槓桿顯著增加。個人銀行的日常銀行業務收購量強勁，新賬戶同比增長 26%，這得益於加拿大新賬戶季度創紀錄的增長。為了繼續支持加拿大新移民市場的增長，道明提供市場領先的 7 種語言的 ATM 機，並允許客戶在網上預約時選擇自己喜歡的語言。

In core deposits, the bank maintained industry-leading market share of almost 26%. In credit cards, we saw record spend with an all-time high in active accounts. And we delivered strong growth in new accounts, up 35% year-over-year, driven by our diverse product lineup, key strategic partnerships and distinct loyalty offerings.

在核心存款方面，該行保持著近26%的行業領先市場份額。在信用卡方面，我們看到了創紀錄的支出，活躍賬戶數量創歷史新高。在我們多元化的產品系列、關鍵戰略合作夥伴關係和獨特的忠誠度服務的推動下，我們的新客戶數量強勁增長，同比增長 35%。

This quarter, the Toronto Blue Jays unveiled a new patch on their iconic jersey featuring the TD shield. This milestone reflects the strong relationship between TD and the Blue Jays and further enhances the TD brand. In the coming months, we will build on this relationship by offering exclusive benefits to TD cardholders to enhance the in-game experience.

本季度，多倫多藍鳥隊在其標誌性球衣上推出了帶有 TD 盾牌的新補丁。這一里程碑反映了 TD 與藍鳥隊之間的牢固關係，並進一步提升了 TD 品牌。在接下來的幾個月裡，我們將通過向道明持卡人提供專享福利來鞏固這種關係，以增強遊戲體驗。

Moving to real estate secured lending. TD continued to execute against the strategies outlined at our recent Investor Day, taking share in a slower growth market and expanding our portfolio by over 4% year-over-year. And this quarter, TD was recognized by J.D. Power as highest in customer satisfaction for its Canadian mobile banking app, earning top marks for speed and content. We are using data and AI-driven insights to better know our customers and enhance their experience.

轉向房地產擔保貸款。道明繼續執行近期投資者日概述的策略，在增長較慢的市場中佔據份額，並將我們的投資組合擴大，同比增長超過 4%。本季度，TD 的加拿大移動銀行應用程序被 J.D. Power 評為客戶滿意度最高的應用程序，在速度和內容方面獲得最高分。我們正在利用數據和人工智能驅動的見解來更好地了解我們的客戶並增強他們的體驗。

The Business Bank grew loans by 9% year-over-year and continues to accelerate growth by expanding specialization in key segments. In particular, we are adding to our team and capabilities in the technology and innovation sector. In the months ahead, we will continue to build out our venture strategy, augmenting the great progress already made by our existing team and enabling us to further meet the unique needs of technology entrepreneurs.

該商業銀行的貸款同比增長 9%，並通過擴大關鍵領域的專業化繼續加速增長。特別是，我們正在增強我們在技術和創新領域的團隊和能力。在未來的幾個月裡，我們將繼續制定我們的風險投資戰略，擴大我們現有團隊已經取得的巨大進步，並使我們能夠進一步滿足技術企業家的獨特需求。

Turning to the U.S. Our U.S. Retail Bank delivered PTPP of USD 1.2 billion, up 9% year-over-year, and earnings of USD 890 million, down 3% year-over-year, reflecting higher PCLs driven by credit normalization. Net credit margin was 3% this quarter. While NIM expanded 38 basis points year-over-year, it declined 25 basis points quarter-over-quarter, reflecting higher deposit cost and deposit migration to higher yielding and term products as seen across the industry and some timing effects given TD's robust margin expansion earlier in the cycle.

轉向美國，我們的美國零售銀行實現 PTPP 12 億美元，同比增長 9%，盈利 8.9 億美元，同比下降 3%，反映出信貸正常化推動 PCL 上升。本季度淨信貸利潤率為 3%。雖然淨息差同比增長 38 個基點，但環比下降 25 個基點，反映出整個行業的存款成本上升以及存款轉向高收益和定期產品，以及道明利潤率強勁擴張帶來的一些時機效應在周期的早期。

With the contribution from our investment in Schwab of USD 142 million, segment earnings were USD 1 billion. We saw strong loan growth again this quarter, with personal loans and business loans up 11% and 9%, respectively, year-over-year as TD added customers and took share despite a challenging operating environment.

我們對嘉信理財的投資貢獻了1.42億美元，分部盈利為10億美元。本季度我們再次看到貸款強勁增長，儘管經營環境充滿挑戰，但道明仍增加了客戶並佔領了市場份額，個人貸款和商業貸款同比分別增長 11% 和 9%。

In Commercial Banking, we added leadership talent and continue to have strong momentum with the middle market and specialty lending sectors up 20% and 19% year-over-year, respectively.

在商業銀行業務方面，我們增加了領導人才，並繼續保持強勁勢頭，中間市場和專業貸款部門分別同比增長 20% 和 19%。

TD Auto Finance continued to innovate, offering real-time payments and expanded financing programs to dealer clients nationwide. We are proud that for the fourth year in a row, the business received the highest ranking in the J.D. Power U.S. Dealer Financing Satisfaction Study. We had strong customer acquisition in our U.S. bank card business, with new accounts up 29% year-over-year, as TD leveraged a product suite that is resonating with customers to deepen relationships. Deposits remained resilient in a difficult environment, with spot balances up approximately 1% quarter-over-quarter.

道明汽車金融不斷創新，為全國經銷商客戶提供實時支付和擴大的融資計劃。我們感到自豪的是，該業務連續第四年在 J.D. Power 美國經銷商融資滿意度研究中獲得最高排名。由於道明利用與客戶產生共鳴的產品套件來加深關係，美國銀行卡業務的客戶獲取量強勁，新賬戶同比增長 29%。在困難的環境下，存款仍保持彈性，即期餘額環比增長約 1%。

Earlier this month, TD Bank America's Most Convenient Bank announced a community reinvestment agreement developed in coordination with New Jersey Citizen Action and the housing and community development network of New Jersey. TD has committed to invest more than USD 2 billion over 3 years in affordable mortgage community development, small business lending and affordable consumer products and services across New Jersey, particularly in underserved communities.

本月早些時候，道明銀行美國最便利銀行宣布了一項與新澤西州公民行動組織以及新澤西州住房和社區發展網絡協調製定的社區再投資協議。道明銀行已承諾在 3 年內投資超過 20 億美元，用於新澤西州經濟適用房抵押貸款社區發展、小企業貸款以及經濟適用消費品和服務，特別是服務欠缺的社區。

The U.S. Retail Bank now serves over 10 million customers, including those being served by 3 new stores in low and moderate income areas in Charlotte, North Carolina; and Tampa, Florida, reflective of TD's commitment to reinvesting in communities.

美國零售銀行目前為超過 1000 萬客戶提供服務，其中包括北卡羅來納州夏洛特市中低收入地區的 3 家新店所提供的服務；和佛羅里達州坦帕，體現了道明銀行對社區再投資的承諾。

Turning to Wealth Management and Insurance, we earned $504 million this quarter, with results impacted by severe weather-related events. Revenue was up 1% year-over-year as strong insurance premium growth and the benefit of higher interest rates helped offset the impact of trading normalization. TD Asset Management widened its lead as the #1 institutional asset manager in Canada and leveraged its broad product suite to grow ETF market share, gaining momentum in the newer segment for the bank.

說到財富管理和保險，本季度我們的收入為 5.04 億美元，業績受到惡劣天氣相關事件的影響。由於保費強勁增長和利率上升的好處抵消了交易正常化的影響，收入同比增長 1%。道明資產管理公司擴大了其作為加拿大排名第一的機構資產管理公司的領先地位，並利用其廣泛的產品組合擴大了 ETF 市場份額，為該銀行在新的細分市場中獲得了動力。

The bank also gained market share in advice with our TD financial planning business growing fastest among the big 5 banks over the past 6 months. Our One TD approach and accelerated distribution expansion enabled this strong growth with wealth planners embedded in the bank's branches across Canada.

該銀行還獲得了諮詢市場份額，道明理財理財業務在過去 6 個月內是五大銀行中增長最快的。我們的 One TD 方法和加速的分銷擴張通過在加拿大各地銀行分行中嵌入的財富規劃師實現了這一強勁增長。

In TD Direct Investing, the bank maintained its #1 position across key performance categories, including total accounts, revenue, trades and AUA and saw record growth and share of gross new accounts as we move towards our target of adding over 300,000 new clients in the medium term as described at our recent Investor Day.

在道明自管投資方面，該銀行在賬戶總數、收入、交易和AUA 等關鍵績效類別中保持第一的位置，並在新賬戶總額和份額方面實現了創紀錄的增長，同時我們正朝著在全球範圍內增加超過300,000 名新客戶的目標邁進。正如我們最近的投資者日所描述的中期。

Finally, as a result of recent and continuing severe weather-related events, I would like to thank all our insurance colleagues for their tremendous efforts, including advice and support provided through the TD Insurance mobile response unit across affected communities.

最後，由於近期持續發生的惡劣天氣相關事件，我要感謝所有保險同事所做的巨大努力，包括通過道明保險移動響應小組為受影響社區提供的建議和支持。

In Wholesale Banking, net income was $377 million, driven by record revenue of $1.6 billion, which includes our first full quarter of TD Cowen. We saw strong trading revenues and good underwriting and advisory activity. We are excited about our progress deepening the integration of TD Securities and TD Cowen, enhancing our ability to serve existing clients and win new clients together. Reflecting our leadership in the healthcare sector and strength in equity capital markets execution, this quarter, TD Cowen acted as joint bookrunner on Acelyrin's USD 621 million initial public offering, the largest biotech IPO in calendar 2023 to date.

在批發銀行業務方面，淨利潤為 3.77 億美元，主要得益於創紀錄的 16 億美元收入，其中包括我們第一個完整季度的 TD Cowen。我們看到了強勁的交易收入以及良好的承銷和諮詢活動。我們對深化道明證券與道明考恩整合、增強我們服務現有客戶並共同贏得新客戶的能力所取得的進展感到興奮。本季度，TD Cowen 擔任 Acelyrin 6.21 億美元首次公開募股的聯席賬簿管理人，這是 2023 年迄今為止最大的生物科技 IPO，這反映了我們在醫療保健領域的領導地位和股權資本市場執行的實力。

And this quarter, our U.S. debt capital markets business nearly doubled both in terms of number of bookrunner roles and volume underwritten compared to the same quarter last year. These strong results reflect TD's investment in client relationships as part of our U.S. dollar strategy.

本季度，我們的美國債務資本市場業務的賬簿管理人數量和承銷數量與去年同期相比幾乎翻了一番。這些強勁的業績反映了道明對客戶關係的投資，這是我們美元戰略的一部分。

As we enter the final quarter of the year, we continue to navigate a complex and dynamic environment, and deliver for all of our stakeholders. Last month, TD was proud to be recognized by the Euromoney Awards of Excellence 2023 as North America's Best Bank for Corporate Responsibility. The bank received this award based on its demonstrated commitment to an inclusive and sustainable future. As I've shared in the past, inclusion is embedded in TD's culture.

隨著進入今年最後一個季度，我們將繼續應對複雜且動態的環境，並為所有利益相關者提供服務。上個月，道明很榮幸被 2023 年歐洲貨幣卓越獎評選為北美最佳企業責任銀行。該銀行因其對包容性和可持續未來的堅定承諾而獲得此獎項。正如我過去所分享的，包容性已融入道明的文化之中。

TD Bank, America's Most Convenient Bank, was recently awarded the top score of 100 in the 2023 Disability Equality Index, a national workplace disability inclusion assessment tool, for the ninth consecutive year. And the bank was again recognized as a certified Great Place to Work in both Canada and the U.S. As ever, TD remains committed to strengthening the communities in which we operate.

美國最便利銀行道明銀行 (TD Bank) 最近連續第九年在國家工作場所殘疾包容性評估工具 2023 年殘疾平等指數中獲得最高分 100 分。該銀行再次被評為加拿大和美國的最佳工作場所。道明銀行一如既往地致力於加強我們業務所在的社區。

Recently, together with AFOA Canada, a not-for-profit led by indigenous peoples, the bank announced the first cohort of recipients of the TD scholarship for indigenous peoples, which provides financial support to indigenous students for post-secondary education. Every day, our TD bankers live our purpose to enrich the lives of our customers, communities and colleagues. I will close by thanking each of them for their efforts. I'm confident that together, we will deliver a strong finish to the year.

最近，該銀行與原住民領導的非營利組織AFOA Canada一起宣布了第一批原住民TD獎學金獲得者，該獎學金為原住民學生的高等教育提供財政支持。每一天，我們的道明銀行家都在踐行我們的宗旨，豐富客戶、社區和同事的生活。最後我要感謝他們每個人的努力。我相信，我們將齊心協力，為這一年畫上圓滿的句號。

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

有了這個，我會把事情交給凱爾文。

Thank you, Bharat. Good afternoon, everyone. Please turn to Slide 10. For Q3, the bank reported earnings of $3 billion and earnings per share of $1.57, down 8% and 10%, respectively. Adjusted earnings were $3.7 billion, and adjusted earnings per share was $1.99, down 2% and 5%, respectively. Reported revenue increased 17%, and adjusted revenue increased 12%, reflecting margin growth in the Personal and Commercial Banking businesses. Provision for credit losses was $766 million compared with $351 million in the third quarter last year.

謝謝你，巴拉特。大家下午好。請參閱幻燈片 10。第三季度，該銀行公佈的盈利為 30 億美元，每股收益為 1.57 美元，分別下降 8% 和 10%。調整後收益為 37 億美元，調整後每股收益為 1.99 美元，分別下降 2% 和 5%。報告收入增長 17%，調整後收入增長 12%，反映出個人和商業銀行業務的利潤率增長。信貸損失準備金為 7.66 億美元，而去年第三季度為 3.51 億美元。

Reported expenses increased 24%, primarily reflecting higher employee-related expenses, the payment related to the termination of the First Horizon transaction, higher acquisition and integration-related charges, including winddown costs of the terminated First Horizon transaction and higher spend supporting business growth. Adjusted expenses increased 15%.

報告費用增加了24%，主要反映了員工相關費用增加、與終止First Horizo​​n 交易相關的付款、更高的收購和整合相關費用，包括終止的First Horizo​​n 交易的逐步結束成本以及支持業務增長的支出增加。調整後費用增加 15%。

On our Q4 '22 earnings call, we noted that we expected adjusted expense growth excluding FX to moderate in fiscal 2023 on a quarter-over-quarter basis. TD has focused on productivity and managed expenses efficiently in this environment. As a result, the bank delivered moderate adjusted expense growth quarter-over-quarter. Excluding TD Cowen recorded in the Wholesale Banking segment and litigation expenses of approximately $125 million or $0.05 per share recorded in the Corporate segment.

在我們 22 年第 4 季度的財報電話會議上，我們指出，我們預計 2023 財年（不包括外匯）調整後的費用增長將環比放緩。在此環境下，道明銀行將重點放在生產力和有效管理費用上。因此，該銀行調整後的費用環比增長適度。不包括批發銀行部門記錄的 TD Cowen 和企業部門記錄的約 1.25 億美元或每股 0.05 美元的訴訟費用。

Absent the retailer partners net share of the profits from the U.S. strategic card portfolio, adjusted expenses increased 15.4% FX. Reported total bank PTPP was up 7.6% year-over-year. Consistent with prior quarters, Slide 25 shows how we calculate adjusted total bank PTPP and operating leverage, removing the impact of the U.S. strategic card portfolio, along with the impact of foreign currency translation and the insurance fair value charge. Adjusted total bank PTPP was up 6.9% after these modifications.

如果沒有零售商合作夥伴從美國戰略卡投資組合中獲得的淨利潤，調整後的外匯費用將增加 15.4%。報告的銀行總 PTPP 同比增長 7.6%。與前幾個季度一致，幻燈片 25 顯示了我們如何計算調整後的銀行總 PTPP 和運營槓桿，消除了美國戰略卡投資組合的影響，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，調整後的總銀行 PTPP 上漲了 6.9%。

Please turn to Slide 11. Canadian Personal and Commercial Banking, net income for the quarter was $1.7 billion, down 1% year-over-year. The business delivered strong PTPP growth, up 9% year-over-year. Revenue increased 7%, reflecting volume growth and higher margins, partially offset by a prior year adjustment recorded in other income. Average loan volumes rose 6%, reflecting 5% growth in personal volumes and 9% growth in business volume. Average deposits rose 1%, reflecting 6% growth in personal deposits, partially offset by a 6% decline in business deposits. Net interest margin was 2.74%, flat quarter-over-quarter. This quarter, we saw strong loan growth, which resulted in a shift in balance sheet mix that was offset by higher deposit margin.

請參閱幻燈片 11。加拿大個人和商業銀行業務，本季度淨利潤為 17 億加元，同比下降 1%。該業務實現了 PTPP 強勁增長，同比增長 9%。收入增長 7%，反映出銷量增長和利潤率提高，但部分被其他收入中記錄的上一年調整所抵消。平均貸款量增長 6%，反映出個人貸款量增長 5%，企業貸款量增長 9%。平均存款增長 1%，反映出個人存款增長 6%，部分被商業存款下降 6% 所抵消。淨息差為2.74%，環比持平。本季度，我們看到貸款強勁增長，導致資產負債表結構發生變化，但存款保證金上升抵消了這一變化。

As we look forward to Q4, while many factors can impact margins, we expect net interest margin to bounce around and remain influenced by similar drivers as those we saw this quarter. Total PCL of $379 million increased $132 million sequentially. Total PCL as an annualized percentage of credit volume was 0.28%, up 9 basis points sequentially. Noninterest expenses increased 5% year-over-year, reflecting higher spend supporting business growth, including technology and higher employee-related expenses.

當我們展望第四季度時，雖然許多因素都會影響利潤率，但我們預計淨息差將反彈，並繼續受到與本季度類似驅動因素的影響。 PCL 總額為 3.79 億美元，比上一季度增加了 1.32 億美元。 PCL 總額佔信貸量的年化百分比為 0.28%，比上一季度上升 9 個基點。非利息支出同比增長 5%，反映出支持業務增長的支出增加，包括技術和員工相關支出的增加。

Please turn to Slide 12. U.S. Retail segment reported net income for the quarter was USD 984 million, down 12% year-over-year. Adjusted net income was USD 1 billion, down 9% year-over-year. U.S. Retail Bank reported net income was USD 842 million, down 6%, and includes acquisition and integration-related charges for the terminated First Horizon transaction. U.S. Retail Bank adjusted net income was USD 890 million, down 3%, reflecting higher noninterest expenses and PCL, partially offset by higher revenue. The business delivered strong PTPP growth, up 9% year-over-year. Revenue increased 10% year-over-year, reflecting higher deposit margin and loan volumes and fee income growth from increased customer activity, partially offset by lower deposit volumes, loan margins and overdraft fees.

請參閱幻燈片 12。美國零售部門報告本季度淨利潤為 9.84 億美元，同比下降 12%。調整後淨利潤為10億美元，同比下降9%。美國零售銀行報告淨利潤為 8.42 億美元，下降 6%，其中包括終止的 First Horizo​​n 交易的收購和整合相關費用。美國零售銀行調整後淨利潤為 8.9 億美元，下降 3%，反映出非利息支出和 PCL 增加，但部分被收入增加所抵消。該業務實現了 PTPP 強勁增長，同比增長 9%。收入同比增長 10%，反映出存款保證金和貸款額的提高以及客戶活動增加帶來的費用收入增長，但部分被存款額、貸款保證金和透支費用的下降所抵消。

Average loan volumes increased 10% year-over-year. Personal loans increased 11%, reflecting good originations and slower payment rates across portfolios. Business loans increased 9%, reflecting good originations from new customer growth and slower payment rates, partially offset by a decline in PPP loans volumes. Average deposit volume, excluding sweep deposits, were down 5% year-over-year. Personal deposits were down 5% and business deposits declined 6% and sweep deposits declined 28%. Net interest margin was 3% this quarter. While net interest margin expanded 38 basis points year-over-year, it declined 25 basis points quarter-over-quarter, reflecting higher deposit cost and deposit mix shift, given competitive market dynamics in the U.S.

平均貸款額同比增長 10%。個人貸款增長 11%，反映出貸款組合良好的貸款來源和較慢的還款率。商業貸款增長 9%，反映出新客戶增長和付款率放緩帶來的良好來源，但 PPP 貸款量的下降部分抵消了這一影響。平均存款量（不包括掃款存款）同比下降 5%。個人存款下降 5%，商業存款下降 6%，綜合存款下降 28%。本季度淨息差為 3%。儘管淨息差同比擴大 38 個基點，但環比下降 25 個基點，反映了鑑於美國競爭激烈的市場動態，存款成本上升和存款結構變化。

As I've mentioned in previous quarters, many factors can impact margins, including the path of short-term rates, tractor on and off rates and competitive market dynamics. While margins this quarter gave back some of our record expansion in previous quarters, we expect NIM to stabilize in Q4. Total PCL was USD 185 million, an increase of USD 45 million sequentially.

正如我在前幾個季度提到的，許多因素都會影響利潤率，包括短期利率的走勢、拖拉機的開停利率以及競爭性的市場動態。雖然本季度的利潤率回吐了前幾個季度創紀錄的擴張，但我們預計淨息差將在第四季度趨於穩定。 PCL 總額為 1.85 億美元，比上一季度增加 4500 萬美元。

U.S. Retail net PCL ratio including only the bank's share of PCL in the U.S. strategic cards portfolio as an annualized percentage of credit volume was 0.41%, higher by 8 basis points sequentially. Reported expenses increased 13%, reflecting higher employee-related expenses, acquisition and integration-related charges for the terminated First Horizon transaction and higher business investments. Adjusted expenses increased 10%. The contribution from TD's investment in Schwab was USD 142 million, down 37% from a year ago, reflecting lower net interest income, lower bank deposit fees and trading revenue and higher expenses, partially offset by an increase in asset management fees.

美國零售淨 PCL 比率（僅包括銀行在美國戰略卡組合中 PCL 的份額）佔信貸量的年化百分比為 0.41%，比上一季度上升 8 個基點。報告費用增加了 13%，反映了員工相關費用、終止的 First Horizo​​n 交易的收購和整合相關費用的增加以及業務投資的增加。調整後費用增加10%。道明對嘉信理財的投資貢獻為1.42億美元，同比下降37%，反映出淨利息收入下降、銀行存款費用和交易收入下降以及費用增加，但部分被資產管理費的增加所抵消。

Please turn to Slide 13. Wealth Management and Insurance net income for the quarter was $504 million, down 12% year-over-year. Revenue increased 1%, reflecting higher insurance volumes, fee-based revenue and wealth and investment income and insurance, partially offset by a decrease in the fair value of investments supporting claims liabilities, which resulted in a similar decrease in insurance claims and lower transaction revenue in wealth.

請參閱幻燈片 13。該季度財富管理和保險淨利潤為 5.04 億美元，同比下降 12%。收入增長 1%，反映出保險量、收費收入和財富以及投資收入和保險的增加，但部分被支持索賠負債的投資公允價值下降所抵消，導致保險索賠出現類似下降，交易收入下降在財富中。

Insurance claims increased 11% year-over-year, reflecting more severe weather-related events, increased driving activity and claim severity, partially offset by the impact of changes in the discount rate, which resulted in a similar decrease in the fair value of investments supporting claims and liabilities reported in noninterest income.

保險索賠同比增長 11%，反映出更嚴重的天氣相關事件、駕駛活動增加和索賠嚴重程度增加，但部分被貼現率變化的影響所抵消，貼現率變化導致投資公允價值出現類似下降支持非利息收入中報告的債權和負債。

Noninterest expenses increased 2% year-over-year, reflecting higher spend supporting business growth, including technology costs and employee-related expenses. Assets under management increased 3% year-over-year, reflecting market appreciation, partially offset by mutual fund redemptions, and assets under administration increased 6% year-over-year, reflecting market appreciation and net asset growth.

非利息支出同比增長 2%，反映出支持業務增長的支出增加，包括技術成本和員工相關支出。管理資產同比增長 3%，反映市場升值，但被共同基金贖回部分抵消；管理資產同比增長 6%，反映市場升值和淨資產增長。

Please turn to Slide 14. Wholesale Banking reported net income for the quarter was $272 million, relatively flat compared with the third quarter last year, reflecting higher noninterest expenses, largely offset by higher revenues. Adjusted net income was $377 million, up 39% year-over-year. Revenue, including TD Cowen, was $1.6 billion, up 46% year-over-year. Higher revenue primarily reflects higher equity commissions, underwriting fees, trading-related revenue, global transaction banking revenue and loan underwriting commitment markdowns in the prior year.

請參閱幻燈片 14。批發銀行報告本季度淨利潤為 2.72 億美元，與去年第三季度相比相對持平，反映出非利息支出增加，但大部分被收入增加所抵消。調整後淨利潤為 3.77 億美元，同比增長 39%。包括 TD Cowen 在內的收入為 16 億美元，同比增長 46%。收入增加主要反映了上一年股票佣金、承銷費用、交易相關收入、全球交易銀行收入和貸款承銷承諾降價的增加。

PCL for the quarter was $25 million, an increase of $13 million from the prior quarter. Reported expenses increased 80%, and include acquisition and integration-related charges for Cowen. Adjusted expenses increased 60%, reflecting the inclusion of TD Cowen, 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 PCL 為 2500 萬美元，比上一季度增加 1300 萬美元。報告費用增加了 80%，其中包括 Cowen 的收購和整合相關費用。調整後費用增加了 60%，反映了 TD Cowen 的納入、對 Wholesale Banking 美元戰略的投資，包括僱用銀行、銷售和交易以及技術專業人員以及外匯換算的影響。

Please turn to Slide 15. The Corporate segment reported a net loss of $782 million in the quarter compared with a reported net loss of $752 million in the third quarter last year. The year-over-year increase primarily reflects higher net corporate expenses reflecting litigation expenses during the quarter, partially offset by higher revenue from treasury and balance sheet management activities. Adjusted net loss for the quarter was $182 million compared with an adjusted net loss of $175 million in the third quarter last year.

請參閱幻燈片 15。企業部門報告本季度淨虧損 7.82 億美元，而去年第三季度報告的淨虧損為 7.52 億美元。同比增長主要反映了本季度訴訟費用所帶來的公司淨費用的增加，但部分被財務和資產負債表管理活動收入的增加所抵消。本季度調整後淨虧損為 1.82 億美元，而去年第三季度調整後淨虧損為 1.75 億美元。

Please turn to Slide 16. The common equity Tier 1 ratio ended the quarter at 15.2%, down 13 basis points sequentially. Internal capital generation added 31 basis points to CET1 this quarter. This was partially offset by an increase in RWA, excluding the impact of FX and TD Cowen integration, which decreased CET1 by 20 basis points. We repurchased 14.25 million common shares under our share buyback program this quarter, which reduced CET1 by 21 basis points.

請參閱幻燈片 16。本季度末普通股一級資本比率為 15.2%，比上一季度下降 13 個基點。本季度內部資本生成為 CET1 增加了 31 個基點。這被 RWA 的增加部分抵消，不包括 FX 和 TD Cowen 整合的影響，後者使 CET1 降低了 20 個基點。本季度我們根據股票回購計劃回購了 1,425 萬股普通股，這使 CET1 降低了 21 個基點。

The impact related to the terminated First Horizon transaction, which includes a net loss from the mitigation of interest rate volatility to closing capital, the termination payment, the FX hedge and acquisition and integration-related charges, including current period winddown costs, decreased CET1 by 11 basis points. Impact associated with the integration of TD Cowen largely the migration of certain acquired portfolios from standardized to internal models, partially offset by integration expenses, increased CET1 by 11 basis points.

與終止的 First Horizo​​n 交易相關的影響（包括緩解利率波動對期末資本的淨損失、終止付款、外匯對沖以及收購和整合相關費用（包括當期縮減成本））使 CET1 減少11個基點。與 TD Cowen 整合相關的影響主要是某些收購的投資組合從標準化模型遷移到內部模型，部分被整合費用抵消，使 CET1 增加了 11 個基點。

RWA included, the impact of FX and the Cowen integration decreased 0.8% quarter-over-quarter, reflecting lower market risk and credit risk RWA, partially offset by an increase in operational risk RWA. Credit risk RWA decreased $1.4 billion or 0.3%, as growth due to higher business volumes was more than offset by the impact of foreign exchange. Market risk RWA decreased $4.9 billion or 22%, reflecting the migration of certain acquired portfolios from standardized to internal models and a decrease in interest rate exposures. The leverage ratio was 4.6% this quarter, and the LCR ratio was 133%, both well above published regulatory minimums.

包括 RWA 在內，外彙和 Cowen 整合的影響環比下降 0.8%，反映出市場風險和信用風險 RWA 降低，但部分被操作風險 RWA 的增加所抵消。信用風險 RWA 減少了 14 億美元，即 0.3%，因為業務量增加帶來的增長被外彙的影響所抵消。市場風險 RWA 減少 49 億美元，即 22%，反映出某些收購的投資組合從標準化模型遷移到內部模型以及利率風險敞口的減少。本季度槓桿率為 4.6%，LCR 率為 133%，均遠高於公佈的監管最低值。

As you know, the First Horizon transaction was terminated on May 4 during Q3. Similar to last quarter, we have included Slide 27 in this presentation to summarize the financial impact from the termination.

如您所知，First Horizo​​n 交易於第三季度的 5 月 4 日終止。與上季度類似，我們在本演示文稿中添加了幻燈片 27，以總結終止協議帶來的財務影響。

And with that, Ajai, over to you.

接下來，阿賈伊，交給你了。

Thank you, Kelvin, and good afternoon, everyone. Please turn to Slide 17. Gross impaired loan formations increased by 4 basis points to 18 basis points quarter-over-quarter, driven by the commercial and wholesale lending portfolios and some further normalization of credit performance in the consumer lending portfolios. .

謝謝你，凱爾文，大家下午好。請參閱幻燈片 17。在商業和批發貸款組合以及消費貸款組合信貸表現進一步正常化的推動下，總減值貸款形成環比增加 4 個基點至 18 個基點。 。

Please turn to Slide 18. Gross impaired loans were 33 basis points, with an increase of 3 basis points quarter-over-quarter, largely recorded in the commercial and wholesale lending portfolios, driven by a handful of loans across a number of industries.

請參閱幻燈片 18。總減值貸款為 33 個基點，環比增加 3 個基點，主要記錄在商業和批發貸款組合中，由多個行業的少數貸款推動。

Please turn to Slide 19. 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. The bank's provision for credit losses increased 7 basis points quarter-over-quarter to 35 basis points. The increase is largely reflected in the Canadian Personal and Commercial Banking and U.S. Retail segments.

請參閱幻燈片 19。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 中合作夥伴份額的總額和淨額。我們提醒您，企業部門記錄的美國卡 PCL 完全由我們的合作夥伴吸收，不會影響銀行的淨利潤。該銀行的信貸損失準備金環比增加7個基點至35個基點。這一增長主要反映在加拿大個人和商業銀行業務以及美國零售業務領域。

Please turn to Slide 20. The bank's impaired PCL was $663 million, an increase of $112 million quarter-over-quarter, largely recorded in the Canadian and U.S. commercial lending portfolios across a number of industries. The bank's current quarter impaired PCL rate remained well below 2019 levels. Performing PCL was $103 million, with the quarter-over-quarter increase of $55 million, driven by the Canadian consumer lending portfolios.

請參閱幻燈片 20。該銀行受損的 PCL 為 6.63 億美元，環比增加 1.12 億美元，主要記錄在加拿大和美國多個行業的商業貸款組合中。該銀行當前季度的 PCL 減值率仍遠低於 2019 年的水平。在加拿大消費貸款組合的推動下，PCL 表現為 1.03 億美元，環比增長 5500 萬美元。

Please turn to Slide 21. The allowance for credit losses increased by $127 million quarter-over-quarter due to credit migration in the commercial and wholesale lending portfolios. The Canadian consumer lending portfolios reflective of some further normalization of credit performance, coupled with an update to our interest rate outlook and volume growth, partially offset by the impact of foreign exchange. The bank's allowance coverage remains elevated to account for ongoing uncertainty relating to the economic trajectory and credit performance.

請參閱幻燈片 21。由於商業和批發貸款組合中的信貸遷移，信貸損失準備金環比增加了 1.27 億美元。加拿大消費貸款投資組合反映了信貸表現的進一步正常化，以及我們利率前景和數量增長的更新，但部分被外彙的影響所抵消。考慮到與經濟軌跡和信貸表現相關的持續不確定性，該銀行的準備金覆蓋率仍然較高。

In summary, while the bank has experienced some further normalization of credit performance across key credit metrics this quarter, credit performance remains strong. Accordingly, I continue to expect PCL in 2023 to be in the neighborhood of 35 basis points, which is at the low end of the guidance I provided at the start of the year.

總之，雖然該銀行本季度關鍵信貸指標的信貸表現進一步正常化，但信貸表現仍然強勁。因此，我仍然預計 2023 年 PCL 將在 35 個基點附近，這是我在年初提供的指導的低端。

To conclude, TD remains well positioned -- given we are adequately provisioned, we have a strong capital position, and we have a business that is broadly diversified across products and geographies.

總而言之，道明銀行仍處於有利地位——鑑於我們的供應充足，我們擁有強大的資本狀況，而且我們的業務在產品和地域上廣泛多元化。

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

至此，操作員，我們現在準備開始問答環節。

Certainly.

當然。

(Operator Instructions)

（操作員說明）

The first question is from Meny Grauman with Scotiabank.

第一個問題來自豐業銀行的 Meny Grauman。

First question, Bharat, I'm just curious on your decision to increase your NCIB from 30 million to 90 million shares. Just curious, what we can read into that? Or should we read what should we read into that in terms of expanding the debt buyback? So curious on your thoughts there.

第一個問題，Bharat，我只是對您將 NCIB 股票從 3000 萬股增加到 9000 萬股的決定感到好奇。只是好奇，我們能從中讀到什麼？或者我們應該了解在擴大債務回購方面我們應該解讀什麼？很好奇你的想法。

When we've talked about the bank's capital deployment framework, we look at how much do we need to support all our strategies, look at what gaps we might have, where we have to make investments to make sure we don't have those gaps, et cetera, et cetera. You've heard me say that before. And then in the end, if we think that having been through all that, we would certainly look at capital actions such as buybacks. And by the way, Meny, it is 90 million, not 30 million. I think you mentioned 30 million.

當我們討論銀行的資本配置框架時，我們會考慮需要多少資金來支持我們的所有戰略，看看我們可能存在哪些差距，我們必須在哪些方面進行投資以確保我們不存在這些差距，等等，等等。你以前聽過我這麼說過。最後，如果我們認為經歷了這一切，我們肯定會考慮回購等資本行動。順便說一句，Meny，是 9000 萬，而不是 3000 萬。我想你提到了3000萬。

So in our view, based on the capital levels we have, given through -- given the framework that I just talked about, all that suggests that a buyback is appropriate at this time, and hence, we announced it.

因此，我們認為，根據我們所擁有的資本水平，考慮到我剛才談到的框架，所有這些都表明此時回購是合適的，因此我們宣布了這一計劃。

I'm just curious in terms of expanding it to 90 million from 30 million. And what specifically changed over the past few months to give you more sideline to be able to increase that?

我只是好奇將其從 3000 萬擴大到 9000 萬。在過去的幾個月裡，有哪些具體的變化讓你能夠增加副業？

Well, the 30 million last quarter, when we announced that, I think I had said that we had issued shares through the DRIP program to finance the acquisition that has since been terminated. So it made sense to immediately go and return that to the shareholders since we were not pursuing that acquisition.

好吧，上個季度的 3000 萬美元，當我們宣布這一消息時，我想我已經說過我們已經通過 DRIP 計劃發行了股票，為後來終止的收購提供資金。因此，立即將其返還給股東是有意義的，因為我們並不尋求收購。

Now this particular one, expanding it is over the next 1 year. And we -- as I said in my comments earlier, the 30 million program will likely, based on market conditions, things could change. But our expectation is that sometime in September, we would have completed that. And so given the situation now, we think it's appropriate to increase that by a further 90 million.

現在這個特殊的項目將在未來一年內擴展。正如我之前在評論中所說，根據市場情況，3000 萬計劃可能會發生變化。但我們的期望是，在九月的某個時候，我們會完成這個任務。所以考慮到現在的情況，我們認為再增加9000萬是合適的。

I got it. And then if I can just ask on the disclosure related to the inquiries from U.S. regulatory authorities and law enforcement. You highlight anticipated monetary and/or nonmonetary penalties. On the monetary side, just curious, what you've provisioned or have you provisioned anything for this potential monetary charge or anticipated monetary charge, I should say?

我得到了它。然後我能否詢問與美國監管機構和執法部門調查相關的披露情況。您強調預期的金錢和/或非金錢處罰。在貨幣方面，我只是好奇，我應該說，您已經為這種潛在的貨幣費用或預期的貨幣費用配置了哪些內容或配置了任何內容？

As you know, I can't comment on our ongoing discussions with our regulators. What I can say regarding the disclosure and as we've shared in the disclosure, we are pursuing efforts to enhance our U.S. AML compliance program. We have a strong and disciplined risk management culture and our focus on continuously improving our programs. So I just wanted to emphasize that, Meny. With respect to what amounts and all that, I really can't comment on that because that I don't think would be appropriate. And regarding our accounting policies, when it is appropriate, we will certainly let you know what it has cost or not cost us.

如您所知，我無法對我們與監管機構正在進行的討論發表評論。關於該披露，我可以說的是，正如我們在披露中所分享的那樣，我們正在努力加強我們的美國反洗錢合規計劃。我們擁有強大而嚴格的風險管理文化，並致力於不斷改進我們的計劃。所以我只是想強調這一點，梅尼。至於金額和所有這些，我真的無法對此發表評論，因為我認為這不合適。關於我們的會計政策，在適當的時候，我們一定會讓您知道它給我們帶來了成本或沒有成本。

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

下一個問題來自 BMO 資本市場的 Sohrab Movahedi。

Okay. Maybe just to pick up where Meny left off. What's the management's working assumption as to how long it may take to resolve the issues around compliance program with money laundering and the like?

好的。也許只是為了繼續梅尼留下的地方。管理層對解決洗錢等合規計劃問題可能需要多長時間的工作假設是什麼？

I don't think, Sohrab, it's appropriate for me to comment on our ongoing discussions with our regulators because that would be going into that territory if I started predicting things for you. So I think best is what we've said in our disclosure, that -- we are working hard to enhance our programs. That is the TD way. We learn new things from our ongoing internal monitoring and management and through engagement with various stakeholders, including our regulators, and look for opportunities to enhance our controls whenever that situation arise, arises. And I think you know us well, as you'd expect from TD.

索拉博，我認為我不適合對我們與監管機構正在進行的討論發表評論，因為如果我開始為你預測事情就會進入這個領域。所以我認為最好的是我們在披露中所說的——我們正在努力加強我們的計劃。這就是TD的方式。我們從持續的內部監控和管理以及與包括監管機構在內的各利益相關者的接觸中學到新東西，並在出現這種情況時尋找機會加強我們的控制。我認為您對我們很了解，正如您對 TD 的期望一樣。

We take this very seriously and make the appropriate investments and enhancements that fit our organization to manage the risk. And I'm really confident that in time, we will deliver the required enhancements. So I think best will leave with it that, Meny, and Sohrab.

我們非常重視這一點，並進行適當的投資和增強，以適合我們的組織來管理風險。我非常有信心，我們將及時提供所需的增強功能。所以我認為最好還是留下梅尼和索拉博。

Okay. Maybe just for a bit of additional clarity. When we look at, for example, the current quarter U.S. segment expense base, when we think about that relative to last quarter, some of the enhancements that you're talking about, Bharat, I assume requires hiring some people and spending some money. Are we starting to see some of the likely expense implications of the enhancement program in the numbers right now? Or is that still to come?

好的。也許只是為了更清楚一些。例如，當我們查看當前季度美國部門的費用基礎時，當我們考慮相對於上季度的情況時，巴拉特，您所說的一些增強功能，我認為需要雇用一些人員並花費一些錢。我們現在是否開始在數字中看到增強計劃可能產生的一些費用影響？或者這還會到來嗎？

I think, best, I'll leave it to Leo, and Leo to answer about the overall expenses in the U.S. But the only point I'd make is enhancing any of our businesses, controls, is an ongoing exercise at TD. It is not that a particular event takes place, and that's the only time we make those investments. So wanted to provide that overall context, but why don't I leave it to Leo to talk about the expenses in the U.S.

我想，最好讓 Leo 來回答美國的總體開支。但我唯一要說的是加強我們的業務和控制，這是 TD 正在進行的工作。這並不是說某個特定事件發生了，也不是我們唯一一次進行這些投資。所以想提供整體背景，但為什麼我不讓 Leo 來談談在美國的費用呢？

Sohrab, maybe just to add a little bit. Our expenses for the quarter were up 9.8%. And largely on higher staffing costs and core investments in the franchise. I think I had mentioned last time we were together that we were quite purposeful in terms of increasing staff count in some of our frontline areas late last year. We're recovering from the pandemic process. And so that has -- we've completed that process. Those teams are in place. We're seeing the benefits of it in terms of overall customer experience in both our call centers and our branch network.

索拉博，也許只是補充一點。我們本季度的開支增長了 9.8%。很大程度上是由於更高的員工成本和特許經營的核心投資。我想我上次在一起時曾提到，去年年底我們在增加一些前線地區的員工數量方面是有目的的。我們正在從大流行過程中恢復。所以我們已經完成了這個過程。這些團隊已經就位。我們在呼叫中心和分支機構網絡的整體客戶體驗方面看到了它的好處。

We are also making significant investments in our core infrastructure. And to your point, governance and control is one of our important elements and pillars of our overall investment process. We are investing in a number of different areas to strengthen the foundation of our U.S. franchise. So we can continue to scale our franchise.

我們還對核心基礎設施進行了大量投資。就您而言，治理和控制是我們整個投資流程的重要要素和支柱之一。我們正在多個不同領域進行投資，以加強我們美國特許經營的基礎。這樣我們就可以繼續擴大我們的特許經營規模。

Okay. So just one last question here then. Are these investments -- it didn't sound necessarily these are revenue-enhancing investments?

好的。那麼這裡只有最後一個問題。這些投資聽起來不一定是增加收入的投資嗎？

No, no, I wouldn't say that. Sohrab, in fact, if you think of our portfolio, every year, we have a very disciplined process. We sit down and we look at the opportunities that we want to fund to be able to continue to transform, transform the business. Obviously, first and foremost is ensuring that we've got a strong control platform to be able to operate. And so those are the first things that we lean into to make sure that those investments are addressed, et cetera.

不，不，我不會這麼說。索拉博，事實上，如果你想想我們的投資組合，每年我們都有一個非常嚴格的流程。我們坐下來，尋找我們想要資助的機會，以便能夠繼續轉型、改造業務。顯然，首先也是最重要的是確保我們擁有一個能夠運行的強大控制平台。因此，這些是我們首先要做的事情，以確保這些投資得到解決，等等。

But beyond that, obviously, we look at areas that will drive either new ventures or provide new features, functionality or address customer irritant areas to be able to continue to scale our operations. So it is -- I'd say it's an and statement, not an or, and we'll strike the right balance based on the needs of the business.

但除此之外，顯然，我們還會關注能夠推動新企業或提供新特性、功能或解決客戶煩惱的領域，以便能夠繼續擴大我們的業務規模。所以它是 - 我想說這是一個 and 語句，而不是 or 語句，我們將根據業務需求取得適當的平衡。

The next question is from Doug Young with Desjardins Capital Markets.

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

Just wanted to dig into the RWA calculation. I just noticed that TD's operational risk RWA is just -- as a percent of total RWA is about 16%. That's close to 4 percentage points higher than the other big 5 banks. And I just wanted to understand, is there a structural reason why that might be relative to peers?

只是想深入研究 RWA 計算。我剛剛注意到道明銀行的運​​營風險 RWA 佔總 RWA 的比例約為 16%。這比其他五大銀行高出近 4 個百分點。我只是想了解，是否存在結構性原因可能與同行相關？

And how do I think or how should we think about this? And I know there's been some litigation issues, there's U.S. issues that we've been talking about. And as these things get settled, is there a quick path to a reversal? Or is that something that just will remain elevated? Just wanted some color on that first.

我如何看待或者我們應該如何看待這個問題？我知道存在一些訴訟問題，我們一直在討論美國問題。當這些事情得到解決後，是否有快速逆轉的途徑？或者說這種情況會一直保持在高位嗎？只是想先給它一些顏色。

Yes. It's Kelvin. I'll take that. There's no specific structural issue. But you're right, like litigation would have an impact on it, because you do have the whole operational risk capital. And I believe that, that stays with you for the next 10 years.

是的。這是開爾文。我會接受的。沒有具體的結構性問題。但你是對的，訴訟會對它產生影響，因為你確實擁有全部操作風險資本。我相信，在接下來的十年裡，這一點將一直伴隨著你。

Okay. So there's no quick reversal. This is something that does stick around for a while. Okay. And then, Kelvin, on the fundamental review of the trading book, I forget if you quantified what the implications of that would be when it gets implemented?

好的。所以不會出現快速逆轉。這確實會持續一段時間。好的。然後，凱爾文，關於交易手冊的基本審查，我忘記了您是否量化了它實施後的影響是什麼？

Yes. We're working through it. But as you know, with market risk, that changes from quarter-over-quarter, it depending on the market risk level, and you would have seen over the past year as market risk has drifted, RWA has drifted lower, that means the impact on the transition would be a little bit higher. But we'll announce it when we're ready to do so.

是的。我們正在解決這個問題。但正如你所知，隨著市場風險的變化，每個季度都會發生變化，這取決於市場風險水平，你會在過去的一年中看到，隨著市場風險的變化，RWA 下降了，這意味著影響過渡的時候會稍微高一點。但當我們準備好時我們會宣布這一點。

Okay. So you're not willing to count on, okay...

好的。所以你不願意指望，好吧...

Because (inaudible) quarter-to-quarter, yes.

因為（聽不清）季度到季度，是的。

Okay. And then just lastly, it looks like Schwab exercised an option to buy down. I think it was $3.3 million. Maybe I'm reading this wrong, but there's a termination fee of $151 million. I think that flowed through NII. Was that -- and if I've got any of that wrong, just correct me, was that part of the U.S. NIM? Was that backed out of core EPS? And then like how does that impact the economics between TD and Schwab, if at all?

好的。最後，施瓦布似乎行使了買入期權。我認為是 330 萬美元。也許我讀錯了，但終止費為 1.51 億美元。我認為這流經了 NII。如果我有任何錯誤，請糾正我，那是美國 NIM 的一部分嗎？這是從核心每股收益中收回的嗎？那麼這對道明銀行和嘉信理財之間的經濟有何影響（如果有的話）？

Yes. So the -- so two questions, two answers to that question. Number one, that is backed out of the U.S. retail core NIM, because we have net interest margin ex-sweep. And then in terms of the impact of that payment is to compensate TD for the cost of unwinding some hedging relationship and lost revenue. So there's costs related to that, that gets offset.

是的。所以——所以兩個問題，這個問題的兩個答案。第一，這是從美國零售核心淨息差中剔除的，因為我們有淨息差除息。然後就該付款的影響而言，是補償道明銀行解除某些對沖關係的成本和收入損失。因此，與此相關的成本可以被抵消。

Okay. And how does that impact -- does it impact the economics of that sweep relationship going forward?

好的。這會如何影響——它會影響這種廣泛關係未來的經濟嗎？

The way it impacted is that you do now have lower balances that you earn in the future. And the price and value of some of that economics is paid to us upfront.

它的影響方式是，你現在的餘額確實比你未來賺取的餘額要少。其中一些經濟的價格和價值是預先支付給我們的。

The next question is from Ebrahim Poonawala with Bank of America.

下一個問題來自美國銀行的 Ebrahim Poonawala。

I guess just a question around the Canadian margin outlook. Kelvin, means -- it would appear that your back book should be repricing higher, which should create a drift higher in the net interest margin. I guess it's being offset by asset growth. So two questions.

我想這只是關於加拿大利潤前景的問題。開爾文的意思是——你的賬簿似乎應該重新定價得更高，這應該會導致淨息差更高。我猜它被資產增長所抵消。那麼兩個問題。

One, strategically, what we are hearing is, maybe TD's being hypercompetitive on mortgage pricing, and that's impacting just mortgage pricing across the board. So one, if you can address that and talk to the profitability of these new customers that are coming on board today versus in the past. And just based on how you're funding this growth, et cetera. Would love to hear the thought process around as you keep putting on more growth, maybe it comes at a lower margin? But how are you thinking about the profitability impact?

一，從戰略上講，我們聽到的是，道明銀行在抵押貸款定價方面的競爭可能非常激烈，而這只會全面影響抵押貸款定價。因此，如果您能解決這個問題並討論今天加入的這些新客戶與過去相比的盈利能力。這取決於您如何為這種增長提供資金等等。希望聽到您不斷實現更多增長時的思考過程，也許它的利潤率較低？但您如何看待盈利能力的影響？

Ebrahim, let me -- this is Michael. Let me take that and -- obviously, as you know, lots of factors go into margin. But let me just kind of jump into the kind of component pieces if I can. And I know in the past, you've asked about RESL and what's going with RESL pricing and that's obviously a very large component of our loan book for the Canadian Personal Bank. And then I'd also -- let's talk about GIC, if I can.

易卜拉欣，讓我——這是邁克爾。讓我這麼說——顯然，正如你所知，很多因素都會影響利潤率。但如果可以的話，讓我直接進入這些組成部分。我知道，您過去曾詢問過 RESL 以及 RESL 定價的情況，這顯然是我們加拿大個人銀行貸款簿的一個非常重要的組成部分。如果可以的話，我也會——讓我們談談 GIC。

First of all, RESL. Let me start off with a bit of context. And I may be stating the obvious here, but the market is competitive. Consumers are pushing on rates as they face a higher and a different rate environment they have in the past few years. There's also less volume in the market. And so this is increased competition levels without doubt.

首先，RESL。讓我先介紹一些背景情況。我可能在這裡說的是顯而易見的事情，但市場是競爭激烈的。消費者正在提高利率，因為他們面臨著過去幾年更高且不同的利率環境。市場上的成交量也較少。因此，毫無疑問，這會增加競爭水平。

But let me be clear, we have walked away from business this quarter based upon pricing offered by some competitors. And so like there is margin pressure, and a lot of market factors come into play. One of the market factors is -- when the yield curve is moving around a lot, we have to adjust kind of in the moment.

但讓我明確一點，我們本季度已經根據一些競爭對手提供的定價放棄了業務。因此，存在利潤壓力，並且許多市場因素都在發揮作用。市場因素之一是——當收益率曲線大幅波動時，我們必須立即進行調整。

As you know, the shape and height of the yield curve really is our cost of goods sold. We had several -- more than several pricing adjustments this quarter that actually reflected the kind of real-time changes in the pricing of the cost of money. And we have to pass that through to our customers to maintain our margins.

如您所知，收益率曲線的形狀和高度實際上是我們的銷售成本。本季度我們進行了多次定價調整，實際上反映了資金成本定價的實時變化。我們必須將其傳遞給我們的客戶以維持我們的利潤。

So when it comes to pricing, and specifically on RESL, and I'm going a while here, but I know you asked me this question during the Investor Day. And I gave you the response that success in our volume growth is really tied to strong execution. We've made a number of investments that are enabling that. And so if you don't mind, I'll kind of walk you through those investments because they are leading to better volumes.

因此，當談到定價時，特別是在 RESL 上，我會在這裡待一段時間，但我知道您在投資者日期間問過我這個問題。我給你的答復是，我們銷量增長的成功確實與強大的執行力息息相關。我們已經進行了多項投資來實現這一目標。因此，如果您不介意，我會引導您完成這些投資，因為它們會帶來更好的銷量。

First of all, you heard me talk about lead management in the past. And again, at Investor Day, I talked about this. And this is just fundamentally taking shoppers and converting them into buyers. And we've actually seen double-digit increases on a year-over-year basis in our conversion of shoppers to buyers through our lead management program. We're seeing, first of all, more leads, better contact rates and better pull-through. So that's actually turning more of our franchise customers into mortgage customers, and we love seeing that.

首先，您過去聽我談論過潛在客戶管理。在投資者日，我再次談到了這一點。這只是從根本上吸引購物者並將他們轉變為買家。實際上，通過我們的銷售線索管理計劃，我們的購物者向買家的轉化率同比出現了兩位數的增長。首先，我們看到更多的潛在客戶、更好的接觸率和更好的拉動率。因此，這實際上將我們更多的特許經營客戶轉變為抵押貸款客戶，我們很高興看到這一點。

Second is we had a marketing campaign this spring, which was very successful and actually drove market-leading consideration. So it again, success is turning consideration into long-term franchise customers. Third is if you look at our sales force productivity -- and we measure this -- and our sales force productivity is improving. And so then again, that's translating into more business.

其次，我們今年春天進行了一場營銷活動，非常成功，實際上推動了市場領先的考慮。再說一遍，成功是將考慮因素轉向長期特許經營客戶。第三，如果你看看我們的銷售人員生產力——我們對此進行衡量——我們的銷售人員生產力正在提高。話又說回來，這又轉化為更多的業務。

And then we also do have a broad distribution play in a slower market, we think this helps, as we have much more reach versus others in many segments. And pile on top of all this, on the retention side, we've got some great analytic capabilities that really helped us retain some higher-risk attrition customers.

然後，我們在增速放緩的市場中也確實擁有廣泛的分銷業務，我們認為這會有所幫助，因為我們在許多領域比其他公司擁有更大的影響力。除此之外，在保留方面，我們擁有一些出色的分析功能，確實幫助我們保留了一些高風險的流失客戶。

And so on the RESL side, a long story here. But yes, the market is competitive, but I'd also offer that we've been investing in our business and are seeing very strong outcomes that are contributing to our positive growth.

關於 RESL 方面，這是一個很長的故事。但是，是的，市場競爭激烈，但我還想說，我們一直在投資我們的業務，並且看到了非常強勁的成果，這有助於我們的積極增長。

On the GIC side, I know also in the profitability, yes, the business we're originating is profitable. We like the economics of the business that we're generating. On the GIC side, our strategy has been and continues to be focused on core franchise deposit customers and offering very competitively priced products to deepen our customer relationships.

在 GIC 方面，我也知道盈利能力，是的，我們發起的業務是盈利的。我們喜歡我們所創造的業務的經濟效益。在 GIC 方面，我們的戰略一直並將繼續專注於核心特許經營存款客戶，並提供價格極具競爭力的產品來加深我們的客戶關係。

Again, there's been a lot of movement in the yield curve, and we've had to react to that. But offers on the term business is on a quarter-over-quarter basis, our margin is actually increasing. And so again, we like the profitability of the business that we're generating. And so yes, we're -- overall, we're responding to market factors, but I'm quite pleased with the margins that we're generating and the profitability that's coming from it.

同樣，收益率曲線出現了很大的波動，我們必須對此做出反應。但就業務期限而言，報價是按季度計算的，我們的利潤率實際上在增加。同樣，我們喜歡我們所創造的業務的盈利能力。所以，是的，總的來說，我們正在對市場因素做出反應，但我對我們產生的利潤率和由此產生的盈利能力感到非常滿意。

That was very comprehensive. Just one separate question. I think someone asked a question, when you think about the Basel end game in the United States, maybe if Riaz is on the call. It appears that most U.S. banks and broker-dealers will be under sort of RWA optimization mode, create opportunity in terms of the desire for hedge funds, investors to look for counterparties. Just talk to us in terms of, is that an opportunity where using TD Cowen and just the wholesale banking push, you will look to deploy more balance sheet within the markets business as some of the U.S. competitors retrench?

那是非常全面的。只是一個單獨的問題。我想有人問了一個問題，當你想到美國的巴塞爾殘局時，也許里亞茲是否在通話中。看來大多數美國銀行和經紀交易商將處於某種 RWA 優化模式下，為對沖基金和投資者尋找交易對手的願望創造機會。請與我們談談，隨著一些美國競爭對手的緊縮，您是否會利用 TD Cowen 和批發銀行業務推動在市場業務中部署更多的資產負債表？

Yes. Hey Ebrahim, thank you. I hope you're well. The short answer to that question is, yes, absolutely. As we've been working through the integration and determining our target stage strategies to bring the broker-dealers together as well as combined coverage teams and how we're going to address the institutional clientele like right from the very beginning of this transaction, from the date we announced it to the date we closed it, the amount of end to now, the enthusiasm from our clients, both corporate and institutional, has just been incredibly amazing.

是的。嘿易卜拉欣，謝謝你。我希望你很好。這個問題的簡短回答是，是的，絕對是。由於我們一直在努力進行整合併確定我們的目標階段策略，以將經紀交易商以及合併的覆蓋團隊聚集在一起，以及我們將如何從本次交易一開始就滿足機構客戶的需求，從從我們宣布它的日期到我們結束它的日期，到現在為止的結束時間，我們的客戶（無論是企業還是機構）的熱情都令人難以置信。

And as they continue to seek the strength of our balance sheet and our enhanced capabilities to drive revenue and to drive their aspirations and their growth. So we're very excited about the prospects of combining the 2 companies and to enhance our productivity and our capabilities in the service of our clients. And I think it -- I feel very bullish about the outlook for the combined dealers.

隨著他們繼續尋求我們資產負債表的實力和我們增強的能力來增加收入並推動他們的願望和增長。因此，我們對兩家公司合併的前景感到非常興奮，並提高我們的生產力和為客戶服務的能力。我認為——我對合併後經銷商的前景非常樂觀。

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

下一個問題來自國家銀行金融公司的加布里埃爾·德鏈 (Gabriel Dechaine)。

Two questions. One, I appreciate you don't want to quantify anything on this potential fine related to the AML program. But you do give a potential loss range tied to various factors of $0 to $1.26 billion. I'm wondering if that may be captured in there, is that range has been pretty static for the last little while, so maybe not.

兩個問題。第一，我很高興您不想對與反洗錢計劃相關的潛在罰款進行任何量化。但您確實給出了與各種因素相關的潛在損失範圍從 0 美元到 12.6 億美元。我想知道是否可以在那裡捕獲，該範圍在過去一段時間裡一直相當靜態，所以也許不是。

And then my second question, to me on the buyback news, I think that does a lot to address the questions you've been facing with regards to deployment of your very large excess capital position. I guess if I'm thinking from a modeling standpoint, I'm going to take -- make an assumption about activity and take my share count down, and that will have a positive impact on EPS. But then the opportunity cost, what kind of interest rates should I assume on that capital deployed? A few years ago, it would be insignificant or close to it. Today, just parking in T-bills, that could be a lot of money.

然後是我的第二個問題，關於回購消息，我認為這對於解決您在部署非常大的過剩資本頭寸方面所面臨的問題有很大幫助。我想，如果我從建模的角度思考，我將採取——對活動做出假設並減少我的股票計數，這將對每股收益產生積極影響。但是機會成本，我應該對部署的資本假設什麼樣的利率？幾年前，這個數字微不足道或接近。如今，僅存入國庫券就可能是一大筆錢。

With respect to giving ranges out and all that, I don't think that that's appropriate. I know you would -- trying to put a number in your model. But I can't help you with that one. We generally, as you know, historically don't talk about provisioning in the manner that you were asking us. So I think it's -- this is not probably not a good time to start.

關於給出範圍之類的，我認為這是不合適的。我知道你會嘗試在你的模型中輸入一個數字。但我無法幫助你解決這個問題。如您所知，我們通常不會按照您詢問我們的方式談論配置。所以我認為現在可能不是開始的好時機。

With respect to the buyback, a lot of calculations go into that, as you said. And we felt comfortable with the levels that we've announced. I mean this is obviously -- how much we can get done by what period, will depend on market conditions, where markets are, and where various other economic factors might be as well. But feel, given our capital levels, given the strategies, the amount we require to further those strategies, this is an appropriate program to pursue. And that's how we've thought about it. And as time goes by, we will update you as to where we are on it.

關於回購，正如你所說，需要進行很多計算。我們對我們宣布的水平感到滿意。我的意思是，這顯然是——我們在什麼時期能完成多少工作，將取決於市場條件、市場在哪裡，以及其他各種經濟因素也可能在哪裡。但是，考慮到我們的資本水平、戰略以及推進這些戰略所需的金額，這是一個合適的計劃。這就是我們的想法。隨著時間的推移，我們將向您通報我們的進展情況。

I'm not suggesting otherwise. I'm just trying to fine-tune the impact, if you will. Sometimes I try to model precisely, but -- and maybe we could take it offline.

我並不是提出其他建議。如果你願意的話，我只是想調整影響。有時我會嘗試精確建模，但是——也許我們可以將其離線。

Well, the bank's medium-term earnings growth target remains the same. So I think from a modeling perspective, that might be a good place to start, but I'm sure your models require fine-tuning on an ongoing basis. But that's all I can provide you on that.

那麼，該銀行的中期盈利增長目標保持不變。因此，我認為從建模的角度來看，這可能是一個很好的起點，但我確信您的模型需要持續進行微調。但這就是我能為你提供的一切。

All right. Enjoy the rest of your summer.

好的。享受你剩下的夏天。

The next question is from Paul Holden with CIBC.

下一個問題來自 CIBC 的 Paul Holden。

First question is for Kelvin. And then Kelvin, when you're referring to the Canadian P&C banking business, you mentioned that NIMs might bounce around a little bit from here and be impacted by the same factors as fiscal Q3. I'm surprised if not a little bit more of a positive message on Canadian NIMs, given rates are starting to stabilize and then you should have the benefit of sort of the tractor on and off based on the back book. So I'm wondering why there's just not more of a positive message on NIM. And maybe it's related to the growth in mortgages, but an expanding -- expansion on thoughts there would be helpful.

第一個問題是問凱爾文的。然後，Kelvin，當您提到加拿大財產與意外傷害銀行業務時，您提到淨息差可能會從這裡稍微反彈，並受到與第三財季相同因素的影響。考慮到利率開始穩定，我很驚訝加拿大的淨息差產生了更多積極的信息，然後你應該受益於根據賬簿開和關拖拉機。所以我想知道為什麼 NIM 上沒有更多積極的信息。也許這與抵押貸款的增長有關，但不斷擴大的想法會有所幫助。

Sure. Sure. It's Kelvin. I'll take that. Yes, you're right. From a deposit margin perspective, the on and off rates would be helpful, and we talked about that at the last quarter. But we do see significant loan growth. And just from a balance sheet perspective, when you have high loan growth, you would see -- even though you would see higher net interest income, which was -- would be helpful to earnings, it just shows margin compression. And so Q4 really depends on the puts and takes of these factors, which 1 grows faster than the other. And that's why in our outlook, we talked about the NIM bouncing around.

當然。當然。這是開爾文。我會接受的。你是對的。從存款保證金的角度來看，開戶利率和離戶利率會有所幫助，我們在上個季度討論過這一點。但我們確實看到貸款大幅增長。僅從資產負債表的角度來看，當貸款增長較高時，您會看到，即使您會看到更高的淨利息收入，這將有助於盈利，但它只是顯示了利潤率壓縮。因此，第四季度實際上取決於這些因素的看跌和拿走，其中一個因素的增長速度比另一個因素快。這就是為什麼在我們的展望中，我們談到了淨息差的波動。

Okay. That explains it. That makes sense. And then just want to ask a couple of questions on noninterest expenses, and I'll ask it sort of as one joint question. But first off, looking at the growth in average FTE, it was up roughly 1.5% Q-over-Q. Should we expect that it will continue to grow sequentially from here? Or will sort of flatline?

好的。這就解釋了。這就說得通了。然後我想問幾個關於非利息支出的問題，我會把它作為一個聯合問題來問。但首先，看看平均 FTE 的增長情況，環比增長了約 1.5%。我們是否應該期望它會繼續從這裡開始連續增長？還是會趨於平緩？

And then I guess the second part of the question is related to that litigation expense of $125 million, you highlighted, should we consider that more of a Q3-specific item? Or do we need to factor that into our expense assumptions going forward?

然後我想問題的第二部分與 1.25 億美元的訴訟費用有關，您強調，我們是否應該更多地考慮第三季度的特定項目？或者我們是否需要將其納入我們未來的費用假設中？

Sure. Why don't I start with the second question? The litigation expense is a legacy matter that dates back to almost a decade ago. And so we've reached a settlement that puts this matter behind us. So hopefully, that answers your question.

當然。我為什麼不從第二個問題開始呢？訴訟費用是一個可以追溯到近十年前的遺留問題。因此我們達成了和解，將此事拋之腦後。希望這能回答你的問題。

And then on the FTE, no, I mean, there's obviously a lot of factors in that. Like in summer, we tend to also have summer interns coming in. So we're -- we've communicated that we are managing our expenses. We expect the growth to moderate, and FTE is only one part of it. There's other costs as well. Then with the puts and takes, we will continue to manage expenses appropriately.

然後在 FTE 方面，不，我的意思是，這顯然有很多因素。就像在夏天一樣，我們往往也會有暑期實習生進來。所以我們——我們已經傳達了我們正在管理我們的費用。我們預計增長將放緩，而 FTE 只是其中的一部分。還有其他費用。然後，通過看漲期權，我們將繼續適當地管理費用。

Okay. Okay. One more if I can sneak in, if that's okay. I'm just really curious on the 2024 sort of NII/NIM outlook given the probability of Central Bank rate cuts, but at the same time, maybe some anchoring in rates in the long end of the curve. Like how should we think about that potential nonparallel shift scenario, short end going down and long end staying, where it is? Like obviously, I think that would be a net negative, but is there any kind of characterization of how negative or not that might be for TD's NII?

好的。好的。如果可以的話，如果我能偷偷溜進去的話，再來一張。考慮到央行降息的可能性，我對 2024 年 NII/NIM 前景感到非常好奇，但與此同時，利率可能會在曲線的長端有所錨定。就像我們應該如何考慮潛在的非平行轉移場景，短端下降而長端停留在哪裡？顯然，我認為這將是一個淨負面影響，但是是否有任何類型的描述可以說明這對 TD 的 NII 可能有多大負面影響？

Yes. So that's -- there are a lot of assumptions there. Then you're talking about 2 factors on short and long end. And then the other factor is how much, how fast. And so I think it's really hard to predict. But you're right, like the sensitivity on the short end is impacting our NIM and NII on a faster rate basis. And then on the long end, if it stays high, that's beneficial to the tractors since they reprice on and off, but that takes more time.

是的。所以，這裡面有很多假設。然後你談論的是短期和長期的兩個因素。然後另一個因素是多少、多快。所以我認為這真的很難預測。但你是對的，短期的敏感性正在以更快的速度影響我們的 NIM 和 NII。從長遠來看，如果價格保持在高位，這對拖拉機有利，因為它們會斷斷續續地重新定價，但這需要更多時間。

The next question is from Lemar Persaud with Cormark Securities.

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

I want to ask just a big picture question here. Would it be fair to suggest that the bank is more aggressively pursuing growth even at the expense of margin because of the inability to deploy some of that excess capital into accretive M&A in the U.S., kind of as a result of this AML investigation? Not just news, growth isn't positive to revenue and earnings, but it does seem like maybe the pedal was pushed a little bit harder down on growth when looking at some of the volume pickup and kind of softer than guidance.

我想在這裡問一個大問題。是否可以公平地說，由於此次反洗錢調查，該銀行無法將部分過剩資本用於在美國進行增值性併購，甚至以犧牲利潤為代價，更加積極地追求增長？不僅僅是新聞，增長對收入和盈利並不有利，但從一些銷量的回升來看，增長的踏板似乎被踩得更緊了一些，而且比指導值要軟一些。

Let me take that, Lemar. This is Bharat. I think it's not correct to say that's what the bank does. Bank has a very disciplined approach on pricing, volumes, profitability, how we enhance the customer experience. We want to make sure that the markets in which we are in, we remain competitive. So I don't think the way you position it, that the volumes are coming in because there is some stated strategy here that is unusual in nature. I think Michael explained very well as to how he's growing the RESL market, for example.

讓我接受，勒馬爾。這是巴拉特。我認為說銀行就是這樣做的是不正確的。銀行在定價、數量、盈利能力以及如何增強客戶體驗方面有著非常嚴格的方法。我們希望確保我們所在的市場保持競爭力。所以我不認為你的定位方式是，銷量的增加是因為這裡有一些本質上不尋常的既定策略。例如，我認為 Michael 很好地解釋了他如何發展 RESL 市場。

And you heard him. I know it was a comprehensive answer, but it was a very good one, that the investments we've made over the years are paying off. And in fact, those products are generating margins that are well -- very comparable to the historical standards we've seen, and frankly, I'm very happy with the business that's coming in. So the strategies that we have don't change on a dime in the quarter. We have a particular disciplined long-term approach on how we manage the bank, and you should not think that we've changed that.

你聽到了他的聲音。我知道這是一個全面的答案，但這是一個非常好的答案，我們多年來的投資正在得到回報。事實上，這些產品產生的利潤率非常高，與我們所看到的歷史標準非常相似，坦率地說，我對即將到來的業務感到非常滿意。因此，我們的戰略不會改變在本季度的一角錢上。我們對如何管理銀行有一個特別嚴格的長期方法，你不應該認為我們已經改變了這一點。

Okay. And then kind of on a related note, so Kelvin, maybe. It sounds like the guide on margins is a bit softer versus the guide last quarter. I think you guys are suggesting maybe a bit more of a pickup by the end of the year. So do I have that right, that you're kind of walking off the expected pickup in margins?

好的。然後是相關的說明，所以開爾文，也許吧。聽起來利潤率指南比上季度的指南要軟一些。我認為你們建議在今年年底前可能會有所回升。那麼我是否有權認為你們正在放棄預期的利潤增長？

And then can you talk about what evolved a little bit more unfavorably than anticipated versus last quarter to cause you to move off there?

然後您能否談談與上季度相比，哪些情況比預期的情況更不利，導致您離開那裡？

Sure, sure. So first, yes, it is softer than what we spoke about last quarter. And the dynamics in Canada and the U.S. are different. In Canada, it's about loan growth being stronger than we expected, and this is really a balance sheet mix issue. The underlying margin expansion on deposit that continues because of the tractor on and off grade. And then the U.S. is really a result of the competitive markets that we continue to monitor very closely over there.

一定一定。首先，是的，它比我們上季度談到的要溫和。加拿大和美國的動態也不同。在加拿大，貸款增長強於我們的預期，這實際上是一個資產負債表組合問題。由於拖拉機上下坡，保證金的基本保證金持續擴大。美國確實是我們繼續密切關注的競爭市場的結果。

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

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

I wanted to touch on the deposit trends for U.S. Retail. When I look at the disclosure on insured versus uninsured, it looks like that mix excluding suite deposits (inaudible) same quarter-over-quarter. But the positive concentration in U.S. Retail, obviously has gone up relative to Q2. So just trying to get a sense of what exact shift in deposit mix puts drag on NIM this quarter? And maybe if you could touch on what you're seeing in noninterest-bearing deposits and whether you're seeing deposit outflows for insured deposits.

我想談談美國零售業的存款趨勢。當我查看有關參保與未參保的披露時，看起來，不包括套房存款（聽不清）的情況與上一季度相同。但相對於第二季度，美國零售業的積極集中度顯然有所上升。那麼，只是想了解一下存款結構的具體變化對本季度的 NIM 造成的拖累嗎？也許您可以談談您在無息存款中看到的情況以及您是否看到保險存款的存款外流。

Nigel, this is Leo. Let me take that. I'll first talk about NIM. And Kelvin, I think, framed it well earlier. So NIM at 3% was 38 basis points year-on-year, and it was down 25 basis points quarter-on-quarter, essentially 2 factors driving that. One, higher deposit cost, but probably the larger factor was just the deposit migration that we saw to higher-yielding money market and term products, largely amongst our mass affluent high-net-worth clients on the retail side and institutional government clients on the commercial side of things. I'd say the one point that I would raise though is that there is a bit of a timing or maybe even a catch-up factor here.

奈傑爾，這是利奧。讓我來吧。我首先談談NIM。我認為開爾文很早就把它框定了。因此，3% 的淨息差同比下降了 38 個基點，環比下降了 25 個基點，這主要是由兩個因素推動的。一是存款成本較高，但可能更大的因素是我們看到存款轉向高收益貨幣市場和定期產品，主要是零售方面的大眾富裕高淨值客戶和機構政府客戶。事情的商業方面。我想說的是，我要提出的一點是，這裡有一點時機，甚至可能是一個追趕因素。

If you look at our growth in NIM over the past 5 quarters or for 5 quarters consecutively, we did increase 118 basis points, which was one of the highest amongst our expanded peer set. Over the last 2 quarters, we've given about 29 basis points of that back. And that's as a result of the fact that maybe we lagged a little bit in terms of our pricing trends earlier. But given the absolute rates where they are and some of the more recent pricing, you're seeing a little bit of that migration taking place a little later in our book relative to others.

如果你看看我們過去 5 個季度或連續 5 個季度的淨息差增長，我們確實增加了 118 個基點，這是我們擴大後的同行中最高的之一。在過去 2 個季度中，我們已經回饋了大約 29 個基點。這是因為我們之前的定價趨勢可能有點落後。但考慮到它們的絕對價格和一些最近的定價，你會發現我們的書中相對於其他書來說，這種遷移發生得稍晚一些。

But I still feel -- I want to just highlight that I feel quite comfortable -- this quarter was an inflection point. If you look at it on a spot basis, deposit levels overall did increase by about $1.4 billion or 0.6%. If you double click to your point around concentration, the 1 concentration factor I'd highlight, for the most part, I'd say the book was very stable, very similar to what it was in previous quarters. We are seeing -- we're having success in a number of our corporate and government cash management programs. And particularly in government, where we became the #3 deposit institution to the government sector, I believe, last quarter, we're seeing good success there. And those deposits tend to be a little bit more concentrated in nature.

但我仍然覺得——我想強調的是我感覺很舒服——這個季度是一個拐點。如果你從現貨角度來看，總體存款水平確實增加了約 14 億美元，即 0.6%。如果你雙擊關於集中度的觀點，我要強調的第一個集中度因素，在很大程度上，我會說這本書非常穩定，與前幾個季度非常相似。我們看到——我們的許多企業和政府現金管理計劃都取得了成功。特別是在政府領域，我們成為政府部門的第三大存款機構，我相信，上個季度，我們在那裡看到了良好的成功。這些沉積物往往更集中在自然界中。

But for the most part, the composition of the book remains strong. And I would argue the core checking account base, which has always been a strength of our overall deposit franchise, remains strong. In fact, this quarter, we had record gross and net checking account sales. So I feel good about the underlying trends, but there is going to be a little bit of pricing pressure in the near term as clients seek alternative yields either on balance sheet or off balance sheet.

但在大多數情況下，這本書的結構仍然很強大。我認為核心支票賬戶基礎一直是我們整體存款業務的優勢，仍然強勁。事實上，本季度我們的支票賬戶總銷售額和淨銷售額均創歷史新高。因此，我對基本趨勢感覺良好，但隨著客戶在資產負債表內或表外尋求替代收益率，短期內將會面臨一些定價壓力。

Okay. And I guess on that point, how do you balance the pass-through of higher deposit rates versus to be competitive with money market alternatives versus liquidity needs of the banks? In other words, are you okay with some deposit one-off here? Or would you like to maintain deposit levels at the cost of higher deposit rates?

好的。我想在這一點上，您如何平衡更高存款利率的傳導與貨幣市場替代品的競爭與銀行的流動性需求？換句話說，您可以接受一次性存款嗎？或者您想以提高存款利率為代價來維持存款水平？

We are. We look at the wealth portfolio as an important factor in this equation as well, where a client is predisposed for higher yield, and it might exceed what we're willing to price our overall deposit book. We'll leverage off balance sheet investment alternatives in the form of treasury brokerage solutions, laddered bond portfolios or other solutions of that nature. So I think we're looking at it holistically, not just trying to solve for 1 part of the -- 1 part of the balance sheet. We're really thinking about trying to serve clients in aggregate.

我們是。我們也將財富投資組合視為此等式中的一個重要因素，其中客戶傾向於獲得更高的收益率，並且它可能會超出我們願意為整體存款簿定價的價格。我們將以資金經紀解決方案、階梯式債券投資組合或其他此類解決方案的形式利用表外投資替代方案。所以我認為我們正在從整體上看待它，而不僅僅是試圖解決資產負債表的 1 部分。我們確實在考慮嘗試為客戶提供整體服務。

And just a question for Ajai on credit losses. If I heard correctly, I think the guidance is for deceleration 35 basis points this year. Given the ratio deceleration in the first 3 quarters, I think that implies kind of a step-up in credit losses in the fourth quarter, closer to 45 basis points or so. Is that roughly correct? And that would kind of get you back to where it was pre-pandemic. So just wondering if you could elaborate on -- if you're seeing, let's say, an accelerated normalization back to the pre-pandemic credit trend.

阿賈伊想問一個關於信用損失的問題。如果我沒聽錯的話，我認為今年的指導是減速 35 個基點。鑑於前三個季度的比率下降，我認為這意味著第四季度的信貸損失有所增加，接近 45 個基點左右。這大致正確嗎？這會讓你回到大流行前的狀態。因此，我想知道您是否可以詳細說明 - 如果您看到，比方說，加速正常化回到大流行前的信貸趨勢。

Yes. Thanks, Nigel. I won't give you a specific number for Q4. But yes, continued normalization is expected. I do think impaireds will continue to rise from current levels. So if you look at our impaired rate, it's 30. Pre-pandemic, it was 38. So we expect that will continue to rise. Performing, again, could be bumpy, depending on the drivers of performing. So that number could move. But I think for the overall year, yes, I am messaging that we'll be closer to the 35 number. You can work back from that and get an estimate of what Q4 looks like.

是的。謝謝，奈傑爾。我不會給你第四季度的具體數字。但是，是的，預計將繼續實現正常化。我確實認為受損人數將繼續從目前的水平上升。因此，如果你看看我們的受損率，它是 30。大流行前，它是 38。所以我們預計這一數字將繼續上升。同樣，表演可能會很坎坷，這取決於表演的驅動因素。所以這個數字可以移動。但我認為，就全年而言，是的，我要傳達的信息是，我們將更接近 35 個數字。您可以從中回顧並估計第四季度的情況。

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

下一個問題來自瑞士信貸銀行的 Joo Ho Kim。

And just on the 5% buyback with the intention to announce -- or the intention to launch 90 million. How quick should we expect the bank to act on that? And I understand that it will be impacted by market conditions and the overall outlook. But at the time when the 30 million prior NCIB was announced, you had mentioned the expectation to complete that by the end of the summer. So is that a similar pace, call it, 30 million per quarter, something that we can expect with the new buyback?

就 5% 的回購而言，打算宣布——或者打算發行 9000 萬美元。我們應該期望銀行多快採取行動？我知道這將受到市場狀況和整體前景的影響。但在宣布之前的 3000 萬 NCIB 計劃時，您曾提到預計在夏末之前完成該計劃。那麼，我們可以在新的回購中期待類似的速度，稱之為每季度 3000 萬美元嗎？

Again, like you answered the question. It depends on market conditions. This requires regulatory approval. Obviously, it has to go through an approval process, which sometimes is quick, sometimes not so quick. So one cannot predict exactly. And with respect to the pace, market conditions have a huge impact on that. As you know, as a bank, we come up with an algorithm as to how this should work. It would depend on the number of shares traded in a day. There are certain rules we have to follow that the exchanges put out.

再說一次，就像你回答問題一樣。這取決於市場情況。這需要監管部門的批准。顯然，它必須經過審批過程，有時很快，有時則不那麼快。所以人們無法準確預測。就步伐而言，市場狀況對此有巨大影響。如您所知，作為一家銀行，我們提出了一種算法來說明其如何運作。這將取決於一天交易的股票數量。我們必須遵守交易所製定的某些規則。

So it's very difficult to predict, whereas 30 million shares was a much smaller program. And hence, we were in a better position to give you a prediction. But very hard to do when it is, it is of this quantum. And markets are really choppy. They're very volatile. So it's hard to give you a specific time line.

所以很難預測，而 3000 萬股是一個小得多的計劃。因此，我們能夠更好地為您提供預測。但當它達到這個量級時，就很難做到了。市場確實很動盪。它們非常不穩定。所以很難給你一個具體的時間線。

Got it. I understand. Just on the U.S. business, the noninterest income line here, it seemed to have sort of bottomed out here. So I guess there are -- are there more sort of headwinds potentially that you see on that line whether it's from a regulatory perspective on card fees or other sort of competitive dynamics that you see that could potentially impact that line? And I guess, overall, if you could offer some thoughts on how you see noninterest income from the U.S. evolving over the near term.

知道了。我明白。就美國業務而言，這裡的非利息收入線似乎已經觸底。所以我想，您是否會在這條線上看到更多的阻力，無論是從卡費監管的角度來看，還是從您認為可能會影響這條線的其他競爭動態來看？我想，總的來說，您能否就您如何看待美國非利息收入近期的變化提供一些想法。

Yes. Thank you for the question. We did have a good quarter from a noninterest income perspective, so growth of 17% on a quarter-on-quarter basis. When you break it down, what I'm encouraged about is we've now essentially burned off the overdraft hangover on a quarter-on-quarter basis, and we're seeing good fundamental core account fee revenue growth. And that's both in our core checking account offering, our credit card business, and this quarter in wealth as well with the growth that we saw in overall AUA levels. So I feel good that at least the overdraft piece, which was obviously a sizable impact that we've absorbed over the past year, that's behind us.

是的。感謝你的提問。從非利息收入的角度來看，我們確實度過了一個不錯的季度，因此環比增長了 17%。當你詳細分析時，令我感到鼓舞的是，我們現在基本上已經消除了季度環比的透支宿醉，並且我們看到了基本核心賬戶費用收入的良好增長。這既體現在我們的核心支票賬戶產品、信用卡業務上，也體現在本季度的財富方面，以及我們在整體 AUA 水平上看到的增長。所以我感覺很好，至少透支部分，這顯然是我們在過去一年中吸收的相當大的影響，已經過去了。

As we look forward, hard to predict. I think our core franchise is -- focusing on our core franchise growth is probably the most important driver with regards to noninterest income going forward. I think the one area that we're certainly watching is the outstanding CFPB late fee guidance that has been put out.

當我們展望未來時，很難預測。我認為我們的核心特許經營權是——專注於我們的核心特許經營權增長可能是未來非利息收入最重要的驅動力。我認為我們肯定會關注的一個領域是已經發布的 CFPB 滯納金指導。

I don't want to speculate now with regards to whether -- where that is in the process. But that is one that we're factoring in, at least in our thought process with regards to what that might -- how that might impact 2024. But I come back to -- I'm really encouraged about some of the underlying fundamentals that we saw this quarter.

我現在不想猜測這個過程是否正在進行。但這是我們正在考慮的一個因素，至少在我們關於這可能會發生什麼的思考過程中——這可能會如何影響2024 年。但我回過頭來——我對一些潛在的基本面感到非常鼓舞。我們看到了這個季度。

The next question is from [Mike Rizvanovic] with KBW Research.

下一個問題來自 KBW Research 的 [Mike Rizvanovic]。

Just had a quick question for Michael on the Canadian mortgage book. So the 35-plus year amortization, it looks like it came down a little bit sequentially. And I'm not sure if that's purposeful paydowns or intentional paydowns but proactive paydowns, call it by your borrowers with the [negative AUM]. I'm sure you're nudging them in that direction. Or is it just a function of you're just writing a lot of business and it's all fixed rate? Any color...

剛剛向邁克爾詢問了有關加拿大抵押貸款的問題。所以35年以上的攤銷，看起來是連續下降的。我不確定這是否是有目的的還款或故意還款，而是主動還款，由您的借款人以[負資產管理規模]稱之為主動還款。我確信你正在將他們推向那個方向。或者這只是您剛剛寫了很多業務並且都是固定費率的函數？任何顏色...

Yes, a fair question. I know the table you're referring to when we have seen a decline, certainly or last quarter and from year-end. What we're seeing is our customers when they're hitting trigger rate, we have a proactive program to reach out to customers and give them the options, which include lump sum payments, increased term payments, switching to a fixed-rate product, et cetera. And we're having good uptake. And so I think that table shows consumers reacting to our outreaches with respect to the customers who have trigger rate.

是的，這是一個公平的問題。我知道您指的是當我們看到下降時所指的表格，當然是上季度和年底以來的下降。我們看到的是，當我們的客戶達到觸發率時，我們有一個主動計劃來接觸客戶並為他們提供選擇，其中包括一次性付款、增加定期付款、轉向固定利率產品，等等。我們的吸收率很高。因此，我認為該表顯示了消費者對我們針對具有觸發率的客戶的外展活動的反應。

No, I think it's bang on.

不，我認為它很火爆。

Okay. And what would that take-up rate be if you can give me an approximation? Like is it like 1/3 of your borrowers with the negative AUM? Is it less than that, more? Just trying to get some color on I guess the propensity for borrowers to actually do that voluntarily.

好的。如果您能給我一個近似值，那麼使用率是多少？您的借款人中有 1/3 的資產管理規模為負嗎？是比這個少還是多？只是想了解一下，我猜想藉款人實際上自願這樣做的傾向。

Yes. I don't to be fair, I'd probably rather not give you a specific number, but I will say it's a meaningful number of customers who we reach out to who are making -- making the changes.

是的。公平地說，我可能不想給你一個具體的數字，但我會說，我們接觸到的客戶數量相當大，他們正在做出改變。

There are no further questions registered at this time. I will turn the meeting over to Mr. Bharat Masrani.

目前沒有登記任何其他問題。我將把會議交給巴拉特·馬斯拉尼先生。

Thank you. Thank you, operator, and thank you all the folks who joined us for this call. Just to end here, another very good quarter from TD. And as usual, I'd like to take this opportunity to thank my colleagues around the world. They do a fantastic job in delivering for all our stakeholders, including our shareholders. And look forward to the call again in approximately 90 days. Thanks very much, folks.

謝謝。謝謝接線員，也謝謝所有參加我們這次電話會議的人。到此結束，TD 又一個非常好的季度。和往常一樣，我想藉此機會感謝世界各地的同事。他們在為我們所有利益相關者（包括股東）提供服務方面做得非常出色。並期待大約 90 天后再次致電。非常感謝各位。

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。此時請斷開您的線路，我們感謝您的參與。