Toronto-Dominion Bank (TD) 2025 Q4 法說會逐字稿

Good morning, everyone. Welcome to the TD Bank Group fourth-quarter 2025 earnings conference call.

各位早安。歡迎參加道明銀行集團2025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.

現在我將會議交給投資者關係主管布魯克·黑爾斯女士。請繼續，海爾斯女士。

Thank you, operator. Good morning, and welcome to TD Bank Group's fourth-quarter 2025 results presentation. We will begin today's presentation with remarks from Raymond Chun, the bank's CEO; followed by Leo Salom, Group Head, US Retail; 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 analysts on the phone.

謝謝接線生。早安，歡迎參加道明銀行集團2025年第四季業績發表會。今天的報告將首先由銀行首席執行官 Raymond Chun 致辭；隨後是美國零售業務集團主管 Leo Salom；之後是銀行首席財務官 Kelvin Tran 將介紹我們第四季度的經營業績。首席風險長 Ajai Bambawale 將就信貸品質發表評論，之後我們將邀請分析師透過電話提問。

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 Paul Clark, Senior Executive Vice President, Wealth Management.

今天到場回答各位問題的還有：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 Tim Wiggan；以及財富管理高級執行副總裁 Paul Clark。

Please turn to the next slide. 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.

請翻到下一張投影片。我們在本次電話會議中的發言可能包含前瞻性陳述，這些陳述涉及假設，並存在固有的風險和不確定性。實際結果可能與此有重大差異。我還要提醒聽眾，該銀行使用非GAAP財務指標來得出調整後的表現。該銀行認為，調整後的業績能讓讀者更了解管理階層如何看待該銀行的業績。

Ray, Leo and Kelvin will be referring to adjusted results in their marks. Additional information about non-GAAP measures and material factors and assumptions is available in our 2025 annual report.

Ray、Leo 和 Kelvin 的成績將參考調整後的結果。有關非GAAP指標、重要因素和假設的更多信息，請參閱我們的2025年年度報告。

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

那麼，現在讓我把演講交給雷。

Thank you, Brooke, and good morning, everyone. We ended the year with another strong quarter, which I'm looking forward to discussing in a minute, along with the progress we've made against our new strategic pillars.

謝謝你，布魯克，大家早安。我們以又一個強勁的季度結束了這一年，我稍後會詳細討論這一點，以及我們在新的戰略支柱方面取得的進展。

First, I'd like to share my perspective on the external environment. There continues to be a high degree of uncertainty around tariffs and Canada-US trade dynamics with important impacts, particularly to industries facing the highest tariffs such as steel and aluminum. While economic uncertainty has impacted business and consumer confidence, Canada's economy and employment remain largely resilient.

首先，我想分享一下我對外在環境的看法。關稅和加美貿易動態仍然存在高度不確定性，將對鋼鐵、鋁等面臨最高關稅的產業產生重大影響。儘管經濟不確定性影響了企業和消費者的信心，但加拿大的經濟和就業仍保持著強烈的韌性。

New government actions such as the Canadian Mutual Recognition agreement, defense spending increases, the major projects office and other measures to incentivize private sector and foreign investment will help support economic activity as Canada prepares for CUSMA renegotiations. As one of Canada's largest employers serving one in three Canadians, we will continue to work with our clients and governments to build a strong economy. In the US, the economy continues to perform with businesses and households benefiting from regulatory and monetary policy changes. And we're seeing a pickup in investment activity in some sectors.

加拿大政府採取的新舉措，例如《加拿大相互承認協議》、增加國防開支、設立重大項目辦公室以及其他激勵私營部門和外國投資的措施，將有助於支持經濟活動，因為加拿大正在為《美墨加協定》的重新談判做準備。作為加拿大最大的雇主之一，我們服務於三分之一的加拿大人，我們將繼續與客戶和政府合作，共同建立強大的經濟。在美國，經濟持續成長，企業和家庭都受益於監管和貨幣政策的變化。我們看到某些產業的投資活動正在回升。

With the strong presence across the Eastern Seaboard of the US serving more than 10 million American businesses and households, we are focused on helping them achieve their financial goals. Across our business, TD is well positioned to manage through this period and help our clients successfully navigate a changing landscape.

我們在美國東海岸擁有強大的業務網絡，服務超過 1000 萬美國企業和家庭，致力於幫助他們實現財務目標。TD 業務的各個方面都處於有利地位，能夠順利度過這段時期，並幫助我們的客戶成功應對不斷變化的環境。

Now before I move to our performance on behalf of all of our colleagues and the Board, I want to share our deepest condolences with the family and friends of Nadir Mohamed. We were fortunate to have him as a director from 2008 to 2023, and like in all of his other professional endeavors, he made a tremendous and lasting impact on our organization. Our thoughts are with everyone who had the privilege of knowing him.

現在，在我代表我們所有同事和董事會發表我們的表現之前，我想向納迪爾穆罕默德的家人和朋友表達我們最深切的慰問。我們很幸運能有他從 2008 年到 2023 年擔任董事，就像他在其他所有職業領域一樣，他對我們的組織產生了巨大而持久的影響。我們向所有有幸認識他的人致以慰問。

With that, let's turn to the next slide. At our Investor Day, we described our strategy to deepen relationships, make TD simpler and faster and execute with discipline. I'm looking forward to providing updates on our progress each quarter. Our single greatest growth opportunity is to deepen relationships with the clients across our businesses. This year, we achieved record personal credit card penetration rates and delivered record closed referrals from the Canadian personal bank to wealth and we're just getting started.

接下來，我們來看下一張投影片。在投資者日上，我們闡述了我們深化客戶關係、簡化和加快TD業務流程以及嚴格執行的策略。我期待著每季向大家報告我們的進展。我們最大的成長機會在於深化與各業務部門客戶的關係。今年，我們實現了個人信用卡滲透率創紀錄，加拿大個人銀行向財富管理機構的轉介成交量也創紀錄，而這只是個開始。

In TD Securities, we are leveraging our platform to provide a full suite of services to our clients, including acting across advisory and financing products for national fuel gases recent acquisition of the CenterPoint business. As you heard at Investor Day, AI is a massive opportunity for TD and we have concrete plans that are already delivering clear outcomes. This year, we implemented approximately 75 AI use cases that generated $170 million in value. These use cases span from transforming loan underwriting to creating intelligent leads to deepening relationships, to meet more of our clients' needs. For next year, we expect the AI use cases to generate $200 million in incremental value, including use cases to reimagine end-to-end processes as described at Investor Day.

在 TD Securities，我們正在利用我們的平台為客戶提供全套服務，包括為國家燃料氣體公司最近收購 CenterPoint 業務提供諮詢和融資產品。正如您在投資者日上聽到的那樣，人工智慧對道明銀行來說是一個巨大的機遇，我們已經制定了具體的計劃，並且這些計劃已經取得了明顯的成果。今年，我們實施了約 75 個 AI 應用案例，創造了 1.7 億美元的價值。這些應用案例涵蓋了從改變貸款承銷流程到創建智慧銷售線索再到深化客戶關係等各個方面，以滿足我們客戶的更多需求。預計明年人工智慧應用案例將產生 2 億美元的增量價值，其中包括在投資者日上描述的重新構想端到端流程的應用案例。

We are prioritizing our AI investments with use cases focused across categories such as customer acquisition, customer insights and risk management. We are also delivering disciplined governance and controls. In fiscal 2025, fraud losses were down 26% year over year, driven by ongoing investments in fraud modernization across capabilities, data, systems and processes. We have a clear strategy that will accelerate growth and returns and drive long-term shareholder value. I remain confident that we will achieve the medium-term targets that we laid out at our Investor Day.

我們將優先投資人工智慧，並專注於客戶獲取、客戶洞察和風險管理等各類別的應用案例。我們也在推行嚴格的治理和管控措施。2025 財年，詐欺損失年減 26%，這得益於對能力、數據、系統和流程等方面的詐欺現代化持續投資。我們擁有清晰的策略，這將加速成長和回報，並推動股東價值的長期提升。我仍然相信，我們將實現我們在投資者日上所設定的中期目標。

This year, we delivered 5% earnings growth, much stronger performance than we anticipated at this time last year when we expected it would be challenging to deliver earnings growth through a transition year.

今年，我們實現了 5% 的獲利成長，比去年同期預期的要好得多。當時我們預計，在轉型年實現獲利成長將充滿挑戰。

Our year-over-year expense growth moderated this quarter, and we delivered positive operating leverage. We are on track to deliver 3% to 4% expense growth and positive operating leverage in fiscal 2026, aligned with the targets we shared at Investor Day. TD delivered a strong Q4, and we are carrying that momentum into fiscal 2026. We expect to achieve the 6% to 8% EPS growth and 13% ROE targets for fiscal 2026 that we provided on Investor Day. And we see potential upside to these EPS and ROE targets from our strong business momentum and the outcomes we are driving by deepening relationships, delivering a simpler and faster bank and executing with discipline, supported by tailwinds if positive macroeconomic conditions continue and from PCLs if trade and tariff uncertainty reduces.

本季我們的年比支出成長放緩，並且實現了正向經營槓桿效應。我們預計在 2026 財年實現 3% 至 4% 的費用成長和正的營運槓桿，這與我們在投資者日上公佈的目標一致。TD 第四季業績強勁，我們將把這種勢頭延續到 2026 財年。我們預計將實現我們在投資者日上提出的 2026 財年 6% 至 8% 的每股盈餘成長目標和 13% 的淨資產收益率目標。我們看到，強勁的業務動能和我們透過深化客戶關係、提供更簡單快捷的銀行服務以及嚴謹執行所取得的成果，使得這些每股收益和淨資產收益率目標有潛在的上行空間。如果積極的宏觀經濟環境持續，以及貿易和關稅不確定性降低，這些都將得到順風支持。

Both Ajai and Kelvin will provide more details on our fiscal 2026 outlook and their remarks.

Ajai 和 Kelvin 將提供更多關於我們 2026 財年展望的細節以及他們的評論。

Please turn to slide 3. In Q4, the bank delivered a strong quarter with earnings of $3.9 billion, EPS of $2.18 and ROE up 110 basis points year over year. 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, PCLs were stable quarter over quarter, reflecting strong credit performance. Ajai will share more details shortly in his remarks.

請翻到第3張投影片。第四季度，該銀行業績強勁，獲利 39 億美元，每股收益 2.18 美元，淨資產收益率年增 110 個基點。我們在市場驅動型業務中看到了強勁的手續費和交易收入，加拿大個人和商業銀行業務的交易量也逐年增長。TD本季實現了正向經營槓桿，PCL環比保持穩定，反映出強勁的信貸表現。阿賈伊將在稍後的演講中分享更多細節。

We have moved from an annual dividend review cycle to a semiannual cycle to support alignment of shareholder return with earnings growth. Today, we announced a $0.03 dividend increase, bringing our dividend to $1.08 per share, reflecting confidence in TD's future growth and earnings power. As we shared at Investor Day, we expect earnings growth to accelerate over the medium term. The bank's Q4 CET1 ratio was 14.7%, with strong capital generation in the quarter. As of quarter end, we were over three quarter of the way through our current $8 billion share buyback with 65 million shares repurchased for a total of over $6 billion.

我們已將年度股利審核週期改為半年一次的週期，以使股東回報與獲利成長一致。今天，我們宣布將股息提高 0.03 美元，使每股股息達到 1.08 美元，這反映了我們對 TD 未來成長和獲利能力的信心。正如我們在投資者日上所分享的，我們預計中期內獲利成長將加速。該銀行第四季CET1比率為14.7%，該季度資本產生強勁。截至季末，我們目前 80 億美元的股票回購計畫已完成四分之三以上，已回購 6,500 萬股，總計超過 60 億美元。

We continue to expect to complete the share buyback by the end of the first quarter of 2026.

我們仍預計在 2026 年第一季末完成股票回購。

At that time, we will announce -- at that time, as we announced at Investor Day and subject to regulatory approval, we plan to initiate a new share buyback of $6 billion to $7 billion. Through these two share buyback programs, we will effectively return all the capital generated from the Schwab sale to our shareholders. For fiscal 2025, we delivered a total payout ratio of 93%, including share buybacks and common share dividends.

屆時，我們將宣布——正如我們在投資者日宣布的那樣，並在獲得監管部門批准後，我們計劃啟動一項新的股票回購計劃，金額為 60 億至 70 億美元。透過這兩項股票回購計劃，我們將把從 Schwab 出售中獲得的全部資金有效地返還給我們的股東。2025 財年，我們的總股利支付率為 93%，其中包括股票回購和普通股股利。

Please turn to slide 4. In Q4, we saw strong momentum across our businesses. Canadian Personal and Commercial Banking delivered record revenue, deposits and loan volumes. We had a record year in digital sales for day-to-day banking products, continuing our momentum in mobile leadership. Real estate secured lending posted robust sequential growth, delivering higher origination margin and record Q4 originations.

請翻到第4張投影片。第四季度，我們旗下各業務都呈現出強勁的成長動能。加拿大個人及商業銀行業務實現了創紀錄的收入、存款和貸款額。我們在日常銀行業務的數位銷售額方面創下了歷史新高，並繼續保持我們在行動領域的領先地位。房地產擔保貸款實現了強勁的環比增長，帶來了更高的貸款發放利潤率和創紀錄的第四季度貸款發放量。

In cards, we delivered strong momentum with the best year of cards acquisition in nearly a decade.

在信用卡業務方面，我們取得了強勁的成長勢頭，實現了近十年來最好的信用卡收購年。

In the Business Bank, loans were up 6% year over year, reflecting growth across our commercial business. We also saw strong small business checking account openings up 10% year over year. In US retail, we delivered continued momentum and core loans were up 2% year over year. US bank card balances were up 14% year over year with the strongest account acquisition in seven years.

商業銀行的貸款年增 6%，反映了我們商業業務的整體成長。我們也看到小型企業支票帳戶開戶量強勁成長，較去年同期成長 10%。在美國零售業，我們保持了持續成長勢頭，核心貸款年增 2%。美國銀行卡餘額年增 14%，帳戶新增量達到七年來的最高水準。

In our US wealth business, total client assets were up 10% year over year with mass affluent client assets up 21% year over year. In addition, for the ninth year in a row, the bank ranked number one in small business administration lending in its footprint as we continue to serve our communities from Maine to Florida. Leo will provide updates on our US balance sheet restructuring and AML remediation in his remarks.

在美國財富管理業務中，客戶總資產年增 10%，其中大眾富裕客戶資產年增 21%。此外，該銀行連續第九年在其業務覆蓋範圍內的小型企業管理局貸款業務排名第一，我們將繼續為從緬因州到佛羅裡達州的社區提供服務。Leo將在演講中介紹我們美國資產負債表重組和反洗錢整改的最新進展。

Wealth Management delivered record earnings and assets. We had a particularly strong quarter in direct investing, with new accounts up 27% and trades per day were up 37% year over year, respectively. As you heard at Investor Day, Direct Investing is an acquisition engine for the bank and drives outsized opportunities to deepen relationships. This year, we saw record flows $3.9 billion from direct investing to advice. We saw a record sale of $1.6 billion in ETFs this quarter.

財富管理業務實現了創紀錄的收益和資產。本季直接投資業務表現尤為強勁，新帳戶年增 27%，每日交易量較去年同期成長 37%。正如您在投資者日上聽到的那樣，直接投資是該銀行的收購引擎，並為深化客戶關係帶來了巨大的機會。今年，我們看到從直接投資到投資諮詢的資金流動量創下歷史新高，達到 39 億美元。本季ETF銷售額創下16億美元的紀錄。

For the year, TD's ETF market share is up 48 basis points.

今年以來，TD的ETF市佔率上升了48個基點。

In insurance, we continue to build on our position as Canada's leading digital direct insurer. This quarter, we saw record digital adoption, supporting the launch of the new usage-based program for auto insurance. This quarter, Wholesale Banking delivered a record $2.2 billion in revenue showcasing the power of our client franchise and breadth of capabilities as we benefited from a more constructive backdrop especially in capital markets. We also generated record net income and ROE over 12% and executed on RWA optimization opportunities to grow revenue well above RWA growth for the quarter and fiscal year overall.

在保險領域，我們繼續鞏固自身作為加拿大領先的數位化直銷保險公司的地位。本季度，我們見證了數位化普及率創歷史新高，這為汽車保險新的按使用量計費計畫的推出提供了支持。本季度，批發銀行業務實現了創紀錄的 22 億美元收入，這充分展現了我們強大的客戶基礎和廣泛的業務能力，尤其是在資本市場環境更加有利的情況下。我們還創造了創紀錄的淨收入和超過 12% 的 ROE，並執行了 RWA 優化機會，使季度和整個財年的收入成長遠超 RWA 的成長。

Another indicator of our strong momentum, we rose to number six in the US corporate access rankings, which demonstrates the strength of our relationships across corporate and institutional clients and our ability to deepen our share of wallet.

我們強勁發展勢頭的另一個體現是，我們在美國企業客戶排名中升至第六位，這表明我們與企業和機構客戶的關係牢固，並且我們有能力擴大客戶錢包份額。

Please turn to slide 5. Before I turn it over to Leo, I want to thank our colleagues across the bank. Every day, you come to work with a commitment to our clients and the dedication to our bank that is truly remarkable. At Investor Day, we outlined a clear strategy to accelerate growth and deliver peer-leading performance, you, our colleagues are the source of TD strength and why I'm confident we will deliver.

請翻到第5張投影片。在把發言權交給Leo之前，我想感謝我們銀行的同事們。你們每天都以對客戶的承諾和對銀行的奉獻精神投入工作，這種精神令人欽佩。在投資者日上，我們概述了加速成長和實現同業領先績效的明確策略，你們，我們的同事，是TD實力的源泉，也是我堅信我們能夠實現目標的原因。

With that, Leo, over to you.

那麼，Leo，該你了。

And thank you, Ray, and good morning, everyone. Please turn to slide 6. It's now been more than a year since we announced the global resolution and we've made significant progress against our US AML remediation program. As you've heard me talk about previously, we have an outstanding AML leadership team guiding us through this critical work, and we've completed a number of key milestones this year, such as the deployment of the next-generation transaction monitoring system, improved technology for investigation practices and the implementation of our first AI-powered financial climbs automation platform and machine learning case triage model, which improved our team's productivity and risk assessment accuracy.

謝謝你，雷，大家早安。請翻到第6張投影片。自從我們宣布全球解決方案以來已經過去一年多了，我們在美國的反洗錢補救計劃方面取得了重大進展。正如我之前提到的，我們擁有一支傑出的反洗錢領導團隊，指導我們完成這項關鍵工作。今年，我們完成了許多重要的里程碑，例如部署下一代交易監控系統、改進調查實踐技術，以及實施我們首個人工智慧驅動的金融犯罪自動化平台和機器學習案件分類模型，這些都提高了我們團隊的生產力和風險評估準確性。

This quarter, we deployed another round of machine learning enhancements of our transaction monitoring system. These AI and machine learning tools are not only improving the efficacy and accuracy of our program, they are important levers in creating an efficient and sustainable program that will serve us well into the future. We also introduced a new and enhanced system for submitting unusual transaction referrals, improving the end-to-end process from intake through investigation through reporting. UTRs are a key tool in facilitating early detection and by increasing both the accuracy and efficiency with which our teams submit these reports we are doing our part in detecting, reporting and preventing criminal activity.

本季度，我們對交易監控系統進行了新一輪的機器學習增強。這些人工智慧和機器學習工具不僅提高了我們專案的效率和準確性，而且是創建高效、永續專案的重要槓桿，這將使我們在未來受益匪淺。我們也引進了新的、改進的異常交易舉報系統，改善了從受理、調查到報告的端到端流程。UTR 是促進早期發現的關鍵工具，透過提高我們團隊提交這些報告的準確性和效率，我們正在為發現、報告和預防犯罪活動盡一份心力。

Turning to our activities. I'm very pleased to say that this quarter, we made good headway against the suspicious activity look back reviews required under the OCC consent order. Importantly, thanks to the hard work and dedication of our teams, we've completed the majority of our US management remediation actions this year, in line with our previous commitment. That being said, we're not at end of job and AML remediation remains our top priority with significant work ahead and important milestones to come in 2026 and 2027.

接下來談談我們的活動。我很高興地宣布，本季度我們在打擊 OCC 同意令要求的可疑活動回顧審查方面取得了良好進展。重要的是，由於我們團隊的辛勤工作和奉獻精神，我們今年已完成了大部分美國管理補救措施，符合我們先前的承諾。儘管如此，我們的工作還沒結束，反洗錢整改仍然是我們的首要任務，未來還有大量工作要做，2026 年和 2027 年將迎來重要的里程碑。

For fiscal 2025, total US BSA/AML remediation and governance and control investments in the segment were $507 million, in line with our guidance. And while investments will fluctuate from quarter-to-quarter, we continue to expect similar investments in fiscal 2026.

2025 財年，美國 BSA/AML 補救與治理與控制領域的總投資額為 5.07 億美元，與我們的預期一致。儘管投資金額會隨季度波動，但我們仍預期 2026 財年將維持類似的投資水準。

Now I'd like to give you an update on the balance sheet restructuring activities. So please turn to slide 7. You will recall 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. We made meaningful progress against our objectives this quarter.

現在我想向大家報告資產負債表重組活動的最新進展。請翻到第7張投影片。您應該記得，這項工作有兩個關鍵目標：第一，嚴格遵守資產限制並保持一定的緩衝；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服務。本季我們在實現目標方面取得了實質進展。

At the end of the fiscal quarter, total assets were $382 billion, reflecting continued runoff of noncore lending portfolios. We've achieved and exceeded the 10% asset reduction that we announced on October 10, 2024, creating $52 billion of capacity versus the asset limitation. With the actions taken to date, coupled with selective actions in fiscal 2026 and beyond, US retail has the capacity to grow core loans at a rate consistent with our historical performance through the medium term without risking a breach to the asset limitation.

截至本財季末，總資產為 3,820 億美元，反映出非核心貸款組合的持續縮減。我們已經實現並超越了 2024 年 10 月 10 日宣布的 10% 的資產削減目標，創造了 520 億美元的產能，超過了資產限制。憑藉迄今為止採取的行動，再加上 2026 財年及以後採取的選擇性行動，美國零售業務有能力在中期內以與我們歷史業績一致的速度增長核心貸款，而不會冒著違反資產限制的風險。

As disclosed in the third quarter, we completed the US investment portfolio repositioning by selling lower-yielding investment securities and reinvesting the proceeds into similar composition of assets at higher rates. During the fourth quarter, we identified additional bonds and sold approximately $7 billion notional for an upfront loss of $274 million pretax. In the aggregate, through our investment portfolio repositioning, we have sold approximately $32 billion notional for an upfront loss of $1.6 billion pretax.

正如第三季所揭露的那樣，我們透過出售收益率較低的投資證券並將所得款項再投資於收益率較高的類似資產組合，完成了美國投資組合的重新配置。第四季度，我們確定了其他債券，並出售了約 70 億美元的名義債券，稅前預付虧損為 2.74 億美元。總體而言，透過我們的投資組合重新定位，我們已售出約 320 億美元的名義資產，稅前預付虧損為 16 億美元。

The investment portfolio repositioning generated an NII benefit of approximately $500 million pretax in fiscal 2025 and is expected to generate an NII benefit of approximately $550 million pretax in fiscal 2026. We expect our investment portfolio repositioning, together with our asset reduction program to help us improve return on equity through fiscal 2026 and deliver on our target of 9.5% ROE. We aim to deliver approximately $20 billion of RWA release, which will help support our medium-term target of 13% ROE.

投資組合重新定位在 2025 財年產生了約 5 億美元的稅前淨利息收益，預計在 2026 財年將產生約 5.5 億美元的稅前淨利息收益。我們預計，透過投資組合重新調整和資產縮減計劃，我們將在 2026 財年之前提高股本回報率，並實現 9.5% 的股本回報率目標。我們的目標是釋放約 200 億美元的風險加權資產，這將有助於實現我們 13% 的中期淨資產收益率目標。

With that, let me turn it over to Kelvin now.

那麼，現在讓我把麥克風交給凱爾文。

Thank you, Leo. Please turn to slide 8. TD delivered a strong quarter. Total bank PTPP was up 25% year over year, after removing the impact of the US strategic card portfolio, FX and insurance service expenses.

謝謝你，Leo。請翻到第8張幻燈片。TD本季表現強勁。剔除美國策略信用卡組合、外匯和保險服務費用的影響後，銀行總PTPP年增25%。

We've shared the details on slide 26. Revenue net of ISE grew 15% year over year or 12% excluding the $388 million net negative impact of severe weather-related events in the prior year, reflecting growth across all our businesses. Expenses increased 10% year over year with approximately one-third of the growth driven by variable compensation, foreign exchange and the impact of the US strategic card portfolio. We delivered positive operating leverage while taking the opportunity to accelerate investments to drive business growth.

我們在第 26 張投影片上分享了詳細資訊。扣除 ISE 後，淨收入年增 15%，若不計上一年惡劣天氣事件造成的 3.88 億美元淨負面影響，則同比增長 12%，這反映了我們所有業務的增長。支出年增 10%，其中約三分之一的成長是由可變薪酬、外匯和美國戰略信用卡組合的影響所驅動的。我們實現了積極的經營槓桿效應，同時抓住機會加快投資，推動業務成長。

Impaired PCLs were relatively stable quarter over quarter, reflecting strong credit performance and performing provisions were also stable quarter over quarter.

受損的PCL（不良貸款）較上季相對穩定，反映出強勁的信貸表現，撥備也較上季穩定。

Please turn to slide 9. Through our restructuring program, we are reducing structural costs and creating capacity to invest, to build the bank for the future. We expect to conclude the restructuring program next quarter with approximately $125 million pretax in additional charges for a total expected program size of approximately $825 million pretax. We identified additional opportunities to drive productivity including US store optimizations as part of the distribution transformation described at Investor Day and impacts from organizational review.

請翻到第9頁投影片。透過我們的重組計劃，我們正在降低結構性成本，並創造投資能力，為銀行的未來發展奠定基礎。我們預計將在下一季完成重組計劃，預計稅前額外費用約為 1.25 億美元，該計劃的總規模預計稅前約為 8.25 億美元。我們發現了提高生產力的其他機會，包括優化美國門市（作為投資者日上描述的分銷轉型的一部分）以及組織審查的影響。

We expect to generate higher savings from our restructuring program with annual run rate savings now estimated at approximately $750 million pretax.

我們預計重組計畫將帶來更高的節約效益，目前估計每年稅前節約 7.5 億美元。

Please turn to slide 10. Canadian Personal and Commercial Banking delivered record revenue deposit and loan volume. Average deposits rose 4% year-over-year reflecting 3% growth in personal deposits and 5% growth in business deposits. Average loan volumes rose 5% year over year with 5% growth in personal volumes and 6% growth in business volume.

請翻到第10張投影片。加拿大個人及商業銀行業務實現了創紀錄的收入、存款和貸款額。平均存款年增 4%，其中個人存款成長 3%，企業存款成長 5%。平均貸款額年增 5%，其中個人貸款額成長 5%，企業貸款額成長 6%。

Strong loan growth across our businesses this quarter capped a record year in res proprietary channel originations and in retail auto finance originations. Net interest margin was relatively stable quarter over quarter. The impact of balance sheet mix was partly offset by higher resi origination margin. Tractor on and off rates were offset by rate reduction.

本季我們各項業務的強勁貸款成長，為房地產自有通路貸款發放和零售汽車金融貸款發放創紀錄的一年畫上了圓滿的句號。淨利差環比相對穩定。資產負債表結構變動的影響部分被較高的住宅貸款發放利潤率所抵銷。拖拉機的啟動和停止速率被速率降低所抵消。

As we look forward to Q1 with similar drivers, we again expect NIM to be relatively stable. Expenses increased year over year, reflecting higher employee-related expenses and other operating expenses.

展望第一季度，在類似的驅動因素下，我們預期淨利潤率將保持相對穩定。支出逐年增加，反映出員工相關支出和其他營運支出增加。

Please turn to slide 11. US Retail sustained business momentum and continue to execute against critical deliverables. Deposits, excluding sweeps were down 1% year over year and were up 1% excluded targeted runoff in our government banking business. Core loans grew 2% year over year, reflecting continued strength in bank card, home equity and middle market.

請翻到第11頁。美國零售業務維持成長勢頭，並持續推動各項關鍵交付成果。不包括自動轉帳的存款年減 1%，但不包括政府銀行業務的定向資金撤出，存款年增 1%。核心貸款年增 2%，反映出銀行卡、房屋淨值貸款和中端市場持續強勁成長。

Net interest margin was 3.25%, up 6 basis points quarter over quarter, driven by higher deposit margins, higher loan margins from US balance sheet restructuring and normalization of elevated liquidity. As we look forward to Q1, we again expect NIM to moderately expand.

淨利差為 3.25%，季增 6 個基點，主要得益於存款利差提高、美國資產負債表重組帶來的貸款利差提高以及高流動性正常化。展望第一季度，我們預期淨利差將溫和擴張。

Expenses increased $84 million or 5% year over year, reflected higher governance and control investments and high employee-related expenses partially offset by costs associated with the expansion of the Nordstrom program agreement last year. Overall, we continue to expect US retail expense growth in the mid-single-digit range this year. We remain focused on productivity initiatives to help fund investments in our core franchise. These include the conversion of Nordstrom strategic card customers onto our servicing platform in the first half of fiscal 2026, and investments in our digital and mobile capabilities and technology modernization.

支出年增 8,400 萬美元，增幅達 5%，反映出治理和控制方面的投資增加以及員工相關支出較高，部分被去年 Nordstrom 專案協議​​擴展相關的成本所抵消。總體而言，我們仍然預計今年美國零售支出成長將保持在中等個位數水準。我們將繼續專注於提高生產力，以幫助我們為核心業務的投資提供資金。其中包括在 2026 財年上半年將 Nordstrom 的策略信用卡客戶轉移到我們的服務平台，以及對我們的數位化和行動能力和技術現代化進行投資。

Please turn to slide 12. In Q4, the Wealth Management business serves almost 2.7 million clients fired on all cylinders. We saw client growth, net asset growth, strong trades per day and market appreciation. We saw strong fundamentals in insurance with double-digit premium growth in general insurance in fiscal 2025, and more than 3.5 million quotes, which drives future client acquisition.

請翻到第12頁投影片。第四季度，財富管理業務全面運轉，服務了近 270 萬名客戶。我們看到了客戶數量成長、淨資產成長、每日交易量強勁以及市場升值。我們看到保險業基本面強勁，2025 財年一般保險保費實現兩位數成長，報價超過 350 萬份，這將推動未來客戶獲取。

For the Wealth Management and Insurance segment overall, revenue net of ISE was up 39%, with approximately two-third of the growth driven by the impact of prior year catastrophe claim. Expenses were up year over year, reflecting higher variable compensation, technology spend supporting business growth and employee-related expenses.

就財富管理和保險業務整體而言，扣除 ISE 後的收入淨額增長了 39%，其中約三分之二的增長是由上一年巨災索賠的影響所驅動的。支出較去年同期上升，反映出可變薪酬增加、支持業務成長的技術支出以及與員工相關的支出。

Please turn to slide 13. Wholesale Banking delivered record revenue and net income driven by broad-based growth across global markets and corporate and investment banking. This quarter, we benefited from a constructive backdrop, especially in capital markets, and our pipeline of future deals remains robust. Reported expenses include acquisition and integration-related charges for TD Cowen. We do not expect these charges to continue going forward.

請翻到第13頁。批發銀行業務在全球市場以及企業和投資銀行業務的全面成長推動下，實現了創紀錄的收入和淨利潤。本季度，我們受惠於良好的市場環境，尤其是在資本市場，我們未來的交易儲備依然強勁。報告的費用包括與收購和整合TD Cowen相關的費用。我們預計這些指控不會繼續下去。

Adjusted expenses increased year over year, reflecting higher variable compensation and spend supporting business growth, including technology. These investments are part of the strategy we outlined at Investor Day. We are continuing to mature our platform to support our ambition to become a top 10 North American investment bank.

經調整後的費用年增，反映出可變薪酬增加以及支持業務成長（包括技術）的支出增加。這些投資是我們投資者日上提出的策略的一部分。我們正在不斷完善我們的平台，以支持我們成為北美十大投資銀行之一的目標。

Please turn to slide 14. Reported net loss for the quarter was $195 million, largely flat year over year. Higher net corporate expenses were offset by higher revenue from treasury and balance sheet management activity.

請翻到第14頁。該季度報告淨虧損為 1.95 億美元，與去年同期基本持平。淨公司支出增加被財務和資產負債表管理活動帶來的收入增加所抵銷。

Please turn to slide 15. The common equity Tier 1 ratio ended the quarter at 14% -- 14.7%, down 15 basis points sequentially. We delivered strong internal capital generation this quarter, which was partially offset by RWA growth, excluding FX. The bank repurchased 19 million common shares under its share buyback program in Q4, which reduced CET1 by 33 basis points. And we continue to expect to complete share buyback by the end of Q1, subject to market conditions.

請翻到第15頁。普通股一級資本充足率本季末為 14%——14.7%，季減 15 個基點。本季我們實現了強勁的內部資本創造，但部分被風險加權資產（RWA）成長（不包括匯率影響）所抵銷。該銀行在第四季度根據其股票回購計畫回購了 1,900 萬股普通股，導致 CET1 下降了 33 個基點。我們仍預計在第一季末完成股票回購，具體時間取決於市場狀況。

Please turn to slide 16. At this time last year, I noted that 2025 would be a transition year for the bank. Throughout the year, we took charges as we restructured our US balance sheet. We do not expect balance sheet restructuring charges to continue going forward.

請翻到第16頁。去年這個時候，我曾指出 2025 年將是該銀行的過渡年。今年以來，我們在重組美國資產負債表的過程中承擔了相關費用。我們預計未來不會繼續產生資產負債表重組費用。

Looking back over the year, I'm pleased with that we largely delivered what we said we would deliver in 2025, and in many cases, we delivered more.

回顧過去一年，我感到欣慰的是，我們基本上實現了我們在 2025 年承諾實現的目標，而且在許多情況下，我們還超額完成了目標。

Even with a prudent reserve build for policy and trade uncertainty, fiscal 2025 earnings were up 5% year over year. And reflecting our commitment to return value to shareholders, we bought back over $6 billion in shares this year helping drive EPS up 7% year over year.

即使考慮到政策和貿易的不確定性，公司也謹慎地建立了儲備金，但 2025 財年的收益仍同比增長了 5%。為了體現我們對股東回報價值的承諾，我們今年回購了超過 60 億美元的股票，幫助每股盈餘年增 7%。

As raised at TD is entering fiscal 2026 in a position of strength. We expect to achieve our fiscal 2026 targets with upside potential driven by strong business momentum and execution against the strategy we laid out at Investor Day was supported by tailwinds if positive macroeconomic conditions continue and from PCLs if trade and tariff uncertainty reduces.

正如TD銀行所指出的，TD銀行在進入2026財年時處於強勁地位。我們預計在強勁的業務發展動能和執​​行力的推動下，實現 2026 財年目標，並有望實現成長。我們在投資者日制定的策略得到了積極宏觀經濟環境的持續以及貿易和關稅不確定性降低帶來的利多因素的支持。

With that, Ajai, over to you.

那麼，阿賈伊，該你了。

Okay. Thank you, Kelvin, and good morning, everyone. Our key message for the quarter is that credit results for the bank are strong.

好的。謝謝你，凱爾文，大家早安。本季我們的主要訊息是，銀行的信貸業績表現強勁。

Please turn to slide 17. Gross impaired loan formations were 23 basis points, a decrease of 3 basis points or $256 million quarter over quarter. The decrease was largely recorded across the wholesale banking and US commercial lending portfolios, partially offset by higher formations in Canadian personal and commercial.

請翻到第17頁。不良貸款總額為 23 個基點，比上一季減少了 3 個基點，即 2.56 億美元。此次下降主要體現在批發銀行和美國商業貸款組合中，但部分被加拿大個人和商業貸款的增加所抵銷。

Please turn to slide 18. Gross impaired loans were stable quarter over quarter at 56 basis points.

請翻到第18頁幻燈片。不良貸款總額較上季穩定在 56 個基點。

Please turn to slide 19. 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.

請翻到第19頁。請注意，我們的簡報報告了 PCL 比率，包括美國戰略卡 PCL 的總額和合作夥伴份額淨額。我們在此提醒您，企業部門記錄的美國信用卡PCL全部由我們的合作夥伴吸收，不會影響銀行的淨收入。

The bank's provision for credit losses was stable quarter over quarter at 41 basis points, as higher provisions in the Canadian Personal and Commercial segment were offset by lower provisions in the wholesale and US Retail segments.

該銀行的信貸損失撥備環比保持穩定，為 41 個基點，原因是加拿大個人和商業部門撥備增加被批發和美國零售部門撥備減少所抵消。

Please turn to slide 20. Impaired PCLs were $943 million, increasing $39 million quarter over quarter, driven by the Canadian and US consumer lending portfolios, including the impact of seasonal trends in the US card and auto portfolios. Performing PCL was $39 million, a decrease of $28 million quarter over quarter.

請翻到第20頁。不良貸款總額為 9.43 億美元，比上一季增加了 3,900 萬美元，主要原因是加拿大和美國的消費貸款組合，包括美國信用卡和汽車貸款組合的季節性趨勢的影響。實際PCL收入為3900萬美元，比上一季減少了2800萬美元。

The current quarter performing build largely reflects the adoption impact of a model update in our Canadian credit card portfolio, partially offset by improvement in the Canadian and US economic forecasts.

本季業績成長主要反映了加拿大信用卡產品組合模型更新帶來的採用影響，但部分被加拿大和美國經濟預測的改善所抵消。

Please turn to slide 21. The allowance for credit losses increased $40 million quarter over quarter, reflecting the adoption impact of a model update in our Canadian credit card portfolio and a $47 million impact from foreign exchange, largely offset by lower impaired allowance in the Canadian commercial and wholesale lending portfolios driven by resolutions and some improvement in the Canadian and US economic forecasts.

請翻到第21頁。信貸損失準備金環比增加 4000 萬美元，反映了加拿大信用卡組合模型更新帶來的採用影響以及外匯匯率帶來的 4700 萬美元影響，但加拿大商業和批發貸款組合的減值準備金因問題解決和加拿大及美國經濟預測的改善而降低，這在很大程度上抵消了上述影響。

Now in summary, the bank exhibited strong credit performance in the fourth quarter reflected in lower gross impaired loan formations and stable gross impaired loans and PCLs. Our fourth quarter credit results capped off a strong fiscal 2025 as elevated performing provisions for policy and trade uncertainty were offset by good underlying credit performance resulting in a full year PCL rate of 47 basis points, stable year over year and within the guidance we offered at the start of the year.

總而言之，該銀行在第四季度表現出強勁的信貸業績，體現在不良貸款總額減少、不良貸款總額和PCL保持穩定。我們第四季的信貸業績為強勁的 2025 財年畫上了圓滿的句號，政策和貿易不確定性導致的撥備增加被良好的基礎信貸表現所抵消，使得全年 PCL 率達到 47 個基點，與上年同期持平，並符合我們年初給出的預期。

Looking forward, while (technical difficulty) quarter and are subject to changes to economic conditions, we expect PCLs to be in the 40 to 50 basis points range, an improvement from the 45 to 55 basis points range guided for fiscal 2025. Though economic uncertainty remains elevated, TD is well positioned, considering our prudent provisioning, broad diversification across products and geographies, our strong capital position and are through the cycle underwriting standards.

展望未來，儘管（技術困難）季度和經濟狀況可能會發生變化，但我們預計 PCL 將在 40 至 50 個基點的範圍內，比 2025 財年預期的 45 至 55 個基點的範圍內有所改善。儘管經濟不確定性依然很高，但考慮到我們審慎的撥備、產品和地域的廣泛多元化、強大的資本狀況以及已度過週期性承保標準，TD 處於有利地位。

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

操作員，那麼我們現在可以開始問答環節了。

(Operator Instructions) John Aiken, Jefferies.

（操作說明）約翰‧艾肯，傑富瑞。

Sorry about that technology. Ajai, I know that most of the deterioration on the domestic consumer portfolio came out of residential mortgages and really no risk on that front. What I was hoping that you might be able to explain to me is the dynamic where we've seen degradation in the residential mortgages year over year, but we really have -- haven't seen the HELOC portfolio show any -- really any degradation. What are the dynamics behind that? And what incremental impairments on residential mortgages when will that start to impact the HELOC portfolio?

抱歉，這項技術不太好用。阿賈伊，我知道國內消費組合的大部分惡化都來自房屋抵押貸款，而且這方面真的沒有什麼風險。我希望您能向我解釋一下，為什麼我們看到房屋抵押貸款逐年惡化，但我們實際上並沒有看到房屋淨值信用額度組合出現任何惡化。這背後的驅動因素是什麼？房屋抵押貸款的增量減損何時會開始影響房屋淨值信用額度 (HELOC) 組合？

Thanks, John. Let me talk more generally about Canadian housing and our asset quality, and that should give you very good color on what's going on. So you would have seen that our Canadian housing outlook is actually slightly better. And the reason is slightly better is that there is pent-up demand and the job market is also a little better.

謝謝你，約翰。讓我更廣泛地談談加拿大住房和我們的資產質量，這應該能讓你對正在發生的事情有一個很好的了解。所以你應該已經看出，加拿大的住房前景其實略好一些。原因稍微好一些，因為有被壓抑的需求，而且就業市場也略有改善。

Our customer profile continues to be strong. And again, this is across all of RESL, HELOC and residential mortgages. If you look at some of our stats and I'm very focused on what's -- the distribution and what's in the tails, we have less than 1% of our uninsured Canadian RESL portfolio which was less than 650 and LTV greater than 75%.

我們的客戶群依然保持強勁勢頭。再次強調，這種情況適用於所有 RESL、HELOC 和住宅抵押貸款。如果你看一下我們的一些統計數據，我非常關注的是分佈情況和尾部的情況，我們未投保的加拿大 RESL 投資組合不到 1%，不足 650 套，貸款價值比 (LTV) 大於 75%。

Okay. And if you look at some of the other metrics like our uninsured current LTVs again, they're low, like at 56%. Now let me just turn to quality, okay? And I'm seeing this quality broadly across residential mortgages and HELOCs. And I look at things like delinquencies across both those asset classes and or sub-asset classes, they are stable, okay, quarter over quarter.

好的。如果你再看一下其他一些指標，例如我們目前未投保的貸款價值比 (LTV)，它們都很低，例如 56%。現在我只想談談品質問題，好嗎？而且我發現這種特性在住宅抵押貸款和房屋淨值信用額度貸款中很常見。我觀察了這些資產類別或子資產類別的違約情況，發現它們季度環比都很穩定，還可以。

And I'm not seeing huge differences between residential mortgages or HELOCs.

我看不出房屋抵押貸款和房屋淨值信用額度之間存在巨大差異。

If I look at the greater than 90-day delinquencies, it's up 1 bp quarter over quarter at 15 bps and that 15 bps is a pre-COVID number. Again, charge-offs across both these books very, very low. Impaired PCLs, yes, are slightly higher. But if I would quantify that, that's $6 million, okay, very low.

如果我看一下逾期超過 90 天的貸款，它比上一季度上升了 1 個基點，達到 15 個基點，而這 15 個基點是新冠疫情之前的數字。再次強調，這兩本書的壞帳率都非常非常低。受損的PCL確實略高一些。但如果我量化一下，那就是 600 萬美元，好吧，非常低。

And then I think you talked about gross impaired loans. The gross impaired loans are slightly higher, I think that number has gone up $55 million or $60 million. I don't remember the distribution between residential mortgages and HELOCs. But what's occurring there, that's actually vintages from '22 to '24 that were originated at higher rates. So that's where we're seeing the migration, and that's probably what you're talking about.

然後我想你談到了不良貸款總額。不良貸款總額略有上升，我認為這個數字增加了 5500 萬美元或 6000 萬美元。我不記得房屋抵押貸款和房屋淨值信用額度之間的比例了。但那裡發生的情況是，那些實際上是 2022 年至 2024 年的年份酒，它們的產量更高。所以我們看到人口遷移就發生在那裡，這可能就是你所說的。

And that's coming largely from the marginal segment. So again, some uptick in residential mortgages, but again, if you ask me, am I concerned about that portfolio? No, I think that portfolio is a very strong portfolio. So hopefully, I've given you enough color and try to answer your question as well.

而且這主要來自邊緣群體。所以，房屋抵押貸款再次出現小幅增長，但是，如果你問我，我會擔心這個投資組合嗎？不，我認為那個投資組合非常穩健。希望我已經提供了足夠的信息，也能盡量回答你的問題。

Ebrahim Poonawala, Bank of America.

Ebrahim Poonawala，美國銀行。

Maybe for Kelvin or Ray, just in terms of capital, when we look at the CET1 at 14.7%, half of retained earnings going to dividends, half going into buybacks, I guess, would be the way to think about it. Do you think you can flex this capital ratio into -- I think you've talked about mid-13s over the next year via RWA growth? Or should we expect the piece of buybacks to materially increase over the next few quarters?

或許對 Kelvin 或 Ray 來說，就資本而言，當我們看到 CET1 為 14.7% 時，一半的留存收益用於分紅，一半用於股票回購，我想，這應該是一種思考方式。你認為你可以透過RWA成長，在未來一年內將這個資本比率調整到——我想你之前說過可以達到13%左右？或者我們應該預期未來幾季股票回購規模將大幅增加？

Maybe I'll start it off and then pass it over to Kelvin. I would say that as per my comments, I do think that there are opportunities and tailwinds as we head into fiscal 2026, both on the EPS side and from an ROE perspective, Ebrahim, but I'd say the preface that with making sure that the macro conditions prevail. And then certainly from the uncertainty that we have around some of the tariff and trade uncertainty.

或許我可以先開始，然後交給凱爾文。埃布拉希姆，正如我之前所說，我認為在進入 2026 財年之際，無論是在每股收益方面還是從淨資產收益率方面，都存在著機會和順風，但前提是要確保宏觀環境持續良好。當然，還有關稅和貿易方面的不確定性。

But as you saw in our Q4 results, the momentum of the businesses, I think, will have a strong play with respect to ROE. With respect to capital, as we said in our Investor Day, we are definitely taking a very different disciplined approach on capital allocation. First, and always, the priority is capital organically to be allocated. And that's looking at Ebrahim, all of our existing portfolios, the noncore businesses, and you've seen the actions that we've taken. We'll continue to go through that and make sure that any of our existing businesses that are noncore do provide appropriate returns, and we're looking at that.

但正如您在我們第四季業績中所看到的，我認為，業務的成長勢頭將對淨資產收益率產生顯著影響。關於資本方面，正如我們在投資者日上所說，我們在資本配置方面絕對採取了一種非常不同的、有紀律的方法。首先，也是始終要優先考慮的是資本的有機分配。而我們關注的是易卜拉欣，我們所有現有的投資組合，非核心業務，你們也看到了我們採取的行動。我們將繼續進行審查，確保我們現有的非核心業務能夠提供適當的回報，我們正在對此進行研究。

And then making sure that we're deploying the capital even within our organic businesses to the ones that have the most accretive ROE on a long-term basis to give shareholder value. And then we've said very publicly at the Investor Day that we will continue to consistently return capital back to shareholders if we don't see -- if we don't have a need on an organic perspective, so on that, I'll pause there and maybe hand it over to you, Kelvin, to talk about RWA.

然後確保我們將資本部署到我們有機業務中那些長期來看能帶來最大增值 ROE 的業務上，從而為股東創造價值。然後，我們在投資者日上公開表示，如果我們沒有看到——如果我們從有機成長的角度來看沒有需求，我們將繼續持續地將資本返還給股東。關於這一點，我先停一下，也許應該把麥克風交給你，凱爾文，來談談RWA。

Sure. It's Kelvin. So as Ray said, in first, we plan to complete our existing share buyback program by the end of Q1 and then initiate the next buyback program of $6 billion to $7 billion subject to regulatory approval. And we will strive to grind down our CET1 ratio as much as possible, subject to market conditions. And I think the issue is that we continue to spin off and generate significant capital accretion every year.

當然。是開爾文。正如雷所說，首先，我們計劃在第一季末完成現有的股票回購計劃，然後啟動下一個60億至70億美元的回購計劃，但需獲得監管部門的批准。我們將努力在市場條件允許的情況下，盡可能降低我們的CET1比率。我認為問題在於我們每年都在不斷地進行業務分拆，從而產生大量的資本累積。

Again, it all depends on market conditions. But right now, we're seeing that it is still -- we're not getting to 13% yet in '26, but maybe in '27.

再次強調，這一切都取決於市場狀況。但就目前來看，情況仍然是——2026 年我們還無法達到 13%，但也許 2027 年可以。

That's helpful. And if I can have a follow-up for Leo, maybe on slide 6, Leo. So I just want to make sure I understand this correctly. I understand you need to demonstrate sustainability. Nothing needs to break in a material way.

那很有幫助。如果可以的話，我想就 Leo 的後續問題，也許在第 6 張投影片上，Leo。所以我想確認一下我理解得是否正確。我明白你們需要證明可持續性。不需要發生任何實質的損壞。

But just hypothetically, if we go through all of '26 through the sustainability review, I'm just wondering, in a world where there was no big sort of leakage in terms of all the systems that you put in place, is there anything different that needs to happen in 2027? And I'm asking this in the context of the US regulatory framework that's becoming a little more pragmatic and not sort of belaboring banks that have had issues in the past. I'm just wondering, is there a scenario where assuming you check all the boxes in '26 on sustainability, where maybe the asset cap could get reviewed as early as '27?

但假設一下，如果我們把 2026 年全部時間都用來進行永續發展審查，我想知道，在一個所有已建立的系統都沒有出現重大洩漏的世界裡，2027 年是否需要採取一些不同的措施？我提出這個問題，是在美國監管框架變得更加務實，不再像過去那樣苛責那些有過問題的銀行的背景下。我只是想知道，假設你在 2026 年實現了永續發展的所有目標，是否有可能最早在 2027 年就對資產上限進行審查？

Yes. No, thank you very much for the question, Ebrahim. I won't comment with regards to the timing of any sort of relief. But I will -- I just wanted to maybe provide a little bit of color to your question. I think to your point, I think we've made really good progress on the delivery of the management actions.

是的。不，非常感謝你的提問，易卜拉欣。我不會對任何形式的救濟措施何時出台發表評論。但我會的——我只是想為你的問題增添一些色彩。我同意你的觀點，我認為我們在落實管理措施方面取得了非常好的進展。

And I've reiterated some of the areas where we've made progress, whether that's the transaction monitoring platform the work that we've done on the customer risk rating tools, the AI tool.

我重申了我們取得進展的一些領域，無論是交易監控平台、客戶風險評級工具或人工智慧工具。

So I think we feel very good about the residual risk reduction that we've actually brought forward in terms of the overall AML program. But as I've said before, I think we've got a couple of stages. Everything we do, every management action we do is going to be subject to internal challenge and ultimately to internal audit validation. And that's an important -- an important process that much of that will take place in 2026.

因此，我認為我們對在整體反洗錢計畫中實際取得的剩餘風險降低成果感到非常滿意。但正如我之前所說，我認為我們還有幾個階段。我們所做的每一件事，我們採取的每項管理行動，都將受到內部質疑，並最終接受內部稽核的驗證。這是一個重要的過程，其中大部分將在 2026 年發生。

And then thereafter, as you know, we're working very closely with the monitor and as well, we're working with the regulator to ensure that we can demonstrate sustainability over the long term, those stages are an important part of the process. So I think being able to demonstrate that not only we've implemented the right actions, we've reduced residual risk but that we can demonstrate that over time will be critical in terms of earning release from the consent order eventually and then potentially any interim relief.

然後，如您所知，我們與監督機構密切合作，同時也與監管機構合作，以確保我們能夠證明長期可持續性，這些階段是整個過程的重要組成部分。所以我認為，能夠證明我們不僅採取了正確的行動，降低了剩餘風險，而且隨著時間的推移，能夠證明這一點，對於最終從同意令中解脫出來，以及可能獲得任何臨時救濟，都將至關重要。

So I think we're making good progress at this point. We'll keep you abreast of the progress over the next few quarters. But at this point, I feel very comfortable with the AML remediation plan.

所以我覺得我們目前進展順利。接下來的幾個季度，我們隨時向您報告進度。但就目前而言，我對反洗錢補救計畫感到非常滿意。

Gabriel Dechaine, National Bank.

加布里埃爾·德鏈，國家銀行。

The margin outlook more stable or relatively stable, whatever. In Canada, I'm just wondering because a few of your peers, I mean, there's a bit of a mixed bag, perfectly, but some peers are talking about and exhibiting a wider benefit from wider mortgage spreads. And I'm wondering if that's something that could factor into your outlook and surprise on the positive side.

利潤前景更加穩定或相對穩定，無論如何。在加拿大，我只是好奇，因為你們的一些同行，我的意思是，情況有點複雜，當然，但有些同行正在談論並展示了擴大抵押貸款利差帶來的更廣泛的好處。我想知道這是否會影響你的看法，並讓你感到驚訝。

Then on expenses, you had guided to 5% to 7% growth this year. It came in at 10%, including 10% in Q4. And you talked about some year-end investment undertakings that you took advantage of the strong revenue growth, that's fine. I'm just wondering about 2026, you're guiding mid-single digits now. You've taken another restructuring charge those investments you made perhaps help your efficiency performance.

至於支出方面，您曾預計今年將成長 5% 至 7%。佔10%，其中第四季佔10%。您還談到了一些利用強勁的收入成長而進行的年終投資項目，這很好。我只是好奇2026年的狀況，你現在預測的是個位數中段的成長率。您又承擔了一筆重組費用，您所做的那些投資或許有助於提高您的效率。

Are you -- you should be more capable to deliver you more committed as well as the question.

你是——你應該更有能力，讓你更投入，同時也要回答這個問題。

Thanks, Gabe. It's Sona. Maybe I'll start with your first question on Canadian margins and specifically RESL, and I can share a little bit more on what's underlying our NIM. Kelvin had already alluded to the three factors. If I start out in RESL, we had a really good volume growth quarter.

謝謝你，蓋布。是索娜。或許我可以先回答你關於加拿大利潤率，特別是 RESL 的第一個問題，然後我可以分享更多關於我們淨利差背後的原因。開爾文之前已經提到這三個因素。如果從 RESL 開始，我們上個季度銷售成長非常強勁。

And what I'm particularly pleased to see is we're staying through to our strategy where we're anchoring on speed and specialization to drive growth, but with incredible pricing discipline.

我特別高興地看到，我們堅持我們的策略，即以速度和專業化為驅動力來推動成長，同時保持令人難以置信的定價紀律。

And so again, that enabled us to drive sequential origination margin expansion. So that's obviously positive to NIM. But then when I step back and look at overall Canadian CAD PMC NIM, that strong loan growth outpacing deposits that naturally has a balance sheet dilutive impact on them. And then finally, tractor on/off, Kelvin alluded to is an important factor. And when we look at that, the magnitude of the NIM benefit that we see is really quite dependent on the maturing tractor rate.

因此，這再次使我們能夠推動連續的貸款發放利潤率擴張。所以這對NIM來說顯然是個好消息。但當我退後一步，從加拿大加元 PMC NIM 的整體情況來看，強勁的貸款成長超過了存款成長，這自然會對資產負債表產生稀釋影響。最後，凱爾文提到的拖拉機開關也是一個重要因素。當我們觀察這一點時，我們發現 NIM 收益的大小實際上很大程度上取決於成熟的拖拉機使用率。

And so if I go back -- yes, sorry, go ahead, Gabe.

所以如果我回去——是的，對不起，請便，蓋布。

That tractor to win is sort of flattening out, I guess, is that what you're saying?

那輛奪冠拖拉機似乎有點勢頭減弱了，你是這個意思嗎？

Yes, in a sense. And like that really is reflective of the maturing tractor profile. So if I go back several years ago when rates were the lowest, we locked in less tractors through prudent treasury management. And so as we fast forward to today, our tractor on-off lift was largely offset by the recent Bank of Canada rate cut. So like in some total, many factors but that's what's driving stability in them.

是的，從某種意義上來說。而這確實反映了拖拉機發展日趨成熟的趨勢。所以，如果我回顧幾年前利率最低的時候，我們透過審慎的資金管理鎖定了較少的拖拉機。因此，時至今日，加拿大央行最近的降息在很大程度上抵消了我們拖拉機銷售的波動。所以總的來說，有很多因素，但這就是它們保持穩定的原因。

So I'm not quite clear on the mortgage commentary then and some other banks, I mean quite specific that it's going to be good. You've originated a bunch in 2021, 2022 that were -- was a very competitive environment and the renewals are coming in at higher spreads. Is that not something dynamic that will work in your favor?

所以，我對抵押貸款方面的評論不太清楚，而其他一些銀行則非常明確地表示情況會很好。您在 2021 年和 2022 年推出了一系列產品，當時市場競爭非常激烈，續約價格也更高。這不是對你有利的動態因素嗎？

Absolutely. It is something that we are seeing, Gabe, it's been several quarters. We've had positive expansion. And so as this accumulates, that becomes a broader tailwind.

絕對地。蓋布，我們確實看到了這種情況，這種情況已經持續好幾個季度了。我們實現了積極的成長。隨著這種趨勢的積累，它將形成一股更廣泛的順風。

The other thing, Gabe, I think you'll see in our mortgage portfolio, and Son has commented on that on a number of occasions. It's just the mix of the mortgages, right? And so you're going to see more and more proprietary mortgages that are booked through our proprietary channels, whether it's our branches or our MMS, which are both proprietary and obviously, better margin in those, and you're seeing that margin expansion in our residential book, while we continue to take market share and loan and mortgage growth, as you saw on a quarter basis. So I think it's a good story from both a volume perspective but also from a mix and margin expansion in the RES book that you're going to continue to see favorability as we...

Gabe，還有一件事，我想你會從我們的抵押貸款組合中看到，Son 也多次提到這一點。這只是抵押貸款的組合問題，對吧？因此，你會看到越來越多的自有抵押貸款透過我們的自有管道（無論是我們的分行還是我們的 MMS）進行結算，這些管道都是自有的，而且顯然利潤率更高。你會看到我們的住宅貸款業務利潤率正在擴張，同時我們也在繼續擴大市場份額，貸款和抵押貸款業務也在成長，正如你按季度看到的那樣。所以我認為，無論從銷售角度，還是從RES業務的組合和利潤率擴張角度來看，這都是一個好兆頭，我們將繼續看到這種利好情緒…

All right. Then on the expenses?

好的。那麼費用方面呢？

Just on the -- just on your expense -- the second part of your question, Gabe, you're on the expense side. Let me just sort of walk you through a little bit. On the 5% to 7% guidance that we provided at the beginning of the year, if I sort of take you back, I mean, that was with guidance that we thought and Kelvin commented in his comments that we thought earnings was going to be relatively flat on a year-on-year basis, and we delivered a 5% earnings growth. So I think some of the expense that you see growth on that side of it is due to the outperformance on our earnings growth.

就——就你而言——你問題的第二部分，Gabe，你是負責支出的一方。讓我簡單地給你介紹一下。年初我們給出的 5% 到 7% 的成長預期，如果我回顧一下，我的意思是，當時我們認為，正如 Kelvin 在他的評論中所說，我們認為盈利將與去年同期基本持平，而我們最終實現了 5% 的盈利增長。所以我認為，你看到的這方面的一些支出成長是由於我們的獲利成長超過了預期。

I'd say the second piece is where we've been saying that you're going to start to see moderation of our expenses on a quarter-over-quarter basis, and you saw that from a Q3 to Q4 moderation of expenses. And so if you factor in the variable cost and the FX that Kelvin said, we're probably down to about a 7% expense growth on Q4 and definitely trending in the right direction to get us to the 3% to 4% expense growth in 2026. And I have high confidence we're going to deliver on that.

我認為第二點是我們一直強調的，你們將會看到我們的支出逐季度趨於平穩，而你們也看到了從第三季到第四季支出的平穩變化。因此，如果考慮到 Kelvin 所說的可變成本和外匯因素，我們第四季度的費用成長率可能降至 7% 左右，並且肯定朝著正確的方向發展，使我們在 2026 年實現 3% 至 4% 的費用成長率。我非常有信心我們能夠實現這個目標。

And where that confidence comes from is the six buckets of expense categories that we outlined in the Investor Day, Gabe, where we have -- that was a bottoms-up exercise, and we actually have identified initiatives and tactics in each one of those six expense buckets, and we've already started to make progress. And so the $900 million of the $2.5 billion expense takeout that we've committed to over the medium term, $900 million of that is in 2026, of which $500 million is the restructuring that carry from 2025 to 2026 and the incremental $400 million, we already have clear sites into that.

蓋布，這種信心的來源是我們投資者日上概述的六大支出類別，這是一個自下而上的過程，我們實際上已經確定了這六個支出類別中的每一個類別的舉措和策略，並且我們已經開始取得進展。因此，我們承諾在中期內削減 25 億美元的支出，其中 9 億美元將在 2026 年削減，這 9 億美元中 5 億美元是 2025 年至 2026 年的重組支出，而新增的 4 億美元，我們已經有了明確的用途。

And then I'd say, finally, what's really important that we said at Investor Day is that we continue to deliver positive operating leverage, and you're seeing that for the second consecutive quarter, TD Bank delivered positive operating leverage, and we expect to have that continue in fiscal 2026. So on your question about conviction and commitment, absolute on what we said in the Investor Day and cost management and the disciplined execution around that is one of our strategic pillars.

最後，我想說，我們在投資者日上真正強調的是，我們將繼續實現正向經營槓桿，你們可以看到，TD銀行連續第二個季度實現了正向經營槓桿，我們預計這種情況將在2026財年繼續保持。所以，關於您提出的信念和承諾的問題，我們絕對堅持我們在投資者日上所說的，成本管理以及圍繞成本管理的嚴格執行是我們戰略支柱之一。

Doug Young, Desjardins.

道格楊，德斯賈丁斯集團。

Hopefully, this will be relatively quick. But Leo, you said at a target at the Investor Day, and thanks, Ray, and everyone for all the other targets and guidance provided in the remarks that you set a target of USD2.9 billion for fiscal '26 at the Investor Day. Just wondering how you're feeling about that as you sit and look at today and all the different variables, macro rates, balance sheet restructuring expenses. Can you impact that?

希望這個過程能比較快。但是，Leo，你在投資者日上設定了一個目標，感謝Ray以及各位在講話中提供的其他目標和指導，你們在投資者日上設定了2026財年29億美元的目標。我只是想知道，當你坐在這裡審視今天的一切，以及所有不同的變數、宏觀利率、資產負債表重組費用時，你對此有何感想。你能對此產生影響嗎？

Sure, Doug. Maybe I can just ask you to take a look at the quarter as sort of an indication of the momentum going into 2026. We're really pleased with the quarter revenue growth of 7% and -- that was driven by a 7% growth in NII on 6 basis points worth of NIM expansion. But also, we had about an 11% growth in fees, where we saw service fees, our lending fees and wealth management all contributing to a double-digit growth rate. And I do think that's a sustainable momentum as we go into 2026.

當然，道格。或許我可以請您來看看本季的數據，以此來判斷2026年的發展動能。我們對本季 7% 的營收成長感到非常滿意，這主要得益於淨利息收入 (NII) 成長 7%，以及淨利差 (NIM) 擴大 6 個基點。此外，我們的費用也成長了約 11%，其中服務費、貸款費和財富管理費都實現了兩位數的成長率。而且我認為，這種勢頭將持續到 2026 年。

Expenses, we did a very aligned to raise point. We did see moderation in the expense growth profile in the fourth quarter. Expenses were up 5%, but we did manage positive operating leverage of 232 basis points and our commitment and our guidance of mid-single-digit expense growth stands, we feel quite comfortable with that.

費用方面，我們做了非常協調的工作來提出這一點。第四季支出成長速度有所放緩。支出成長了 5%，但我們實現了 232 個基點的正向經營槓桿，我們對支出成長保持中等個位數的承諾和指導依然有效，我們對此感到非常滿意。

And then, as Ajai outlined, I think from a PCL perspective, PCL came in at $220 million, which was down on a quarter-on-quarter basis and down year on year, and it was the lowest level of PCL that we've had since the last quarter of 2023. So if you look at all of the fundamental indicators, I feel quite comfortable with the guidance of both the $2.9 billion NIAT target for the year, but also the return on equity number. Our return on equity for the quarter closed at 9.3%. We've managed to post 180 basis points worth of ROE improvement since the fourth quarter of last year.

然後，正如 Ajai 概述的那樣，我認為從 PCL 的角度來看，PCL 為 2.2 億美元，環比下降，同比下降，這是自 2023 年最後一個季度以來 PCL 的最低水平。因此，如果你看所有基本指標，我對公司設定的年度淨資產稅目標 29 億美元以及股本回報率目標都感到非常滿意。本季我們的股本回報率為 9.3%。自去年第四季以來，我們的淨資產收益率 (ROE) 已提高了 180 個基點。

So Doug, at this point, obviously, we still have a lot of macro uncertainty. We still have to work through potential rate declines that will obviously add some degree of uncertainty for next year. But from an underlying business momentum perspective, I'm quite confident with some of the guidance that we provided on the September Investor Day.

所以道格，很顯然，目前我們仍然面臨許多宏觀經濟方面的不確定性。我們仍然需要應對潛在的利率下降問題，這顯然會為明年帶來一定程度的不確定性。但從潛在的業務發展勢頭來看，我對我們在9月份投資者日上提供的一些指導意見相當有信心。

I appreciate it. And then just second, I know insurance is a small business, but the earnings were quite weak, and I was a bit surprised, given, I think it was relatively low cats this quarter relative to last year, at least in companies that I'm following. So maybe you can -- is there anything unusual like actuarial assumption reviews or anything unusual going through the insurance results that caused the weaker bottom line results?

謝謝。其次，我知道保險業是小本生意，但盈利狀況相當疲軟，考慮到本季度與去年同期相比，至少在我關注的公司中，盈利狀況相對較低，我對此感到有些驚訝。所以也許你可以問一下——是否存在一些不尋常的情況，例如精算假設審查或其他任何不尋常的情況，導致保險業績下滑？

Thanks, Doug. Let me take that. So from an insurance perspective, I do think having run the business, I look at the insurance from a full year perspective. And if you look at it from a full year perspective, gross written premiums continued to be very strong, 10% growth on the general insurance gross written premiums.

謝謝你，道格。讓我來拿吧。所以從保險的角度來看，經營過這家公司之後，我會從全年的角度來看保險問題。從全年來看，毛保費收入持續保持強勁成長，一般保險毛保費收入成長了 10%。

As per the Investor Day, our goal is to double the size of our home and auto business by 2029. And so when you look at it from a full year's perspective, I think strong performance, the ROE came in at 24.4% above what we expected -- sorry, 24.2% above what we had expected on a full year basis. But when you double-click into the Q4, your specific question, one nuance that we did in the -- over the course of 2025, but it hit more in 2020 -- in the Q4 is that we did look at making sure that we are growing profitably across all of our geographies across the insurance business.

根據投資者日的情況，我們的目標是到 2029 年將房屋和汽車業務的規模擴大一倍。因此，從全年來看，我認為業績表現強勁，淨資產收益率比我們預期高出 24.4%——抱歉，是比我們預期高出 24.2%（按全年計算）。但是，當你雙擊進入第四季度時，關於你提出的具體問題，我們在 2025 年期間所做的一個細微調整——但 2020 年的影響更大——在第四季度，我們確實考慮了確保我們在保險業務的所有地區都能實現盈利增長。

And we've rebalanced in some of the higher severe weather regions. And so you saw that play through. That's actually going to prove to be a positive around resiliency and stability of our earnings as we play through. And so I feel very confident in the Investor Day commitments that we made on the insurance business, but we did actually use this as an opportunity in Q4 to rebalance from a geography perspective and the profitability in the high cat zone.

我們已經在一些極端天氣頻繁的地區重新調整了平衡。所以你們都看到了那場演出。實際上，這將對我們未來的收益的韌性和穩定性產生積極影響。因此，我對我們在投資者日上就保險業務做出的承諾非常有信心，但我們確實利用第四季度的機會，從地域角度和高風險地區的盈利能力方面進行了重新平衡。

So you moved out of the high cat zones or you were in high cat zones and therefore, that impact in Q4, and therefore, you've moved out of that, and that should benefit you going forward. Is that...

所以你已經離開了高風險區域，或者你曾經身處高風險區域，因此，這在第四季度產生了影響，因此，你已經擺脫了這種情況，這應該會對你未來的發展有利。那是…

It's a little less concentration. And so where we had a higher concentration in some of the high severe weather zones, we've moderated the concentration there, while accelerating growth in 2026 going forward in the geographies with less cat exposure.

注意力稍微分散了一些。因此，在一些極端天氣頻繁的高密度地區，我們已經降低了那裡的密度，同時在貓科動物暴露較少的地區，從 2026 年開始加速成長。

Paul Holden, CIBC.

Paul Holden，加拿大帝國商業銀行。

I want to ask a couple of questions on deposit growth, maybe starting with Sona because you already gave some flavor on NIM sort of tailwinds and headwinds and you mentioned that deposits not quite growing at the same pace as loans. So if you can talk about why that is and what TD is doing to accelerate particularly low-cost deposit growth?

我想問幾個關於存款成長的問題，也許可以先從 Sona 開始，因為你已經對 NIM 的一些利好因素和不利因素做了一些介紹，而且你提到存款的增長速度並不完全與貸款的增長速度相同。那麼，您能否談談造成這種情況的原因，以及道明銀行正在採取哪些措施來加速低成本存款的成長？

Yes, absolutely. Thanks for that question, Paul. I'd start by saying it's been a tremendously strong quarter, closing a really strong year. So we've had number one growth actually across our three major product lines in the Canadian Personal Bank. So that includes deposits, cards as well as results.

是的，絕對的。謝謝你的提問，保羅。首先我想說，這是一個非常強勁的季度，也為今年畫上了一個非常圓滿的句點。因此，我們在加拿大個人銀行的三大主要產品線中都實現了第一的成長。所以這包括存款、銀行卡以及比賽結果。

So we're feeling really good about the growth momentum that we're seeing.

所以我們對目前看到的成長動能感到非常滿意。

In terms of the mix and demand deposits and term deposits, similar to what you would see right across the industry, we are seeing a decided shift. So that is a positive trend with the faster clip of growth in non-term versus term deposits. What I would say, Paul, is we start from a position of real strength here in non-term deposits. I think as we shared at our Investor Day, 86% of our new clients onboard with a checking or savings account. And that fuels that continues to fuel what is an enviable portfolio mix.

就存款組合以及活期存款和定期存款而言，與整個行業的情況類似，我們正在看到明顯的轉變。因此，非定期存款的成長速度快於定期存款，這是一個正面的趨勢。保羅，我想說的是，我們在非定期存款方面擁有非常強大的實力。正如我們在投資者日上分享的那樣，86% 的新客戶都開設了支票帳戶或儲蓄帳戶。而這又持續推動著令人羨慕的投資組合組合的發展。

So we have 69% of our deposits in non-term deposits versus an industry profile that's more in the mid-50s. So overall, we feel really comfortable with what we're seeing in the industry and certainly, what we're seeing amongst our own client base.

因此，我們69%的存款是非定期存款，而行業平均在50%左右。總的來說，我們對目前產業的發展狀況，以及我們自身客戶群的發展狀況，都感到非常滿意。

Okay. Okay. So no reason to suggest any kind of change in trend then in the near term? You're happy with where you are.

好的。好的。所以短期內沒有理由認為趨勢會有任何改變嗎？你對現狀很滿意。

Yes, we're very pleased with where we are.

是的，我們對現狀非常滿意。

Okay. I also want to ask Leo about deposit growth there. It's it's down a little bit Q-over-Q and year over year. I'm not going to make a big deal of it, because it's not down a lot, but still down. Like how should we think about that in '26.

好的。我還想問問Leo關於那裡的存款成長情況。與上一季和去年同期相比，略有下降。我不會小題大做，因為跌幅不大，但畢竟還是跌了。例如，我們該如何看待2026年的問題？

Should we start to see those personal deposits growing again? Or are they continue to shrink because maybe you continue to rationalize the retail store count? Just help us think through that.

我們是否應該看到個人存款再次成長？或者，門市數量持續減少是因為你們不斷調整零售門市數量？請幫我們理清思路。

Sure, Doug. Thank you. So if you look at our deposit numbers on a headline basis, they were down slightly. The runoff is really coming from the Schwab sweep deposits running off, essentially as planned. We had indicated that under the new agreement, Schwab did have the ability to bring down the overall level of sweep deposits and they're executing that plan as per the agreement.

當然，道格。謝謝。所以，如果只看我們的存款數字，它們略有下降。實際上，徑流來自施瓦布的清掃存款，這基本上是按計劃進行的。我們曾表示，根據新協議，嘉信理財確實有能力降低整體自動轉帳存款水平，他們正在按照協議執行該計劃。

In addition, we've targeted the government banking collateralized portfolios, those that provide us very little liquidity, largely commoditized in terms of pricing, we targeted about $5 billion of that portfolio for runoff, and that was aligned to the overall portfolio balance sheet restructuring activity.

此外，我們也盯上了政府銀行抵押資產組合，這些組合提供的流動性非常有限，定價也基本上同質化。我們計劃清算其中約 50 億美元的資產組合，這與整體資產負債表重組活動一致。

In addition, we have taken from about -- as you know, earlier this year, we had taken a very defensive posture in terms of pricing to defend our deposit base, as we move through the year as we've made progress on the balance sheet, restructuring on the lending side or on the asset side of the house, we've also looked at our deposit business and implemented much more pricing discipline around some of our higher-priced deposit categories, both in consumer and corporate to make sure that we are managing healthy deposit margins.

此外，如您所知，今年早些時候，為了捍衛我們的存款基礎，我們在定價方面採取了非常保守的策略。隨著時間的推移，我們在資產負債表方面取得了進展，在貸款方面或資產方面進行了重組，我們也審視了我們的存款業務，並在一些高價存款類別（包括消費者和企業存款）中實施了更嚴格的定價紀律，以確保我們保持健康的存款利潤率。

And in the quarter, we saw a 5 basis point expansion in deposit margins as a result of the actions that we're taking. So given where we are in the US, given the restructuring activities, we are being more selective around our pricing and we have the opportunity to do so and that is translating into some margin expansion for us.

本季度，由於我們採取的措施，存款利潤率提高了 5 個基點。鑑於我們目前在美國的處境以及重組活動，我們在定價方面更加謹慎，我們有機會這樣做，這為我們帶來了一定的利潤率成長。

So to your point with regards to the outlook, absolutely, I expect us to go back to a growth posture, but particularly around our core deposits, our core checking account, interest and noninterest-bearing checking account balances, we believe that's critical for long-term profitability. And so we did provide guidance as part of Investor Day that we would target mid-single-digit deposit growth rates over the MTO period, and I fully expect us to go back to that profile.

所以，關於您提到的前景，我當然希望我們能夠重回成長軌道，但尤其對於我們的核心存款、核心支票帳戶、計息和不計息支票帳戶餘額而言，我們認為這對於長期盈利能力至關重要。因此，我們在投資者日上提供了指導意見，即在 MTO 期間，我們的存款成長率目標是達到中等個位數，我完全相信我們會回到這個水準。

Is it too early to ask for that in '26 or not?

現在就提出2026年的要求是不是太早了？

I think we've already provided enough guidance at this point. So maybe next quarter.

我認為我們目前已經提供了足夠的指導。所以也許下個季度吧。

Maybe I can just ask Paul Clark to jump in. I do think we have terrific momentum in what we said at Investor Day on referrals from retail to wealth and the momentum that we see there because that, to me, is also another significant deepening of our client relationships and will play into sort of our volume story as we move forward.

或許我可以請保羅克拉克來幫忙。我認為我們在投資者日上所說的從零售客戶到財富管理客戶的推薦勢頭非常強勁，而且我們看到的這種勢頭也印證了這一點，因為在我看來，這也是我們客戶關係進一步深化的另一個重要方面，並且將對我們未來的業務量增長起到一定作用。

Thanks, Ray. For the full year, we saw over $31 billion in assets as a result of our relationship with retail and commercial. So this is closed referred business. In the quarter, the number was over $7 billion, Paul, which is just a testament to the momentum that we continue to gain. When you think about that in the context of Sona and Barb's business, but predominantly Sona's, the way that you have to think about that is for every dollar that Sona sends us, we're consolidating $3 roughly from our competitors.

謝謝你，雷。全年來看，由於我們與零售和商業領域的合作關係，我們獲得了超過 310 億美元的資產。所以這是一筆已結束的轉介業務。保羅，本季這個數字超過了70億美元，這足以證明我們持續維持的成長動能。當你從 Sona 和 Barb 的業務角度來考慮這個問題時，尤其是從 Sona 的業務角度來看，你必須這樣想：Sona 每給我們一美元，我們就要從競爭對手那裡整合大約 3 美元。

So in the quarter, that results in two things. Sona graciously sends us business, which is obviously going to impact our numbers. But we're consolidating from our competitors away. And if you remember at Investor Day, we committed to get that number to $40 billion annually, and we're already up 11% year over year. So just great momentum from both and Barbara in the context of this.

所以，在這個季度裡，會產生兩件事。Sona慷慨地為我們帶來了業務，這顯然會對我們的業績產生影響。但我們正在逐步蠶食競爭對手的市佔率。如果你還記得的話，在投資人日上，我們承諾將年營收目標提高到 400 億美元，而我們目前已經年增了 11%。所以，芭芭拉和她自己都取得了巨大的進步，這在這件事上意義非凡。

Sohrab Movahedi, BMO Capital Markets.

Sohrab Movahedi，BMO資本市場。

Okay. Ray, I just wanted to focus on slide 16, you have some targets for 2026, including 6% to 8% adjusted EPS growth. I wonder if you could just tell us which business segments are likely to exceed that and which may be a little bit below that? In other words, how is that -- are you arriving at that by business segment?

好的。Ray，我只想專注於第 16 張投影片，你為 2026 年設定了一些目標，包括 6% 至 8% 的調整後每股盈餘成長。我想請您告訴我們哪些業務板塊可能會超過這個數字，哪些業務板塊可能會略低於這個數字？換句話說，這是怎麼回事──你們是依照業務板塊劃分的嗎？

Why don't I start? And then I think you've heard from Leo and Sona some of the terrific momentum. Maybe I'll also ask Tim to jump in. But I think what you -- when you look across our Q4 results, is actually strength across all of the businesses. I see momentum in every single one of the businesses.

我為什麼不開始呢？然後我想你們也從Leo和Sona那裡聽到了一些關於他們強勁勢頭的回饋。或許我還會請提姆也來幫忙。但我認為，當你縱觀我們第四季的業績時，你會發現所有業務實際上都表現強勁。我看到每家企業都發展勢頭良好。

And so I would say as I said in my comments, we do have positive tailwinds on EPS and ROE as we head into the 2026, and that's on strength of both -- a lot of that is on the strength of our fee income businesses, our market-driven businesses and TD Securities and in the Wealth Management business. But our fundamentals, as Leo said, in our core banking businesses in Canada and the United States. The fundamentals are better than we had expected even at Investor Day as we ended Q4 and jumped into the fiscal new year. So -- why don't I let Tim and Paul talk about their businesses because they're the ones that really from a fee income perspective is also providing tailwinds. And then Barb can maybe comment on the strength of the business bank, and then you'll get a full view of all of the businesses since already Sona and Leo have commented.

因此，正如我在評論中所說，展望 2026 年，我們的每股盈餘和淨資產收益率確實存在積極的利好因素，這主要得益於我們收費收入業務、市場驅動型業務以及道明證券和財富管理業務的強勁表現。但正如Leo所說，我們的基本面在於我們在加拿大和美國的核心銀行業務。即使在投資者日上，當我們結束第四季並進入新的財年時，基本面也比我們預期的要好。所以——為什麼不讓提姆和保羅談談他們的生意呢？因為從費用收入的角度來看，他們才是真正帶來順風的人。然後 Barb 或許可以評論一下這家商業銀行的實力，這樣你就能全面了解所有企業的情況了，因為 Sona 和 Leo 都已經發表了評論。

Thanks, Ray. And sorry, I would just say, obviously, an exceptionally strong Q4, a record revenue and NIAT number. I would say that the shape of the year continued to play out in favor of investment banking in the second half of the year. And so if I look at Q4 specifically for our investment banking business, we had a record revenue quarter, exceeding Q2, which obviously had Schwab in it. Early days for Q1, although I will say that the momentum is carrying through into the new fiscal year.

謝謝你，雷。抱歉，我只想說，很明顯，第四季業績異常強勁，營收和淨利潤均創歷史新高。我認為，下半年的整體情況仍然對投資銀行業有利。因此，如果我專門看一下我們投資銀行業務的第四季度，我們獲得了創紀錄的收入，超過了第二季度，而第二季度顯然包含了嘉信理財。雖然第一季才剛開始，但我可以說這股動能延續到了新的財年。

And finally, something that we talked about at the Investor Day, a tremendous amount of focus on capital capital discipline and optimization. And that applies both to the market side as well as the loan book and investment banking, which accounts for about 40% of our overall RWA.

最後，我們在投資者日上談到了一點，那就是對資本紀律和優化的高度重視。這既適用於市場方面，也適用於貸款組合和投資銀行業務，這些業務約占我們整體風險加權資產的 40%。

And so if you look at the ROE is obviously high in the quarter at 12.4% up close to 500 basis points. But more importantly, if we look at revenue growth to RWA growth in Q4 came in at 2.6 times and 1.6 times for the year as a whole. So I would say, overall results for the year exceeded our expectations. We had talked about delivering anywhere from $375 million to $425 million in NIAT on average per quarter, and we're at the high end there, and exceeded our revenue targets per quarter that we expected, which were $1.8 billion. So feel very good about the momentum that we showed in Q4 and thus far, carrying over nicely into the new fiscal year.

因此，如果你看一下，很明顯，本季的淨資產收益率 (ROE) 很高，達到 12.4%，接近 500 個基點。但更重要的是，如果我們看一下營收成長與 RWA 成長的比率，第四季為 2.6 倍，全年為 1.6 倍。所以我覺得，今年的整體業績超出了我們的預期。我們之前討論過平均每季實現 3.75 億美元至 4.25 億美元的淨營業收入，而我們達到了上限，並且超過了我們預期的每個季度 18 億美元的收入目標。因此，我對我們在第四季度以及迄今為止所展現出的發展勢頭感到非常滿意，並且這種勢頭也很好地延續到了新的財年。

The only thing I'd add on ours, and I know Kelvin took you through the numbers and people tend to focus on the top line revenue line at 16% year over year. And each of our businesses have had tremendous market share growth this year, which bodes well for earnings next year. But what I would tell you, I've been most impressed with this year is just the focus on efficiency. Our efficiency ratio through the year improved about 250 basis points, and that really sets us up nicely as we head into next year. ROE for the full year was just over 62%, and we continue to see strong momentum this quarter and heading into 2026.

我唯一想補充的是，我知道 Kelvin 已經向你分析過數據了，人們往往會關注同比增長 16% 的營收數據。今年我們各項業務的市佔率都實現了巨大的成長，這預示著明年的獲利前景良好。但要說今年最讓我印象深刻的，就是對效率的重視。我們全年的效率比率提高了約 250 個基點，這為我們進入明年奠定了良好的基礎。全年淨資產收益率略高於 62%，我們預計本季及 2026 年將繼續保持強勁的成長動能。

Barb?

芭芭？

Thanks, Sohrab. So for the Canadian business bank, we are seeing very strong momentum as well. We laid out the strategies at Investor Day that we are looking at to accelerate our growth. And I'm happy to report that we did add about 200 incremental frontline bankers in 2025. And almost half of those were in small business banking, and we add -- we made those additions a little bit earlier in the year, and we did see in our results in Q4 a pickup in our new client originations and our deposit growth.

謝謝你，索拉布。因此，加拿大商業銀行也呈現出非常強勁的成長動能。我們在投資者日上闡述了我們正在考慮的加速成長策略。我很高興地報告，到 2025 年，我們新增了約 200 名一線銀行家。其中近一半是小型企業銀行業務，而且我們今年稍早也進行了這些新增業務，我們在第四季度的業績中確實看到了新客戶數量和存款成長的回升。

We're looking to add more small business bankers in 2026. And so we expect good momentum to continue. We also added to our commercial banking that was a little bit later in the year. So I don't think we're really seeing a significant amount of benefit in Q4, but we certainly expect to see that in '26. So we're feeling very positive.

我們計劃在 2026 年增加更多的小型企業銀行家。因此，我們預計良好的發展動能將持續下去。今年晚些時候，我們還增加了商業銀行業務。所以我認為我們在第四季度並沒有真正看到顯著的收益，但我們肯定預計在 2026 年會看到收益。所以我們感覺非常樂觀。

Sorry, I hope that has you -- sense of the momentum that we're here.

抱歉，我希望這能讓你感受到我們目前的勢頭。

Yes. That's very helpful. And I just wanted to get with Kelvin on this, but -- and get him to clarify something in the context of buybacks, I think a couple of times you mentioned subject to market conditions. So under what conditions would you not do the buyback?

是的。那很有幫助。我只是想就此事和凱爾文談談，讓他澄清一下關於股票回購的一些事情，我想你曾幾次提到要視市場情況而定。那麼在什麼情況下你會拒絕回購呢？

Just how fast you can buy given the volatility in the market and how much you can actually -- from a regulatory perspective, you can buy back. So if we would, and the market is conducive like earlier this year, we would step in harder on that front.

考慮到市場的波動性，你能以多快的速度買入，以及從監管角度來看，你實際上可以買回多少，這些都是未知數。所以，如果市場像今年稍早那樣有利，我們就會加強介入這方面。

So you're price sensitive?

所以你對價格很敏感？

Not really, but at the margin, we would be.

不完全是，但從某種程度上來說，我們算是。

There are no more questions in the queue at this time. I would now like to return the call to Mr. Raymond Chun for closing remarks.

目前隊列中已無問題。現在我謹請雷蒙德春先生作總結發言。

Thank you, operator, and thank you, everyone, for joining us today. We certainly appreciate your questions and comments. TD delivered for its stakeholders in Q4 with robust top line growth, positive operating leverage and strong credit performance. We are well positioned for the year ahead. So let me take a moment to wish you and your families all the best for the holiday season, and we certainly look forward to connecting in the New Year.

謝謝接線員，也謝謝各位今天收看我們的節目。我們非常感謝您的提問和評論。TD在第四季度實現了強勁的營收成長、積極的經營槓桿和良好的信貸表現，為利害關係人帶來了回報。我們已為未來一年做好了充分準備。在此，我謹祝您和您的家人節日快樂，我們期待在新的一年與您相聚。

Thank you, everyone.

謝謝大家。

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating, and we ask that you please disconnect your lines.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，請您斷開線路。