Toronto-Dominion Bank (TD) 2024 Q4 法說會逐字稿

Good morning, everyone. Welcome to the TD Bank Group Q4 2024 earnings conference call.

大家早安。歡迎參加道明銀行集團 2024 年第四季財報電話會議。

I would now like to turn the meeting over to Ms. Brooke Hales, Head of Investor Relations. Please go ahead, Ms. Hales.

我現在想將會議轉交給投資者關係主管布魯克·黑爾斯 (Brooke Hales) 女士。請繼續，黑爾斯女士。

Thank you, operator. Good morning, and welcome to TD Bank Group's fourth quarter 2024 investor presentation. Many of us are joining today's meeting from lands across North America.

謝謝你，接線生。早安，歡迎參加道明銀行集團 2024 年第四季投資人介紹會。我們中的許多人從北美各地參加今天的會議。

North America is known as Turtle Island by many indigenous communities. 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 First Nations, Metis and Inuit people. We also acknowledge that Toronto was covered by Treaty 13 signed with the Mississaugas of the Credit and the Williams treaty signed with multiple Mississaugas and Chippewa bands.

北美被許多原住民社區稱為海龜島。我目前位於多倫多。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，現在是許多不同第一人的家園。我們也承認多倫多受到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奇珀瓦樂隊簽署的威廉斯條約的保護。

We will begin today's presentation with remarks from Bharat Masrani, the bank's CEO; followed by Ray Chun, the bank's COO; after which Kelvin Tran, the bank's CFO, will present our fourth 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) 的演講開始今天的演講。其次是該銀行首席營運長 Ray Chun；隨後，該銀行財務長 Kelvin Tran 將介紹我們第四季的營運表現。然後，首席風險長 Ajai Bambawale 將就信用品質發表評論，之後我們將透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 Sona Mehta, Group Head, Canadian Personal Banking; Barbara Hooper, Group Head, Canadian Business Banking; Leo Salom, President and CEO, TD Bank, America's most Convenient Bank; Tim Wiggan, Group Head, Wholesale Banking and President and CEO, TD Securities; Paul Clark, Senior Executive Vice President, Wealth Management.

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 Sona Mehta； Barbara Hooper，加拿大商業銀行業務集團主管； Leo Salom，美國最便利銀行道明銀行總裁兼執行長； Tim Wiggan，道明證券批發銀行業務集團主管兼總裁兼執行長；保羅‧克拉克 (Paul Clark)，財富管理部資深執行副總裁。

Please turn to slide 2. As noted on slide 2, our comments during this call may contain forward-looking statements, which involve assumptions and have inherent risks and uncertainties. Actual results could differ materially. I would also remind listeners that the bank uses non-GAAP financial measures to arrive at adjusted results. The bank believes that adjusted results provide readers with a better understanding of how management views the bank's performance.

請翻到投影片 2。如投影片 2 所示，我們在本次電話會議中的評論可能包含前瞻性陳述，這些陳述涉及假設並具有固有的風險和不確定性。實際結果可能存在重大差異。我還要提醒聽眾，該銀行使用非公認會計準則財務指標來得出調整後的結果。該銀行認為，調整後的結果可以讓讀者更了解管理階層如何看待銀行的表現。

Bharat, Ray, and Kelvin will be referring to adjusted results in their remarks. Additional information about non-GAAP measures and material factors and assumptions is available in our 2024 annual report.

巴拉特、雷和凱爾文將在演講中提到調整後的結果。有關非 GAAP 衡量標準以及重大因素和假設的更多信息，請參閱我們的 2024 年年度報告。

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

接下來，讓我將簡報交給巴拉特。

Thank you, Brooke, and thank you, everyone, for joining us today. I'd like to welcome Sona Mehta, Group Head, Canadian Personal Banking; and Paul Clark, Senior Executive Vice President of Wealth Management, who are joining this call for the first time.

謝謝布魯克，也謝謝大家今天加入我們。我謹歡迎加拿大個人銀行業務集團主管 Sona Mehta；財富管理高級執行副總裁保羅克拉克 (Paul Clark) 首次參加本次電話會議。

I will begin with the US AML remediation update. We have continued to onboard talent and deploy new data-driven technology solutions. This quarter, we implemented further improvements in transaction monitoring and refinements in our customer risk rating methodology. We also rolled out additional training for risk, governance, and control colleagues. We expect to have the majority of the management remediation actions implemented by the end of calendar 2025, with additional management actions planned for calendar 2026.

我將從美國反洗錢補救措施更新開始。我們繼續引進人才並部署新的數據驅動技術解決方案。本季度，我們進一步改進了交易監控並完善了客戶風險評級方法。我們也為風險、治理和控制同事提供了額外的培訓。我們預計在 2025 年底前實施大部分管理補救措施，並計劃在 2026 年實施更多管理措施。

Remediation actions will then be subject to internal challenge and validation, including sustainability and testing activities, which are planned for calendar '26 and '27, followed by review and acceptance by the monitorship. We will then work with our regulators to demonstrate the sustainability of our remediation actions.

然後，補救措施將接受內部質疑和驗證，包括計劃在 26 和 27 日曆年進行的可持續性和測試活動，然後由監督機構進行審查和接受。然後，我們將與監管機構合作，證明我們的補救行動的可持續性。

Our AML remediation will be a multiyear endeavor and we will continue to provide updates on our progress. The US AML remediation is our main focus. However, as we have discussed previously, through this work and other ongoing review, we've had an opportunity to examine the effectiveness and capabilities of our enterprise AML program. We have learned from the US experience and are applying those learnings globally.

我們的反洗錢補救措施將是一項多年的工作，我們將繼續提供最新進展。美國反洗錢整治是我們的主要關注點。然而，正如我們之前所討論的，透過這項工作和其他正在進行的審查，我們有機會檢查我們企業反洗錢計畫的有效性和能力。我們汲取了美國的經驗，並將這些經驗應用於全球。

Though we have not identified issues to the same extent or experience the same severe AML-related events in markets outside the US, we do need to improve and strengthen our enterprise-wide program. It is critical that we do so and we will. We are tackling this work with the same determination and urgency. When we are done with this effort, we will have the AML risk and control environment that befits a G-SIB in the US and in every market in which we operate.

儘管我們沒有在美國以外的市場上發現同樣程度的問題或經歷同樣嚴重的反洗錢相關事件，但我們確實需要改進和加強我們的企業範圍內的計劃。至關重要的是，我們必須這樣做，而且我們將會這麼做。我們正以同樣的決心和緊迫感來處理這項工作。當我們完成這項工作時，我們將擁有適合美國和我們開展業務的每個市場的 G-SIB 的反洗錢風險和控制環境。

Turning to results. We have seen momentum in our markets-related businesses, and we believe we are well positioned to benefit from any improvement in the environment in the coming months. On the retail side, slowing inflation and easing interest rates should take some pressure off customers at the lower end of the income scale. This quarter, revenues were up 12% year-over-year, of which 5% reflected reinsurance recoveries for catastrophic claims. This strong revenue growth was driven by higher fee income in market-related businesses and higher volumes in Canada.

轉向結果。我們已經看到了與市場相關的業務的發展勢頭，我們相信我們處於有利位置，可以從未來幾個月環境的任何改善中受益。在零售方面，通膨放緩和利率寬鬆應該會減輕低收入客戶的壓力。本季營收年增 12%，其中 5% 反映了災難性索賠的再保險追償。這種強勁的收入成長是由市場相關業務的費用收入增加和加拿大銷售增加所推動的。

Expenses this quarter reflected investments in our risk and control infrastructure and several notable items totaling approximately $150 million, including costs associated with our Nordstrom program agreement extension and legal and regulatory costs. We also saw record catastrophic claims in our insurance business and increased impaired PCLs in our nonretail lending portfolios.

本季的支出反映了對我們的風險和控制基礎設施以及幾個值得注意的項目的投資，總計約 1.5 億美元，包括與 Nordstrom 計劃協議延期相關的成本以及法律和監管成本。我們的保險業務中的災難性索賠也創歷史新高，非零售貸款投資組合中受損的個人信用損失也有所增加。

This quarter, earnings were $3.2 billion and EPS was $1.72, down 8% and 5% year over year, respectively. As of quarter end, the bank's CET1 ratio was 13.1%, reflecting the sale of Schwab shares in August, partially offset by the operational risk RWA impact of last quarter's AML provision. We remain confident in the earnings power of our franchise and have today declared a $0.03 dividend increase, bringing our dividend to $1.05 per share.

本季獲利為 32 億美元，每股收益為 1.72 美元，年比分別下降 8% 和 5%。截至季度末，該銀行的 CET1 比率為 13.1%，反映了 8 月份嘉信理財股票的出售，部分抵消了上季度反洗錢撥備的操作風險 RWA 影響。我們對特許經營權的盈利能力仍然充滿信心，今天宣布將股息增加 0.03 美元，使我們的股息達到每股 1.05 美元。

Let me now turn it over to Ray in his new role as Chief Operating Officer.

現在讓我將其交給新擔任營運長的雷。

Thank you, Bharat, and good morning, everyone. I'll start with how I spent the past few months since succession announcements and share my early thoughts on our path forward. Then I'll review our Q4 results across each of our businesses.

謝謝巴拉特，大家早安。我將從繼任公告發布以來我過去幾個月的生活開始，並分享我對我們前進道路的早期想法。然後我將回顧我們每個業務的第四季業績。

Since September, I've met with colleagues, customers, clients, and investors. It has reaffirmed my confidence that TD is a fantastic franchise with scaled businesses in every market in which we operate and products and services that resonate with our nearly 28 million customers. These solid business fundamentals have enabled the bank to deliver strong underlying performance over the past few quarters.

自九月以來，我會見了同事、客戶、客戶和投資者。這再次堅定了我的信心：TD 是一家出色的特許經營公司，在我們經營的每個市場都擁有規模化的業務，其產品和服務能夠與我們近 2800 萬客戶產生共鳴。這些堅實的業務基礎使該銀行在過去幾個季度實現了強勁的基本業績。

We've also seen opportunities for TD to improve execution. For example, by increasing ownership and accountability in our decision-making and becoming even more digital and mobile enabled, can simplify process to drive efficiency, creating more capacity to invest in risk and controls, customer experience, and future capabilities.

我們也看到了 TD 提高執行力的機會。例如，透過增加決策中的所有權和責任感，並變得更加數位化和行動化，可以簡化流程以提高效率，創造更多的能力來投資風險和控制、客戶體驗和未來能力。

In light of the global resolution and in my role as incoming CEO, we are undertaking a broad and detailed review of the bank's strategies and investment priorities to best position TD to compete over the medium and longer term. We are looking at our business mix, including profitability and risk-adjusted return on capital, and where we need to invest and divest to improve. Everything is on the table.

根據全球決議以及我作為即將上任的執行長的角色，我們正在對銀行的戰略和投資優先事項進行廣泛而詳細的審查，以使道明銀行在中長期競爭中處於最佳位置。我們正在審視我們的業務組合，包括獲利能力和風險調整後的資本回報率，以及我們需要在哪些方面進行投資和撤資以改善。一切都在桌面上。

As this work takes shape, I'll provide updates, and we plan to hold a bank-wide Investor Day in the second half of 2025 to update you on this strategic review. AML remediation remains our top priority. We have assembled an AML team with experienced executives and specialists from across the industry. And I've been clear that my expectation is that accountability goes beyond the AML team. We've established clear accountability and alignment across all three lines of defense.

隨著這項工作的成形，我將提供最新情況，我們計劃在 2025 年下半年舉辦全銀行範圍的投資者日，向您通報此策略審查的最新情況。反洗錢補救仍然是我們的首要任務。我們組建了一支由來自整個行業的經驗豐富的高管和專家組成的反洗錢團隊。我已經明確表示，我的期望是責任超出了反洗錢團隊的範圍。我們在所有三道防線中建立了明確的責任制和一致性。

Starting on the front line and carrying through to risk management and audit teams, both for the US and the enterprise more broadly. We are driving change in working to prevent this type of failure from happening again. We will also continue to execute against the US balance sheet restructuring strategy that we outlined on October 10. Kelvin will share some details on our progress.

從第一線開始，一直到風險管理和審計團隊，無論是對美國還是更廣泛的企業。我們正在推動工作變革，以防止此類故障再次發生。我們也將繼續執行我們在 10 月 10 日概述的美國資產負債表重組策略。凱爾文將分享我們進展的一些細節。

For the US Retail segment, we will focus on client sectors where we have scale, market share, and competitive advantage with the objective of enhancing ROE over time. In Canada, we are focused on building on our momentum. This year, across our businesses, we delivered against the growth strategies outlined at our 2023 Canadian Retail Investor Day, and we believe we can do even more to deepen customer relationships across the bank. As we highlighted at our Investor Day, with TD scale in Canada, we have a powerful one TD organic opportunity.

對於美國零售業務，我們將專注於我們擁有規模、市場份額和競爭優勢的客戶領域，目標是隨著時間的推移提高 ROE。在加拿大，我們專注於鞏固我們的勢頭。今年，我們在所有業務中落實了 2023 年加拿大零售投資者日概述的成長策略，我們相信我們可以採取更多措施來深化整個銀行的客戶關係。正如我們在投資者日強調的那樣，憑藉加拿大的 TD 規模，我們擁有強大的單一 TD 有機機會。

We also have strong growth opportunities in TD Securities. We have made significant investments and capabilities to enhance our offerings and in partnership with commercial banking colleagues, we are focused on leveraging our existing deployed balance sheet to generate additional fee revenue, a highly ROE-accretive strategy. Although we have significant work ahead, I am optimistic that we will rebuild confidence in the bank as we chart our future and deliver for all stakeholders.

道明證券也擁有強勁的成長機會。我們已經進行了大量投資和能力來增強我們的產品，並與商業銀行同事合作，我們專注於利用我們現有部署的資產負債表來產生額外的費用收入，這是一種高度增加股本回報率的策略。儘管我們還有大量工作要做，但我樂觀地認為，在我們規劃未來並為所有利害關係人提供服務的過程中，我們將重建對銀行的信心。

I will now turn to our Q4 results. Overall, we are not where we want to be on profitability. However, I'm pleased with the momentum and top line results across our businesses, demonstrating the power of our customer franchises. We had a strong quarter in Canadian Personal and Commercial Banking with record revenues, positive operating leverage, and robust loan and deposit growth. We built on our momentum in key businesses over the quarter.

我現在談談我們第四季的業績。總的來說，我們的獲利能力還沒有達到我們想要的水平。然而，我對我們業務的勢頭和營收結果感到滿意，這展示了我們客戶特許經營的力量。加拿大個人和商業銀行業務季度表現強勁，收入創紀錄，營運槓桿良好，貸款和存款成長強勁。我們在本季的關鍵業務上繼續保持勢頭。

In our market-leading core deposit franchise, we delivered strong performance on checking account acquisition, capping off a record year. In fact, this year, we achieved one of the medium-term aspirations that we outlined at our 2023 Investor Day. We have grown new to Canada acquisition by 50%.

在我們市場領先的核心存款業務中，我們在支票帳戶收購方面表現強勁，創下了創紀錄的一年。事實上，今年我們實現了在 2023 年投資者日概述的中期目標之一。我們對加拿大的收購新增長了 50%。

As our newcomer customers settle into life in Canada, and we deepen our relationships, this becomes an important growth engine for the Canadian personal bank and across TD. In real estate secured lending, we delivered year-over-year market share gains, with strong distribution and continued scaling of capabilities like TD Mortgage Direct, which is delivering conversion rates approximately 3 times the rate of our traditional lead programs. In business banking, we've seen deposit growth momentum and TD Auto Finance delivered record originations this quarter for the fiscal year.

隨著我們的新移民客戶適應加拿大的生活，以及我們深化我們的關係，這將成為加拿大個人銀行和整個道明銀行的重要成長引擎。在房地產擔保貸款方面，我們的市場份額逐年增長，憑藉強大的分銷能力和不斷擴展的能力，例如道明抵押貸款直通（TD Mortgage Direct），其轉換率約為我們傳統領先計劃的三倍。在商業銀行業務方面，我們看到了存款成長勢頭，道明汽車金融在本財年本季創造了創紀錄的存款額。

Now turning to the US retail bank. Deposits remained stable and loans grew 3% year over year, and we continue to support customers across our footprint. Net income declined 13% year-over-year, driven by higher PCLs and higher expenses. I am delighted to announce that we have extended our program agreement with Nordstrom's to 2039. And that upon conversion, TD will handle Nordstrom's card servicing activities in-house.

現在轉向美國零售銀行。存款保持穩定，貸款年增 3%，我們繼續為我們的客戶提供支援。由於 PCL 增加和費用增加，淨利潤年減 13%。我很高興地宣布，我們已將與 Nordstrom 的計劃協議延長至 2039 年。轉換後，道明銀行將在內部處理 Nordstrom 的銀行卡服務活動。

This is an important strategic step for TD in our US credit card business and will allow us to continue to build scale and drive profitability with simplified technical infrastructure and upgraded servicing capabilities. In addition, for the eighth year in a row, the bank ranked number-one in small business administration lending in its footprint and ranked number-two in SBA loans nationally, and Forbes ranked our health care team as the number-on lender for health care professionals for the second consecutive year.

這是道明在美國信用卡業務中邁出的重要策略一步，將使我們能夠透過簡化的技術基礎設施和升級的服務能力繼續擴大規模並提高獲利能力。此外，該銀行連續第八年在其足跡中的小型企業管理貸款中排名第一，在全國 SBA 貸款中排名第二，《福布斯》將我們的醫療保健團隊評為健康領域的首選貸款人護理專業人員連續第二年。

In wealth management and insurance, we saw revenue growth driven by higher insurance premiums, asset growth and increased trades per day, with the wealth business delivering record revenue this quarter. Our insurance business was impacted by the Calgary hailstorm and Montreal floods. A few highlights from the quarter.

在財富管理和保險領域，我們看到保費上漲、資產成長和每日交易量增加推動收入成長，財富業務本季營收創歷史新高。我們的保險業務受到卡加利冰雹和蒙特利爾洪水的影響。本季度的一些亮點。

We launched TD Active Trader Live a new weekly streaming program designed to enhance clients' trading experience with in-depth analysis and insights. Since TD Active Traders launch in Q2, we've seen a 38% increase in new and existing active traders utilizing the platform.

我們推出了 TD Active Trader Live，這是一項新的每週直播節目，旨在透過深入的分析和見解來增強客戶的交易體驗。自從第二季推出 TD Active Traders 以來，我們發現使用該平台的新舊活躍交易者數量增加了 38%。

TD Asset Management grew market share in ETFs and now offers 48 ETFs across asset classes, geographies and currencies. In insurance, over 40% of eligible customers now buy their insurance online from end to end extending our digital leadership as Canada's number-one direct insurer.

道明資產管理公司的 ETF 市佔率不斷成長，目前提供 48 種跨資產類別、地理和貨幣的 ETF。在保險領域，超過 40% 的合格客戶現在全程在線購買保險，擴大了我們作為加拿大第一大直接保險公司的數位領先地位。

Wholesale banking continued to demonstrate the power of the combined TD Security TD Cowen franchise, with revenues of $1.8 billion in a number of firsts where the team is winning mandates together that neither legacy business would have won alone. We expect to continue to optimize the platform with the goal of improving our efficiency ratio and increasing returns.

批發銀行業務繼續展示合併後的道明證券道明考恩 (TD Security TD Cowen) 特許經營權的力量，收入達 18 億美元，創下了多項第一，團隊共同贏得了傳統業務單獨無法贏得的任務。我們期望繼續優化平台，以提高效率和增加回報為目標。

Some highlights this quarter for TD Securities. TD Securities was joint lead on TD's secondary sale of Schwab shares in a USD2.5 billion block trade, one of the 10 largest US block trades since 2010. TD Cowen's research platform continue to shine in the 2024 Extel research surveys.

道明證券本季的一些亮點。道明證券在 25 億美元的大宗交易中聯合牽頭道明對嘉信理財股票進行二次出售，這是自 2010 年以來美國十大大宗交易之一。TD Cowen 的研究平台在 2024 年 Extel 研究調查中繼續表現出色。

In Canada, we finished in third place, increasing the number of rank sectors from 4 in 2023, to 11 in 2024, and ranked number-one in telecom and media. In the US survey, TD Cowen's Washington Research Group was ranked number-one. In addition, this quarter, TD Securities was recognized in four categories at the Euromoney FX awards.

在加拿大，我們排名第三，排名行業數量從 2023 年的 4 個增加到 2024 年的 11 個，在電信和媒體領域排名第一。在美國的調查中，TD Cowen的華盛頓研究小組排名第一。此外，本季度，道明證券在歐洲貨幣外匯獎的四個類別中獲得認可。

For fiscal 2025, it will be challenging to generate earnings growth as the bank navigates a transition year, continues to advance its AML remediation with investments in risk and control infrastructure and investments in its businesses. As I mentioned, we are undertaking a broad-based strategic review. We will reassess organic opportunities and priorities, productivity and efficiency initiatives, and capital allocation alternatives, with the objective of delivering competitive returns for all our shareholders.

2025 財年，隨著該銀行度過過渡年，繼續透過投資風險和控制基礎設施以及業務投資來推進反洗錢整治，實現盈利增長將面臨挑戰。正如我所提到的，我們正在進行廣泛的策略審查。我們將重新評估有機機會和優先事項、生產力和效率計劃以及資本配置替代方案，目標是為所有股東提供有競爭力的回報。

As a result of this, we are suspending our medium-term adjusted EPS growth, ROE, and operating leverage targets. We expect to provide updates on our strategic review and medium-term financial targets in the second half of 2025. I remain confident in the earnings growth potential of our Canadian Personal and Commercial Banking, Wealth Management, Insurance, and Wholesale Banking segments.

因此，我們暫停中期調整後每股盈餘成長、股本報酬率和營運槓桿目標。我們預計將在 2025 年下半年提供策略審查和中期財務目標的最新資訊。我對加拿大個人和商業銀行、財富管理、保險和批發銀行業務部門的獲利成長潛力仍然充滿信心。

And while we expect that the US balance sheet restructuring and AML remediation will impact the US retail segment, we remain committed to the US market and confident in the strength of our franchise.

雖然我們預計美國資產負債表重組和反洗錢整治將影響美國零售業，但我們仍然致力於美國市場並對我們的特許經營實力充滿信心。

So to close, I want to recognize our TD colleagues for their tremendous efforts in supporting the customers and communities impacted by the Calgary hailstorm, Montreal floods and hurricanes Helene and Milton. More broadly, I want to thank all our TD colleagues. Through a challenging year, you have demonstrated resolve and commitment, and as we look ahead, I am energized to embark on a journey to shape the future of the bank together.

最後，我要感謝我們的 TD 同事為支持受卡加利冰雹、蒙特利爾洪水以及颶風海倫和米爾頓影響的客戶和社區所做的巨大努力。更廣泛地說，我要感謝我們所有的 TD 同事。在充滿挑戰的一年中，你們展現了決心和承諾，展望未來，我充滿活力地踏上共同塑造銀行未來的旅程。

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

有了這個，我會把它交給凱爾文。

Thank you, Ray. Good morning, everyone. Please turn to slide 9. For 2024, earnings were $14.3 billion, down 5% and EPS was $7.81, down 1% year-over-year. Overall, 2024 was a challenging year. Revenue grew year-over-year driven by momentum in our markets driven businesses and higher volumes and deposit margins in Canadian Personal and Commercial Banking.

謝謝你，雷。大家早安。請翻到投影片 9。2024 年，獲利為 143 億美元，年減 5%，每股收益為 7.81 美元，年減 1%。整體而言，2024 年是充滿挑戰的一年。由於市場驅動的業務動能以及加拿大個人和商業銀行業務量和存款利潤的增加，收入逐年增長。

Expenses also increased year-over-year, reflecting investments in our risk and control infrastructure, higher employee-related expenses, including TD Cowen, and higher technology spend supporting business growth.

費用也逐年增加，反映出我們對風險和控制基礎設施的投資、員工相關費用（包括 TD Cowen）的增加以及支持業務成長的技術支出的增加。

Last quarter, we guided to fiscal 2024 expense growth in the high single digits. Actual expense growth came in at 10% year-over-year. While there were many moving parts the variance was mainly due to the $150 million in notable items that Bharat mentioned earlier. In addition, occupancy costs increased this quarter by approximately $90 million, reflecting timing of building exits and store renovations. We continue to prioritize our US AML remediation program while working to manage expenses diligently.

上季度，我們預計 2024 財年的費用成長將達到高個位數。實際費用較去年同期成長 10%。雖然有許多變動的部分，但差異主要是由於巴拉特之前提到的價值 1.5 億美元的重要項目。此外，本季的入住成本增加了約 9,000 萬美元，反映了建築退出和商店翻新的時間。我們繼續優先考慮我們的美國反洗錢補救計劃，同時努力管理費用。

We expect fiscal 2025 expense growth to be in the 5% to 7% range, reflecting investments in our risk and control infrastructure, and investments supporting business growth, including employee-related expenses, net of expected productivity, and restructuring run rate savings.

我們預計2025 財年費用成長將在5% 至7% 範圍內，反映了對風險和控制基礎設施的投資，以及支持業務成長的投資，包括與員工相關的費用（扣除預期生產力和重組運行率節省）。

Total Bank PTPP was up 2% year-over-year. consistent with prior quarters. Slide 27 shows how we calculate adjusted total bank PTPP and operating leverage, removing the impact of the US strategic card portfolio, along with the impact of foreign currency translation, and the insurance fair value charge.

銀行總 PTPP 年增 2%。與前幾季一致。投影片 27 顯示了我們如何計算調整後的銀行總 PTPP 和營運槓桿，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。

Please turn to slide 10. This quarter, earnings were impacted by higher investments in our risk and control infrastructure, record catastrophe claims in our insurance business, and increased impaired PCLs across our businesses. Revenue grew 12%, of which 5% reflected reinsurance recoveries for catastrophe claims. The remaining increase was driven by higher fee income in our markets-driven businesses. Volumes in Canadian Personal and Commercial Banking, deposit margins and insurance premiums.

請翻到投影片 10。本季度，收益受到風險和控制基礎設施投資增加、保險業務巨災索賠創紀錄以及各業務受損 PCL 增加的影響。收入增加了 12%，其中 5% 反映了巨災索賠的再保險追償。剩餘的成長是由我們市場驅動型業務的費用收入增加所推動的。加拿大個人和商業銀行業務量、存款保證金和保險費。

Expenses increased 11% year-over-year, primarily driven by investments in our risk and control infrastructure, investments supporting business growth including technology and occupancy costs, and other operating expenses. Total bank PTPP was down 2% year-over-year after removing the impact of the US strategic card portfolio along with the impact of foreign currency translation and the insurance fair value charge.

費用年增 11%，主要是由於對風險和控制基礎設施的投資、支持業務成長的投資（包括技術和占用成本）以及其他營運費用推動的。剔除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後，銀行總 PTPP 年減 2%。

Please turn to slide 11. Canadian Personal and Commercial Banking delivered a strong quarter with record revenue and robust loan and deposit growth. Average loan volumes rose 5% year-over-year with 4% growth in personal volumes, driven by real estate secured lending up 4% and cards up 9% and 6% growth in business volume. Average deposits rose 5% year-over-year, reflecting 6% growth in personal deposits and 4% growth in business deposits.

請翻到投影片 11。加拿大個人和商業銀行業務季度表現強勁，收入創歷史新高，貸款和存款成長強勁。受房地產擔保貸款成長 4%、信用卡成長 9% 和業務量成長 6% 的推動，平均貸款量較去年同期成長 5%，其中個人貸款量成長 4%。平均存款較去年同期成長5%，其中個人存款成長6%，商業存款成長4%。

Quarter-over-quarter deposit growth outpaced loan growth. TD's large base of stable retail and commercial deposits remain the primary source of long-term funding for the bank. Net interest margin was 2.8%, down one basis point quarter-over-quarter as expected, primarily due to changes in balance sheet mix reflecting the transition of BAs to CORRA-based loans. We do not expect any further NIM impact from this transition.

環比存款增速超過貸款增速。道明銀行龐大的穩定零售和商業存款基礎仍然是該​​銀行長期資金的主要來源。淨利差為 2.8%，按預期環比下降 1 個基點，主要是由於資產負債表結構的變化反映了 BA 向基於 CORRA 的貸款的過渡。我們預計此次轉變不會對 NIM 產生任何進一步的影響。

As we look forward to Q1, while many factors can impact margins, including the impact of any future Bank of Canada rate cuts, competitive market dynamics, tractor on and off rates, we expect NIM to remain relatively stable. Expenses increased, reflecting higher technology and marketing spend supporting business growth. The business delivered positive operating leverage again this quarter.

當我們展望第一季時，雖然許多因素都會影響利潤率，包括加拿大央行未來降息的影響、競爭性市場動態、拖拉機開/關利率，但我們預期淨利差將保持相對穩定。費用增加，反映出支持業務成長的技術和行銷支出增加。該業務本季再次實現正營運槓桿。

Please turn to slide 12. This quarter, the US Retail bank continued to focus on AML remediation and made progress against our balance sheet restructuring strategy. We have reduced assets from $434 billion as of September 30, to approximately USD431 billion as of October 31, using proceeds from investment maturities plus cash to pay down certain short-term borrowings.

請翻到投影片 12。本季度，美國零售銀行持續專注於反洗錢整治工作，並在資產負債表重組策略方面取得進展。我們已將資產從截至 9 月 30 日的 4,340 億美元減少至截至 10 月 31 日的約 4,310 億美元，並使用投資到期收益加上現金來償還某些短期借款。

Since quarter end, we have paid down an additional USD14 billion of bank borrowings using mainly cash contributing to a further reduction in US assets. As a reminder, TD's two US banking subsidiaries must comply with the asset limitation beginning March 31, 2025. The total asset test is performed quarterly and is an average of the combined asset balances at the end of the current quarter and the preceding quarter.

自季度末以來，我們主要使用現金償還了額外140億美元的銀行借款，導緻美國資產進一步減少。謹此提醒，道明的兩家美國銀行子公司必須遵守自 2025 年 3 月 31 日起的資產限制。總資產測試每季進行一次，是本季末和上季末合併資產餘額的平均值。

In Q4, we also sold approximately USD2.8 billion of bonds as part of our investment portfolio repositioning, resulting in an upfront loss of USD226 million pretax and an expected benefit of USD89 million in net interest income in fiscal 2025. Since quarter end, we have sold an additional USD3.3 billion of bonds, resulting in an upfront loss of approximately USD236 million pretax and an estimated benefit of USD80 million to USD90 million in net interest income in fiscal 2025. We are focused on maintaining flexibility to continue to serve our current and future customers in the markets in which we operate while ensuring we comply with the asset limitation.

第四季度，作為投資組合重新定位的一部分，我們還出售了約 28 億美元的債券，導致稅前前期虧損 2.26 億美元，預計 2025 財年淨利息收入收益為 8,900 萬美元。自季度末以來，我們已額外出售了 33 億美元的債券，導致稅前約 2.36 億美元的前期損失，預計 2025 財年淨利息收入將獲得 8,000 萬美元至 9,000 萬美元的收益。我們致力於保持靈活性，以繼續為我們經營所在市場的現有和未來客戶提供服務，同時確保遵守資產限制。

Please turn to slide 13. This quarter, the US Retail Banking delivered average loan volumes up 3% year-over-year and flat average deposit volumes, excluding sweep deposits. Net interest margin was 2.77%, down 25 basis points quarter-over-quarter. Substantially all of this decrease was driven by maintaining elevated liquidity levels as a prudent risk management measure. Excluding this impact, NIM would have been relatively stable.

請翻到投影片 13。本季度，美國零售銀行業務的平均貸款量年增 3%，平均存款量持平（不含掃款存款）。淨利差為2.77%，季減25個基點。基本上所有這些下降都是由於維持較高的流動性水準作為審慎的風險管理措施所致。剔除此影響，淨利差將相對穩定。

As we look forward to Q1, while many factors can impact margins, we expect NIM to expand modestly driven by balance sheet restructuring actions, partially offset by deposit spread compression driven by Fed rate actions and competitive market dynamics. Expenses increased 4% year-over-year, largely reflecting costs associated with the extension of our credit card program agreement with Nordstrom, higher legal and regulatory expenses and higher operating expenses, partially offset by ongoing productivity initiatives.

展望第一季度，雖然許多因素都會影響利潤率，但我們預期淨利差將在資產負債表重組行動的推動下小幅擴張，但部分被聯準會利率行動和競爭性市場動態推動的存款利差壓縮所抵消。費用年增 4%，主要反映了與 Nordstrom 延長信用卡計劃協議相關的成本、更高的法律和監管費用以及更高的營運費用，部分被持續的生產力舉措所抵消。

As a reminder, we intend to reflect US governance and control costs in the US Retail segment effective in Q1 2025. For fiscal 2024, these expenses were largely in line with our forecast of approximately $350 million pretax.

謹此提醒，我們打算在 2025 年第一季生效，反映美國零售部門的美國治理和控製成本。2024 財年，這些費用與我們預測的稅前約 3.5 億美元基本一致。

Please turn to slide 14. Wealth management and insurance delivered record revenue and strong underlying business performance this quarter. Excluding the impact of reinsurance recoveries for catastrophe claims, the year-over-year increase in revenue reflected higher insurance premium, fee-based revenue, transaction revenue, and deposit margins, whilst we saw net asset growth across all business lines. Insurance service expenses increased 76%, of which 66% is attributable to higher catastrophe claims in the quarter, meaning increase reflects less favorable prior year's claims development and increased claims severity.

請翻到投影片 14。本季財富管理和保險業務收入創歷史新高，基礎業務表現強勁。排除巨災理賠再保險追償的影響，收入年增率反映了保費、收費收入、交易收入和存款保證金的增加，同時我們看到所有業務線的淨資產成長。保險服務費用增加 76%，其中 66% 歸因於本季度巨災索賠增加，這意味著增長反映了上一年索賠發展的不利情況和索賠嚴重程度的增加。

We saw record catastrophe claims of $388 million this quarter due to severe weather-related events in Calgary and Montreal in August. As you may have seen, to help support analysts and investors analysis in our insurance business performance, we disclosed this number on November 5. Going forward, we intend to continue this practice and provide disclosure of catastrophe claims net of reinsurance shortly after the end of the fiscal quarter.

由於 8 月卡加利和蒙特婁發生的惡劣天氣相關事件，本季災難索賠金額達到創紀錄的 3.88 億加元。正如您可能已經看到的，為了幫助分析師和投資者分析我們的保險業務業績，我們在 11 月 5 日披露了這一數字。展望未來，我們打算繼續這種做法，並在本財政季度結束後不久披露扣除再保險的巨災索賠。

Expenses were up 16% year-over-year. More than half of this increase reflected higher variable compensation with the remainder driven by higher technology and marketing spend in part related to our recent launch of TD partial shares. Assets under management increased year-over-year, reflecting market appreciation. Assets under administration increased year-over-year, reflecting market appreciation and net asset growth.

費用較去年同期成長 16%。其中超過一半的成長反映了可變薪酬的提高，其餘部分則由更高的技術和行銷支出推動，部分與我們最近推出的道明部分股票有關。管理資產年增，反映市場升值。管理資產年增，反映了市場升值和淨資產成長。

Please turn to slide 15. Wholesale banking continued to perform. Year-over-year revenue growth reflects higher lending revenue, underwriting fees and trading-related revenue. We saw higher PCL this quarter, reflecting a number of small -- reflecting a small number of impairments across various industries. Expenses increased 1% year-over-year and the business delivered positive operating leverage this quarter.

請翻到投影片 15。批發銀行業務持續表現優異。收入年增率反映出貸款收入、承銷費用和交易相關收入的增加。本季我們看到 PCL 較高，反映了一些小規模的減損——反映了各行業的少量減損。費用年增 1%，本季該業務實現了積極的營運槓桿。

Please turn to slide 16. The net loss for corporate for the quarter was $361 million. Net corporate expenses increased $323 million compared to the prior year primarily reflecting higher investments in risk and control infrastructure.

請翻到投影片 16。該季度企業淨虧損為 3.61 億美元。與前一年相比，公司淨支出增加了 3.23 億美元，主要反映了對風險和控制基礎設施的投資增加。

Please turn to slide 17. The common equity Tier 1 ratio ended the quarter at 13.1%, up 27 basis points sequentially. Total capital generation was partially offset by the increase in RWA, excluding the FX impact, inclusive of risk transference, transactions done in the ordinary course of management portfolio exposures. The August sale of 40.5 million Schwab shares increased CET1 by 54 basis points.

請翻至投影片 17。本季末普通股一級資本比率為 13.1%，較上一季上升 27 個基點。總資本產生被 RWA 的增加部分抵消，不包括外匯影響，包括風險轉移、管理投資組合風險敞口的正常過程中進行的交易。8 月出售 4,050 萬股嘉信理財股票，使 CET1 上漲 54 個基點。

We had a negative 35 basis point impact to CET1 from the operational risk RWA impact of the bank's provisions for investigations into the US BSA-AML program last quarter. As a reminder, consistent with the Basel III reforms, operational risk RWA impact take effect on a one-quarter lag. We have begun our US balance sheet restructuring. This resulted in an upfront loss of $234 million pretax or negative 4 basis points to CET1.

上季銀行針對美國 BSA-AML 計畫的調查準備金對營運風險 RWA 的影響對 CET1 產生了 35 個基點的負面影響。需要提醒的是，與巴塞爾協議 III 的改革一致，操作風險 RWA 的影響延遲四分之一才生效。我們已經開始美國資產負債表重組。這導致預付稅前虧損 2.34 億美元，或 CET1 負 4 個基點。

With that, Ajai, over to you.

好了，阿賈伊，交給你了。

Okay. Thank you, Kelvin, and good afternoon, everyone. Please turn to slide 18. Gross impaired loan formations were 28 basis points, an increase of 6 basis points quarter-over-quarter, driven by the Canadian and US commercial and wholesale banking lending portfolios related to a small number of borrowers across a number of industries.

好的。謝謝你，凱爾文，大家下午好。請翻到幻燈片 18。受與多個行業少數借款人相關的加拿大和美國商業和批發銀行貸款組合的推動，總減損貸款形成為 28 個基點，環比增加 6 個基點。

Please turn to slide 19. Gross impaired loans increased $779 million or 8 basis points quarter-over-quarter to 52 basis points. The increase was largely recorded in Canadian and US commercial and wholesale banking.

請翻至投影片 19。總減損貸款增加 7.79 億美元，季增 8 個基點，至 52 個基點。這一成長主要體現在加拿大和美國的商業和批發銀行業務。

Please turn to slide 20. Recall that our presentation reports PCL ratios both gross and net of the partner share of the US strategic card PCLs. We remind you that US card PCLs recorded in the corporate segment are fully absorbed by our partners and do not impact the bank's net income. Bank's provision for credit losses was stable quarter-over-quarter. For 2024, the bank's full year PCL rate was 46 basis points, up 12 basis points from the prior year, reflecting normalization of credit performance and consistent with our PCL guidance provided at the start of the year.

請翻到投影片 20。回想一下，我們的簡報報告了美國戰略卡 PCL 中合作夥伴份額的總份額和淨份額的 PCL 比率。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。銀行信貸損失準備金環比穩定。2024年，該銀行全年PCL利率為46個基點，比上年上升12個基點，反映了信貸表現的正常化，並與我們年初提供的PCL指引一致。

Please turn to slide 21. Bank's impaired PCL was $1.15 billion, an increase of $233 million quarter-over-quarter, largely related to credit migration in the nonretail lending portfolios. A performing PCL release of $44 million was recorded across the Canadian personal and commercial banking and US retail segments this quarter, reflecting an improvement in the economic outlook, including the impact of lower interest rates and migration from performing to impaired.

請翻至投影片 21。銀行受損的PCL為11.5億美元，季增2.33億美元，很大程度上與非零售貸款組合中的信貸遷移有關。本季加拿大個人和商業銀行以及美國零售部門記錄了 4,400 萬加元表現良好的 PCL 釋放，反映出經濟前景的改善，包括利率下降和從表現不佳轉向受損的影響。

Please turn to slide 22. The allowance for credit losses increased by $303 million quarter-over-quarter to $9.1 billion or 95 basis points, primarily due to higher impaired allowance in the business and government lending portfolios and a $54 million impact from foreign exchange.

請翻到投影片 22。信貸損失準備金環比增加 3.03 億美元，達到 91 億美元，即 95 個基點，主要是由於企業和政府貸款組合的減損準備金增加以及外匯影響 5,400 萬美元。

Now let me briefly summarize the year. The bank exhibited strong credit performance throughout 2024 as credit normalization has occurred as anticipated. Looking forward, while results may vary by quarter and are subject to changes to economic conditions, we expect fiscal 2025 PCLs to be in a range of 45 to 55 basis points as some further pressure on credit is expected to play out as we move through this credit cycle.

現在讓我簡單總結一下這一年。由於信貸正常化已如預期發生，該銀行在 2024 年表現出強勁的信貸表現。展望未來，雖然結果可能因季度而異，並且會受到經濟狀況變化的影響，但我們預計2025 財年PCL 將在45 至55 個基點之間，因為隨著我們度過這一時期，預計信貸將面臨進一步的壓力信貸週期。

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。

(Operator Instructions) Gabriel Dechaine, National Bank Financial.

（操作員指示）Gabriel Dechaine，國家銀行金融部門。

Good morning. Just a quick one. There's a lot of moving pieces in this balance sheet optimization. I'm going back to the presentation, I think around Q3 whatever. And it was said you were going to dispose of $50 billion of securities and that would generate the nearly mid-range, USD400 million benefit to NII. If I look at what you've disclosed so far, I've got about $6 billion, including what happened after December 4. And we're at around half of that NII benefit. What am I missing here? So you're -- you've sold a lot less than $50 billion, but you're already at half of the expected benefit.

早安.只是快一點。此次資產負債表優化中有很多變動。我要回到演講，我想圍繞第三季進行。據說您將處置 500 億美元的證券，這將為 NII 帶來近乎中等的 4 億美元收益。如果我看看你到目前為止所披露的內容，我得到了大約 60 億美元，包括 12 月 4 日之後發生的事情。我們大約獲得了 NII 收益的一半。我在這裡缺少什麼？所以你的銷售額遠低於 500 億美元，但你已經獲得了預期收益的一半。

It's Kelvin. I can take that. It's not every bonds have the same maturity and are impacted by a level of rates and spread the same way. And so depending on which ones you sell, the ones that we sold happened to have more losses upfront.

這是開爾文。我可以接受。並非所有債券都具有相同的期限，並且受到一定程度的利率和利差的影響。因此，根據您出售的產品，我們出售的產品恰好有更多的前期損失。

Okay. So it's just a matter of the nature of what you've sold not some weird thing that I overlooked. And then professional fees, I guess just to get a -- you did highlight -- Bharat and Kelvin, you both highlighted expense items like the real estate stuff and then there's the Nordstrom costs and then professional fees and that one jumped out at me a bit. You popped up over $1 billion this quarter. And I'm wondering how much of that increase is related to the already disclosed remediation costs and how much of that is, call it, ad hoc?

好的。所以這只是你所售商品的本質問題，而不是我忽略的一些奇怪的東西。And then professional fees, I guess just to get a -- you did highlight -- Bharat and Kelvin, you both highlighted expense items like the real estate stuff and then there's the Nordstrom costs and then professional fees and that one jumped out at me a位元.本季您的收入超過 10 億美元。我想知道其中有多少增長與已經披露的補救成本有關，其中有多少是臨時的？

And is this something that we could be bearing for a while? Because I think a lot of people, myself actually, are wondering about unintended or unexpected indirect costs related to this remediation program and AML issue because I appreciate you can't isolate everything, but there's bound to be stuff that comes out of nowhere.

這是我們可以暫時承受的事情嗎？因為我認為很多人，實際上是我自己，都想知道與此補救計劃和反洗錢問題相關的意外或意外的間接成本，因為我知道你無法隔離一切，但肯定會有一些不知從何而來的東西。

It's Kelvin. So if you're looking at the outlook, the expense guidance we provided in 2025, which is an increase of 5% to 7%, that would be inclusive of professional fees and remediation costs.

這是開爾文。因此，如果您著眼於前景，我們在 2025 年提供的費用指引將增加 5% 至 7%，其中包括專業費用和補救費用。

Okay. So this increase that I saw, they went over $1 billion. Does that include the remediation costs and then other costs that may have not been anticipated?

好的。所以我看到的成長超過了 10 億美元。這是否包括補救成本以及其他可能未預料到的成本？

Yeah. So I think the $1 billion that you see there that table includes adjusted and like -- really they are reported expenses, so you have to take some items out of that. But the professional fees is a way for us to ramp up and when we accelerate remediation. And that would be, yeah, whether they were build or some of the BAU work because of the fact that we needed to help in the short term.

是的。所以我認為你在表格中看到的 10 億美元包括調整後的費用 - 實際上它們是報告的費用，所以你必須從中剔除一些項目。但專業費用是我們增加和加速補救的一種方式。是的，無論它們是建造的還是 BAU 的一些工作，因為我們需要在短期內提供幫助。

Okay. And a quick one, just on the securities repositioning again. The losses that you're recording on disposition that's being adjusted out of earnings, but then the benefit, the $400 million or so to NII, that's going to be kept in your adjusted figure or retain -- remain in your adjusted figure? Is that what we're doing here?

好的。快速介紹一下證券重新定位的問題。您記錄的處置損失已從收益中調整出來，但隨之而來的收益，即 NII 的 4 億美元左右，將保留在您的調整後的數字中或保留在您的調整後的數字中？這就是我們在這裡做的事情嗎？

Correct. Yeah.

正確的。是的。

Meny Grauman, Scotiabank.

梅尼·格勞曼，豐業銀行。

Thanks. Good morning. A few questions on the strategic review. First off, just wanted to understand when you actually began this strategic review. That would be helpful to know.

謝謝。早安.關於戰略審查的幾個問題。首先，只是想了解您何時真正開始進行此策略審查。知道這一點會有幫助。

Meny, it's Raymond. Let me take that. So we've started the strategic review as of last month and certainly are starting to dig into it. I think the process is going to take somewhere between four to five months to get through. And as I outlined in my comments, it will be quite comprehensive. And we will look at all of the moving parts and that really is.

梅尼，我是雷蒙德。讓我來吧。因此，我們從上個月開始進行策略審查，並且肯定會開始深入研究。我認為這個過程需要四到五個月的時間才能完成。正如我在評論中概述的那樣，它將非常全面。我們將研究所有活動部件，事實確實如此。

I mean we're going to build off the fact that we do have a terrific franchise as I've looked at it, but I really do believe there are opportunities to get even stronger, more competitive. And so I look forward to sharing more with you in the second half of 2025.

我的意思是，我們將建立在這樣一個事實的基礎上：正如我所看到的那樣，我們確實擁有出色的特許經營權，但我確實相信有機會變得更強大、更具競爭力。因此，我期待在 2025 年下半年與您分享更多內容。

Understood. I guess the reason I'm asking is that I was a little surprised that it wouldn't have started earlier. I mean, the bank is known about these issues for a while. So I'm just trying to understand, maybe don't fully appreciate the timeline here. Were you waiting for something specific in order to kick this strategic review off? How do we understand the timeline here?

明白了。我想我問這個問題的原因是我有點驚訝它不會更早開始。我的意思是，銀行早就知道這些問題了。所以我只是想了解一下，也許還沒有完全理解這裡的時間表。您是否在等待特定的事情來啟動本次策略審查？我們如何理解這裡的時間軸？

If I look at it more in the sense of as the incoming CEO, Meny, that it's in my opportunity to dive deep and make sure that we're putting TD in the best position possible as we think about how we're going to compete in the medium and long term.

如果我更多地從即將上任的首席執行官 Meny 的角​​度來看待這個問題，那麼我就有機會深入研究並確保我們在考慮如何競爭時將 TD 置於盡可能最佳的位置從中長期來看。

And then, when you talk about everything is on the table, does that include divestitures? And does that include potential divestitures in the US?

然後，當你談論一切都擺在桌面上時，這是否包括資產剝離？這是否包括美國潛在的資產剝離？

As I said, we're going to be a thorough comprehensive review, and everything is on the table.

正如我所說，我們將進行徹底的全面審查，一切都擺在桌面上。

Ebrahim Poonawala, Bank of America.

易卜拉欣·普納瓦拉，美國銀行。

Good morning. I guess maybe just following up on the strategic review. So I think the messaging is right, Raymond, around everything is on the table. You're going through all of this. At the same time, as we think about you've been at the bank for 30-plus years, as a shareholder, is the takeaway that we could have even stronger ROE medium-term targets when we come out of all of this?

早安.我想也許只是跟進戰略審查。所以我認為雷蒙德傳達的訊息是正確的，一切都在桌面上。你正在經歷這一切。同時，考慮到您作為股東已經在銀行工作了 30 多年，當我們走出這一切時，我們是否可以製定更強大的 ROE 中期目標？

Or is the message that there are things that you've identified as not quite performing as well, which may impede your ability to achieve those prior targets? I'm just trying to figure out and align your messaging around foundation is strong, get even stronger? Does it mean that even though you suspended these targets, our expectation should be things will be even stronger and better when you've completed this process? Is that the right takeaway?

或者是否有消息表明您認為有些事情表現不佳，這可能會妨礙您實現這些先前目標的能力？我只是想弄清楚並調整您圍繞基礎強大的信息，變得更強大嗎？這是否意味著，即使你們暫停了這些目標，我們的期望應該是，當你們完成這個過程後，事情會變得更強更好？這是正確的外帶嗎？

Thanks for the question, Ebrahim. I'd say, again, let me start by saying I do have confidence in our businesses across TD. And you've seen the momentum that we've had in whether it's the Canadian Personal and Commercial Bank, Wealth Management, TD Securities. And certainly, we built a fantastic franchise in the US. But I think it's important that we go through this process. It's going to be a thorough process, and it's the prudent thing to do.

謝謝你的提問，易卜拉欣。我想再次強調，首先我對我們整個道明的業務充滿信心。您已經看到了我們在加拿大個人和商業銀行、財富管理、道明證券等方面的勢頭。當然，我們在美國建立了出色的特許經營權。但我認為我們經歷這個過程很重要。這將是一個徹底的過程，而且是謹慎的做法。

But before I comment on anything further, I look forward to sharing that with you at the Investor Day in 2025. But we're building off a position of strength. But again, as I am telling you what you should expect, I think, is a bit premature. And let's go through the process, and then we'll share that with you at the Investor Day.

但在我進一步發表評論之前，我期待在 2025 年投資者日與您分享這一點。但我們正在建立一個強大的地位。但同樣，當我告訴你你應該期待什麼時，我認為還為時過早。讓我們回顧一下整個過程，然後我們將在投資者日與您分享。

That's fair. And I guess, maybe, Kelvin, just following up, two things, if you don't mind clarifying, I just want to make sure the 5% to 7% expense growth is relative to the 29.148 full year adjusted expense number, is that right?

這很公平。我想，也許，Kelvin，只是跟進兩件事，如果你不介意澄清的話，我只是想確保 5% 到 7% 的費用增長是相對於 29.148 全年調整後費用數字而言的，是正確的？

Yeah.

是的。

Got it. And just similarly on NII, to the extent given all the moving pieces, if you can give us a sense of what you expect NII growth to look like based on whatever your rate assumptions are for '25?

知道了。同樣，在 NII 上，在考慮到所有變化的情況下，您是否可以根據您對 25 年的利率假設，讓我們了解您期望 NII 增長的樣子？

We don't provide NII outlook for that long. I mean all I would offer is the NIM guidance that we provided for both Canada and the US businesses.

我們不會提供那麼長時間的 NII 展望。我的意思是，我所能提供的只是我們為加拿大和美國企業提供的 NIM 指南。

Paul Holden, CIBC.

保羅·霍爾登，CIBC。

Thank you. Sorry, I might have missed a little bit of that last question, but I think it's an important one just in terms of the growth expectation for Canada, obviously, you held a big Investor Day, not that long ago, focusing on the growth opportunities in Canada. I want to make sure there's no message that any of that has changed, maybe the targets end up changing a bit, but that all those growth opportunities you highlighted back in '23, you're still on the table?

謝謝。抱歉，我可能錯過了最後一個問題的一點，但我認為就加拿大的增長預期而言，這是一個重要的問題，顯然，不久前您舉辦了一個大型投資者日，重點關注增長機會在加拿大。我想確保沒有任何資訊表明這些都發生了變化，也許目標最終會發生一些變化，但是您在 23 年強調的所有成長機會仍然存在？

Paul, thanks for the question. Maybe I'll have our -- Sona and our Canadian business leads just comment on the progress that we've made on the Investor Day, but we're certainly tracking to those commitments. Sona, do you want to leave some?

保羅，謝謝你的提問。也許我會讓我們的——Sona 和我們的加拿大業務負責人對我們在投資者日所取得的進展發表評論，但我們肯定會兌現這些承諾。索娜，你想留下一些嗎？

Yeah. Thanks very much, Ray, and thanks for the question. No, absolutely, we are tracking to each of the priorities we outlined at Investor Day. We've seen good growth on both sides of the balance sheet. On personal deposits, you've seen 6% growth year-over-year. We grew our share in term materially. We've seen good growth on the loan side with 4% year-over-year.

是的。非常感謝，雷，也謝謝你的提問。不，絕對，我們正在追蹤我們在投資者日概述的每一個優先事項。我們看到資產負債表兩側都有良好的成長。個人存款年增 6%。我們的份額大幅成長。我們看到貸款方面的良好成長，年增 4%。

And as you've heard, one of the three commitments that we outlined for ourselves at Investor Day, we have achieved on an accelerated basis that was outgrowing the newcomer, the Canada population growth by 50%. So all in all, that said, the strong quarter has led capping off a record year this year for day-to-day checking acquisition. So really a position of strength and momentum.

正如您所聽到的，我們在投資者日為自己概述的三項承諾之一，我們已經在加速的基礎上實現了這一目標，這一目標的增長速度超過了新來者，即加拿大人口增長50%。總而言之，強勁的季度為今年的日常檢查採購量創下了紀錄。所以確實是一個充滿力量和動力的位置。

Maybe I can just briefly comment on the two other items that we focused on at Investor Day. On the credit card side, as you heard from us earlier this year, we've now crossed 8 million active credit card accounts. We have a robust and resonant partner roster. We're seeing now that translate to some strong results with our strong quarter-over-quarter loan growth on the credit card book.

也許我可以簡單評論一下我們在投資者日關注的另外兩個項目。在信用卡方面，正如您今年早些時候從我們那裡聽到的那樣，我們現在已經有 800 萬個活躍信用卡帳戶。我們擁有強大且能引起共鳴的合作夥伴名單。我們現在看到，隨著我們信用卡帳簿上的貸款逐季強勁增長，這轉化為一些強勁的業績。

On the real estate secured lending, we continue to have strong multichannel presence right throughout our proprietary channels as well as strong broker relationships, and I'm pleased to share we've moved on to the next phase of execution on our specialization advice strategy.

在房地產擔保貸款方面，我們繼續在整個自營管道中擁有強大的多通路影響力以及強大的經紀人關係，我很高興地告訴大家，我們已經進入了專業化諮詢策略執行的下一階段。

So we now have placed specialized bankers in our branches for real estate secured lending and actually as well for investing. And they work as an ecosystem between the branches and our mobile mortgage sales force. We just started that this November, and we're already seeing really strong results.

因此，我們現在在我們的分行安排了專門的銀行家，負責房地產擔保貸款，實際上也負責投資。它們作為分支機構和我們的行動抵押貸款銷售人員之間的生態系統發揮作用。我們今年 11 月才剛開始，並且已經看到了非常強勁的成果。

That ecosystem delivers franchise relationships. Very, very good retention profile and profitability profile. So we're really pleased with the first foray there. And then I would say we continue to invest in technology and data and our TD mortgage direct solution has been incredibly resonant with consumers and we're seeing leads converting at 3 times the rate.

該生態系統提供特許經營關係。非常非常好的保留率和獲利能力。因此，我們對首次涉足該領域感到非常滿意。然後我想說的是，我們繼續投資於技術和數據，我們的道明抵押貸款直接解決方案引起了消費者的極大共鳴，我們看到潛在客戶的轉換率提高了 3 倍。

And so across the board, you will see us stay committed to the strategic pillars that we outlined at Investor Day. I just maybe close by saying we feel we have very strong momentum. We continue to have a sizable growth opportunity maybe even bigger by our record acquisition in the last two years, and we know how to execute. And so we're very excited to deliver on the growth ahead.

因此，從整體上看，您將看到我們繼續致力於我們在投資者日概述的策略支柱。我可能只是想說，我們覺得我們有非常強烈的勢頭。透過過去兩年創紀錄的收購，我們繼續擁有相當大的成長機會，甚至可能更大，而且我們知道如何執行。因此，我們非常高興能夠實現未來的成長。

Okay. Good to hear. And then last question for me. I just want to drill down on the expense guidance a bit of 5% to 7%. When I go back to your -- the slide deck you provided not that long ago, I think you expected roughly CAD800 million of expense savings versus roughly USD550 million of risk and control expenses. So call it roughly awash, maybe a little bit net favorable.

好的。很高興聽到。然後是我的最後一個問題。我只想深入了解 5% 到 7% 的費用指導。當我回到您不久前提供的幻燈片時，我認為您預計將節省約 8 億加元的費用，而風險和控制費用約為 5.5 億美元。所以說它大致上是氾濫的，也許有點淨有利。

So when I think about that 5% to 7% growth next year, I wonder like where are those additional costs being allocated unless you're revising your risk and control expenses. Like I'm assuming they're going maybe into the strategic review, maybe it's being invested for your future revenue growth. It would be helpful to get a sense of where those additional expenses are being allocated. Thanks.

因此，當我想到明年 5% 到 7% 的成長時，我想知道這些額外成本會分配到哪裡，除非您修改風險和控制費用。就像我假設他們可能會進行策略性審查一樣，也許會為您未來的收入成長進行投資。了解這些額外費用的分配情況會很有幫助。謝謝。

It's Kelvin. I'll take that. So absolutely, we continue to invest in the business, and that is a big part of the increase. We are on track on achieving the savings that we set out through the restructuring. And then there's going to be, like you said, more risk and control costs as well. I mean there are look-back programs that we have to undertake their monitorship and so forth. So all of that are included in that range as part of our forecast. But as you know, there are many, many moving parts, but that is our expected view today.

這是開爾文。我會接受的。因此，我們絕對會繼續投資該業務，這是成長的很大一部分。我們正在按計劃實現透過重組實現的節約。然後，就像你說的，也會有更多的風險和控製成本。我的意思是，我們必須進行回顧計劃，以進行監督等等。因此，作為我們預測的一部分，所有這些都包含在該範圍內。但如您所知，有很多很多變化因素，但這是我們今天的預期觀點。

Darko Mihelic, RBC Capital Markets.

Darko Mihelic，加拿大皇家銀行資本市場。

A couple of questions. The first a mechanical one on the AML issue. And apologies I've never dealt with this before. So I just want to understand the mechanics behind the dividend or in other words, cash coming out of the US up to the Canadian Holdco. It's my understanding that you have to provide evidence that you've sort of done what you want to do. But what I don't understand is why they would ever give you permission.

有幾個問題。第一個是關於反洗錢問題的機械問題。抱歉我以前從未處理過這個問題。所以我只想了解股利背後的機制，換句話說，現金從美國流向加拿大控股公司。我的理解是，你必須提供證據證明你已經做了你想做的事情。但我不明白的是他們為什麼會給你許可。

If you have a three- and four-year monitorship, on the go, presumably, they wouldn't be satisfied until you complete that. So why would they next year or whenever on an early basis, give you the go ahead to dividend of cash. So maybe if you can just understand -- just to understand the mechanic of maybe it's something more rudimentary and I'm just missing it.

如果你有一個三年和四年的監督職位，想必在你完成這個任務之前他們不會滿意。那麼，為什麼他們會在明年或早些時候，讓你繼續發放現金股利呢？所以也許如果你能理解——只是理解機制，也許這是更基本的東西，而我只是想念它。

Darko, this is Bharat. The main entity we have in the US is the company that owns all the banks and what we call our intermediate holding company. Any dividends declared from that requires a certification from the Board that we have allocated enough funds to our remediation, et cetera. And if we are able to certify that, then you can declare the dividend.

達科，這是巴拉特。我們在美國擁有的主要實體是擁有所有銀行的公司以及我們所說的中間控股公司。由此宣布的任何股息都需要董事會的證明，證明我們已分配足夠的資金用於我們的補救措施等。如果我們能夠證明這一點，那麼您就可以宣布股息。

So there's nothing preventing the OCC from saying no?

那麼沒有什麼可以阻止 OCC 拒絕嗎？

Well, it's hard to predict what the future would bring, but that's in the consent order. You can see in the consent order from the Fed, which is our main holding company that owns all the assets in the United States.

嗯，很難預測未來會發生什麼，但這已經在同意令中了。你可以在聯準會的同意令中看到，聯準會是我們的主要控股公司，擁有美國的所有資產。

Okay. Thank you. And my second question relates to the Schwab deposits. They're now down to USD83 billion. And again, I just want to understand the mechanics of this program. That fell $17 billion from last year, actually from a peak of $153 billion. And in my mind, the way this might work is if interest rates keep going down and equity markets keep performing well, these deposits could grow. And so what goes down could go up.

好的。謝謝。我的第二個問題涉及嘉信理財存款。現在已降至 830 億美元。再說一次，我只是想了解這個程式的機制。這比去年減少了 170 億美元，實際上是從高峰 1,530 億美元。在我看來，這可能起作用的方式是，如果利率持續下降並且股市持續表現良好，這些存款可能會成長。因此，下跌的可能會上漲。

So what if that does occur? How does that work in your plan? How do you remediate if these deposits grow $17 billion, $20 billion a year for your asset cap?

那如果這種情況真的發生怎麼辦？這在你的計劃中是如何運作的？如果這些存款每年增加 170 億美元，讓您的資產上限達到 200 億美元，您將如何補救？

Darko, thanks for the question. And I think you've summarized that well. We have seen a decline from a peak of about $155 billion to the current spot of about $83 billion in size. And when the markets run, you tend to see more of those sweep deposits get invested in the marketplace. And when there is a pause or any profit taking in the marketplace, those sweep deposits do increase somewhat. And we would see -- and in fact, we're seeing a slight stabilization in overall balances.

達科，謝謝你的提問。我認為你總結得很好。我們看到規模從約 1550 億美元的峰值下降到目前約 830 億美元的規模。當市場運作時，您往往會看到更多的存款被投資到市場上。當市場暫停或出現獲利了結時，這些存款確實會增加。我們會看到——事實上，我們看到整體平衡略有穩定。

As you know, when we renegotiated the agreement with Schwab, we actually provided Schwab with the flexibility to bring down the overall levels of deposits down to a floor of $60 billion, and they've been executing against that. Most recently, we've seen a pause in that reduction, particularly on a spot basis in this quarter. We could expect to see some increase in the short term if there is some market dislocation.

如您所知，當我們與嘉信理財重新談判協議時，我們實際上為嘉信理財提供了將整體存款水準降低至 600 億美元下限的靈活性，而他們一直在執行這一點。最近，我們看到這種減少有所暫停，特別是在本季度的現貨基礎上。如果市場出現一些混亂，我們預計短期內會出現一些成長。

The reality is we plan for that. One of the -- going back to our October 10 discussion, one of the reasons why we're executing against the balance sheet restructuring with so much purpose is to create the capacity to be able to comply with the asset cap. And so we'll continue to do that because deposit growth does factor into asset cap, the overall asset cap calculation as well.

現實是我們為此做好了計劃。其中之一——回到我們 10 月 10 日的討論，我們之所以反對資產負債表重組的原因之一是為了創造能夠遵守資產上限的能力。因此，我們將繼續這樣做，因為存款成長確實會影響資產上限以及整體資產上限的計算。

Darko, this is Bharat. Just to add, Schwab can take up -- the sweep deposits can go up, but there's a cap as to how high it can go. It's $30 billion above the minimum required to be held at TD.

達科，這是巴拉特。補充一點，施瓦布可以吸收──掃蕩存款可以增加，但可以增加的上限是有限的。這比 TD 持有的最低限額高出 300 億美元。

Sohrab Movahedi, BMO Capital Markets.

Sohrab Movahedi，BMO 資本市場。

Okay. I just wanted to clarify, as you do this strategic review, I assume you've put any capital allocation, for example, buybacks on hold. Is that the right way to think about it, Ray?

好的。我只是想澄清一下，當你進行這次策略審查時，我假設你已經暫停了任何資本配置，例如回購。雷，這樣的思考方式正確嗎？

I think until we go through the strategic review at this moment, we'll look at all of the options as to how we deploy our capital. But at this moment, that would be the right way to look at it. But again, let's see how -- as we work our way through the review, I'll keep everybody updated along the way.

我認為，在我們進行策略審查之前，我們將考慮如何部署資本的所有選項。但此時此刻，這才是正確的看待方式。但同樣，讓我們看看如何——在我們進行審核的過程中，我會一直向每個人通報最新情況。

And so you have -- I mean you yourself are the Chief Operating Officer now, I think a number of the business heads around the table are embarking on new opportunities and challenges, so when you are doing this strategic review, what are they doing as far as the base business? What is Tim Wiggan doing as far as TD Securities is concerned? Is he in a holding pattern? Or if they want to deploy capital, they are allowed to do that in advance of the strategic review being done?

所以你——我的意思是你自己現在是首席營運官，我認為會議桌上的一些業務負責人正在著手迎接新的機遇和挑戰，所以當你進行戰略審查時，他們在做什麼至於基礎業務？就道明證券而言，蒂姆·威根 (Tim Wiggan) 在做什麼？他處於等待狀態嗎？或者，如果他們想要部署資本，他們可以在進行策略審查之前這樣做嗎？

Sohrab, it's Tim Wiggan calling, and thanks for the question. We are absolutely not in a holding pattern. If you look at the quarter we've reported and the year as a whole, you're truly seeing the power of the combined wholesale franchise. I think it's important to note that, as you're aware, this transaction and our combination is within two years. So closing March 1. So in my view, we're well ahead of schedule in terms of leveraging the existing client base, our existing capital with the combined platform.

索拉博，我是提姆‧維根打來的，謝謝你的提問。我們絕對沒有處於停滯狀態。如果你看看我們報告的季度和全年，你會真正看到聯合批發特許經營的力量。我認為值得注意的是，正如您所知，這筆交易和我們的合併是在兩年內完成的。所以 3 月 1 日截止。因此，在我看來，在利用現有客戶群、現有資本和合併平台方面，我們遠遠領先於計劃。

To put things in perspective and make this tangible, just last month, our continuing membership agreement with FINRA was approved. And I mentioned that because in some cases, we're literally bringing people together on the same trading floor and that's happening over the next couple of weeks.

為了正確看待事情並使之切實可行，就在上個月，我們與 FINRA 的持續會員協議獲得了批准。我提到這一點是因為在某些情況下，我們實際上是將人們聚集在同一個交易大廳，這將在接下來的幾週內發生。

But if we take a step back and maybe to provide you a bit of color and context in terms of how far we've come, the fiscal year as a whole was $7.3 billion in revenue, up 25%. The adjusted number, as you know, was $1.4 billion in NIAT. If you add back the off-channel communication charge, which was obviously industry-wide, we came in at $1.5 billion.

但如果我們退後一步，也許可以為您提供一些關於我們所取得的進展的色彩和背景信息，那麼整個財年的收入為 73 億美元，增長了 25%。如您所知，調整後的 NIAT 金額為 14 億美元。如果再加上通路外通訊費用（這顯然是整個產業的費用），我們的收入為 15 億美元。

So roughly $380 million per quarter, which very much aligns with the $375 million to $425 million per quarter that you would have heard us talk about previously. So again, we have strong revenue. We have the right clients. We're adding capabilities to the equation, and that obviously takes the ROE up, which is a continued focus within wholesale as well as across the bank. So very pleased with where we are and absolutely growing, executing and frankly, winning.

因此，每季約 3.8 億美元，這與您之前聽到我們談論的每季 3.75 億至 4.25 億美元非常吻合。再說一次，我們有強勁的收入。我們有合適的客戶。我們正在增加能力，這顯然會提高淨資產收益率，這是批發業和整個銀行持續關注的焦點。對我們現在的處境非常滿意，我們絕對在成長、執行，坦白說，我們取得了勝利。

So Tim, you're not worried that as that two-year passes on retaining people will be a problem for your business?

那麼提姆，您不擔心兩年過去了，留住人才會為您的企業帶來問題嗎？

People are always our primary concern in any business I've been involved in, and they've always been capital markets. I've continually said that you can have the best capabilities and the best platforms and the best technology, but we need people. And I believe we will have and continue to have a team of people that will allow us to execute. And frankly, when we're through this, TD Securities will be a destination of choice for professionals in the markets that we operate in.

在我參與的任何業務中，人始終是我們最關心的問題，而且一直是資本市場。我一直在說，你可以擁有最好的能力、最好的平台和最好的技術，但我們需要人才。我相信我們將擁有並將繼續擁有一支能夠讓我們執行的團隊。坦白說，當我們渡過難關時，道明證券將成為我們所在市場專業人士的首選目的地。

Darko Mihelic, RBC Capital Markets.

Darko Mihelic，加拿大皇家銀行資本市場。

Hey, thank you. All right. My last question is for Leo. Leo, can you give me a sense of how we should expect your non-interest income to behave over the course of the next year? It's been under pressure. If you can just give me any view on that, that would be helpful.

嘿，謝謝你。好的。我的最後一個問題是問利奧的。Leo，您能否告訴我您的非利息收入在明年的表現如何？一直是承受著壓力。如果您能給我對此的任何看法，那將會很有幫助。

Darko, I think -- I think in a previous quarter, we talked a little bit about the fact that we had really weathered most of the overdraft pricing changes, and now that's fully baked into the run rate. That had been a significant drag for us. Cumulatively, between both retail and small business overdraft fee reduction, that was nearly $0.5 billion reduction in terms of overall annual revenues, and that has now fully cycled through.

達科，我想 - 我想在上一個季度，我們討論了一些事實，即我們確實經受住了大部分透支定價變化，現在這已完全融入運行率。這對我們來說是一個重大的拖累。零售和小型企業透支費減少累計使年總收入減少了近 5 億美元，現在已完全循環。

I'd say with regards to looking forward, while we don't provide guidance per se, I do think that as we continue to grow our cards business and grow our core checking account platform, which is crown jewel of the franchise or retail deposit franchise, I would expect account fees, in particular, to grow in proportion to the growth that we're experiencing in the business. So I feel good about that.

我想說的是，關於展望，雖然我們本身不提供指導，但我確實認為，隨著我們繼續發展我們的卡業務並發展我們的核心支票帳戶平台，這是特許經營或零售存款的皇冠上的明珠特許經營權，我預計帳戶費用尤其會隨著我們業務的增長而按比例增長。所以我對此感覺很好。

Obviously, there are some things that we watch on a regular basis, regulatory changes. There are presently a number of fee cap proposals in the marketplace right now under litigation. And we do have an administration change. So there's a lot of intangibles and a lot of questions that are still out there with regards to how that might impact the future.

顯然，我們會定期專注於一些事情，例如監管變化。目前市場上有許多費用上限提案正在訴訟中。我們確實發生了行政變動。因此，關於這可能如何影響未來，仍然存在許多無形資產和許多問題。

But in terms of our core, what we can control, which is driving good solid retail deposit growth and continuing to grow our bank card business, which, by the way, grew at 13% on a year-on-year basis in the quarter, I feel like we're doing the fundamentals and that we should see noninterest income growth return back to a more stabilized growth profile.

但就我們的核心而言，我們可以控制的是，這正在推動零售存款的良好穩健增長，並繼續增長我們的銀行卡業務，順便說一下，本季度同比增長了 13% ，我覺得我們正在做基本面工作，我們應該看到非利息收入成長恢復到更穩定的成長態勢。

There are no further questions registered at this time. I will now turn the call back to Mr. Masrani.

目前沒有登記任何其他問題。我現在將把電話轉回給馬斯拉尼先生。

Thank you very much, operator, and great questions. Great to see that the fundamentals of our businesses, particularly the momentum we have in each of our segments is terrific. We do have headwinds as we discussed, but good to see that there is good momentum in each of our operating businesses.

非常感謝您，接線員，提出了很好的問題。很高興看到我們業務的基本面，特別是我們每個細分市場的勢頭都非常好。正如我們所討論的，我們確實遇到了阻力，但很高興看到我們的每項營運業務都有良好的動力。

Before we close, I'd like to recognize Riaz Ahmed, who will retire at the end of January. For almost three decades, Riaz helped shape TD's strategy and deliver business performance. His impact on our business will be felt for years to come. I want to extend my personal thanks to Riaz for his close partnership and invaluable counsel over many years. I wish him the very best in his next exciting chapter.

在我們結束之前，我想認識一下將於一月底退休的里亞茲·艾哈邁德 (Riaz Ahmed)。近三十年來，Riaz 幫助制定了 TD 的策略並實現了業務績效。他對我們業務的影響將在未來幾年內反映出來。我想向裡亞茲表達我個人的感謝，感謝他多年來的密切合作和寶貴的建議。我祝他在下一個激動人心的篇章中一切順利。

Like I said earlier, while 2024 was a difficult year, TD remains a strong bank with tremendous advantages. In the weeks and months ahead, as Ray takes the reins, I know he, with the support of a strong bench of leaders, will successfully chart the path forward for TD.

正如我之前所說，雖然 2024 年是艱難的一年，但道明銀行仍然是一家擁有巨大優勢的強大銀行。在接下來的幾週和幾個月裡，當 Ray 接掌大權時，我知道他在強有力的領導者的支持下，將成功地為 TD 制定前進的道路。

Thank you, and best wishes for the holidays.

謝謝您，並祝您節日快樂。

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。