The Toronto-Dominion Bank (TD) 2026 Q1 法說會逐字稿

Good morning, everyone. Welcome to the TD Bank Group first quarter 2026 earnings conference call. I would now like to turn the meeting over to Ms. Brooke Hales, Head of Investor Relations. Please go ahead, Ms. Hales.

各位早安。歡迎參加道明銀行集團（TD Bank Group）2026 會計年度第一季財報電話會議。現在我想把會議交給投資人關係主管 Brooke Hales 女士。Hales 女士，請開始。

Thank you, operator. Good morning, and welcome to TD Bank Group's first quarter 2026 results presentation. We will begin today's presentation with remarks from Raymond Chun, the bank's CEO; followed by Leo Salom, Group Head, US Banking, after which Kelvin Tran, the bank's CFO, will present our first 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，接線員。各位早安，歡迎參加道明銀行集團 2026 會計年度第一季業績簡報。今天的簡報將先由本行執行長 Raymond Chun 致詞；接著由美國銀行業務（US Banking）集團主管 Leo Salom 發言；之後由本行財務長 Kelvin Tran 報告第一季營運結果。接下來，風險長 Ajai Bambawale 將就信用品質發表評論，之後我們將邀請電話線上的分析師提問。

Also present today to answer your questions are Sona Mehta, Group Head, Canadian Personal Banking; Barbara Hooper, Group Head, Canadian Business Banking; Paul Clark, Group Head, Wealth Management and Insurance; and Tim Wiggan, Group Head, Wholesale Banking. Please turn to the next slide.

今天也在場、將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、財富管理與保險集團主管 Paul Clark，以及批發銀行業務集團主管 Tim Wiggan。請翻到下一張投影片。

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.

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，並具有固有風險與不確定性。實際結果可能出現重大差異。同時也提醒各位，本行使用非 GAAP 財務衡量指標以得出調整後結果。

The bank believes that adjusted results (technical difficulty) better understanding of how management views the bank's performance. Ray, Leo and Kelvin will be referring to adjusted results (technical difficulty) Additional information about non-GAAP measures and material factors and assumptions is available in our Q1 2026 MD&A.

本行認為，調整後結果（技術問題）有助於更好地理解管理層如何看待本行的表現。Ray、Leo 與 Kelvin 將引用調整後結果（技術問題）。關於非 GAAP 指標以及重大因素與假設的更多資訊，請參閱我們 2026 會計年度第一季的管理層討論與分析（MD&A）。

I would also like to note that effective this quarter, the bank renamed its US Retail segment to US Banking to better reflect the segment's financial products and services.

另外也請注意，自本季起，本行將「美國零售」部門更名為「美國銀行業務（US Banking）」，以更貼切反映該部門的金融產品與服務。

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

接下來，我把簡報交給 Ray。

Thank you, Brooke, and good morning, everyone. Thanks for joining us. We had another strong quarter as we continue to demonstrate momentum across our strategic priorities. In Q1, the bank delivered a strong quarter with record earnings of $4.2 billion and EPS of $2.44, powering an ROE of 4.2%, up 100 basis points year-over-year. We saw robust trading and fee income growth in our markets-driven businesses, volume growth in Canadian P&C Banking and margin expansion.

謝謝你，Brooke，各位早安。感謝各位加入。我們又交出一個強勁的季度，持續展現我們在各項策略優先事項上的動能。第一季，本行交出亮眼成績，創下 42 億美元的歷史新高盈餘與每股盈餘（EPS）2.44 美元，帶動股東權益報酬率（ROE）達 4.2%，年增 100 個基點。在以市場驅動的業務中，我們看到強勁的交易與手續費收入成長；加拿大個人與商業銀行（P&C Banking）業務量成長，以及利差擴張。

Impaired PCLs ticked up quarter-over-quarter in wholesale and US commercial, reflecting a small number of borrowers across various industries. Overall, credit performance was in line with our expectations. We continue to expect fiscal 2026 PCLs to fall within a range of 40 to 50 basis points. Ajai will share more details shortly in his remarks.

減損貸款損失準備（PCL）在批發銀行與美國商業業務中較上季小幅上升，反映出跨多個產業的少數借款人情況。整體而言，信用表現符合我們的預期。我們仍預期 2026 會計年度的 PCL 將落在 40 至 50 個基點的區間內。Ajai 稍後將在致詞中分享更多細節。

Our year-over-year expense growth continued to moderate this quarter, and we delivered positive operating leverage for the third consecutive quarter. We are on track to achieve our 3% to 4% expense growth target for fiscal 2026.

本季我們的年增費用成長持續趨緩，並且連續第三季實現正向營運槓桿。我們正按計畫達成 2026 會計年度 3% 至 4% 的費用成長目標。

The bank's Q1 CET1 ratio was 14.5% with strong organic capital accretion in the quarter. In January, we completed our $8 billion share buyback and launched our new $7 billion share buyback. As of the end of Q1, we had bought back approximately 84 million shares across these two buyback programs.

本行第一季普通股權益第一類資本（CET1）比率為 14.5%，本季有強勁的有機資本累積。1 月，我們完成了 80 億美元的庫藏股回購，並啟動新的 70 億美元庫藏股回購計畫。截至第一季末，我們在這兩項回購計畫中合計回購約 8,400 萬股。

We remain committed to consistently returning excess capital to our shareholders. We have conviction that TD's current share price does not fully reflect the bank's intrinsic value. TD has strong momentum, and we see considerable upside from here.

我們仍致力於持續將超額資本回饋給股東。我們深信 TD 目前的股價尚未充分反映本行的內在價值。TD 動能強勁，我們認為從此處仍有相當可觀的上行空間。

Even with significant share buybacks, TD's robust organic capital accretion means it will take time for the bank to reach a 13% CET1 ratio. This is an enviable position for any bank and a unique advantage for TD. We are managing towards a 13% CET1 ratio by the second half of fiscal 2027.

即使進行大規模庫藏股回購，TD 強勁的有機資本累積仍意味著，本行要達到 13% 的 CET1 比率需要一些時間。這對任何銀行而言都是令人稱羨的狀態，也是 TD 的獨特優勢。我們的管理目標是在 2027 會計年度下半年達到 13% 的 CET1 比率。

Overall, we have momentum across our businesses as we continue to deliver on our strategies to deepen relationships, make TD simpler and faster and execute with discipline. We continue to see potential upside to our 6% to 8% EPS growth and 13% ROE targets for fiscal 2026, provided that positive macroeconomic conditions continue.

整體而言，我們各項業務皆具動能，並持續落實策略：深化客戶關係、讓 TD 更簡化且更快速，以及以紀律執行。在正向的總體經濟環境持續的前提下，我們仍看到 2026 會計年度每股盈餘成長 6% 至 8% 與 ROE 13% 目標的上行潛力。

Please turn to slide 3. Canadian Personal and Commercial Banking delivered record revenue, PTPP, earnings, deposit and loan volumes. In real estate secured lending, loans were up 5% year-over-year, and we continue to achieve sequential origination margin expansion.

請翻到第 3 張投影片。加拿大個人與商業銀行創下營收、稅前撥備前利潤（PTPP）、盈餘、存款與放款量的歷史新高。在不動產擔保放款方面，貸款年增 5%，且我們持續實現逐季的承作利差擴張。

In addition, we saw record Q1 originations in our proprietary channels. In cards, we delivered the highest quarterly acquisition in a decade, driven by record pre-approvals for our existing clients and record point-of-sale deepening in our branches.

此外，我們在自有通路的第一季承作量創下新高。在信用卡方面，我們交出十年來最高的單季新戶獲取量，主要由既有客戶創紀錄的預先核准（pre-approvals）以及分行創紀錄的刷卡點（POS）深化所帶動。

We saw continued acceleration in the business bank with loans and non-term deposits up 6% and 7% year-over-year, respectively. At Investor Day, we laid out our strategy to capture deepening opportunities, including frontline expansion.

我們看到商業銀行業務持續加速，貸款與非定期存款分別年增 6% 與 7%。在投資人日（Investor Day），我們闡述了把握深化機會的策略，包括第一線人力擴編。

We have added over 300 business bankers, an increase of 10% since the end of fiscal 2024, and we are seeing the benefits of that strategy play through. In US Banking, we saw continued momentum across our core business lines as we deepen relationships with our clients. Mid-market lending balances were up 4% year-over-year, and we saw strong pipeline growth with commitments up 15% over the same period.

自 2024 會計年度末以來，我們已新增超過 300 名商業銀行客戶經理（business bankers），增加幅度達 10%，並且正看到該策略帶來的效益逐步顯現。在美國銀行業務方面，隨著我們深化與客戶的關係，核心業務線持續展現動能。中型市場放款餘額年增 4%，同期間我們也看到強勁的管線成長，承諾額（commitments）增加 15%。

US proprietary credit card balances were up 15% year-over-year with record digital acquisition. Earlier this month, we completed the conversion of Nordstrom's card clients onto our servicing platform. This is an important strategic milestone that provides scale as we build out our credit card franchise. In our US wealth business, total client assets were up 12% year-over-year with mass affluent client assets up 18% year-over-year.

美國自有品牌信用卡餘額年增 15%，並創下數位獲客新高。本月稍早，我們完成將 Nordstrom 的卡友轉換至我們的服務平台。這是一項重要的策略里程碑，為我們打造信用卡業務版圖提供規模優勢。在美國財富管理業務方面，客戶資產總額年增 12%，其中大眾富裕（mass affluent）客群資產年增 18%。

Wealth Management and Insurance delivered record earnings and assets. Let me start by congratulating the direct investing team. Last week, our leadership in the market was once again recognized when personal finance expert, Rob Carrick, said TD Direct investing is still king among Canadians online trading platforms. As we saw in Canadian business banking, our frontline expansion strategy is also delivering results in wealth. We added almost 200 financial planners and advisers since the end of fiscal 2024.

財富管理與保險業務創下盈餘與資產新高。首先，我要恭賀自營投資（direct investing）團隊。上週，我們在市場上的領導地位再次獲得肯定；個人理財專家 Rob Carrick 表示，TD Direct Investing 仍是加拿大線上交易平台中的王者。如同我們在加拿大商業銀行所見，我們的第一線擴編策略也在財富管理領域帶來成果。自 2024 會計年度末以來，我們新增了近 200 名理財規劃師與顧問。

In the most recent data, TD took 19 basis points of market share in financial planning with newly hired planners delivering strong growth. This month, we successfully combined our discretionary business in private wealth management. This simplifies our business model, enhances our value proposition to clients and helps position us for outsized growth.

在最新數據中，TD 在理財規劃領域的市占率提升 19 個基點，新聘規劃師帶來強勁成長。本月，我們成功整併了私人財富管理中的全權委託（discretionary）業務。此舉可簡化我們的商業模式、強化對客戶的價值主張，並協助我們為超額成長做好定位。

It is expected to unlock $40 million in platform and operational efficiencies as outlined at Investor Day. And in insurance, we continue to build on our position as Canada's leading digital direct insurer with almost 80% of our clients digitally engaged, strong progress to our Investor Day target of 90%-plus. We have significant growth aspirations for our insurance business, and we are mitigating the volatility that comes with that growth.

如同在投資人日所述，預期可釋放 4,000 萬美元的平台與營運效率。在保險方面，我們持續鞏固作為加拿大領先的數位直銷保險公司的地位，近 80% 的客戶以數位方式互動，並朝投資人日所訂 90% 以上目標取得強勁進展。我們對保險業務有顯著的成長企圖，同時也在降低伴隨該成長而來的波動性。

This quarter, we issued another innovative cat bond in the Canadian market, the first that offers protection against aggregate losses of small- and medium-sized cat events.

本季，我們在加拿大市場發行了另一檔創新的巨災債券（cat bond），為首檔針對中小型巨災事件之累積損失提供保障的產品。

Wholesale Banking delivered record revenue and earnings, supported by strong client activities across Global Markets and Corporate Investment Banking. The team continued to make progress on disciplined execution, achieving improved ROE and moderated year-over-year expense growth this quarter.

批發銀行業務在全球市場與企業投資銀行強勁客戶活動的支持下，創下營收與獲利新高。團隊持續在嚴謹執行方面取得進展，本季實現ROE提升，並使費用年增幅度趨於溫和。

Reflecting continued momentum, TD Cowen ranked in the top 10 in 10 categories in the 2025 Extel Global Fixed Income Survey and TD Securities was awarded the Best Trade Finance Bank in North America by Trade Treasury Payments. Please turn to slide 4.

反映持續動能，TD Cowen在2025年Extel全球固定收益調查的10個類別中名列前十，TD Securities並獲Trade Treasury Payments評選為北美最佳貿易融資銀行。請翻到第4頁投影片。

This quarter, we continue to make progress against our strategy to deepen relationships, make TD simpler and faster and execute with discipline. As we shared at Investor Day, TD has significant opportunities to grow franchise relationships across the bank.

本季，我們持續推進策略：深化關係、讓TD更簡單更快速，並以嚴謹紀律執行。如同我們在投資人日所分享，TD在全行各業務上都有顯著機會擴大特許經營關係（franchise relationships）。

This quarter, we drove increased penetration rates in both consumer and small business credit cards in Canada and in our proprietary bank card in the US. We are also making progress on our deepening targets in TD Securities. We launched Synthetic Prime in the US and Europe. Our clients have told us they want to diversify their prime providers and our robust balance sheet and capabilities position us well for this opportunity.

本季，我們提升了加拿大的消費者與小型企業信用卡，以及美國自有銀行卡的滲透率。我們也在TD Securities的深化目標上持續取得進展。我們在美國與歐洲推出Synthetic Prime。客戶告訴我們，他們希望分散其主經紀（prime）供應商，而我們強健的資產負債表與能力使我們在把握此機會方面具備良好優勢。

Our target of $1 billion in value from AI over the medium term reflects both our progress to date and our confidence in what's ahead. A core tenet of our AI strategy is to build once and use many times, scaling AI through repeatable patterns that lead to faster AI deployments and reduced cost of delivery.

我們中期目標為透過AI創造10億美元價值，反映了我們迄今的進展以及對未來的信心。我們AI策略的核心原則之一是「一次建置、多次使用」，透過可重複的模式擴展AI，以加快AI部署並降低交付成本。

We saw the benefits of this approach with our GenAI knowledge management solution, which we first introduced in our contact centers last year and have now deployed across our over 1,000 branches in Canada. Questions that used to have colleagues jumping through screens are now answered in seconds.

我們在GenAI知識管理解決方案上看到了此方法的效益；該方案去年先在客服中心導入，現已部署至加拿大超過1,000家分行。過去需要同仁在多個畫面間來回切換才能回答的問題，現在幾秒內即可得到答案。

We are taking the same approach with agentic AI. We launched the initial scaling of an agentic AI solution to simplify the RESL pre-adjudication process. This provides the foundation for broader agentic AI adoption across RESL and other businesses.

我們也以同樣的方法推進代理式AI（agentic AI）。我們啟動了代理式AI解決方案的初步規模化，以簡化RESL的預先審核（pre-adjudication）流程。這為RESL及其他業務更廣泛採用代理式AI奠定基礎。

We are executing with discipline across the bank. Kelvin will share more details on our efforts to deliver structural cost reduction in his remarks. We have a clear strategy that is driving higher ROE with four consecutive quarters of ROE improvement in U.S. Banking and ROE up over 400 basis points year-over-year in Wholesale Banking. I remain confident that we will achieve the medium-term targets that we laid out at Investor Day. In fact, for ROE, we may get there faster than we expected.

我們在全行以嚴謹紀律執行。Kelvin將在他的發言中分享更多我們推動結構性成本降低的細節。我們有清晰的策略，正推動ROE走高：美國銀行業務ROE已連續四季改善，而批發銀行業務ROE年增超過400個基點。我仍有信心，我們將達成在投資人日提出的中期目標。事實上，就ROE而言，我們可能會比預期更快達標。

At our current earnings, achieving a 13% CET1 ratio through share repurchases translates into approximately 100 basis points of ROE. Delivering on our $2 billion to $2.5 billion cost takeout would yield an additional 150 basis points of ROE. And all our businesses are laser-focused on driving ROE to their Investor Day targets. With these levers and our strong performance in Q1, I am confident in our path to 16% ROE. Please turn to slide 5.

以我們目前的獲利水準，透過庫藏股回購達成13%的CET1比率，約可轉化為100個基點的ROE。實現20億至25億美元的成本削減，將可額外帶來150個基點的ROE。我們所有業務都高度聚焦於將ROE推升至其投資人日目標。憑藉這些槓桿以及我們在第一季的強勁表現，我對邁向16% ROE的路徑充滿信心。請翻到第5頁投影片。

TD is the only Canadian company ranked in the Top 100 most valuable brands in the world by Brand Finance, and we continue to invest to extend this leadership and deepen our client relationships. Earlier this month, we launched our new brand, reinforcing that in this complex digital-first world, TD will always be more human by delivering simpler, more intuitive and more connected banking experiences in every interaction and in every channel.

TD是Brand Finance評選全球最有價值品牌前100名中唯一上榜的加拿大公司；我們持續投資以延伸此領導地位並深化客戶關係。本月稍早，我們推出全新品牌，強調在這個複雜、以數位優先的世界中，TD將始終更具人性，透過在每一次互動與每一個通路提供更簡單、更直覺且更緊密連結的銀行體驗。

Thank you to our colleagues across the bank for your dedication and commitment. TD is back to winning because of you.

感謝全行同仁的投入與承諾。TD能重回勝利軌道，都是因為你們。

With that, I will hand it over to Leo.

接下來，我把時間交給Leo。

Thank you very much, Ray, and good morning, everyone. Please turn to slide 6. As we enter into 2026, we remain focused on our number one priority and continue to make good progress as expected against our US AML remediation program. This quarter, we continued to improve the efficiency, the efficacy and the accuracy of our program.

非常感謝你，Ray，各位早安。請翻到第6頁投影片。邁入2026年之際，我們仍聚焦於首要優先事項，並如預期持續在美國反洗錢（AML）補救計畫上取得良好進展。本季，我們持續提升計畫的效率、效能與準確性。

This month, our new KYC platform went live to our business users. This is an important milestone as it delivers a centralized platform that enables the collection and maintenance of customer information in a single know your customer profile. As we complete the full implementation of this new system in the coming months, we will gain better insights about our customers establishing an important building block of a strong AML program.

本月，我們新的KYC平台已對業務使用者上線。這是一個重要里程碑，因其提供集中式平台，使客戶資訊得以在單一的「認識你的客戶」檔案中蒐集與維護。隨著我們在未來幾個月完成此新系統的全面導入，我們將更深入了解客戶，並建立強健AML計畫的重要基石。

In addition, as we've spoken about previously, we are continuing to work on additional AI and machine learning capabilities. We implemented machine learning models in our transaction monitoring system last year and additional models will be deployed in our program over the coming quarters.

此外，如同我們先前提到的，我們持續推進更多AI與機器學習能力。我們去年已在交易監控系統中導入機器學習模型，未來幾季將在計畫中部署更多模型。

Finally, we rolled out an enhanced financial crime risk assessment methodology that is data-driven, resulting in a more sophisticated assessment of the bank's financial crimes risk. I'm pleased with the work that our teams have been able to accomplish, and I'm certain that we are building a sustainable program that will serve us well into the future.

最後，我們推出了強化的金融犯罪風險評估方法論，以數據驅動，從而對本行金融犯罪風險進行更精細的評估。我對團隊所完成的工作感到欣慰，也確信我們正在建立一套可長期維持的計畫，將在未來持續為我們帶來助益。

From a financial perspective, while investments will fluctuate from quarter-to-quarter, we continue to expect our AML remediation spend to be $500 million in fiscal 2026. That said, the composition of our spend will gradually change towards validation work and look-back costs as we complete our remaining management remediation actions.

從財務角度來看，雖然投資金額會隨季度波動，我們仍預期2026會計年度的AML補救支出為5億美元。不過，隨著我們完成剩餘的管理層補救措施，我們的支出結構將逐步轉向驗證工作與回溯檢視（look-back）成本。

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

接下來，我把時間交給Kelvin。

Thank you, Leo. Please turn to slide 7. Driven by robust top line momentum, coupled with disciplined execution, TD delivered a strong quarter with record earnings. Total bank PTPP was up 19% year-over-year after removing the impact of the US strategic card portfolio, FX and insurance service expenses. We've shared the details on slide 23.

謝謝你，Leo。請翻到第7頁投影片。在強勁的營收動能與嚴謹執行的帶動下，TD本季表現強勁，獲利創新高。在剔除美國策略性卡片投資組合、外匯及保險服務費用的影響後，全行PTPP年增19%。我們已在第23頁投影片分享相關細節。

Revenue grew 11% year-over-year, reflecting growth across all of our businesses. At 43 basis points, total PCLs were within our guided range. Expenses increased 7% year-over-year with approximately 1% driven by variable compensation, foreign exchange and the impact of the US strategic card portfolio.

營收年增11%，反映我們所有業務均有成長。總PCL為43個基點，落在我們指引區間內。費用年增7%，其中約1%來自變動薪酬、外匯以及美國策略性卡片投資組合的影響。

We delivered our third consecutive quarter of positive operating leverage. Please turn to slide 8. This quarter, we incurred restructuring charges of $200 million pretax driven by further workforce optimization. We have now concluded the restructuring program with total charges of $886 million pretax. We expect fully realized annual cost savings of $775 million pretax.

我們連續第三季實現正向營運槓桿。請翻到第8頁投影片。本季，我們因進一步的人力優化而產生2億美元稅前重整費用。目前我們已完成重整計畫，累計稅前費用為8.86億美元。我們預期完全實現後的年度成本節省為7.75億美元（稅前）。

Our restructuring program is one part of our broader efforts to drive structural cost reduction across the bank. As you heard at Investor Day, we are targeting $2 billion to $2.5 billion in annualized cost savings over the medium term.

我們的重整計畫是我們在全行推動結構性成本降低的更廣泛努力之一。如同你在投資人日所聽到的，我們的中期目標是達成每年年化20億至25億美元的成本節省。

AI is helping power these savings as we scale through repeatable patterns driving faster deployment and reduce cost of delivery. Strong cost management and a deeper understanding of unit costs are also critical components of this effort. In insurance, we expect to deliver over $150 million of claims cost reductions over the medium term through vendor optimization and AI deployment and fraud detection and process reengineering.

AI 正在協助推動這些節省，因為我們透過可重複的模式擴大規模，以加快部署並降低交付成本。強健的成本管理以及對單位成本更深入的理解，也是這項工作的關鍵組成部分。在保險業務方面，我們預期透過供應商最佳化、AI 部署與詐欺偵測，以及流程再造，在中期內實現超過 1.5 億美元的理賠成本降低。

This will drive reduced timelines for claims fraud detection and increase speed and accuracy for claims resolution, further enhancing the client experience. We're also making progress in wealth. Investments in process improvement, digital and AI capabilities are expected to reduce the time it takes to complete a financial plan by 50%, creating capacity for higher-value advisory and business development activities. This is just the beginning. We look forward to providing further updates as this work progresses.

這將縮短理賠詐欺偵測的時程，並提升理賠結案的速度與準確性，進一步強化客戶體驗。我們在財富管理方面也取得進展。對流程改善、數位化與 AI 能力的投資，預期可將完成一份財務規劃所需時間縮短 50%，從而釋放產能投入更高價值的諮詢與業務開發活動。這只是開始。隨著這項工作推進，我們期待提供更多更新。

Please turn to slide 9. Canadian Personal and Commercial Banking delivered record revenue, PTPP, earnings, deposit and loan volumes. Average deposits rose 3% 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 volumes. NIM was stable, up 1 basis point quarter-over-quarter.

請翻到第 9 張投影片。加拿大個人與商業銀行創下營收、PTPP、獲利、存款與放款量的歷史新高。平均存款年增 3%，反映個人存款成長 3% 與企業存款成長 5%。平均放款量年增 5%，其中個人放款量成長 5%，企業放款量成長 6%。淨利差（NIM）維持穩定，季增 1 個基點。

With good revenue and disciplined expense management, we delivered over 200 basis points of operating leverage. We made strategic investments to deepen relationships such as adding business bankers in priority markets and equally to create simpler and faster client experiences that also reduce structural unit costs, including our launch of the RESL pre-adjudication agentic AI capability that Ray shared.

在良好的營收表現與嚴謹的費用管理下，我們實現超過 200 個基點的營運槓桿。我們進行策略性投資以深化關係，例如在重點市場增聘企業銀行客戶經理；同時也致力打造更簡單、更快速的客戶體驗，並降低結構性單位成本，包括推出 Ray 所分享的 RESL 預審（pre-adjudication）代理式 AI 能力。

Going forward, we will take the opportunity to invest in our strategic priorities while continuing with disciplined execution. As we look forward to Q2, we again expect net interest margin to be relatively stable. Please turn to slide 10.

展望未來，我們將把握機會投資於策略重點，同時持續以嚴謹的執行推進。展望第二季，我們預期淨利差仍將相對穩定。請翻到第 10 張投影片。

In U.S. Banking, year-over-year, earnings were up 22%, PTPP was up 7% and ROTCE expanded by 330 basis points to 14.7%. Excluding sweeps and targeted runoff in our government banking business, deposits were up 1% year-over-year. Core loans grew 2% year-over-year, reflecting continued strength in bank card, home equity and middle market. Net interest margin was 3.38%, up 13 basis points quarter-over-quarter, driven by an adjustment for client deposit rates in the prior quarter and higher loan margins from improved product mix.

在美國銀行業務方面，年比年獲利成長 22%，PTPP 成長 7%，ROTCE 擴大 330 個基點至 14.7%。若排除政府銀行業務中的 sweep 與目標性縮減（targeted runoff），存款年比年成長 1%。核心放款年比年成長 2%，反映信用卡、房屋淨值貸款與中型市場（middle market）持續強勁。淨利差為 3.38%，季增 13 個基點，主要受前一季客戶存款利率調整的影響，以及產品組合改善帶來較高的放款利差。

As we look forward to Q2, we expect NIM to modestly increase. Expenses increased 8% year-over-year, reflecting higher governance and control costs and employee-related expenses. As Ray mentioned, earlier this month, we completed the conversion of Nordstrom card clients onto our servicing platform. Going forward, for Nordstrom, TD will have a higher share of revenue and expected losses. Slide 22 provides an illustrative example of the accounting for our strategic card partnerships.

展望第二季，我們預期淨利差將小幅上升。費用年比年增加 8%，反映較高的治理與控管成本，以及員工相關費用。如 Ray 所提到，本月稍早我們已完成將 Nordstrom 信用卡客戶轉換至我們的服務平台。展望未來，就 Nordstrom 而言，TD 將取得較高的營收分成與預期損失份額。第 22 張投影片提供我們策略性卡片合作夥伴之會計處理的示意例子。

As a result of the Nordstrom change and consistent with similar transactions, we expect the receivable adjustment of USD145 million to be treated as an item of note in Q2. The Nordstrom conversion was fully reflected in the guidance that we provided at Investor Day. US Banking is on track to achieve our target of USD2.9 billion in earnings in fiscal 2026. In addition, I wanted to highlight a change in the presentation of our financials for US Banking.

由於 Nordstrom 的變更且與類似交易一致，我們預期 1.45 億美元的應收款調整（receivable adjustment）將在第二季列為需特別說明項目（item of note）。Nordstrom 的轉換已完整反映在我們於投資人日提供的指引中。美國銀行業務正按計畫於 2026 財政年度達成 29 億美元獲利目標。此外，我也想強調我們對美國銀行業務財務報表呈現方式的一項變更。

TD invests in tax advantaged entities to support the communities in which we operate while generating income tax benefits. Previously, losses on these investments were recognized in noninterest income, while the related tax benefits were recognized in provision for income taxes. Effective this quarter, to promote comparability with US peers, we reclassified the losses from noninterest income to provision for income taxes in US banking.

TD 投資於具稅務優惠的實體，以支持我們營運所在的社區，同時產生所得稅利益。過去，這些投資的損失列於非利息收入，而相關的稅務利益則列於所得稅費用（provision for income taxes）。自本季起，為提升與美國同業的可比性，我們將美國銀行業務中該等損失自非利息收入重分類至所得稅費用。

In accordance with IFRS, we made offsetting adjustment in corporate segment so that there is no change in noninterest income or provision for income taxes at the total bank level. This change lowers the efficiency ratio in US banking. As a result, we updated our medium-term target and now expect US banking to deliver an efficiency ratio in the mid-50s by fiscal 2029. Please turn to slide 11.

依據 IFRS，我們在公司部門進行相抵調整，因此在全行層級的非利息收入或所得稅費用均不會改變。此變更將降低美國銀行業務的效率比率。因此，我們更新了中期目標，並預期美國銀行業務在 2029 財政年度前可達成約 50% 中段（mid-50s）的效率比率。請翻到第 11 張投影片。

In Q1, Wealth Management and Insurance delivered record earnings and assets. We saw market share gains across our businesses, led by 97 basis points of revenue share growth year-over-year in direct investing. Trades per day were up 10% year-over-year, driven by new client growth and deeper relationships.

第一季，財富管理與保險業務創下獲利與資產的歷史新高。我們在各項業務均取得市占提升，其中以直投（direct investing）年比年營收市占增加 97 個基點領先。每日交易筆數年比年成長 10%，主要由新客戶成長與更深的客戶關係所帶動。

ETF assets surpassed $31 billion, up from $17 billion at the end of fiscal 2024 and well on our way to our medium-term target of $54 billion. In Insurance, we continue to focus on profitable growth, increasing ROE by 80 basis points year-over-year.

ETF 資產規模突破 310 億美元，較 2024 財政年度末的 170 億美元增加，並正穩步邁向我們中期 540 億美元的目標。在保險業務方面，我們持續聚焦於獲利性成長，使 ROE 年比年提升 80 個基點。

Sequentially, expenses for the segment, excluding variable compensation, were down 2%, reflecting disciplined expense management. We are driving structural cost savings while investing for the future, including unifying our discretionary private wealth businesses and our new TD Easy Trade app. Please turn to slide 12.

按季比較，該部門費用（不含變動薪酬）下降 2%，反映嚴謹的費用管理。我們在投資未來的同時推動結構性成本節省，包括整合我們的自主型私人財富業務，以及推出全新的 TD Easy Trade 應用程式。請翻到第 12 張投影片。

Wholesale Banking delivered record revenue and earnings driven by broad-based performance across Global Markets and Corporate and Investment Banking with strength in commodities, global equity derivative and advisory fees and equity underwriting.

批發銀行創下營收與獲利新高，主要由全球市場以及企業與投資銀行的廣泛表現所帶動，其中商品、全球股票衍生品、顧問費用與股票承銷表現強勁。

Overall, performance reflects the depth and diversification of the platform, combined with high levels of client activity and constructive market conditions. Impaired PCLs increased, reflecting a small number of borrowers across various industries. Ajai will share more detail shortly in his remarks.

整體表現反映平台的深度與多元化，加上客戶活動水準高以及有利的市場環境。減損 PCL 增加，反映少數分布於多個產業的借款人。Ajai 稍後在發言中將分享更多細節。

Expenses increased 5% year-over-year as we continue to invest in technology and front-office capabilities, spending to support business growth and higher variable compensation. Return on equity for the quarter was 12.6%, driven by strong revenue growth, moderating expense growth and disciplined capital management.

費用年比年增加 5%，因我們持續投資於科技與前台能力，投入支出以支持業務成長，並提高變動薪酬。本季股東權益報酬率為 12.6%，主要由強勁的營收成長、費用成長趨緩以及嚴謹的資本管理所帶動。

Please turn to slide 13. Corporate net loss for the quarter was $153 million, a smaller loss than the same quarter last year, reflecting higher revenue from treasury and balance sheet management activities, partially offset by higher net corporate expenses.

請翻到第 13 張投影片。公司部門本季淨損為 1.53 億美元，較去年同期虧損縮小，反映資金調度與資產負債管理活動帶來較高收入，部分被較高的公司部門淨費用所抵銷。

Please turn to slide 14. The common equity Tier 1 ratio ended the quarter at 14.5%, down 15 basis points sequentially. We delivered strong organic capital accretion this quarter. The bank repurchased 19 million common shares under its previous and current share buyback programs in Q1, which reduced CET1 by 38 basis points.

請翻到第 14 張投影片。普通股權益第一類資本比率（CET1）季末為 14.5%，較前一季下降 15 個基點。本季我們實現強勁的內生資本累積。本行於第一季在先前及現行的庫藏股回購計畫下回購 1,900 萬股普通股，使 CET1 降低 38 個基點。

As Ray said, TD's capital position is a competitive advantage. We remain committed to consistently returning excess capital to our shareholders.

如 Ray 所說，TD 的資本部位是競爭優勢。我們仍致力於持續將超額資本回饋給股東。

And with that, I will turn it over to Ajai.

接下來，我把時間交給 Ajai。

Okay. Well, thank you, Kelvin, and good morning, everyone. I was pleased with the bank's overall credit performance this quarter. Now let me turn to the results, starting on slide 15. Gross impaired loan formations were 27 basis points, an increase of 4 basis points quarter-over-quarter.

好的。那麼，謝謝你，Kelvin，各位早安。我對本季本行整體的信用表現感到滿意。現在我來談結果，從第15頁投影片開始。總不良貸款形成率為27個基點，較上季增加4個基點。

The increase was largely recorded across the wholesale banking and US commercial lending portfolios related to a small number of borrowers across a range of industries, partially offset by lower formations in the Canadian commercial lending portfolio. Please turn to slide 16. Gross impaired loans increased 2 basis points quarter-over-quarter to 58 basis points or $5.59 billion. The increase was reflected in the US commercial and Canadian consumer portfolios, partially offset by lower impairments in Canadian commercial.

這項增加主要出現在批發銀行與美國商業放款投資組合，與跨多個產業的少數借款人有關；部分被加拿大商業放款投資組合較低的形成率所抵銷。請翻到第16頁。總不良貸款較上季增加2個基點至58個基點，或55.9億美元。增加主要反映在美國商業與加拿大消費者投資組合，部分被加拿大商業較低的不良貸款所抵銷。

Please turn to slide 17. 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. The bank's provision for credit losses was 43 basis points, an increase of $57 million or 2 basis points quarter-over-quarter, driven by the Wholesale Banking segment, partially offset by lower provisions in Canadian Personal and Commercial Banking.

請翻到第17頁。請記得，我們的簡報呈現的PCL比率同時包含總額，以及扣除美國策略卡（US strategic card）PCL中合作夥伴分攤後的淨額。我們提醒各位，記錄在公司部門的美國卡片PCL由合作夥伴全額吸收，不會影響本行淨利。本行信用損失準備（PCL）為43個基點，較上季增加5,700萬美元或2個基點，主要由批發銀行部門帶動，部分被加拿大個人與商業銀行較低的提存所抵銷。

Please turn to slide 18. Impaired PCLs were $1.16 billion, increasing $221 million quarter-over-quarter, largely as a result of credit migration in the wholesale and US commercial lending portfolios related to a small number of borrowers across a range of industries, partially offset by lower provisions in Canadian commercial.

請翻到第18頁。不良項目PCL為11.6億美元，較上季增加2.21億美元，主要由批發銀行與美國商業放款投資組合的信用遷徙所致，與跨多個產業的少數借款人有關；部分被加拿大商業較低的提存所抵銷。

More than half of the increase in the bank's impaired PCLs this quarter was due to a single borrower in the wholesale segment. We do not expect the level of impaired provisions in wholesale this quarter to be reflective of a typical run rate moving forward.

本季本行不良項目PCL增加的一半以上，來自批發部門的單一借款人。我們不預期本季批發部門不良提存水準能代表未來的典型常態水準（run rate）。

The bank recorded a performing PCL recovery of $125 million, reflecting improvement in the macroeconomic forecast and migration from performing to impaired in the wholesale and US commercial lending portfolios. The performing PCL recovery was primarily recorded in the US Banking and Wholesale segments.

本行錄得履約中（performing）PCL回收1.25億美元，反映總體經濟預測改善，以及批發銀行與美國商業放款投資組合由履約中轉為不良的遷徙。履約中PCL回收主要記錄在美國銀行與批發部門。

Please turn to Slide 19. The allowance for credit losses decreased $144 million quarter-over-quarter related to a $156 million impact from foreign exchange, improvement in the Canadian and US economic forecasts, partially offset by higher impaired allowance in the wholesale and US commercial lending portfolios.

請翻到第19頁投影片。信用損失備抵（allowance for credit losses）較上季減少1.44億美元，主要與外匯影響1.56億美元、加拿大與美國經濟預測改善有關；部分被批發銀行與美國商業放款投資組合較高的不良備抵所抵銷。

Now to summarize, the bank exhibited strong credit performance this quarter as PCLs were within the guidance offered at the end of last year. Additionally, we remain prudently provisioned with allowance coverage of gross loans at 99 basis points, including more than $500 million in reserves set aside for ongoing elevated policy and trade uncertainty.

總結來說，本季本行展現強勁的信用表現，因為PCL落在我們去年底提供的指引範圍內。此外，我們仍維持審慎的提存水準，備抵覆蓋總貸款為99個基點，其中包含超過5億美元的準備金，用以因應持續偏高的政策與貿易不確定性。

Looking forward, while results may vary by quarter and are subject to changes to economic conditions, we continue to expect fiscal 2026 PCLs to fall within a range of 40 to 50 basis points. TD is well positioned to operate through a variety of economic scenarios, considering our prudent provisioning, broad diversification across products and geographies, our strong capital position and our through-the-cycle underwriting standards.

展望未來，雖然結果可能因季度而異並受經濟情勢變化影響，我們仍預期2026會計年度PCL將落在40至50個基點的區間。考量我們審慎的提存、跨產品與地理區域的廣泛多元化、強勁的資本部位，以及穿越景氣循環的承作標準（underwriting standards），TD具備在多種經濟情境下營運的良好條件。

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

以上，接線員，我們現在準備開始問答環節。

(Operator Instructions) Matthew Lee, Canaccord Genuity.

(接線員指示) Matthew Lee，Canaccord Genuity。

If we assume you reach 13% CET1 ratio by the end of 2027 and your cost savings continue to improve and you achieve the earnings growth in your targets, I think my math suggests that you can get to that 16% ROE by the exit of 2027. Can you maybe talk about factors might prevent you from getting there or whether it's just a matter of accounting for the unknowns?

如果我們假設你們在2027年底前達到13%的CET1比率，且成本節省持續改善並達成目標中的獲利成長，我的計算顯示你們在2027年底時可以達到16%的ROE。你們能否談談有哪些因素可能會阻礙你們達成，或是否只是需要把未知因素納入考量？

Thanks, Matt. It's Ray. Thanks for the question. As I said at the end of our Q4 results, I mean, we are definitely seeing good momentum coming out of, first and foremost, fiscal 2025, and you saw that momentum carry through. And you're seeing that play through on our ROE at 14.2% after the first quarter.

謝謝，Matt。我是Ray。謝謝你的問題。如同我在第四季結果最後所說，我們確實看到良好的動能，首先且最重要的是來自2025會計年度，而你也看到這股動能延續下去。第一季後，你也看到這反映在我們的ROE為14.2%。

The way I would think about it, Matt, is on some of the things that we control. If you think about our CET1 ratio getting down to the 13% by the second half of 2026 -- 2027, as I commented in my comments, that gives us another 100 basis points.

Matt，我會從我們可控的事項來看。如果你把我們的CET1比率在2026年下半年到2027年降至13%來看——如我在發言中提到——這將再帶來100個基點。

We are well on pace on our $2 billion to $2.5 billion expense takeout and the discipline and the structural cost reduction. We're actually a bit ahead of schedule, I would say, on the things that we're focused on. That gives us another 150 basis points pickup on that. And so -- and if you look across our businesses for the quarter, every business at TD improved their ROE as per our Investor Day commitment.

我們在20億至25億美元的費用削減、紀律與結構性成本降低方面進度良好。就我們聚焦的事項而言，我會說我們其實略為超前進度。這將再帶來150個基點的提升。此外，如果你看本季我們各項業務，TD的每一項業務ROE都依照我們投資人日的承諾有所改善。

So, what I would say is that we're certainly -- as I said even in our Q4 comments, we are ahead of pace as to what we thought during Investor Day, and our confidence is high on getting to the 16% ROE that the guidance that we gave. That's the way I would think about it.

所以我要說的是，我們確實——正如我在第四季的評論中所說——相較於投資人日當時的預期，我們進度更快，且我們對達成所提供指引的16% ROE信心很高。我會這樣看待。

Okay. That's helpful. And then maybe just a quick one on the US loan book. Total loans were down 9%, but core loans were up 2%.

好的。這很有幫助。接著再快速問一個關於美國貸款組合的問題。總貸款下降9%，但核心貸款上升2%。

Can you just maybe help us understand what the areas of focus are in terms of growing that book in the US? And when we should start thinking about core loan growth being to outpace the identified sales and runoffs?

你們能否協助我們理解，在美國要擴大該貸款組合的重點領域是哪些？以及我們何時應開始預期核心貸款成長會超過已辨識的出售與到期/縮減（runoffs）？

So Matt, thanks for the question. So if you look at the core loan growth for the quarter, it was 2%. If I can break that down for you, we saw really strong consumer lending growth. As I prioritized in our Investor Day discussion, our credit card book, particularly our bank card book is a major area of focus for us. So just to give you a sense of the momentum that we've got in that segment, we saw 15% balance growth for the quarter. Unit sales were up 33% on a year-on-year basis.

Matt，謝謝你的問題。如果你看本季核心貸款成長，是2%。我可以為你拆解一下，我們看到消費者放款成長非常強勁。如同我在投資人日討論中所強調，我們的信用卡業務，特別是銀行卡（bank card）業務，是我們的主要聚焦領域。為了讓你了解該區塊的動能，本季我們看到餘額成長15%。單位銷售量年增33%。

We use the term penetration rate as a critical indicator of the cards portfolio success, and we saw a 200 basis point increase in the penetration of credit cards to our deposit client base on a year-on-year basis. So we're making progress towards that plus 30% figure that we gave at Investor Day. And sales activities were strong coming out of the seasonal Christmas rush.

我們使用「滲透率」作為衡量卡片投資組合成功的關鍵指標，而我們看到信用卡對存款客戶基礎的滲透率年增200個基點。因此，我們正朝投資人日所提出的「增加30%以上」目標邁進。而在季節性的聖誕旺季之後，銷售活動也相當強勁。

So you put all those things together, we are pleased about our consumer lending growth anchored by that cards performance. On the commercial side, a bit more of a tale of two cities. At the higher end, at the corporate mid-market business, we're seeing relatively good activity and loan demand. So our mid-market business, we saw 4% growth. And Ray, I think, commented in his comments, we saw 15% growth in actual commitments. So the pipelines look good at the top end of the -- at the larger corporate end of the market.

綜合以上因素，我們對以卡片表現為核心支撐的消費者放款成長感到滿意。商業端則更像是兩極分化的情況。在較高端、企業中型市場（corporate mid-market）業務方面，我們看到相對良好的活動與貸款需求。因此，我們的中型市場業務本季成長4%。而Ray我想在他的發言中也提到，我們看到實際承諾額成長15%。因此，在市場較大型企業端的上游管線看起來不錯。

Likewise, in our specialty business, higher education, which is a really important segment for us, we saw loan growth of about 5%. So at the higher end, we're seeing good loan demand and the economic momentum in the US is translating into good loan growth.

同樣地，在我們的專業業務中，高等教育是對我們而言非常重要的一個分部，我們看到貸款成長約 5%。因此在較高端市場，我們看到良好的貸款需求，而美國的經濟動能也正轉化為良好的貸款成長。

Where we're seeing a little bit of sluggishness in the US market broadly is at the small business and sort of the lower-end community banking level. That segment is growing a little slower. And I think that those businesses are just more susceptible to the trade uncertainty, the supply chain disruptions and just the current state of interest rates. So I think there, we're still seeing some muted growth.

我們在美國整體市場看到稍微有些疲弱的地方，是在小型企業以及較低端的社區銀行層級。該分部成長稍慢一些。我認為這些企業更容易受到貿易不確定性、供應鏈中斷，以及目前利率環境的影響。所以我認為在那裡，我們仍看到一些偏溫和的成長。

But when you take everything as a whole, I'm quite pleased with the 2% growth on balance. I would expect that growth rate to moderately accelerate over the next couple of quarters. And we should -- to your point around when should the entire portfolio switch over to a net growth position, we are targeting that in the third quarter, total loans, so that would include the -- those loans that have been identified for runoff, we would actually post net loan growth at the aggregate bank level in the US.

但把所有因素綜合起來看，我對整體 2% 的成長相當滿意。我預期這個成長率在接下來幾個季度會溫和加速。而且我們也應該——就你提到整體投資組合何時會轉為淨成長的問題——我們的目標是在第三季，總貸款（因此也包含——那些已被識別為將要縮減/到期退出的貸款），我們將在美國的整體銀行層級實際呈現淨貸款成長。

Gabriel Dechaine, National Bank Financial.

Gabriel Dechaine，National Bank Financial。

Yeah. I just got a quick one here on credit performance because we saw the impaired going and performing going in a different direction here, and you did a good job explaining the -- what was going on in the impaired book and your expectations going forward. Just wondering about the performing release. I guess part of it is the US, some runoff, but what macro changes did you make that might have resulted in these pretty material releases?

是的。我這裡有個關於信用品質表現的簡短問題，因為我們看到減值（impaired）與正常（performing）走向在這裡出現不同方向，而你也很好地解釋了——減值組合發生了什麼，以及你對未來的預期。我想問的是正常項目的回沖（release）。我猜其中一部分是美國的一些縮減，但你做了哪些宏觀假設的變更，可能導致這些相當顯著的回沖？

Yeah. Thanks, Gabe, for the question. So again, I'll start by saying our performance release, it's well founded, and it's been through all our governance processes. And there are really two drivers of that release. One is the macro changes.

是的。謝謝你，Gabe，這個問題。所以我再重申一次，我們的正常項目回沖是有充分依據的，也已經走完我們所有的治理流程。而這個回沖主要有兩個驅動因素。第一個是宏觀變化。

And if you go and look at our disclosures, you'll see the unemployment numbers have improved both Canada and the United States, and you'll see the GDP numbers have also improved. That drove part of the release, okay?

如果你去看我們的揭露，你會看到加拿大與美國的失業率數據都有改善，你也會看到 GDP 數據同樣有所改善。這推動了部分回沖，好嗎？

The second part, actually don't even think about it as a release, okay? We built performing against names that were migrating. When that loan moves from performing to impaired, I have to reverse the performance and add it to the impaired. So those are the two component parts. But again, as I said, it's well founded.

第二部分，其實甚至不要把它當作回沖，好嗎？我們先前針對一些正在遷徙（風險惡化）的個案建立了正常項目的準備。當那筆貸款從正常轉為減值時，我就必須把正常項目準備回轉，並把它加到減值項目裡。所以這就是兩個組成部分。但如我所說，這是有充分依據的。

Paul Holden, CIBC Capital Markets.

Paul Holden，CIBC Capital Markets。

Two questions related to Leo's business. I guess, first is with respect to the NIM expansion, 13 basis points this quarter, guidance for modest expansion next quarter. I think that was the same guidance we got this quarter. So what drove the upside this quarter and the potential it follows through next quarter?

兩個與 Leo 業務相關的問題。我想第一個是關於淨利差（NIM）擴張，本季擴張 13 個基點，對下季的指引是溫和擴張。我記得這跟我們本季拿到的指引是一樣的。那麼本季超出預期的因素是什麼？以及為什麼可能延續到下季？

And then second part of the question, with that good NIM expansion with you talking about loan growth starting to improve and crossing over to positive in Q3 and what I'm seeing good expense discipline, can we start to expect to see positive operating leverage and lower efficiency ratio out of the US Bank in 2026?

第二個問題是，在你提到淨利差擴張表現良好、貸款成長開始改善並在第三季轉正，以及我看到你們良好的費用紀律之下，我們是否可以開始預期 2026 年美國銀行會出現正向營運槓桿，並且效率比率下降？

So Paul, let me take both of those, and then maybe I'll give you a sort of a summary view on the aggregate US performance. Let me start with the NIM. We delivered NIM of 338 basis points, up 13 basis points quarter-on-quarter, 52 basis points on a year-on-year basis. So obviously, a strong print.

Paul，這兩個我都來回答，然後也許我會給你一個關於美國整體表現的總結觀點。我先從淨利差（NIM）談起。我們的 NIM 為 338 個基點，季增 13 個基點，年增 52 個基點。所以很明顯，是一個很強勁的數字。

Really three factors. One, the remaining impact of all the loan repositioning work that we did last year, which obviously gave us a strong tailwind. Second, selective repricing activities across both the deposit and loan book as we adjust the overall balance sheet to its new size. And third, the tailwinds that we're enjoying from tractor on rates. So those were the three primary drivers. And that was offset ever so slightly by the repricing by the Fed rate cut.

主要有三個因素。第一，是我們去年所做的所有貸款重新配置工作的剩餘影響，這顯然為我們帶來了強勁的順風。第二，隨著我們把整體資產負債表調整到新的規模，我們在存款與貸款組合上進行了選擇性的重新定價活動。第三，是我們從利率「拖拉機效應」（tractor）中享受到的順風。以上是三個主要驅動因素。而聯準會降息所帶來的重新定價影響，對此僅有非常輕微的抵銷。

As we look at the next period, I won't have quite as much tailwind from the bond repositioning activity because that's already reflected in our NII. But I till think that we'll have margin expansion opportunities that'll be more modest in nature.

展望下一期，由於債券重新配置活動的影響已經反映在我們的淨利息收入（NII）中，我不會再有那麼多順風。但我仍然認為，我們會有一些利差擴張的機會，只是幅度會較為溫和。

And then as we think about the rest of the year, obviously, that tractor tailwind will still be there, but we'll have to absorb the Fed rate cuts that are planned for the second half of the year. So that's basically in a nutshell where we think overall NII is going to be.

再看今年剩餘時間，顯然那個「拖拉機效應」的順風仍會存在，但我們必須吸收聯準會計畫在下半年進行的降息影響。所以簡而言之，這就是我們對整體淨利息收入（NII）走勢的看法。

But as you saw, the net interest income number on an absolute basis from a revenue perspective was up 10% year-on-year. So we're really pleased with the momentum that we're seeing there in aggregate. With regards to overall loan performance or the state of the business broadly, I couldn't be more pleased with the quarter.

但如你所見，從收入角度看，淨利息收入的絕對金額年增 10%。因此我們對整體所看到的動能感到非常滿意。至於整體貸款表現或更廣泛的業務狀況，我對本季的表現再滿意不過了。

[NI] to $723, up 22% on a year-on-year basis and driven by both top line revenue growth and sound credit performance. I think it was a good solid profile. We are seeing acceleration in those critical loan areas that you mentioned, and I would expect that to continue over the next few quarters. But I do want to hit your expense point. A lot of effort is going into our expense strategies, expense -- strategic cost management strategies.

[NI]達到 7.23 億美元，年增 22%，主要由營收成長與穩健的信用品質表現所帶動。我認為這是一個良好且扎實的輪廓。我們確實看到你提到的那些關鍵貸款領域正在加速，我也預期這種趨勢會在接下來幾個季度持續。但我也想回應你關於費用的觀點。我們在費用策略、費用——策略性成本管理策略上投入了大量努力。

As you would have seen this quarter, we did close 51 stores as we announced in the Investor Day. So we are going to see distribution savings. We continue to lean into our vendor management programs with a sizable win this past quarter, which certainly will contribute to our expense run rate profile going forward.

如你在本季所看到的，我們確實關閉了 51 家分行，這是我們在投資人日所宣布的。因此我們將看到通路/據點方面的節省。我們也持續推進供應商管理計畫，本季取得了一項相當可觀的成果，這無疑將有助於我們未來的費用運行率結構。

AI and some of the process automation work is still front and center. And we are beginning to see some degree of opportunities to at least change the resourcing mix associated with our remediation programs, all of which should create some downward pressure on expenses for the balance of the year.

AI 以及部分流程自動化工作仍然是重中之重。而且我們也開始看到一些機會，至少可以改變與我們整改（remediation）計畫相關的人力資源配置組合；這些都應該會在今年剩餘時間對費用形成一些下行壓力。

So you put the revenue momentum that we're enjoying now, the pricing discipline we've put in place, the expense focus that we have and will continue to materialize over the rest of the year, I feel quite confident with regards to the outlook for the rest of the year.

因此，把我們目前享有的營收動能、我們已建立的定價紀律、以及我們對費用的聚焦（並且在今年剩餘時間將持續逐步顯現）綜合起來看，我對今年剩餘時間的展望相當有信心。

Okay. That's good. One follow-up, if you don't mind. Just looking at the quarter-over-quarter change in branch count down roughly 5%, but FTE up roughly 2.5%. Maybe you can just talk quickly into in terms of where you're adding headcount, and then I'll stop there.

好的。這很好。如果你不介意，我再追問一個。我看到分行數量季對季大約下降 5%，但全職員工（FTE）卻大約上升 2.5%。也許你可以簡單談一下你們是在哪些地方增加人力，然後我就到這裡。

Paul, I'm glad you brought it up because I should have mentioned it before, but we had a really important transaction that we closed. We successfully converted the Nordstrom portfolio onto our platform. So effective this past weekend, we are now servicing all of Nordstrom onto our platform.

Paul，我很高興你提出這點，因為我之前就應該提到，但我們完成了一筆非常重要的交易。我們已成功將 Nordstrom 投資組合轉換到我們的平台上。因此，自上個週末起，我們現在已在我們的平台上為 Nordstrom 的全部業務提供服務。

So the FTE increase that you saw was essentially additional call center representatives, our collection staff and fraud to be able to manage that expanded volume flow that now we'll be managing directly. Previously, it was managed in Nordstrom. So we've taken -- we've expanded our staffing to be able to support that portfolio.

所以你看到的 FTE 增加，主要是新增客服中心代表、我們的催收人員以及反詐欺人員，以便管理現在將由我們直接處理的擴大後的業務量流。先前這部分是在 Nordstrom 內部管理。因此我們已擴編人力，以支援該投資組合。

Sohrab Movahedi, BMO Capital Markets.

Sohrab Movahedi，BMO 資本市場。

I just wanted to -- a question for Sona. If I remember correctly, I think at the Investor Day, the medium-term type of targets for your business would have had efficiency ratios, which I think you're at right now and ROEs around, I think, where you're at right now or at least where in this quarter. So is this as good as it gets for your business from those sorts of metrics? Or is there still room for improvement here, Sona?

我想要——有個問題想問 Sona。如果我沒記錯的話，我想在投資人日，你們業務的中期目標包含效率比率，而我認為你們現在大致已達到；以及 ROE 大約也在你們目前的水準，至少在本季是如此。所以就這些指標而言，這已經是你們業務能達到的最好水準了嗎？還是仍有改善空間，Sona？

Thanks, Sohrab, for the question. Yeah, you're referencing our Investor Day targets. So both on efficiency ratio and ROE, we're targeting the 40% range. Sohrab, maybe if I just step back and look at both of those.

謝謝你，Sohrab，這個問題。是的，你指的是我們投資人日的目標。在效率比率與 ROE 方面，我們的目標都是 40% 左右的區間。Sohrab，也許我先退一步，從這兩項指標一起來看。

So our efficiency ratio, obviously, this quarter, both from a revenue and an expense perspective, we're pleased with the performance this quarter. As I look at what we talked about at Investor Day, there's a number of levers that we have to manage efficiency ratio and improve efficiency ratio.

就我們的效率比率而言，顯然本季無論在營收或費用面，我們都對本季表現感到滿意。回到投資人日我們談到的內容，我們有多個槓桿可以用來管理效率比率並提升效率比率。

We talked about distribution optimization. We talked about tech platforms and procurement. But what has become an even greater driver, I would say, since Investor Day is how we will deploy AI to favor efficiency ratio. Maybe I'll just spend a few seconds on that.

我們談到通路最佳化。我們談到科技平台與採購。但自投資人日以來，我會說更大的驅動因素是我們將如何部署 AI 以有利於效率比率。我可能花幾秒鐘說明一下。

Our approach there is really to drive simple and fast experiences, but they come with real P&L outcomes. One example I would share with you. So you heard me talk a lot at Investor Day about speed and specialization. It's absolutely core to our RESL strategy.

我們在這方面的方法，確實是推動簡單且快速的體驗，但同時會帶來實質的損益表（P&L）成果。我分享一個例子。你們在投資人日聽我談了很多關於速度與專業化。這絕對是我們 RESL 策略的核心。

And so we recently deployed and started to scale agentic AI into the RESL workflow. That's taking pre-adjudication processes from 15 hours down to minutes. So it's delivering speed to decision. As we said, speed was a big strategy, a better colleague experience that helps us win more business. And of course, it takes out structural cost as well. So I think what you will see is a number of things that we will do will benefit efficiency ratio and will benefit ROE over the long term.

因此我們最近已在 RESL 工作流程中部署並開始擴大採用代理式（agentic）AI。這將預先審核（pre-adjudication）流程從 15 小時縮短到幾分鐘。因此能加快決策速度。如我們所說，速度是一項重要策略，能帶來更好的同仁體驗，幫助我們贏得更多業務。當然，也能降低結構性成本。所以我認為你們將看到，我們將採取的多項措施，長期而言都會有利於效率比率並提升 ROE。

And these are short-cycle cases that we get up and down and deliver real value. So back to your point, I think we're very pleased with the performance, and we'll continue to lead in, and we're making very good progress on our Investor Day targets across the board.

而且這些都是短週期的案例，我們可以快速啟動並交付實質價值。回到你的問題，我們對表現非常滿意，也會持續加大投入；同時，我們在投資人日目標的各個面向都取得非常良好的進展。

And I think if I heard you correctly, but correct me if I'm wrong, since Investor Day, you would have -- you would move these targets higher basically, lower expense ratio and higher ROE just because of the traction on AI. Is that fair?

我想如果我理解正確——若我有誤請糾正——自投資人日以來，因為 AI 的進展，你們基本上會把這些目標再往上調，也就是更低的費用比率與更高的 ROE。這樣說公平嗎？

Not quite. I think you will see us lean heavily in. Our targets, we hold on our specific targets, but the momentum and progress is incredible. We just see an engine that is humming and we see lots of possibilities.

不完全是。我認為你會看到我們大幅加碼投入。我們會維持既定的具體目標，但動能與進展非常驚人。我們看到一個運轉順暢的引擎，也看到很多可能性。

Maybe I'll just jump in for a second also. What I would add is that the benefits that we think we will get now from an AI perspective, how we put out the $1 billion, $500 million in revenue, $500 million in expenses, as Sona outlined with one example with the agentic, we now see how much that can be scaled across the organization across every business line.

我也補充一下。我想補充的是，從 AI 的角度來看，我們現在認為能取得的效益——也就是我們提出的 10 億美元，其中 5 億美元來自營收、5 億美元來自費用，正如 Sona 以代理式（agentic）的例子所說——我們現在看到這些效益可以如何在整個組織、每一條業務線上擴大規模。

So if you think about this mortgage example, it can be applied in credit cards, can be applied in small business banking, can be applied in commercial banking in the US. And so I do think we're going to get more from the value from an AI perspective beyond the $1 billion that Sona commented on.

所以如果你以這個房貸的例子來看，它可以應用在信用卡、可以應用在小型企業銀行業務、也可以應用在美國的商業銀行業務。因此我確實認為，從 AI 的角度來看，我們將能取得超過 Sona 所提到的 10 億美元的更多價值。

And then again, we're seeing good momentum, better momentum than what we had thought during Investor Day as -- which was only six months ago. So I think a great start to the year and lots of momentum. And then if the macro environment continues, we do think we have upside both to our ROE at the enterprise level and to the EPS guidance that we provided.

而且我們再次看到良好的動能，甚至比我們在投資人日——那也才六個月前——所預期的還要更好。所以我認為今年開局非常好，動能十足。另外，如果總體環境持續，我們確實認為在企業層級的 ROE 以及我們所提供的 EPS 指引方面，都有上行空間。

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.

目前問題隊列中已無更多提問。我現在想把電話交回給 Raymond Chun 先生作結語。

Well, thank you, operator, and thank you, everyone, for joining us today. We appreciate your questions and comments. In Q1, we continued our strong momentum, delivering robust top line growth, positive operating leverage and record earnings.

好的，謝謝接線員，也謝謝各位今天加入我們。我們感謝各位的提問與意見。在第一季，我們延續強勁動能，實現穩健的營收成長、正向的營運槓桿，以及創紀錄的獲利。

ROE was 14.2%, up 100 basis points year-over-year as we continue to execute against the strategies and targets that we've shared with you. Fiscal 2026 is off to a strong start, and I'm confident TD will continue to deliver for its shareholders. I look forward to connecting with all of you again next quarter. Thank you.

ROE 為 14.2%，年增 100 個基點，因為我們持續執行先前與各位分享的策略與目標。2026 財政年度開局強勁，我有信心 TD 將持續為股東創造成果。我期待在下個季度再次與各位交流。謝謝。

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

各位女士、先生，今天的電話會議到此結束。感謝各位參與，並請各位掛斷電話線。