Toronto-Dominion Bank (TD) 2025 Q3 法說會逐字稿

Good morning, everyone, and welcome to the TD Bank Group Q3 2025 earnings conference call.

大家早安，歡迎參加道明銀行集團 2025 年第三季財報電話會議。

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

現在，我想將會議交給投資者關係主管 Brooke Hales 女士。請繼續，Hales 女士。

Thank you, operator. Good morning, and welcome to TD Bank Group's third quarter 2025 results presentation.

謝謝您，接線生。早安，歡迎參加道明銀行集團 2025 年第三季業績報告。

We will begin today's presentation with remarks from Raymond Chun, the bank's CEO; followed by Leo Salom, President and CEO, TD Bank America's Most Convenient Bank; 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.

今天的演講將以銀行執行長 Raymond Chun 的致詞開始；隨後是道明銀行美國最便捷銀行總裁兼執行長 Leo Salom；之後，銀行財務長 Kelvin Tran 將介紹我們第三季的經營業績。首席風險長 Ajai Bambawale 將對信用品質發表評論，之後我們將透過電話邀請預先合格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; Tim Wiggan, Group Head, Wholesale Banking; and President and CEO, TD Securities; and Paul Clark, Senior Executive Vice President, Wealth Management.

今天出席並回答大家問題的還有加拿大個人銀行業務集團主管 Sona Mehta、加拿大商業銀行業務集團主管 Barbara Hooper、批發銀行業務集團主管兼道明證券總裁兼首席執行官 Tim Wiggan 以及財富管理高級執行副總裁 Paul Clark。

Please turn to 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。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該銀行的表現。

Ray, Leo 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 Q3 2025 report to shareholders.

Ray、Leo 和 Kelvin 將在他們的評論中提到調整後的結果。有關非公認會計準則衡量指標以及重要因素和假設的更多信息，請參閱我們向股東提交的 2025 年第三季報告。

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

說完這些，讓我把演講交給雷。

Thank you, Brook, and good morning, everyone. We had another strong quarter, which I'm looking forward to discussing in a minute, but first, I'd like to share my thoughts on the external environment.

謝謝你，布魯克，大家早安。我們又度過了一個強勁的季度，我期待著稍後討論，但首先，我想分享我對外部環境的看法。

Global trade dynamics continue to be fluid. It was encouraging last week to hear the Prime Minister and President are intensifying their efforts to resolve ongoing trade challenges. However, there is still much work ahead with CUSMA or USMCA renegotiation set for next year.

全球貿易動態持續變化。上週聽到總理和總統正在加強努力解決持續的貿易挑戰，這令人鼓舞。然而，由於 CUSMA 或 USMCA 將於明年重新談判，因此仍有許多工作要做。

While Canadian companies have benefited from that trade agreement tariffs in especially sector-specific tariffs, create business uncertainty and economic distortions with significant impacts to the most exposed sectors. Despite this, the Canadian and US.

雖然加拿大公司從該貿易協定關稅（特別是針對特定產業的關稅）中受益，但也帶來了商業不確定性和經濟扭曲，對最受影響的產業產生了重大影響。儘管如此，加拿大和美國。

economies have shown resilience, though momentum has slowed. These remain early days. It will likely be a long road before the full impact of tariffs is well understood. This is a time for bold, decisive leadership that unlocks Canada's economic potential and strengthens our productivity and resilience.

儘管成長勢頭有所放緩，但各經濟體仍表現出韌性。這些仍處於初期階段。要充分了解關稅的全部影響可能還需要很長的路要走。現在正是需要大膽、果斷的領導來釋放加拿大的經濟潛力並增強我們的生產力和彈性的時候。

I'm encouraged by the federal government's focus on removing internal trade barriers, catalyzing major projects in partnership with indigenous peoples and diversifying export markets. This moment is an opportunity to build stronger more resilient economies.

聯邦政府致力於消除內部貿易壁壘、與原住民合作推動重大計畫以及實現出口市場多元化，這讓我感到鼓舞。此刻是建立更強大、更具韌性的經濟體的機會。

At TD, we stand ready to meet that moment and work with governments and private sectors to strengthen communities across our footprint. And no matter how the external environment evolves, we'll be there to support our clients. It's a privilege to serve over 28 million households and businesses, and we will continue working hard every day to understand their needs and help them achieve their goals. With that, let's turn to the next slide.

在 TD，我們隨時準備好迎接這一時刻，並與政府和私營部門合作，加強我們業務範圍內的社區。無論外部環境如何變化，我們都會為客戶提供支援。我們很榮幸能夠為超過 2800 萬個家庭和企業提供服務，我們將繼續每天努力了解他們的需求並幫助他們實現目標。接下來，讓我們翻到下一張投影片。

With three quarters of the year done, I am pleased with what we have achieved. We continue to act decisively to support TD's future. Our momentum continued this quarter. With TD's announcement of a strategic relationship between Fiserv and TD Merchant Solutions. This will simplify TD's portfolio and reduce costs, improving the bank's financial performance over time.

今年已經過了四分之三，我對我們所取得的成就感到滿意。我們將繼續採取果斷行動來支持 TD 的未來。本季我們的勢頭依然持續。隨著 TD 宣布 Fiserv 和 TD Merchant Solutions 之間建立策略合作關係。這將簡化道明銀行的投資組合並降低成本，從而逐步提高銀行的財務表現。

It will also elevate the experience for our Canadian business banking clients delivering best-in-class solutions. We have continued to identify opportunities to innovate, to drive efficiency and operational excellence. Kelvin will provide more details on our efforts to structurally reduce costs across the bank in his remarks.

它還將提升我們加拿大商業銀行客戶的體驗，提供一流的解決方案。我們不斷尋找創新機會，提高效率和卓越營運。凱爾文將在演講中詳細介紹我們為從結構上降低全行成本所做的努力。

As you know, the bank will host an Investor Day on September 29. We are very excited to share TD strategy and medium-term outlook with all of you next month. Before I turn to Q3 results, I wanted to personally thank Alan MacGibbon, for his leadership and dedication to the bank. TD and I have greatly benefited from his many contributions and keen insights.

如您所知，該銀行將於 9 月 29 日舉辦投資者日。我們非常高興下個月與大家分享 TD 策略和中期展望。在介紹第三季業績之前，我想親自感謝艾倫·麥吉本 (Alan MacGibbon) 的領導能力和對銀行的奉獻精神。TD 和我都從他的許多貢獻和敏銳見解中受益匪淺。

I also want to congratulate John McIntyre, who will become the Chair of TD's Board of Directors effective Monday. John's deep financial expertise will help him guide our Board in the coming years. He will continue to be invaluable to me and my leadership team as we work to deliver on our strategy and drive long-term value.

我還要祝賀約翰·麥金太爾，他將於週一就任道明董事會主席。約翰深厚的金融專業知識將幫助他在未來幾年指導我們的董事會。當我們努力實現策略並推動長期價值時，他將繼續對我和我的領導團隊發揮不可估量的作用。

Please turn to Slide 4. In Q3, the bank delivered a strong quarter with earnings of $3.9 billion and EPS of $2.20. We saw robust fee and trading income in our markets driven businesses and volume growth year-over-year in Canadian Personal and Commercial Banking. TD delivered positive operating leverage this quarter, reflecting strong revenue growth that offset elevated expenses driven by governance and control costs and investments to drive business growth.

請翻到幻燈片 4。第三季度，該產業績表現強勁，獲利39億加元，每股收益2.20加元。市場驅動型業務的手續費及交易收入強勁，加拿大個人及商業銀行業務量較去年同期成長。TD 本季實現了正的營運槓桿，反映出強勁的收入成長，抵消了由治理和控製成本以及推動業務成長的投資所導致的支出增加。

Impaired PCLs decreased quarter-over-quarter, reflecting strong credit performance, and we added to our performing reserves for policy and trade uncertainty, taking a prudent approach with almost $600 million in reserves added year-to-date. Ajai will share more details shortly in his remarks.

受損個人信貸資產環比下降，反映出強勁的信貸表現，我們增加了應對政策和貿易不確定性的執行準備金，採取審慎的態度，年初至今已增加近 6 億美元的準備金。阿賈伊將在演講中分享更多細節。

The bank's Q3 CET1 ratio was 14.8%, reflecting strong capital generation in the quarter. As of quarter end, we were over halfway through our share buyback with 46 million shares repurchased for a total of over CAD4 billion. Please turn to Slide 5.

該銀行第三季的 CET1 比率為 14.8%，反映出本季強勁的資本創造能力。截至本季末，我們的股票回購工作已完成一半以上，共回購 4,600 萬股，總額超過 40 億加元。請翻到投影片 5。

In Q3, we demonstrated disciplined execution across our businesses. In Canadian Personal and Commercial Banking, we delivered a strong quarter with record revenue, earnings, deposits and loan volumes. RESL volumes surpassed $400 billion, driven by strong performance across our distribution channels. We continue to deliver robust loan growth in cards. In this quarter, cards acquisition was the highest it's been in almost a decade.

在第三季度，我們在整個業務中表現出了嚴格的執行力。在加拿大個人和商業銀行業務方面，我們本季表現強勁，營收、收益、存款和貸款額均創歷史新高。由於我們分銷通路的強勁表現，RESL 交易量超過 4000 億美元。我們的信用卡貸款持續保持強勁成長。本季度，卡片收購量達到近十年來的最高水準。

In the Business Bank, loans were up 6% year-over-year, reflecting growth across our Commercial business. We also saw record retail originations in TD Auto Finance. We delivered continued momentum in US Retail with core loans up 2% year-over-year US bankcard balances were up 12% year-over-year, reaching a new milestone with USD3 billion in balances.

商業銀行的貸款年增 6%，反映了我們商業業務的成長。我們也看到 TD 汽車金融的零售業務創下了紀錄。我們在美國零售業務中持續保持良好勢頭，核心貸款年增 2%，美國銀行卡餘額年增 12%，達到 30 億美元的新里程碑。

In our US Wealth business. Total client assets were up 12% year-over-year with mass affluent client assets up 26% year-over-year. This quarter, we made significant progress on our US. balance sheet re-structuring. We completed the investment portfolio repositioning announced last October and achieved our targeted 10% asset reduction. The bank also continued to prioritize and execute on our AML remediation. Leo will provide more details in his remarks.

在我們的美國財富業務中。總客戶資產年增12%，其中大眾富裕客戶資產較去年同期成長26%。本季度，我們在美國資產負債表重組方面取得了重大進展。我們完成了去年10月宣布的投資組合重新定位，並實現了資產減少10%的目標。該銀行也繼續優先考慮並執行反洗錢補救措施。Leo 將在他的演講中提供更多細節。

In Wealth Management and Insurance, we delivered record earnings and assets in Wealth and strong underlying business performance in Insurance. TD Asset Management won key institutional mandates globally and domestically, and continue to take share in its growing ETF franchise.

在財富管理和保險領域，我們在財富管理領域實現了創紀錄的收益和資產，並在保險領域實現了強勁的基礎業務表現。道明資產管理公司贏得了全球和國內的主要機構授權，並繼續在其不斷增長的 ETF 特許經營權中佔據份額。

We had a strong quarter in direct investing, trades per day, up 18% year-over-year as we continued to gain traction in partial shares in our Active Trader platform. TD Insurance delivered strong premium growth year-over-year and continued to enhance its client acquisition strategies.

本季度，我們的直接投資表現強勁，每日交易量較去年同期成長 18%，這得益於我們活躍交易者平台上部分股票的持續成長。道明保險的保費較去年同期強勁成長，並持續加強其客戶獲取策略。

In Wholesale Banking, we continue to demonstrate the power of our broader platform, delivering over $2 billion in revenue for the third consecutive quarter. We are seeing broad-based revenue growth as market volatility normalizes in our capital markets and advisory businesses accelerate.

在企業銀行業務方面，我們繼續展示更廣泛平台的強大力量，連續第三個季度實現超過 20 億美元的收入。隨著資本市場的波動性恢復正常以及諮詢業務的加速發展，我們的收入正在廣泛增長。

Please turn to Slide 6. This quarter, we launched TD AI Prism, a significant step forward in our effort to harness the power of AI. TD AI Prism is designed to deliver greater client personalization through accelerated AI-driven insights and support client services and growth.

請翻到幻燈片 6。本季度，我們推出了 TD AI Prism，這是我們利用人工智慧力量的重要一步。TD AI Prism 旨在透過加速 AI 驅動的洞察力提供更大的客戶個人化並支援客戶服務和成長。

And in TD Securities, we launched a Virtual AI Assistant, which queries our equity research library and synthesizes about 8,500 proprietary research reports, covering nearly 1,300 companies in seconds. This tool enhances the productivity and effectiveness of our front office institutional sales, trading and research professionals, enabling them to answer client inquiries with speed.

在道明證券，我們推出了虛擬人工智慧助手，它可以查詢我們的股票研究庫並綜合大約 8,500 份專有研究報告，在幾秒鐘內覆蓋近 1,300 家公司。該工具提高了我們前台機構銷售、交易和研究專業人員的工作效率和效力，使他們能夠快速回答客戶的詢問。

We continue to invest in enabling capabilities such as trusted data and AI. We recognize that leadership in digital and mobile is absolutely critical. We are looking forward to sharing more about our strategies and investments in these areas at our Investor Day next Monday.

我們將繼續投資於可信賴數據和人工智慧等支援功能。我們認識到數位和行動領域的領導地位絕對至關重要。我們期待在下週一的投資者日上分享更多有關我們在這些領域的策略和投資的資訊。

Please turn to Slide 7. So before I turn it over to Leo, I want to thank our colleagues across the bank. Every day, you are working to deliver for our clients, drive shareholder value and build TD's future. Thank you for all that you do.

請翻到幻燈片 7。因此，在將時間交給 Leo 之前，我想感謝我們銀行的同事。每天，你們都在努力為我們的客戶提供服務、提高股東價值並建立 TD 的未來。感謝您所做的一切。

With that, Leo, over to you.

好了，Leo，交給你了。

Thank you, Ray, and good morning, everyone. Please turn to Slide 8. We've continued to make progress on our top priority, the US AML Remediation Program. And we've now completed a series of important milestones.

謝謝你，雷，大家早安。請翻到幻燈片 8。我們的首要任務——美國反洗錢補救計畫——繼續取得進展。現在我們已經完成了一系列重要的里程碑。

We have a strong AML leadership team in seat, we've implemented tactical risk reduction measures, we've improved our investigative capabilities, we've launched a new transaction monitoring process and platform, we've deployed all planned scenarios to-date on that new environment and are prepared to continuously add and make changes to meet emerging risks and trends.

我們擁有強大的反洗錢領導團隊，實施了戰術風險降低措施，提高了調查能力，推出了新的交易監控流程和平台，在新的環境中部署了迄今為止所有計劃的場景，並準備不斷添加和做出改變以應對新出現的風險和趨勢。

This quarter, we deployed our first machine learning models in our transaction monitoring environment. This tool will continue to improve the effectiveness and efficiency of our program allowing our AML team to focus their investigative expertise and intelligence.

本季度，我們在交易監控環境中部署了第一個機器學習模型。該工具將繼續提高我們計劃的有效性和效率，使我們的反洗錢團隊能夠集中他們的調查專業知識和情報。

In addition, we've built out our governance over new business initiatives, including the establishment of a new financial crimes risk management subcommittee, dedicated to the assessment and oversight of financial crime risk of new business products and services.

此外，我們也建立了對新業務措施的治理，包括成立新的金融犯罪風險管理小組委員會，專門評估和監督新業務產品和服務的金融犯罪風險。

We've also launched new focus training for the first and second lines of defense related to suspicious customer activity associated with certain commercial products and services, coupled with the targeted role-based training and the enhanced bank-wide training, which I spoke about in the past, we are continuously uplifting and developing the knowledge and capabilities of our colleagues across the bank to be an effective AML risk managers.

我們也針對與某些商業產品和服務相關的可疑客戶活動的第一道和第二道防線推出了新的重點培訓，再加上我過去談到的有針對性的基於角色的培訓和加強的全行培訓，我們正在不斷提升和發展全行同事的知識和能力，使他們成為有效的反洗錢風險管理者。

At this point, we are where we thought we would be in our work and continue to expect that we will complete the majority of our management remediation actions by the end of calendar 2025. However, as we have said before, significant work, including important milestones, will continue into calendar 2026 and 2027.

目前，我們的工作已達到預期目標，我們預計在 2025 年底前將完成大部分管理補救措施。然而，正如我們之前所說，包括重要里程碑在內的重大工作將持續到 2026 年和 2027 年。

I want to also clarify that when we say management remediation actions, we're referring to a broad set of actions that we believe need to be completed to strengthen our AML program. And as we have disclosed in our MD&A, these actions include activities such as design, documentation, data preparation, systems, implementation of controls, testing and more.

我還想澄清的是，當我們說管理補救措施時，我們指的是我們認為需要完成的一系列廣泛的行動，以加強我們的反洗錢計劃。正如我們在 MD&A 中所揭露的那樣，這些行動包括設計、文件、資料準備、系統、控制實施、測試等活動。

Finally, as we have noted previously and is customary for remediation of this nature, our US AML remediation work is subject to ongoing review by the monitor and acceptance by our regulators, the DOJ and Vincent.

最後，正如我們之前所指出的，並且按照此類補救措施的慣例，我們的美國反洗錢補救工作需要接受監督機構的持續審查以及監管機構美國司法部和文森特的認可。

Now I'd like to give you an update on our balance sheet restructuring activities. Please turn to Slide 9. As you know, this effort has two critical objectives. First, to strictly comply with and maintain a buffer to the asset limitation, and second, to ensure that we can continue to serve our clients and communities as their needs evolve.

現在我想向您介紹我們的資產負債表重組活動的最新情況。請翻到投影片 9。如您所知，此項努力有兩個關鍵目標。第一，嚴格遵守並保持資產限制的緩衝；第二，確保我們能夠隨著客戶和社區需求的變化而繼續為他們提供服務。

We made meaningful progress against our objectives this quarter. At the end of the fiscal quarter, total assets were USD386 billion, reflecting the deployment of proceeds from the loan sales to pay down bank borrowings.

本季我們在實現目標方面取得了有意義的進展。截至本財政季末，總資產為 3,860 億美元，反映了貸款出售所得用於償還銀行借款。

I remain confident that we will largely complete the loan sales we identified last October by the end of the fiscal year. And as we continue to focus on simplifying our business, we will be reducing identified additional loans over the course of fiscal 2026 and beyond. And with the execution of our loan reductions and paydown of short-term borrowings, we expect to modestly exceed the 10% asset reduction we guided to last October.

我仍然相信，我們將在財政年度結束前基本完成去年 10 月確定的貸款銷售。隨著我們繼續致力於簡化業務，我們將在 2026 財年及以後減少已確定的額外貸款。隨著貸款削減和短期借款償還的實施，我們預計資產削減幅度將略微超過去年 10 月預測的 10%。

With this asset reduction, the US Retail segment could grow core loans at a rate consistent with our historical performance through the medium term without breaching the asset limitation. And this is without taking into account any incremental capacity that could be created to sale of up to $40 billion in non-HQLA securities.

透過此資產削減，美國零售部門可以在中期內以與我們的歷史表現一致的速度增加核心貸款，而不會突破資產限制。而這還沒有考慮到出售高達 400 億美元非 HQLA 證券可能產生的增量容量。

This quarter, we completed the investment portfolio repositioning program as well announced back in October. In total, we sold approximately $25 billion notional for an upfront loss of $1.3 billion pre-tax. These actions are expected to generate an NII benefit in fiscal 2025 of approximately $500 million pre-tax.

本季度，我們完成了十月份宣布的投資組合重新定位計畫。總體而言，我們出售了約 250 億美元的名義資產，前期損失為 13 億美元的稅前損失。預計這些行動將在 2025 財年產生約 5 億美元的稅前 NII 收益。

Collectively, these actions have enabled the US Retail segment to improve return on equity, excluding Schwab, by 140 basis points since Q4 of 2024. We expect to continue to improve return on equity through the remainder of fiscal 2025 and into fiscal 2026.

總體而言，這些舉措使得美國零售部門（不包括嘉信理財）的股本回報率自 2024 年第四季以來提高了 140 個基點。我們預計在 2025 財年剩餘時間和 2026 財年將繼續提高股本回報率。

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

說完這些，我就把話題交給凱爾文。

Thank you, Leo. Please turn to Slide 10. TD delivered a strong quarter. Total bank TTPP was up 13% year-over-year after removing the impact of the US strategic card portfolio, FX and insurance service expenses. Revenue grew 10% year-over-year driven by higher fee income and trading-related revenue in our markets driven businesses and volume growth in Canadian Personal Banking.

謝謝你，Leo。請翻到投影片 10。TD 本季業績表現強勁。剔除美國策略卡組合、外匯和保險服務費用的影響後，銀行總 TTPP 較去年同期成長 13%。由於市場驅動業務的費用收入和交易相關收入增加以及加拿大個人銀行業務量成長，營收年增 10%。

Expenses increased 13% year-over-year with approximately one quarter of the growth driven by variable compensation, foreign exchange and the impact of the US strategic card portfolio. Impaired PCLs declined quarter-over-quarter, reflecting strong credit performance. Performing provisions reflect additional overlays for policy and trade uncertainty. Please turn to Slide 11.

支出較去年同期成長 13%，其中約四分之一的成長是由浮動薪資、外匯和美國策略卡組合的影響所推動的。受損個人信貸損失準備金環比下降，反映出強勁的信貸表現。履約準備金反映了政策和貿易不確定性的額外影響。請翻到投影片 11。

As you know, we are undertaking restructuring program to reduce structural costs and create capacity to invest to build the bank of the future. We expect to incur total restructuring charges of $600 million to $700 million pre-tax over several quarters. In Q3, we incurred restructuring charges of $333 million pre-tax. The restructuring program is expected to generate savings of approximately $100 million pre-tax in fiscal 2025, and annual run rate savings of $550 million to $650 million pre-tax. Cost savings will be driven by workforce and real estate optimization, asset write-offs and business wind down and exit as part of the strategic review.

如您所知，我們正在實施重組計劃，以降低結構成本並創造投資能力，打造未來的銀行。我們預計未來幾季的重組費用總額將達到 6 億至 7 億美元的稅前費用。第三季度，我們發生了 3.33 億美元的稅前重組費用。預計重組計畫將在 2025 財年節省約 1 億美元的稅前成本，每年節省 5.5 億至 6.5 億美元的稅前成本。作為策略審查的一部分，成本節約將透過勞動力和房地產優化、資產註銷以及業務的逐步結束和退出來推動。

We continue to expect fiscal 2025 expense growth, assuming fiscal 2024 levels of variable compensation, FX and the US strategic cards portfolio to be at the upper end of the 5% to 7% range, reflecting investments in governance and control and investments supporting business growth, net of expected productivity and restructuring savings.

我們繼續預期 2025 財年的支出將成長，假設 2024 財年的浮動薪酬、外匯和美國策略卡組合水準將處於 5% 至 7% 的上限，這反映了對治理和控制的投資以及支持業務成長的投資，扣除預期的生產力和儲蓄重組。

We have delivered strong results year-to-date, and we are evaluating opportunities to further accelerate investments in our business to drive future growth. We look forward to sharing more at our upcoming Investor Day. Please turn to Slide 12.

今年迄今為止，我們取得了強勁的業績，我們正在評估進一步加快業務投資以推動未來成長的機會。我們期待在即將到來的投資者日分享更多內容。請翻到投影片 12。

Canadian Personal and Commercial Banking delivered a strong quarter with record revenue, earnings, deposits and loan volume. Average deposits raise 4% year-over-year, reflecting 4% growth in personal deposits and 6% growth in business deposits. Average loan volumes rose 4% year-over-year with 3% growth in personal volumes and 6% growth in business volumes.

加拿大個人和商業銀行本季表現強勁，收入、收益、存款和貸款額均創歷史新高。平均存款年增 4%，其中個人存款成長 4%，企業存款成長 6%。平均貸款額年增 4%，其中個人貸款額成長 3%，商業貸款額成長 6%。

This quarter, housing market activity improved compared to the prior quarter, and our RESL strategy delivered both sequential volume growth and margin expansion in competitive markets. Net interest margin was 2.83%, up 1 basis point quarter-over-quarter, primarily driven by higher loan and deposit margin. As we look forward to Q4, we again expect NIM to be relatively stable. Expenses increased, reflecting higher technology spend and other operating expenses. Please turn to Slide 13.

本季度，房地產市場活動較上一季度有所改善，我們的 RESL 策略在競爭激烈的市場中實現了銷售連續成長和利潤率擴大。淨利差為2.83%，較上季上升1個基點，主要由於貸款及存款利潤率上升。展望第四季度，我們再次預期 NIM 將相對穩定。費用增加，反映出技術支出和其他營運費用的增加。請翻到投影片 13。

US Retail sustained business momentum and made significant progress on balance sheet restructuring. Deposits, excluding sweeps, were stable year-over-year, and were up 2%, excluding targeted runoff in our government banking business. Core loans grew 2% year-over-year, reflecting continued strength in bankcard, home equity middle market and small business. Net interest margin was 3.19%, up 15 basis points quarter-over-quarter reflecting the impact of US.

美國零售業保持了業務勢頭，並在資產負債表重組方面取得了重大進展。除清算之外的存款較去年同期保持穩定，且成長了 2%（不包括政府銀行業務中的定向流失）。核心貸款年增 2%，反映出銀行卡、房屋淨值中端市場和小型企業的持續強勁成長。淨利差為3.19%，季增15個基點，反映出美國的影響。

balance sheet restructuring activities, normalization of elevated liquidity levels and higher deposit margins. As we look forward to Q4, we expect NIM to moderately expand. Expenses increased USD199 million or 13% year-over-year, reflecting higher governance and control investments including cost of USD157 million for US BSA/AML remediation this quarter and higher employee-related expenses. While investments will fluctuate from quarter-to-quarter, we continue to expect US.

資產負債表重組活動、流動性水準的正常化以及更高的存款保證金。展望第四季度，我們預期淨利差將適度擴大。費用年增 1.99 億美元，即 13%，反映了更高的治理和控制投資，包括本季度用於美國 BSA/AML 補救措施的 1.57 億美元成本以及更高的員工相關費用。儘管投資會逐季度波動，但我們仍然預期美國的投資將保持成長。

BSA/AML remediation and related governance controlled investments of approximately USD500 million pretax in fiscal 2025. We expect similar investments in fiscal 2026. Overall, US Retail expense growth is expected to be in the mid-single-digit range in fiscal 2026. We remain focused on productivity initiatives to help fund investments in our core franchise. Please turn to Slide 14.

BSA/AML 補救措施和相關治理控制著 2025 財年約 5 億美元的稅前投資。我們預計 2026 財年會有類似的投資。總體而言，預計 2026 財年美國零售支出成長率將達到中等個位數。我們將繼續專注於生產力計劃，以資助對我們核心特許經營權的投資。請翻到投影片 14。

Wealth Management and Insurance delivered strong underlying business performance. In Wealth Management, market appreciation, coupled with strong account origination drove record assets this quarter. Direct Investing had a particularly strong quarter. We saw a significant increase in trading volumes led by our active trader clients with volumes up 23% year-over-year and increased deposits. We have continued to invest in our insurance business.

財富管理和保險業務表現出色。在財富管理方面，市場升值加上強勁的帳戶發放推動了本季資產創紀錄。直接投資本季表現尤為強勁。我們看到交易量大幅增加，這主要得益於我們的活躍交易者客戶，交易量年增 23%，存款也增加了。我們持續投資於我們的保險業務。

This quarter, while lower cap activity provided a benefit, the performance underscores the strength of our business and the ability to deliver profitable growth. Expenses increased this quarter, reflecting higher variable compensation commensurate with higher revenues and increased technology investments. Please turn to Slide 15.

本季度，雖然較低的資本活動帶來了好處，但業績凸顯了我們業務的實力和實現盈利增長的能力。本季費用增加，反映出與收入增加和技術投資增加相稱的浮動薪酬增加。請翻到投影片 15。

Wholesale Banking delivered a strong quarter driven by broad-based revenue growth across Global Markets and Corporate and Investment Banking and our pipeline of future deals remains robust. We continue to demonstrate the industrial logic of the TD Cowen acquisition. Expenses increased, reflecting higher technology, front office costs, variable compensation and spend supporting regulatory and business projects. Please turn to Slide 16.

批發銀行業務本季表現強勁，這得益於全球市場以及企業和投資銀行業務的廣泛收入成長，而且我們未來的交易管道依然強勁。我們繼續論證TD Cowen收購案的產業邏輯。費用增加，反映了技術、前台成本、浮動薪酬以及支持監管和業務項目的支出增加。請翻到投影片 16。

Corporate net loss for the quarter was $164 million a smaller loss than the same quarter last year, reflecting higher revenue from treasury and balance sheet activities, partially offset by higher net corporate expenses, which were primarily driven by higher governance and control costs. Please turn to Slide 17.

本季企業淨虧損為 1.64 億美元，虧損額較去年同期有所減少，這反映了財務和資產負債表活動收入的增加，但被企業淨支出的增加部分抵消，企業淨支出的增加主要由於治理和控製成本的增加。請翻到投影片 17。

The common equity Tier 1 ratio ended the quarter at 14.8% down 5 basis points sequentially. We delivered strong internal capital generation this quarter. The bank repurchased 16 million common shares under its share buyback program in Q3 which reduced CET1 by 25 basis points. Our average LCR for the quarter was 138%. The bank is now operating at normalized liquidity levels.

本季末，普通股一級資本適足率為 14.8%，較上一季下降 5 個基點。本季我們實現了強勁的內部資本創造。該銀行在第三季根據股票回購計畫回購了 1,600 萬股普通股，從而將 CET1 降低了 25 個基點。本季我們的平均流動性覆蓋率為 138%。該銀行目前的流動性水準已恢復正常。

With that, Ajai, over to you.

好了，Ajai，交給你了。

Thank you, Kelvin, and good morning, everyone. Please turn to Slide 18. Gross impaired loan formations were 26 basis points an increase of 5 basis points of $402 million quarter-over-quarter. The increase was largely recorded in the Wholesale Banking and US Commercial Lending portfolios related to a small number of borrowers across a number of industries. Please turn to Slide 19.

謝謝你，凱爾文，大家早安。請翻到幻燈片 18。總減損貸款形成率為 26 個基點，較上一季增加 5 個基點，達到 4.02 億美元。這一成長主要體現在批發銀行業務和美國商業貸款組合中，涉及多個行業的少數借款人。請翻到投影片 19。

Gross impaired loans increased $468 million quarter-over-quarter to $5.33 billion or 56 basis points. The increase was largely reflected in the Wholesale Banking and US Commercial Lending portfolios. 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.

總減損貸款季增 4.68 億美元，達到 53.3 億美元，增幅為 56 個基點。這一增長主要反映在批發銀行業務和美國商業貸款業務組合中。請翻到投影片 20。回想一下，我們的簡報報告了 PCL 比率，包括美國戰略卡 PCL 的合作夥伴份額的總額和淨額。

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. The bank's provision for credit losses decreased $370 million or 17 basis points quarter-over-quarter to 41 basis points. The decrease was recorded broadly across the Canadian and US consumer and business and government lending portfolios and reflective of strong underlying credit performance and a smaller current quarter performing bill. Please turn to Slide 21.

我們提醒您，企業部門記錄的美國卡 PCL 已完全被我們的合作夥伴吸收，不會影響銀行的淨收入。該銀行的信貸損失準備金環比減少 3.7 億美元或 17 個基點至 41 個基點。加拿大和美國的消費者、企業和政府貸款組合普遍出現下降，反映出強勁的基礎信貸表現和本季執行帳單的減少。請翻到第 21 張投影片。

Impaired PCLs were $904 million, a decrease of $42 million quarter-over-quarter, driven by the Canadian Personal and Commercial segment. Performing PCL was $67 million, a decrease of $328 million quarter-over-quarter. The decrease reflects a smaller current quarter build for policy and trade uncertainty. Please turn to Slide 22.

受損個人信用貸款 (PCL) 為 9.04 億美元，環比減少 4,200 萬美元，主要受加拿大個人和商業部門的影響。營業利潤為 6,700 萬美元，季減 3.28 億美元。這一下降反映了本季政策和貿易不確定性的減少。請翻到第 22 張投影片。

The allowance for credit losses was $9.7 billion, an increase of $116 million quarter-over-quarter, reflecting additional performing reserves relating to policy and trade uncertainty and higher impaired allowance associated with a few impairments in the Wholesale Lending portfolio.

信貸損失準備金為 97 億美元，環比增加 1.16 億美元，反映了與政策和貿易不確定性相關的額外履約準備金，以及與批發貸款組合中的一些減值相關的更高減值準備金。

Now in summary, the bank exhibited continued strong credit performance this quarter evidenced by a sequential reduction in impaired PCLs. While underlying credit performance remains resilient, we've conducted a further review of our lending portfolios considering ongoing policy and trade-related risks and have added incremental reserves this quarter.

總而言之，本季該銀行信貸表現持續強勁，受損個人信貸資產連續減少就是明證。雖然基礎信貸表現依然堅挺，但考慮到持續的政策和貿易相關風險，我們對貸款組合進行了進一步審查，並在本季度增加了增量儲備。

In aggregate, our policy and trade-related reserves are now approximately $600 million, and we are prudently reserved for dynamic economic environment. While there are many potential scenarios that could play out in terms of the economic trajectory and credit performance, I expect fiscal 2025 PCL results to fall within the range of 45 basis points to 55 basis points I offered at the start of the year.

總體而言，我們的政策和貿易相關儲備現在約為 6 億美元，我們為動態的經濟環境進行了審慎的儲備。雖然經濟軌跡和信貸表現方面可能出現多種潛在情景，但我預計 2025 財年的 PCL 業績將在年初我提出的 45 個基點至 55 個基點的範圍內。

Looking forward, TD is well positioned to manage through this period of uncertainty considering our prudent provisioning, broad diversification across products and geographies, our strong capital position, and our through-the-cycle underwriting standards that have served us well through challenging conditions in the past.

展望未來，考慮到我們審慎的撥備、跨產品和跨地區的廣泛多元化、強大的資本狀況以及在過去充滿挑戰的條件下發揮了良好作用的全週期承保標準，道明銀行完全有能力度過這段不確定的時期。

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

接線員，我們現在可以開始問答環節了。

Thank you. (Operator Instructions)

謝謝。（操作員指示）

John Aiken, Jefferies.

約翰艾肯，傑富瑞。

Good morning, Leo. Thanks for the update in terms of the AML remediation, and balance sheet restructuring. A question for you, though. In your prepared commentary, you talked about the lending portfolio could grow over the next couple of years without reaching the restriction. Not putting too fine a point on this, but are we expecting to see an inflection point at some point in 2026 and actually start to see the loan balances grow in the US portfolio?

早上好，Leo。感謝您提供反洗錢整治和資產負債表重組的最新進展。不過，我想問你一個問題。在您準備好的評論中，您談到貸款組​​合在未來幾年內可能會成長而不會達到限制。對此我們無需過分強調，但我們是否預計在 2026 年的某個時候會出現一個拐點，並真正開始看到美國投資組合中的貸款餘額增長？

John, thanks for the question. Just to break it down, we did provide this disclosure. We've already reduced the overall balance sheet by about $17 billion. We've got an additional $18 billion on a spot basis that we've identified for runoff and/or selective repricing. So that will be largely the work that we'll be doing over the next few quarters into 2026.

約翰，謝謝你的提問。具體來說，我們確實提供了此披露。我們已經將整體資產負債表削減了約 170 億美元。我們還有額外的 180 億美元現貨資金，已確定用於流失和/或選擇性重新定價。所以這基本上就是我們在接下來的幾季到 2026 年要做的工作。

I would expect that you'll still see from a headline standpoint that we'll see some contraction in the book through most of 2026 with an inflection point towards the end of the year. The areas where we are experiencing really good strong growth and Kelvin highlighted some of these.

我預計，從總體來看，我們仍會看到，在 2026 年的大部分時間裡，帳面資料都會出現一定程度的收縮，並在年底出現一個拐點。我們正在經歷真正強勁成長的領域，Kelvin 強調了其中的一些。

In our bank card business, I'm really pleased we've been consistently delivering double-digit growth in terms of overall credit card proprietary growth. Likewise, we saw home equity balances grow by 9%. So solid performance there.

在我們的銀行卡業務中，我很高興我們在整體信用卡專有成長方面一直保持兩位數的成長。同樣，我們看到房屋淨值餘額增加了 9%。那裡的表現非常出色。

And even in the Commercial segment, which is given the uncertainty in the marketplace has been experiencing a bit of a wait-and-see sort of dynamic. We're seeing decent growth there. Small business was up 5%, our mid-market and specialty businesses were up 6%. So I think we're seeing the core underlying growth taking place. But to your point, we'll still have a runoff scenario for the better part of 2026 as we try to get to the fighting weight size for the US business.

即使在商業領域，由於市場的不確定性，也經歷了一種觀望的態勢。我們看到那裡出現了可觀的成長。小型企業成長了 5%，中型市場和專業業務成長了 6%。所以我認為我們正在看到核心潛在成長的發生。但正如您所說，在我們努力使美國業務達到可競爭的規模時，2026 年的大部分時間裡我們仍將面臨決勝局面。

Gabriel Dechaine, National Bank Financial.

加布里埃爾·德尚 (Gabriel Dechaine)，國家銀行金融。

Hey, good morning. First question, just to follow up on that one. So you've -- the loans you're talking about, in the US, the exits, runoffs, $17 billion to date $18 billion, thanks for that number identified for similar treatment. Is that contemplated? And is that the full program as you see it now, because there's what you do this year? And then it sounds like more beyond or beyond 2026 or whatever? Is this capturing all that outlook?

嘿，早安。第一個問題，只是為了跟進。所以你 — — 你所談論的貸款，在美國，退出、流失，到目前為止是 170 億美元，180 億美元，感謝這個數字被確定用於類似處理。這是經過考慮的嗎？這就是您現在看到的完整計劃嗎，因為這是您今年要做的事情？那麼聽起來像是在 2026 年以後或其他什麼時間？這是否捕捉了所有的觀點？

Thanks for the question, Gabe. I'd say that is the entirety of the program. That reflects not only what we announced back in October but it also includes the product of the strategic reviews that we've conducted over the past two quarters.

謝謝你的提問，Gabe。我想說這就是整個計劃。這不僅反映了我們十月份宣布的內容，還包括了我們在過去兩個季度進行的策略評估的成果。

Great. And just from a modeling standpoint, and I know these aren't all homogeneous portfolios, but when you choose to exit some ROEs, the ultimate deciding factor, but risk is another. So are these going -- in totality, are these going to cause your margins to go up or down and then your risk to go up or down? Like just the nature of these portfolios. I know the corresponding mortgage would probably be low margin, low loan loss, but maybe the rest of program has different characteristics?

偉大的。僅從建模的角度來看，我知道這些並不都是同質投資組合，但是當您選擇退出某些 ROE 時，最終的決定因素是風險，而風險是另一個因素。那麼，總的來說，這些會導致您的利潤率上升或下降，然後您的風險上升或下降嗎？就像這些投資組合的性質一樣。我知道相應的抵押貸款可能是低保證金、低貸款損失，但其餘計劃可能有不同的特點？

No, Gabe, that's exactly right. I'd say the two primary criteria. One obviously is we looked at portfolios that were not accretive to return on equity. And so making sure that the portfolio is profitable and is hurdling was criteria Number 1. Number 2 was, is it core to the franchise?

不，加布，完全正確。我認為有兩個主要標準。顯然，我們關注的是那些無法增加股本報酬率的投資組合。因此，確保投資組合獲利並且突破障礙是首要標準。第二個問題是，它是特許經營的核心嗎？

Are they -- are we lending to clients that -- where we are able to serve them completely as opposed to just a stand-alone lending relationship and all the portfolios that we've chosen as part of this exercise fall in that category.

他們——我們是否向客戶提供貸款——我們是否能夠為他們提供全面服務，而不是僅僅建立獨立的貸款關係，並且我們在本次活動中選擇的所有投資組合都屬於這一類別。

Okay. Next question is on expenses, expense management. So just so I'm crystal clear, I mean I should know this now, but the USD500 million of AML remediation costs, the direct stuff, that's in the US P&C segment, correct?

好的。下一個問題是關於費用、費用管理。所以，為了讓我清楚，我的意思是我現在應該知道這一點，但是 5 億美元的反洗錢補救成本，直接部分，是在美國 P&C 部門，對嗎？

Correct.

正確的。

My hopefully, more intelligent question is, are there additional indirect costs that are I mean, seemingly tied to this issue as well? Because in Wholesale Banking, I see good revenue growth, but then expenses were up more spend to supporting regulatory and business projects. And then in the Corporate segment, sounded like governance and control costs were noted. I'm just wondering if there's additional inflationary pressures that are starting to effect these segments.

我希望能提出更明智的問題是，是否有其他間接成本似乎也與這個問題有關？因為在批發銀行業務中，我看到了良好的收入成長，但隨後支出卻增加了，用於支援監管和業務項目的支出。然後在企業部門，聽起來好像注意到了治理和控製成本。我只是想知道是否有額外的通膨壓力開始影響這些領域。

Dave, it's Kelvin. Why don't I take that first. Yeah. So overall, the majority of the year-over-year expense growth is governance and control related. You've already know that part of that is in Leo's business, and we've also taken this opportunity to uplift or uplift our governance and control cost across the bank where we see feasible, and so maybe I'll pass it onto Ajai just to give you a few examples of those.

戴夫，我是凱爾文。我為什麼不先拿那個呢？是的。因此整體而言，大部分同比費用成長與治理和控制有關。您已經知道其中一部分屬於 Leo 的業務，我們也藉此機會在可行的情況下提升或改善整個銀行的治理和控製成本，因此也許我會將其傳遞給 Ajai，只是為了給您舉幾個例子。

And then to Tim on the investment that he's making in his business.

然後向提姆介紹他對自己業務的投資。

Yeah. So I'd say with respect to second-line risk functions that are under my purview. The main area we're investing in is AML, so not just US AML, but we're very much investing in enterprise AML as well. And as I've said on earlier calls, there are risk programs that we're investing in.

是的。所以我想說的是，關於我職權範圍內的二線風險職能。我們投資的主要領域是反洗錢，因此不僅僅是美國反洗錢，而且我們也在企業反洗錢方面進行大量投資。正如我在之前的電話會議上所說的那樣，我們正在投資風險項目。

A good example of that is fraud. Another good example is Cyber. Compliance is the third example I would share with you. So we are investing in other risk programs as well.

詐欺就是一個很好的例子。另一個很好的例子是網路。合規性是我要與大家分享的第三個例子。因此我們也在投資其他風險項目。

Okay. And Gabe, from a wholesale perspective, you mentioned the revenue. We are aggressively scaling our wholesale business. So as you've seen, in this quarter, we did $2 billion of revenue. And the way I would describe that, we essentially matched Q2 in revenue, which included the $184 million from Schwab that we disclosed. So that involves investment across global markets, capital markets as well as investment banking.

好的。加布，從批發的角度來看，您提到了收入。我們正在積極擴大我們的批發業務。正如您所看到的，本季我們的收入為 20 億美元。根據我的說法，我們的營收基本上與第二季持平，其中包括我們披露的來自嘉信理財的 1.84 億美元。因此，這涉及全球市場、資本市場以及投資銀行的投資。

But to follow on Ajai's point, we also need to make foundational investment in our risk and control platform to allow us to scale within risk appetite and properly manage our risk. But I think we are well on track with our stated goals and the results are showing that our strategy has played out.

但按照阿賈伊的觀點，我們也需要對我們的風險和控制平台進行基礎投資，以便我們能夠在風險偏好範圍內擴大規模並妥善管理我們的風險。但我認為，我們正在順利實現既定目標，結果顯示我們的策略已經發揮了作用。

I'm sure we'll dive into that in greater detail on the September -- in a month or so. Last one, buyback, the pace -- I mean, I know there's the number of shares and the dollar amount the stock price has gone up since you announced the buyback program. So -- but if I look at the number of shares, it was [30-some-odd million] in the last quarter, 15-or-so this quarter, unless I'm mistaken. Are you committed to the full USD8 billion amount?

我相信我們將在九月——大約一個月後——更詳細地探討這個問題。最後一個問題，回購的步伐——我的意思是，我知道自從你們宣布回購計劃以來，股票數量和股價上漲的金額。所以——但如果我看一下股票數量，上個季度是 [3000 多萬股]，本季是 1500 萬股左右，除非我記錯了。您是否承諾全額支付 80 億美元？

Thanks for the question, Gabe. It's Ray. And yes, the simple answer is yes. We are still looking to deploy about $8 billion from the Schwab sale proceeds for our current NCIB. And as you said, I mean we did -- we've made good progress this quarter.

謝謝你的提問，Gabe。是雷。是的，簡單的答案是肯定的。我們仍希望從嘉信理財出售所得中撥出約 80 億美元用於我們目前的 NCIB。正如您所說，我們確實在本季度取得了良好的進展。

We bought back 16 million shares. We're at about 46 million shares that we bought back since we announced the program of $4 billion to quarter end. And we'd just note that the pace of the buyback will depend on some of the market conditions. And as you saw and noted, we accelerated some of that re-purchase in Q2 when we saw the share price dip. But we are committed to completing the $8 billion buyback that we announced.

我們回購了1600萬股。自從我們宣佈到本季末 40 億美元的計畫以來，我們已經回購了大約 4,600 萬股股票。我們只是注意到回購的速度將取決於一些市場條件。正如您所看到和注意到的，當我們看到股價下跌時，我們在第二季加速了部分回購。但我們致力於完成我們宣布的 80 億美元回購計畫。

Matthew Lee, Canaccord Genuity.

Canaccord Genuity 的 Matthew Lee。

Hey, thanks for being my question. Maybe just on the capital market side, activity finally seems to be picking up on the C&IB front. How did the addition of an integration of Cowen improved your approach to winning investment banking mandates, particularly in the US? And then should we expect capital markets to be a bigger growth driver for you this cycle than maybe how TD has looked in the past?

嘿，謝謝你問我這個問題。或許僅在資本市場方面，C&IB 方面的活動似乎終於開始活躍起來。收購 Cowen 如何改善你們贏得投資銀行業務授權的方法，尤其是在美國？那麼，我們是否應該預期資本市場在本週期中會成為您公司比過去 TD 更大的成長動力？

Thanks very much for the question. I would just say you should absolutely expect continued growth in capital markets. To give you a longer-term view of revenue, I'll just take back to fiscal 2022. So that was the last full fiscal year prior to the TD Cowen acquisition, where we were doing on a quarterly basis, about $1.2 billion of revenue. In Q4, we guided to an expectation that we could take that to $1.8 billion per quarter in this fiscal year.

非常感謝您的提問。我只想說，你絕對應該期待資本市場繼續成長。為了讓您對收入有更長遠的了解，我將回顧 2022 財年。那是 TD Cowen 收購前的最後一個完整財年，我們每季的營收約為 12 億美元。在第四季度，我們預計本財年每季的銷售額可以達到 18 億美元。

And quarter-to-date, as you've seen, we're actually coming in at $2 billion. And I would say, much like you've seen from other banks, over the course of the last few months, the first half of the year was about monetizing volatility, which I think we did very well. But as we look at Q3, we've had a meaningful pickup in CIB.

如您所見，本季度迄今為止，我們的收入實際上已達到 20 億美元。我想說的是，就像你從其他銀行看到的那樣，在過去的幾個月裡，今年上半年我們主要致力於將波動性貨幣化，我認為我們做得很好。但當我們回顧第三季時，我們發現 CIB 出現了顯著回升。

And within that, you would have obviously advisory equity capital markets for us specifically is a much bigger contributor and a lot of that is just as a result of the mix and being more exposed to US equity capital markets that we also saw leverage finance pickup.

在這其中，顯然諮詢類股權資本市場對我們來說貢獻更大，這很大程度上是由於混合和更多地接觸美國股權資本市場，我們也看到了槓桿融資的回升。

So overall, as I said earlier, we are seeing the benefits of the broader platform and continuing to scale and invest to become a top-10 North American dealer.

所以總的來說，正如我之前所說，我們看到了更廣泛平台的好處，並將繼續擴大規模和投資，以成為北美十大經銷商之一。

All right. And as a follow-up, any industries in particular, are you starting to see some excitement in terms of equity in advisory?

好的。作為後續問題，特別是對於任何行業，您是否開始看到諮詢股權方面的一些興奮？

It's actually fairly broad-based. So I would call out our biotech franchise has been a big contributor, our energy infrastructure, communication, media, telecom. So I would really suggest to you that the shape of this quarter is very well diversified.

它實際上具有相當廣泛的基礎。所以我想說，我們的生物技術特許經營對我們的能源基礎設施、通訊、媒體、電信做出了巨大貢獻。因此，我真的想告訴大家，本季的形態非常多元。

And even although we had outsized global markets activity in the first half when you normalize for Schwab, the sequential revenue on the market side was actually fairly flat but the meaningful delta, again, was in advisory and capital markets and fairly well diversified, which obviously is encouraging for us.

儘管我們上半年在全球市場的活動規模非常大，但當你對嘉信理財進行正常化時，市場方面的連續收入實際上相當平穩，但有意義的增量再次出現在諮詢和資本市場，並且相當多樣化，這顯然對我們來說是令人鼓舞的。

Thank you. Ebrahim Poonawal, Bank of America.

謝謝。美國銀行的 Ebrahim Poonawal。

Hey, good morning. I guess, just a few questions around expenses. And maybe, Leo, with you on the US side. Just making sure I'm hearing you correctly, there's another, I guess, $18 billion of loans that are going to run off next year. Expense growth is going to be mid-single digits in the US segment.

嘿，早安。我想，只是一些關於費用的問題。也許，Leo，你站在美國這邊。只是為了確保我聽得正確，我猜還有另外 180 億美元的貸款將於明年到期。美國地區的支出成長率將達到中等個位數。

All of that obviously speaks to some version of negative operating leverage in that business for next year as well. And sorry if I missed it, but remind us, I feel like the control costs, AML costs were in the run rate this year. So when you think about just the drivers of expense growth relative to kind of the balance sheet runoff that's taking place, how do we think about that in terms of just the US segment profitability looking out next year?

所有這些顯然都表明該業務明年將出現某種形式的負經營槓桿。如果我錯過了，我很抱歉，但提醒我們，我覺得控製成本、反洗錢成本在今年的運行率中。因此，當您考慮與正在發生的資產負債表縮減相關的費用成長驅動因素時，我們如何從明年美國分部獲利能力的角度來看待這個問題？

Yeah. Ebrahim, good to hear from you. Maybe if I could just frame first expenses, and then I'll come back to sort of overall profitability. From an expense standpoint, as Kelvin guided, we are confident with our spend pattern against the AML program. So we will come in at the $0.5 billion number for the 2025 year.

是的。易卜拉欣，很高興收到你的來信。也許如果我可以先確定費用，然後再考慮整體獲利能力。從費用的角度來看，正如 Kelvin 所指導的，我們對反洗錢計畫的支出模式充滿信心。因此，到 2025 年，我們的收入將達到 5 億美元。

And we believe that, that number will look similar in 2026. So I think we've got some degree of consistency there. I think from an expense standpoint, I would expect the fourth quarter just in terms of where we'll land, to be somewhat similar in terms of the absolute level of expense that we saw in the third quarter, and that reflects the slightly higher AML spend pattern just in terms of the calendarization from the first half of the year to the second half of the year, and that number, obviously, in any one given quarter could bump around.

我們相信，到 2026 年，這個數字將會相似。所以我認為我們在這方面已經達到了一定程度的一致性。我認為從費用的角度來看，我預計第四季度的絕對費用水平與第三季度的水平將有些相似，這反映了從上半年到下半年的反洗錢支出模式略有提高，而且顯然任何一個季度的數字都可能出現波動。

I think the piece that we did share with you is that we are guiding to a mid-single-digit expense growth for 2026. And what that reflects is that while we still will have elevated remediation expenses, somewhat in line with what we've seen in 2025, you'll start seeing the benefit of the productivity efforts that we've announced in previous calls, and just the deliberateness around the choices that we're making. Productivity is important because we want to continue to not only remediate but also invest in the franchise in those areas that we think have significant growth.

我認為我們確實與你們分享的是，我們預計 2026 年的支出成長率將達到中等個位數。這反映出，雖然我們的補救費用仍將增加，與 2025 年的情況大致相同，但您將開始看到我們在先前的電話會議中宣布的生產力努力帶來的好處，以及我們所做的選擇的深思熟慮。生產力很重要，因為我們不僅想繼續補救，而且還要在我們認為有顯著成長的領域投資特許經營權。

To your point, with regards to overall profitability, we still believe that between the work that we've done on the bond repositioning, the tractor on rate versus off-rate profile, the work that we've done to reduce excess liquidity, notwithstanding that we're going to have some headwinds related to the runoff of the $18 billion that we'll still have a strong revenue dynamic in 2026.

正如您所說，就整體盈利能力而言，我們仍然相信，透過我們在債券重新定位、拖拉機利率與利率外分佈方面所做的工作以及我們為減少過剩流動性所做的工作，儘管我們將面臨與 180 億美元流失相關的一些阻力，但我們在 2026 年仍將擁有強勁的收入動力。

And that, coupled with the disciplined profile and expenses would lead us to a year of [NII] growth, and we'll provide a little bit more texture and guidance during the Investor Day call in late September. But long-winded way of saying, I'm still constructive with regards to the outlook for 2026.

再加上嚴格的概況和費用，我們將實現一年的 [NII] 成長，我們將在 9 月底的投資者日電話會議上提供更多資訊和指導。但長話短說，我對 2026 年的前景仍然持建設性態度。

That's helpful, Leo. And I think if I heard correctly, you said you expect to have all the work done by the end of the year as far as the AML mediation stuff is concerned? And if that is, in fact, the case, my understanding of kind of how the US regulators work is you've got sort of products lined up. They may observe this for 1-year or 2-years, 3-years, whatever it is.

這很有幫助，Leo。我想如果我沒聽錯的話，您說過您希望在今年年底前完成反洗錢調解的所有工作？如果事實確實如此，我對美國監管機構運作方式的理解是，你已經準備好了各種產品。他們可能會觀察 1 年、2 年、3 年，無論多久。

But if you are done by the end of the year and if there's no breakage over the next year or 2, is it -- I'm just wondering the time line that you had initially put out going to '28. Is there -- how do you think about -- or how should we think about the removal of that asset cap during that process once things are done and the subsequent 12- to 24-months? Like if you could share your perspective on how shareholders to think about that.

但是，如果您在年底前完成，並且如果在接下來的一兩年內沒有任何突破，那麼 - 我只是想知道您最初提出的到 28 年的時間表。您如何看待——或者我們應該如何考慮在事情完成後以及隨後的 12 到 24 個月內取消資產上限？例如，您是否可以分享一下您對股東如何看待這個問題的看法。

Yeah. So what I would say Ebrahim, let's just be a little bit more precise. And what we've said is that we think that the majority of our management actions, which is the first stage of the remediation effort. In other words, that -- that we can control. So the design of our programs, the documentation of the policies, the implementation of critical process, changes, the data, the systems, those things that are foundational to a good program. We believe the majority will be completed by the end of 2025. But I've been very clear that some longer-tail items do stretch into 2026 and 2027. So the program doesn't entirely complete in 2025.

是的。所以我想對易卜拉欣說的是，讓我們說得更精確一點。我們所說的是，我們認為我們大部分的管理行動是補救工作的第一階段。換句話說，那是我們可以控制的。因此，我們的程序的設計、政策的文件、關鍵流程的實施、變更、數據、系統，這些都是良好程序的基礎。我們相信大部分工程將於 2025 年底完成。但我已經非常明確地表示，有些長尾計畫確實會延續到 2026 年和 2027 年。因此該計劃無法在 2025 年完全完成。

I'd say the other that I would clarify is once we complete a management action, there's a number of stages that we will still be subjected to. Internally, within the bank, we have an internal challenge process that both the first and second line, we'll conduct. Then we subject all of our programs to internal, audit validation process. The monitor will provide their governance oversight. And then finally, the regulator will look for a period of sustainability to make sure that the program is, in fact, living up to expectations.

我想澄清的另一點是，一旦我們完成管理行動，我們仍將經歷許多階段。在銀行內部，我們有一個內部挑戰流程，我們將在第一線和第二線進行。然後，我們對所有程序進行內部稽核驗證流程。監察員將對其治理進行監督。最後，監管機構將尋找一段可持續的時間，以確保該計劃確實達到了預期。

So I think what we can control, I feel quite comfortable with the progress we're making on the actual remediation plan. But I just want to be a little careful about the timing as to an assay cap or any we really don't control those items. What we want to do is make sure that we build a very strong program as quickly and as comprehensively as possible.

所以我認為我們能夠控制一切，我對我們在實際補救計劃上的進展感到非常滿意。但我只是想對測定上限的時間或任何我們實際上無法控制的物品稍微小心一點。我們想要做的是確保盡可能快速、全面地建立一個非常強大的程式。

Sohrab Movahedi, BMO Capital Markets.

Sohrab Movahedi，BMO 資本市場。

Okay, thank you. I wonder if I could just ask Tim a little bit more on Wholesale Bank. I think you mentioned, Tim, that there are some investments that are taking place to accommodate a top-10 type, I suppose, aspiration in North America. I see a big increase in, for example, full-time equivalent or employee count. Some of it, I suppose, is seasonal.

好的，謝謝。我想知道我是否可以問蒂姆多一些有關批發銀行的問題。提姆，我想你提到過，正在進行一些投資，我想是為了實現北美前十名的願望。例如，我看到全職當量或員工數量大幅增加。我想，其中一些是季節性的。

But can I get a sense of as you think about whether you're trying to go, how much more investing and spending needs to take place? And when do we expect to see the fruits of that, so to speak, on a sustained basis?

但是，我能否了解一下，當您考慮是否要這樣做時，需要進行多少投資和支出？那麼，我們什麼時候才能看到這種努力持續的成果呢？

Yeah. So I would say thanks very much for the question. I would say with regard to FTEs, that is absolutely seasonal. So as you look out over the next year-over-year or over the medium term, we don't expect a material increase in our complement of FTEs, and I would say, just generally, we'll be able to share more color in terms of the shape of the investment profile at the Investor Day. But you're really seeing all elements of expense hitting in the current year.

是的。所以我非常感謝你提出這個問題。我想說，就全職當量 (FTE) 而言，這絕對是季節性的。因此，展望未來一年或中期，我們預計全職員工數量不會大幅增加，而且我想說，總的來說，我們將能夠在投資者日分享更多關於投資概況的資訊。但你確實看到今年所有支出因素都出現了衝擊。

And so to give you tangible examples, our convertible platform didn't exist 1-year ago and is a meaningful contributor to the league table rankings that you're seeing in equity and equity linked that requires investment. We've been quite open that we are expanding our US Prime business. You're seeing growth in Prime overall, 20% plus, but more to come as we roll out incremental strategies. So that's hitting.

為了給您一個具體的例子，我們的可轉換平台一年前還不存在，並且對您在需要投資的股票和股票掛鉤產品中看到的排行榜做出了有意義的貢獻。我們一直非常公開地表示，我們正在擴大我們的美國 Prime 業務。您會看到 Prime 會員的整體成長速度超過 20%，但隨著我們推出漸進策略，成長速度還會更快。這就是打擊。

The employees that we've added, which again, I would say, on a net-basis, are neutral, our subject matter expertise and leaders in their field. But as you know, there's a Ajai curve there. And then finally, all of this has to happen within our risk appetite. And so there's a material investment in our risk and control platform, and we're a year into a 2- or 3-year program on upfront. So essentially, over the medium term, as revenue growth continues and those expenses normalize, I'm confident that we'll hit our targets that we'll speak more about next month.

我想再次強調，我們新增的員工在淨基礎上是中立的，他們是我們的專業知識和各自領域的領導者。但正如你所知，那裡有一條阿賈伊曲線。最後，所有這一切都必須在我們的風險偏好範圍內發生。因此，我們在風險和控制平台上進行了大量的投資，並且我們已經開始實施為期 2 年或 3 年的預付計劃。因此，從本質上講，從中期來看，隨著收入持續成長和支出正常化，我相信我們將實現我們的目標，下個月我們將詳細討論這一點。

Okay, Tim, and I appreciate that. And I'm sure you're going to give us more details, I guess, next month, but I guess, worth to try. As you go, as you make this progress towards your, let's call it, 3-year plan, is there an anticipation that your risk-weighted assets here should then continue to grow at some sort of a rate? And what sort of an ROE target do they have on your back?

好的，提姆，我很感激。我相信下個月你會給我們更多細節，但我想值得一試。隨著您朝著所謂的三年計劃不斷前進，您是否預期您的風險加權資產將繼續以某種速度增長？他們為你設定了什麼樣的交戰規則目標？

Yeah. So maybe I would take you back to pre Cowen acquisition because obviously prior to this substantial investment. We were generating 13% ROE and efficiency ratios in the low 60s. So this is how we run the business. But as you will know, generally, it takes 3- to 5-years to build a world-class platform, and that's what we're doing.

是的。因此，也許我應該帶您回顧 Cowen 收購之前的情況，因為顯然這是在這筆巨額投資之前。我們的 ROE 達到了 13%，效率比率也達到了 60% 出頭。這就是我們經營業務的方式。但如你所知，一般來說，建立一個世界級的平台需要3到5年的時間，而這正是我們正在做的事情。

With regard to risk-weighted assets, a big part of our objective is around the denominator and how we're managing capital. So the first part of that process is to make sure you have the right tools to deepen your client relationships and drive RAROC with your clients. The second part is delivering, which I think we're doing. But to be clear, we have an exercise that basically looks at the loan book. and looks for opportunity to upscale and go deeper and reallocate where necessary now that we have a platform in place to monetize more effectively against that loan book or RWA.

對於風險加權資產，我們的目標很大一部分在於分母以及我們如何管理資本。因此，流程的第一步是確保您擁有正確的工具來加深客戶關係並推動與客戶的 RAROC。第二部分是交付，我認為我們正在這樣做。但需要明確的是，我們的工作基本上是查看貸款帳簿，並尋找機會進行擴大和深入，並在必要時進行重新分配，因為我們現在已經有一個平台可以更有效地利用貸款帳簿或 RWA 實現貨幣化。

Doug Young, Desjardin Capital Markets.

道格楊 (Doug Young)，Desjardin 資本市場。

Hi, good morning. I guess, it's for Ajai, two kind of things of credit, higher gross impaired loan formations in US. Commercial. I think you talked about, then in the US, there's a release of performing loan allowances. And so I'm just trying to connect to and maybe walk through where the release came from?

嗨，早安。我想，對於 Ajai 來說，有兩種信貸情況，美國的不良貸款總額較高。商業的。我想您已經談過，在美國，有發放貸款準備金的政策。因此，我只是想嘗試連接並了解發布來自哪裡？

And then if you can I think you said about $600 million of expert credit judgment. I think it's in your performing loan allowances related to risks around trade policies. Can you put a little more meat around that? Like was that zero last year? How has that evolved?

然後，如果可以的話，我想您說的是大約 6 億美元的專家信用判斷。我認為這與貿易政策風險相關的貸款準備金有關。能加多一點肉嗎？就像去年是零一樣嗎？這是如何演變的？

And then I have a follow-up.

然後我有一個後續問題。

Yeah. So in the multiple parts to your question. So let me try to answer each one of them. You mentioned higher jills And yes, we saw higher jills. Some of it came from wholesale and some from the US. In wholesale, there were really four borrowers.

是的。因此您的問題包含多個部分。因此，讓我嘗試回答每一個問題。您提到了更高的 jills，是的，我們看到了更高的 jills。其中一些來自批發，一些來自美國。在批發業務中，實際上有四個借款人。

One was in telecom and cable, two in professional and other and one in transportation. There were a few impairments on the US Commercial book. Three of them were [cree], and I would call those pretty much expected. And there was one in C&I in the industrial construction and trade contractor space.

一個從事電信和有線電視行業，兩個從事專業和其他行業，一個從事運輸行業。美國商業帳簿上存在一些損失。其中三人是克里族人，我認為這是意料之中的事。在工業建築和貿易承包商領域的 C&I 中也有一個。

I don't necessarily view this as a trend, but you're right in pointing out the numbers jills, the numbers did go up. If I look at US impaired PCLs. US impaired PCLs went up because of these impairments and the related reserves. And then you're correct in pointing out that on a performing basis, performing PCLs in the US.

我不一定將此視為一種趨勢，但你正確地指出了這些數字，吉爾斯，這些數字確實上升了。如果我看一下美國受損的 PCL。由於這些減損及相關準備金，美國受損個人信用損失增加。然後你正確地指出，從表現來看，美國的 PCL 表現良好。

came down and there was, I would call it, a small release. And the main driver of that small release was the macro -- change in the macro environment in the United States. And my final comment on that would be that I have seen this variation quarter-over-quarter. And it's not every quarter that the impairs in the segments would move in the same line. So it's not an unexpected event from my perspective.

下來了，我稱之為一次小小的釋放。此次小規模釋放的主要驅動力是美國宏觀環境的變化。我對此的最後評論是，我看到了這種季度環比變化。並且，各部門的損失並不是每季都會出現相同的變化。所以從我的角度來看這並不是什麼意外事件。

And let me turn to the $600 million. So we've actually built $600 million over three quarters, okay. We started building in Q1 when we had a big build in Q2. What we did this quarter was we actually went and refreshed all the work we did last quarter and went deep into understanding the borrowers that were most sensitive to tariffs. And when we did this work, so that's non-retail, when we did this work, we looked at the potential impact on their financials, whether it was revenue or cost of goods sold.

讓我來談談這 6 億美元。所以我們實際上已經在三個季度內累積了 6 億美元，好的。我們在第一季就開始建設，而在第二季則進行了大規模建設。我們本季所做的實際上是回顧了上個季度所做的所有工作，並深入了解了對關稅最敏感的借款人。當我們做這項工作時，那是非零售的，當我們做這項工作時，我們會考慮對其財務狀況的潛在影響，無論是收入還是銷售成本。

That gave us an idea of what potential migration should occur. Could it be one notch could it be two notches? And we use that potential migration to determine what the allowance would be -- and this quarter, because that number was slightly higher, we took a little more against business and government lending.

這讓我們了解了可能發生的遷移。它可能是一個缺口，也可能是兩個缺口嗎？我們利用這種潛在的遷移來確定津貼額度——本季度，由於這個數字略高，我們對商業和政府貸款的津貼額度略有增加。

What we've also done is we've been looking at the consumer portfolios over these three quarters. We're looking at the potential impact of inflation and higher rates on consumers. So this quarter, we actually added a little bit for the consumer books as well. So if I take that total $600 million approximately $410 million in business and government and $190 million is for the consumer sector. So again, I'll just end by saying I'm very comfortable with where we are at.

我們也一直在關注這三個季度的消費者投資組合。我們正在研究通貨膨脹和利率上升對消費者的潛在影響。因此本季我們實際上也為消費者書籍增加了一些內容。因此，如果我將總額定為 6 億美元，那麼其中約 4.1 億美元用於商業和政府，1.9 億美元用於消費領域。所以，最後我想說的是，我對我們目前的狀況感到非常滿意。

We've done a lot of work to determine what the overlay should be. I think you know this uncertainty still exists. It's going to continue for a while, but I feel we're well positioned. We're sitting at 103 bps reserves, and I'll leave it at that.

我們做了很多工作來確定覆蓋應該是什麼。我想你知道這種不確定性仍然存在。這種情況還會持續一段時間，但我覺得我們已經做好準備。我們的儲備水準是 103 個基點，我就不多說了。

And so just to follow up on that, the $600 million and the $410 million. How much of that is Canada, how much is -- I would assume most of this is Canada, but --

因此，為了跟進這一點，讓我們來看看 6 億美元和 4.1 億美元。其中有多少是加拿大的，有多少是──我猜大部分是加拿大的，但是--

Yeah, we haven't disclosed that, but I can tell you a fair bit is Canadian, and the balance is -- there is some for US retail, and there's some for wholesale.

是的，我們還沒有透露這一點，但我可以告訴你，相當一部分是加拿大的，其餘的是——一部分是美國零售，一部分是批發。

And then just in a real life example, like what is that $600 million. So if we had a breakdown in USMCA. Like that is what this is there for doesn't cover, obviously, everything that would happen, but it provides you a cushion in anticipation of that? Is that how to think of that $600 million?

然後舉一個現實生活中的例子，那 6 億美元是什麼？所以如果 USMCA 出現問題。就像它存在的目的一樣，顯然它並不涵蓋所有可能發生的事情，但它為你提供了預期的緩衝？難道這就是那 6 億美元的意義嗎？

This is -- we've made certain tariff assumptions for Canada and the United States. This is really taking those tariff functions and running it through our portfolio to determine what incremental migration or results would be required.

這是——我們對加拿大和美國做出了某些關稅假設。這實際上是採用這些關稅功能並透過我們的投資組合運作來確定需要哪些增量遷移或結果。

Now I want to be very clear that we've made certain assumptions. To the extent the tariffs turn out to be higher than the assumptions we've made, that means we have to build more reserves to the extent that tariffs turn out to be lower than what we've assumed, that means we would be releasing. And to the extent that tariffs are as assumed, then as that book migrates, we built the reserves. We're going to draw down on those reserves.

現在我想非常清楚地表明我們已經做出了某些假設。如果關稅結果高於我們的假設，那就意味著我們必須建立更多的儲備；如果關稅結果低於我們的假設，那就意味著我們將釋放更多的儲備。如果關稅是按照假設的水平計算，那麼隨著帳簿的遷移，我們就建立了儲備。我們將動用這些儲備。

Yeah. And then just second, Leo, you talked about ROE improvement in the US I guess it's kind of -- there's two parts of the equation. Obviously, the numerator and the denominator. How much of this is driven numerator versus denominator. And then can you give kind of context to where you started and where you think you can get to with that US, ROE?

是的。其次，Leo，您談到了美國的 ROE 改善，我想這有點像——這個等式有兩個部分。顯然，分子和分母。其中有多少是由分子和分母決定的。然後，您能否介紹一下您的出發點以及您認為透過美國 ROE 可以達到什麼目的？

Well, Doug, thanks for the question. I we will be providing more clarity with regards to return on equity target at the Investor Day. So I won't front run that discussion at this point. But it's been a combination of both, right? So if you look at -- we are clearly contracting portions of the portfolio that we believe are not accretive to our return on equity profile.

好吧，道格，謝謝你的提問。我們將在投資人日上更清楚說明股本報酬率目標。因此我現在不會搶先討論這個話題。但這是兩者的結合，對嗎？所以如果你看一下——我們顯然正在收縮我們認為不會增加我們的股本回報率的投資組合部分。

But the reality is a lot of the benefit because that RWA reduction is still funneling through the balance sheet. So where you're seeing the improvement right now has been the improvement in overall operating results. We've had three sequential quarters of NIAT growth from fourth quarter of last year at present. And that has allowed us to be able to post cumulatively 140 basis points worth of improvement when you exclude Schwab.

但實際情況是，許多好處是由於風險加權資產的減少仍然透過資產負債表體現出來。所以您現在看到的改善就是整體經營績效的改善。從去年第四季到目前，我們的 NIAT 已連續三個季度實現成長。如果排除嘉信理財，我們就能累積實現 140 個基點的改善。

So I think we're executing as expected at this point. I hope that you also appreciate the fact that you're beginning to get a sense based on the performance that we posted this quarter at $695 million in earnings. What the outlook could look like for 2026 as well. So I think right now, it's been an earnings story with aided by the fact that we are selectively making some changes on the balance sheet side, you'll see more of that balance sheet impact next year as we complete the overall US balance sheet restructuring.

所以我認為我們目前的執行情況符合預期。我希望你們也能意識到，根據我們本季公佈的業績，你們開始意識到我們獲利 6.95 億美元。2026 年的前景又會如何呢？因此我認為，目前這是一個獲利故事，借助於我們在資產負債表方面選擇性地做出的一些改變，隨著我們完成美國整體資產負債表重組，明年你會看到更多的資產負債表影響。

Shalabh Garg, Veritas Investment Research.

Shalabh Garg，Veritas 投資研究部。

Good morning and thank you for taking my question. I'm referring to Slide 42. Now there was a sharp year-over-year improvement in the canadian commercial credit performance, whereas US was a bit elevated. Now when I look at the size of the loan portfolios, they look pretty similar in terms of size and mix. Now does this highlight a difference in underwriting standards? Or is it more of a function of balance sheet positioning in the US and the relative size in the two countries?

早上好，感謝您回答我的問題。我指的是幻燈片 42。目前，加拿大商業信用表現較去年同期大幅改善，而美國則略有上升。現在，當我查看貸款組合的規模時，它們在規模和組合方面看起來非常相似。這是否凸顯了承保標準的差異？或者這更多的是美國資產負債表定位和兩國相對規模的函數？

Yeah. So let me -- it's Ajai. So let me explain the difference between what happened with Canadian P&C. And in US Retail. And I wouldn't call it a difference in underwriting standards. The underwriting standards are pretty consistent across the board. And underwriting standards are not something that we change. So the underwriting standards are consistent.

是的。那麼讓我—我是 Ajai。那麼讓我來解釋一下加拿大 P&C 所發生的事情之間的差異。以及美國零售業。我不會稱之為承保標準的差異。承保標準大致上相當一致。承保標準不是我們可以改變的。所以承保標準是一致的。

What you see on Canadian P&C is you see the numbers are down $159 million. Impairs are down 52% and performing is down 107%. US retail is also down. So directionally, PCLs are it's the same. Okay. But performing is down $149 million in the US. The divergence has come from impaired. Okay. And impaired PCL is slightly up.

您在加拿大財產和意外保險方面看到的數字是下降了 1.59 億美元。減損損失下降了 52%，表現下降了 107%。美國零售業也出現下滑。因此從方向上看，PCL 是相同的。好的。但在美國，演出票房卻下降了 1.49 億美元。分歧來自於受損。好的。受損的 PCL 略有增加。

It's up $21 million. And the reason impaired PCL is up is we did see some impairments. As I mentioned, there were three in cree, one in office, one in retail, on multifamily, and then there was one in C&I. So again, I'd say the results are generally consistent. I won't call the underwriting standards different.

上漲了 2100 萬美元。PCL 受損的原因是我們確實看到了一些損害。正如我所提到的，cree 中有三個，辦公室中有一個，零售中有一個，多戶住宅中有一個，然後 C&I 中有一個。因此，我再次強調，結果總體上是一致的。我不會說承保標準不同。

But -- in any given quarter, you can see some variation across products, across segments. And in factory, I think I've said on previous calls, this whole cree situation in the US is still playing out, and we're very well reserved for that situation. So I'll leave it at that.

但是——在任何一個季度，你都可以看到不同產品、不同細分市場之間的差異。在工廠裡，我想我在之前的電話中已經說過，美國的整個克里族局勢仍在發展，我們對這種情況非常謹慎。所以我不再談論這個了。

Paul Holden, CBIC.

保羅·霍爾頓，CBIC。

Hi, thank you. Good morning. I'll try to keep it quick in the interest of time. So a question for Sona. So kind of a two part question, but trying to get to the major point, which is sort of maybe NII outlook on Canadian P&C banking. So if I look at loan growth in the quarter, I see residential mortgage is down a bit, but strong growth in what I think are higher-margin products, HELOC, cards. So maybe you can talk through that a bit in terms of the outlook and why residential mortgage is down in the quarter, but good growth on the other side?

你好，謝謝。早安.為了節省時間，我會盡量簡短地講解。所以我想問 Sona。所以這個問題分為兩部分，但試圖找到主要觀點，即 NII 對加拿大財產和意外傷害銀行業務的展望。因此，如果我看一下本季的貸款成長情況，我會發現住宅抵押貸款略有下降，但我認為利潤率較高的產品、HELOC 和信用卡成長強勁。那麼，您能否從前景角度稍微談一談為什麼本季住宅抵押貸款下降，但另一方面卻成長良好？

And then the second part of the question is really on deposit mix. I know in the past quarter, you've talked about benefit of GICs going off and demand deposits growing. Is that ongoing? And do you expect it to be ongoing? And then again, that really leads to like sort of what's the NIM and NII outlook for the segment?

問題的第二部分實際上是關於存款組合。我知道在過去的一個季度，您談到了 GIC 的消失和活期存款成長帶來的好處。這還在持續嗎？您預計這種情況會持續下去嗎？那麼，這實際上會引出一個問題：該部門的 NIM 和 NII 前景如何？

Thank you.

謝謝。

Sure. Thanks, Paul. So first, maybe on the loan side of the business. We've seen actually we're quite pleased with the quarter. We've seen strong sequential momentum in the RESL business, and I'm speaking here, Paul, to the aggregate of both mortgage and HELOC.

當然。謝謝，保羅。首先，也許是在業務的貸款方面。事實上，我們對本季的表現非常滿意。我們看到 RESL 業務連續呈現強勁勢頭，保羅，我在這裡講的是抵押貸款和 HELOC 的總和。

So on an average basis, it's up 1% quarter-over-quarter and better than that on a sport basis. So we are seeing good growth both in that line as well as in the credit card business. So we've seen strong 7% year-over-year growth in the credit card business.

因此，平均而言，它比上一季增長了 1%，並且比體育項目的增長還要好。因此，我們看到該業務以及信用卡業務都實現了良好的成長。因此，我們看到信用卡業務年增 7%。

As I look at NIM and NII, obviously, there's a number of factors there, broadly, influencing both NIM and NII, things from tractors, which obviously confer a lot of stability, to our large core deposit business as well as product mix and balance sheet mix. So in the quarter, in particular, I think we have benefited from favorable deposit margins, including a mix impact.

當我觀察 NIM 和 NII 時，顯然，有許多因素廣泛地影響 NIM 和 NII，從拖拉機（顯然賦予了我們很大的穩定性）到我們的大型核心存款業務以及產品組合和資產負債表組合。因此，特別是在本季度，我認為我們受益於有利的存款利潤率，包括混合影響。

On the RESL side of the business, coupled with the sequential growth, we saw a good margin expansion. So we saw both quarter-over-quarter and year-over-year, better margins, both on originations as well as the portfolio. So kind of a (inaudible) for RESL. And then the credit card business obviously is healthy from an NII NIM perspective. So that may be the first part of the question. Hopefully, I've answered that for you.

在 RESL 業務方面，加上連續的成長，我們看到了良好的利潤率擴張。因此，我們看到，無論是季度環比還是年度環比，無論是發起業務還是投資組合，利潤率都有所提高。所以對於 RESL 來說有點像 (聽不清楚)。從 NII NIM 角度來看，信用卡業務顯然是健康的。這可能是問題的第一部分。希望我已經為您解答了這個問題。

On the deposit side of the business, although I would say a strong quarter. So we've led both over year and quarter-over-quarter in personal deposits growth. And what we're seeing is a good growth shift positively to demand deposits. So that is also a positive momentum. So I think a number of factors coming together. We continue to guide to a relatively stable NIM into Q4. But we're pleased overall with a strong exit in Q3 with good momentum.

就存款業務而言，我認為本季業績表現強勁。因此，我們的個人存款年增和環比成長均處於領先地位。我們看到的是活期存款正呈現正向的成長態勢。所以這也是一個積極的勢頭。所以我認為有很多因素共同作用。我們將繼續引導第四季的淨利息收益率 (NIM) 保持相對穩定。但總體而言，我們對第三季的強勁表現和良好勢頭感到滿意。

Okay. And I guess really where I'm going with that is I get the guidance is stable. But if I put all everything together, it certainly benefited the quarter and would that suggest to me it probably benefit Q4, but you're guiding to stable. So are you just being conservative in that guidance? Or do you expect a change in trend?Again, just trying to square everything up here.

好的。我想，我真正要去的地方是，我得到的指導是穩定的。但是如果我把所有因素綜合起來，它肯定會使本季受益，這是否意味著它可能會使第四季度受益，但您指導的是穩定。那麼，您在指導方面只是持保守態度嗎？或者你預期趨勢會改變？只是想把這裡的一切理順。

Yeah. No, I think the guidance is sound, Paul. I think there's a number of factors. And so it's obviously a growth business. There's a lot of mix impacts and then the one piece that we hadn't spoken about like balance sheet mix also comes into play. So I think our guidance is the right one.

是的。不，我認為指導是合理的，保羅。我認為有很多因素。所以這顯然是一個成長型業務。有很多混合影響，然後我們還沒有談到的資產負債表組合也發揮了作用。所以我認為我們的指導是正確的。

Darko Mihelic, RBC Capital Markets.

Darko Mihelic，加拿大皇家銀行資本市場。

Thank you. Good morning. I'll be really quick as well. Ajai you gave great detail on the $600 million reserve. So maybe just to boil this down, I'd like to understand sort of what would it take to release them, right? Would it be USMCA is left alone for example, would that be better than anticipated and caused a release of substantially those reserves, if tariffs equal what Europe got, would that be better than what you've anticipated and released those reserves. Would those be two sort of outcomes that would result in substantially most of those reserves being released?

謝謝。早安.我也會很快的。Ajai，您對 6 億美元儲備金進行了非常詳細的描述。所以也許只是為了歸結這一點，我想了解釋放它們需要什麼，對嗎？例如，如果 USMCA 不受干擾，這是否會比預期更好，並導致大量儲備被釋放；如果關稅等於歐洲的關稅，這是否會比你預期的更好，並釋放這些儲備。這兩種結果是否都會導致大部分儲備被釋放？

Yeah. I think where you're going is the right way to think about it. I mean, as I said, we made some assumptions of what migration would occur and there were underlying tariff assumptions. Naturally, if things settle, and the uncertainty reduces and there's more clarity on tariffs, and let's say the tariffs are lower, we would reassess that result. And if you have to release part of that reserve, we will.

是的。我認為你要去的地方是正確的思考。我的意思是，正如我所說，我們對會發生的移民情況做出了一些假設，並且有一些基本的關稅假設。當然，如果事情得以解決，不確定性減少，關稅更加明確，比如說關稅降低，我們就會重新評估這個結果。如果您必須釋放部分儲備，我們會這樣做。

At the same time, if there are changes in the USMCA that are negative, when they are higher than what we've assumed, then you should expect us to increase our reserves. And then the third point I made, and this is a really important point because we built the reserve. If the migration occurs, as we think it is, then we've already built the reserves.

同時，如果 USMCA 出現負面變化，當這些變化高於我們的預期時，那麼你應該預期我們會增加儲備。然後我提出了第三點，這一點非常重要，因為我們建立了儲備。如果像我們所想的那樣發生遷移，那麼我們已經建立了儲備。

We're going to use those reserves. So -- if you look ahead, and we are working -- still working on the guidance for next year, that will follow. But the way I look at it is, looking forward, I actually expect impaired PCLs to gradually rise from these levels.

我們將使用這些儲備。所以——如果你展望未來，我們仍在努力——仍在為明年制定指導，這將會隨之而來。但從我的角度來看，展望未來，我實際上預計受損的 PCL 將從這些水平逐漸上升。

It's going to be gradual as the impact of tariff plays out. And then performing PCL depends on the drivers, okay. But to the extent that tariffs turned out more favorable than I know they are the drivers. But yes, it's going to have a positive impact on performing. And you'll see lower performing next year.

隨著關稅影響的顯現，這一進程將會逐漸加快。然後執行 PCL 取決於驅動程序，好的。但就關稅比我所知道的更為有利而言，它們是推動因素。但確實，這將對錶演產生正面的影響。明年你會看到業績會下降。

I hope that helps you, Darko.

我希望這對你有幫助，Darko。

There are no further questions registered. At this time, I will turn the call back to Mr. Raymond Chun.

暫無其他問題。這次，我將把電話轉回給 Raymond Chun 先生。

Well, thank you, operator, and thank you, everyone, for joining us today. We appreciate as always the questions and your comments. And let me just wrap by saying that TD has delivered for its stakeholders, a 10% revenue growth, positive operating leverage, strong credit performance.

好吧，謝謝接線生，也謝謝大家今天加入我們。我們一如既往地感謝您的提問和評論。最後，我想說的是，道明銀行為其利害關係人帶來了 10% 的收入成長、積極的營運槓桿和強勁的信貸表現。

So on that note, we wish all of you a good long weekend. Look forward to speaking with all of you again real soon at our Investor Day on September 29.

因此，我們祝福大家有個愉快的長週末。期待在 9 月 29 日的投資者日上再次與大家交談。

Thank you.

謝謝。