The Toronto-Dominion Bank (TD) 2026 Q2 法說會逐字稿

Good morning, everyone. Welcome to the TD Bank Group second-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, Hales. ***

各位早安。歡迎參加道明銀行集團（TD Bank Group）2026 會計年度第二季財報電話會議。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 second-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 second 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 會計年度第二季業績簡報。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集團主管 Leo Salom 發言；之後由本行財務長 Kelvin Tran 報告第二季營運結果。接下來，首席風險長 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 of Wholesale Banking. Please turn to the next slide.

今天也在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、財富管理與保險業務集團主管 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，並具有內在風險與不確定性。實際結果可能出現重大差異。同時也提醒聽眾，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 provide readers with a better understanding of how management views the bank's performance. Ray, Leo and Kelvin will be referring to adjusted results in their remarks. Additional information about non-GAAP measures and material factors and assumptions is available in our Q2 2026 MD&A. Please turn to the next slide.

本行認為，調整後結果能讓讀者更了解管理層如何看待本行的表現。Ray、Leo 與 Kelvin 在發言中將引用調整後結果。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 會計年度第二季的管理階層討論與分析（MD&A）。請翻到下一張投影片。

I will now hand the presentation over to Ray.

現在我把簡報交給 Ray。

Thank you, Brooke, and good morning, everyone. Thanks for joining us. In Q2, the bank delivered a strong quarter, reflecting continued momentum across our businesses and structural cost reduction. EPS was up 21% year over year and ROE was 14.4%, up over 200 basis points year over year.

謝謝你，Brooke，各位早安。感謝各位加入我們。第二季本行交出強勁表現，反映我們各項業務持續的動能以及結構性成本降低。每股盈餘（EPS）年增 21%，股東權益報酬率（ROE）為 14.4%，較去年同期提升超過 200 個基點。

TD is executing against the strategies and targets that we shared at Investor Day. In fact, in many cases, we're ahead of schedule. The bank is on track to outperform its 6% to 8% EPS growth and 13% ROE targets for fiscal 2026 provided that the current macroeconomic conditions continue.

道明正依照我們在投資人日所分享的策略與目標推進。事實上，在許多方面我們都超前進度。在目前總體經濟條件延續的前提下，本行有望在 2026 會計年度超越 6% 至 8% 的 EPS 成長目標以及 13% 的 ROE 目標。

Strong revenue performance this quarter was driven by momentum in our market-driven businesses, margin expansion and volume growth in Canadian Personal and Commercial Banking. Impaired PCLs declined quarter over quarter, reflecting strong credit performance. An update to our macroeconomic outlook resulted in a performing reserve build this quarter. We continue to expect total PCLs of 40 to 50 basis points in fiscal 2026.

本季強勁的營收表現主要由市場驅動型業務的動能、利差擴張，以及加拿大個人與商業銀行業務的放款量成長所帶動。減損貸款損失準備（PCL）較上季下降，反映信用品質表現強勁。由於我們更新了總體經濟展望，本季對正常（performing）資產的備抵提列有所增加。我們仍預期 2026 會計年度總 PCL 將為 40 至 50 個基點。

TD delivered positive operating leverage for the fourth consecutive quarter. Excluding variable compensation, FX in the US strategic cards portfolio, expenses were up 3% year over year. We are well on our way to achieve our 3% to 4% expense growth target for fiscal 2026. The bank is driving structural cost reductions enabling the team to deliver the smallest expense growth since 2022, while at the same time, accelerating investments across AI, innovation, and frontline talent.

道明已連續第四季實現正向營運槓桿。若排除變動薪酬，以及美國策略卡（strategic cards）投資組合中的外匯（FX）因素，費用年增 3%。我們正穩步達成 2026 會計年度 3% 至 4% 的費用成長目標。本行正推動結構性成本降低，使團隊在加速投資 AI、創新與第一線人才的同時，仍能交出自 2022 年以來最低的費用成長。

Today, we announced a $0.04 dividend increase, bringing our dividend to $1.12 per share, reflecting confidence in TD's future growth and earnings power. The bank's CET1 ratio was 14.3%, with strong organic capital accretion offset by consistent share repurchases. It's been eight months since TD's Investor Day. We see strong momentum across our businesses and unparalleled opportunities to take market share on both sides of the border. TD remains committed to completing our $7 billion share buyback program.

今天我們宣布股利上調 0.04 美元，使每股股利提高至 1.12 美元，反映我們對道明未來成長與獲利能力的信心。本行普通股權益第一類資本比率（CET1）為 14.3%，強勁的內生資本累積被持續的庫藏股回購所抵銷。距離道明投資人日已過八個月。我們看到各項業務動能強勁，且在邊境兩側都有無與倫比的市占提升機會。道明仍致力完成 70 億美元的股票回購計畫。

Please turn to slide 3. Canadian Personal and Commercial Banking delivered record Q2 revenue, PTPP and earnings. In real estate secured lending, volumes grew 5% year over year. This disciplined growth is anchored in our strategy of speed and specialization. The bank has the largest portfolio of active credit cards and added the most cards in the market based on the annual Nielsen report.

請翻到第 3 張投影片。加拿大個人與商業銀行業務在第二季創下營收、稅前撥備前獲利（PTPP）與盈餘的歷史新高。在不動產擔保放款方面，放款量年增 5%。這項有紀律的成長奠基於我們「速度與專業化」的策略。本行擁有最大規模的活躍信用卡投資組合，並依據年度尼爾森（Nielsen）報告，在市場上新增卡量居冠。

We again achieved record penetration rates for consumer and small business credit cards, coupled with strong credit quality. In the Business Bank, loans were up 7% year over year driven by distribution expansion and broad-based momentum. Our clients continue to demonstrate resilience through macroeconomic uncertainty. In TD Auto Finance, we were proud to be recognized again this year by J.D. Power with the highest rank in dealer satisfaction.

我們再次在消費者與小型企業信用卡的滲透率上創下新高，同時維持強勁的信用品質。在商業銀行方面，受通路擴張與全面性動能帶動，放款年增 7%。我們的客戶在總體經濟不確定性下仍持續展現韌性。在道明汽車金融（TD Auto Finance）方面，我們很榮幸今年再度獲 J.D. Power 評為經銷商滿意度最高等級。

In US banking, AML remediation remains our top priority. You will hear more about our continued progress from Leo. The business is also building towards sustainable growth, with increases in core loans expected to be more than offsetting balance sheet runoff beginning next quarter. We saw that momentum accelerated in Q2 with core business loans up 1.2% sequentially.

在美國銀行業務方面，反洗錢（AML）整改仍是我們的首要任務。Leo 將進一步說明我們持續取得的進展。該業務也正朝向可持續成長布局，預期自下季起，核心放款的增加將足以抵銷資產負債表的自然縮減（runoff）。我們看到第二季動能加速，核心業務放款較上季成長 1.2%。

This quarter, middle market lending balances were up 13% year over year in US proprietary credit card balances were up 18% year over year, driven by strong acquisition. And in our US wealth business, record mass affluent sales drove double-digit asset growth year over year. As we shared at Investor Day, US banking has significant opportunities to accelerate commercial loan growth, scale our cards franchise and deepen US wealth relationships, delivering substantial upside to the bank's earnings over the medium term.

本季，美國中型市場放款餘額年增 13%；美國自有品牌信用卡餘額年增 18%，主要由強勁的客戶獲取所帶動。在我們的美國財富管理業務方面，創紀錄的大眾富裕（mass affluent）銷售帶動資產年增達雙位數。如同我們在投資人日所分享的，美國銀行業務在加速商業放款成長、擴大卡片業務規模，以及深化美國財富管理客戶關係方面具備重大機會，將在中期為本行盈餘帶來可觀上行空間。

Wealth Management and Insurance delivered record earnings and assets. We continue to drive innovation in TD Direct Investing Canada's number one digital investing platform. TD is the only Canadian bank to offer partial share ownership.

財富管理與保險業務創下盈餘與資產的歷史新高。我們持續在 TD Direct Investing（道明自助投資）—加拿大第一的數位投資平台—推動創新。道明是唯一提供零股（部分股份）持有服務的加拿大銀行。

With as little as $1, clients can now invest in some of the biggest companies in the world, bringing down barriers and creating new opportunities for Canadians. This quarter, we launched a fully redesigned TD Easy Trade. The app offers market-leading capabilities, 100 free trades helping to widen the gap to peers in direct investing. With this launch, the bank is positioned to continue to serve the next generation of investors. We continue to take share in ETFs with assets more than doubling since the end of fiscal 2024.

客戶最低只需 1 美元，即可投資全球一些最大的公司，降低門檻並為加拿大人創造新機會。本季我們推出全面重新設計的 TD Easy Trade。該 App 提供市場領先的功能與 100 次免手續費交易，進一步拉大與同業在自助投資領域的差距。透過此次推出，本行已就緒持續服務下一代投資人。我們在 ETF 市占持續提升，自 2024 會計年度末以來資產規模已增加逾一倍。

We are well on our way to achieving our medium-term target of $54 billion in ETF assets. And in insurance, we continue to build on our position as Canada's leading digital direct insurer with over 80% of our clients digitally engaged, strong progress towards our Investor Day target of 90% plus. Wholesale Banking delivered record earnings this quarter, supported by strong client activity across Global Markets and Corporate Investment Banking.

我們正穩步達成中期目標：ETF 資產達 540 億美元。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地位，超過 80% 的客戶以數位方式互動，並朝投資人日所訂 90% 以上的目標取得強勁進展。批發銀行業務本季創下盈餘新高，受惠於全球市場與企業投資銀行業務的強勁客戶活動。

Broad-based momentum across our platform enabled the business to earn through the almost $200 million in revenue from the Schwab transaction in Q2 last year. The team continued to execute against the strategies we laid out in Investor Day and placed in the top 10 in the US equity and equity-linked lead tables calendar year-to-date. Clients are entrusting TD security with their largest and most complex transactions as they navigate the evolving macroeconomic environment.

我們平台各面向的全面性動能，使該業務得以消化去年第二季來自 Schwab 交易近 2 億美元的營收影響。團隊持續執行我們在投資人日所提出的策略，並在本年度截至目前（year-to-date）的美國股票與股票連結產品主辦排行（lead tables）中名列前十。在客戶因應不斷演變的總體經濟環境之際，他們將最大、最複雜的交易託付給 TD Securities（道明證券）。

Please turn to slide 4. We continue to make progress against our strategy to deepen relationships, make TD simpler and faster and execute with discipline. This quarter, the Canadian Personal Bank delivered almost $9 billion in closed referrals to wealth, double-digit growth year over year and well on our way to achieving our medium-term target.

請翻到第 4 張投影片。我們持續在策略上取得進展，深化客戶關係、讓 TD 更簡單且更快速，並以紀律執行。本季，加拿大個人銀行向財富管理完成的轉介成交金額接近 90 億美元，年增達雙位數，並正穩步邁向我們的中期目標。

Within wealth itself, TD has an unparalleled pipeline from direct investing to advice. This quarter alone, direct investing referred $1.5 billion to advice, up 42% year over year, positioning TD to capture assets through the significant intergenerational wealth transfer currently underway.

在財富管理本身方面，TD 從自助投資到理財建議擁有無可比擬的客源管道。僅本季，自助投資向理財建議轉介 15 億美元，年增 42%，使 TD 得以在目前正在進行的重大跨世代財富移轉中掌握資產流入。

In Canada, we continue to invest in our small business banking franchise and attract clients, with net client acquisition up 15% year over year in the first half of 2026. Effective next week, we are moving our small business banking franchise, the Canadian Personal Banking. Almost 90% of small business clients also do their personal banking with TD.

在加拿大，我們持續投資於小型企業銀行業務並吸引客戶，2026 年上半年淨新增客戶數年增 15%。自下週起，我們將把小型企業銀行業務併入加拿大個人銀行業務。近 90% 的小型企業客戶也在 TD 辦理個人銀行業務。

This realignment will enable TD to deliver simpler and faster for our small business banking clients, the backbone of the Canadian economy. Across the bank, we have a clear strategy that is driving higher ROE. This quarter, US banking and wholesale banking ROEs were up 130 basis points and 360 basis points year over year, respectively. As I said last quarter, TD may achieve its medium-term ROE target faster than we expected at Investor Day.

這項重新調整將使 TD 能為小型企業銀行客戶（加拿大經濟的支柱）提供更簡單、更快速的服務。在全行範圍內，我們有一套清晰的策略，正推動更高的 ROE。本季，美國銀行業務與批發銀行業務的 ROE 分別年增 130 個基點與 360 個基點。如同我上季所說，TD 可能比我們在投資人日所預期的更快達成其中期 ROE 目標。

Please turn to slide 5. At our Investor Day, we shared targets to take out $2 billion to $2.5 billion in structural costs and generate $1 billion in annualized value from AI over the medium term. We have strong momentum and are tracking ahead of pace on both targets. Across the bank, structural cost reductions are fueling accelerated investments in innovation and AI. TD is and will continue to be a leader in AI.

請翻到第 5 張投影片。在投資人日，我們分享了中期目標：削減 20 億至 25 億美元的結構性成本，並透過 AI 產生每年年化 10 億美元的價值。我們動能強勁，兩項目標的進度都領先於原定節奏。在全行範圍內，結構性成本的降低正為創新與 AI 的加速投資提供動力。TD 現在是、未來也將持續是 AI 的領導者。

I believe AI will transform our operations, make our colleagues more efficient, our processes faster and our products and services better. We're already seeing it across our businesses. In RESL, we reduced mortgage pre-adjudication cycle time from approximately 15 hours to 3 minutes using a agentic AI. In insurance, TD continues to innovate. We set a new industry standard for AI adoption in Canada, becoming the first home and auto insurer to launch a client-facing generative AI virtual assistant.

我相信 AI 將改造我們的營運，使同仁更有效率、流程更快速，並讓產品與服務更好。我們已在各項業務中看到成效。在 RESL，我們使用代理式（agentic）AI，將房貸預審週期時間從約 15 小時縮短至 3 分鐘。在保險方面，TD 持續創新。我們在加拿大樹立了 AI 導入的新產業標準，成為首家推出面向客戶之生成式 AI 虛擬助理的住宅與汽車保險公司。

And across the bank, we have over 40,000 colleagues using Copilot and over 7,000 engineers using AI for software development was with the most active achieving a 29% increase in throughput. TD is increasingly emphasizing AI opportunities that transform end-to-end experiences, drive lower unit costs and are scalable across the enterprise.

此外，在全行範圍內，已有超過 40,000 名同仁使用 Copilot，並有超過 7,000 名工程師在軟體開發中使用 AI，其中最活躍的使用者吞吐量提升了 29%。TD 正日益強調能夠改造端到端體驗、降低單位成本，並可在全企業規模化的 AI 機會。

We see significant opportunities across credit, contact centers, fraud and frontline productivity among other focus areas. We are tracking well ahead of pace on our target to deliver $200 million in value from AI this year. At the halfway mark, we have already delivered almost $145 million in value across predictive, generative and agentic AI use cases.

我們在授信、聯絡中心、詐欺防制以及前線生產力等重點領域看見顯著機會。我們在今年交付 2 億美元 AI 價值的目標上，進度明顯超前。截至上半年，我們已在預測式、生成式與代理式（agentic）AI 的使用案例中，交付近 1.45 億美元的價值。

Please turn to slide 6. For the fourth consecutive year, TD was named the most valuable brand in Canada by Brand Finance. TD was also recently ranked number one on LinkedIn's list of the top 25 best Canadian companies to work for. These incredible accomplishments reflect the dedication and commitment of our colleagues across the bank. Thank you for continuing to deliver for our clients and shareholders every day.

請翻到第 6 張投影片。連續第四年，TD 獲 Brand Finance 評選為加拿大最具價值品牌。TD 近期也在 LinkedIn「加拿大最佳 25 家雇主」榜單中名列第一。這些卓越成就反映了全行同仁的投入與承諾。感謝大家每天持續為客戶與股東交付成果。

Now before I hand it over to Leo, I'd like to take a moment to honor the memory of Richard M. Thompson. He was one of TD's true architects, dedicating more than four decades to our organization, rising to become Chairman and CEO. It was under his leadership, TD launched the first bank-owned self-directed brokerage in Canada, laying the groundwork for today's TD Direct Investing. TD Securities roots can also be traced back to his time leading the bank.

在我把時間交給 Leo 之前，我想花點時間追思 Richard M. Thompson。他是 TD 真正的奠基者之一，為本行奉獻超過四十年，並一路晉升為董事長兼執行長。在他的領導下，TD 在加拿大推出首家由銀行持有的自助式券商，為今日的 TD Direct Investing 奠定基礎。TD Securities 的根源也可追溯至他領導本行的時期。

They care deeply about TD, its clients, its colleagues and the community. His impact will be felt for generations to come. With that, I will hand it over to you, Leo.

他深切關懷 TD、其客戶、同仁以及社區。他的影響將延續至未來世世代代。接下來，我把時間交給你，Leo。

Great. Thank you, Ray. As we enter the latter half of fiscal 2026, we continue to make good progress on our AML remediation program. This quarter, with respect to the look-back activities required under the OCC and FinCEN consent orders the third-party vendor has now completed its first population of look-back reviews. While there's more work to do in the coming months, I'm encouraged by the progress being made on this very important deliverable.

很好。謝謝你，Ray。隨著我們進入 2026 財政年度下半年，我們在 AML 補救計畫上持續取得良好進展。本季，就 OCC 與 FinCEN 同意令所要求的回溯檢視（look-back）工作而言，第三方供應商已完成第一批回溯檢視。雖然未來幾個月仍有更多工作要做，但我對這項極其重要交付項目的進展感到鼓舞。

Turning to our AML platforms and systems. As you've heard me speak about in prior quarters, our AML program is now running on a new transaction monitoring system that has an embedded machine learning and AI enhancements, we've streamlined and improved our investigative practices and last quarter, we deployed our new KYC strategic platform. This foundational work has resulted in measurable residual risk reduction as our processes continue to mature.

接著談我們的 AML 平台與系統。如同我在前幾季提到的，我們的 AML 計畫現已在新的交易監控系統上運行，該系統內建機器學習與 AI 強化功能；我們也精簡並改善了調查作業流程，並在上季部署了新的 KYC 策略平台。這些基礎工作已帶來可衡量的剩餘風險降低，且我們的流程仍在持續成熟。

Notably, this quarter, we embedded an improved customer risk rating model into our KYC platform, which provides us with more accurate, timely and consistent risk assessments across our entire client population. We also continue to focus on improving our operational systems to enable frontline staff to complete critical AML tasks with greater efficiency.

值得注意的是，本季我們將改良後的客戶風險評等模型嵌入 KYC 平台，使我們能在整體客戶群中提供更準確、即時且一致的風險評估。我們也持續聚焦改善營運系統，讓前線人員能以更高效率完成關鍵 AML 任務。

Specifically this quarter, we updated our onboarding systems for money service businesses, providing our colleagues with the ability to sustainably identify, detect and manage these types of businesses going forward.

具體而言，本季我們更新了針對貨幣服務業者（money service businesses）的開戶系統，使同仁未來能以可持續的方式識別、偵測並管理此類業務。

Finally, we made an important enhancement to our financial crime risk management training program with the introduction of enhanced controls, which provide detailed insights into training effectiveness, completion metrics and workforce readiness, all of which are important elements of a sustainable training program.

最後，我們在金融犯罪風險管理訓練計畫中導入強化控管，帶來一項重要升級；這些控管可提供訓練成效、完成度指標與人力就緒度的詳細洞察，而這些都是可持續訓練計畫的重要要素。

From a financial perspective, the composition of our AML remediation spend has begun to shift towards validation and sustainability costs as management implementation expenses have started to moderate on a quarter-over-quarter and year-over-year basis. We expect that trend to continue with overall AML remediation costs moderating in the second half of the year, largely in line with the previous guidance of $500 million in fiscal 2026.

從財務角度來看，隨著管理層執行費用在季比與年比基礎上開始趨緩，我們的 AML 補救支出結構已開始轉向驗證與可持續性成本。我們預期此趨勢將持續，全年 AML 補救總成本在下半年將趨於緩和，整體大致符合先前對 2026 財政年度 5 億美元的指引。

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 8. TD delivered a strong quarter with momentum across our businesses. Through the TD Cowen acquisition, and as you heard on Investor Day, we are taking deliberate strategic action to diversify the bank's business mix. We saw the benefits of that strategy play out this quarter, with strength in our market-driven businesses, margin expansion and volume growth in Canadian Personal and Commercial Banking delivering robust top line growth.

謝謝你，Leo。請翻到第 8 張投影片。TD 本季表現強勁，各項業務動能十足。透過收購 TD Cowen，以及如同各位在投資人日所聽到的，我們正採取審慎的策略行動，以多元化本行的業務組合。本季我們看到該策略的效益逐步展現：市場驅動型業務表現強勁，加拿大個人與商業銀行業務的利差擴張與放款量成長，帶動穩健的營收成長。

At 43 basis points, total PCLs were within our guided range and flat quarter-over-quarter. Expenses increased 5% year over year with approximately 2% driven by variable compensation, foreign exchange and the impact of the US strategic cards portfolio. We delivered our fourth consecutive quarter of positive operating leverage. We made significant progress on our structural cost reductions, enabling accelerated investments in business growth.

總 PCL 為 43 個基點，落在我們指引區間內，且季比持平。費用年增 5%，其中約 2% 來自變動薪酬、外匯，以及美國策略卡片投資組合的影響。我們已連續第四季實現正向營運槓桿。我們在結構性成本削減方面取得重大進展，使我們得以加速投資於業務成長。

Total bank PTPP was up 12% year over year after removing the impact of the US strategic cards portfolio, FX and insurance service expenses. We've shared the details on slide 23. Please turn to slide 9. Canadian Personal and Commercial Banking delivered record Q2 revenue, PTPP and earnings.

在剔除美國策略卡片投資組合、外匯以及保險服務費用的影響後，全行 PTPP 年增 12%。我們已在第 23 張投影片分享相關細節。請翻到第 9 張投影片。加拿大個人與商業銀行業務創下第二季營收、PTPP 與獲利的歷史新高。

Average deposits rose 3% year-over-year, reflecting 1% growth in personal deposits and 5% growth in business deposits. We had a strong RSP season, including record closed referrals from the Canadian personal bank to our wealth business. Average loan volumes rose 6% year over year with 5% growth in personal volumes and 7% growth in business volume.

平均存款年增3%，反映個人存款成長1%及企業存款成長5%。我們的RSP旺季表現強勁，包括加拿大個人銀行轉介至我們財富業務的結案轉介創下紀錄。平均放款量年增6%，其中個人放款量成長5%，企業放款量成長7%。

Strong business loan growth reflected continued investment in our frontline bankers and execution against our local advice-focused model. Net interest margin was relatively stable, up 2 basis points sequentially. As we look forward to Q3, based on the current rate and competitive market dynamics, we again expect net interest margin to be relatively stable, similar to this quarter's results. Expenses rose 2% year over year and benefited from some timing impacts.

強勁的企業放款成長反映我們持續投資第一線銀行人員，並落實以在地建議為核心的營運模式。淨利差相對穩定，較前一季上升2個基點。展望第三季，基於目前利率與競爭市場動態，我們預期淨利差仍將相對穩定，與本季結果相近。費用年增2%，並受惠於部分時點因素。

Please turn to slide 10. In US Banking, Earnings were up 12% year over year and ROTCE expanded by over 200 basis points to 14.8%. Excluding sweeps and targeted runoff in our government banking business, deposits were up 1% year over year. Deposit costs declined quarter-over-quarter, reflecting our strategic pullback on certain higher cost deposits, and the strength of our non-term deposit -- non-term personal deposits and operating business deposit franchises.

請翻到第10頁投影片。在美國銀行業務方面，盈餘年增12%，ROTCE擴大逾200個基點至14.8%。若排除政府銀行業務中的資金歸集（sweeps）與針對性縮減（targeted runoff），存款年增1%。存款成本較前一季下降，反映我們策略性縮減部分高成本存款，以及我們非定期存款（非定期個人存款與營運型企業存款）特許經營的強勁表現。

Core loans grew 3% year over year driven by accelerated momentum across our portfolio. New bank card account acquisition was up 32% year over year, and TD Auto Finance delivered record Q2 originations. We also saw a 17% year over year increase in middle market lending commitments and our home equity lending pipeline remains robust.

核心放款年增3%，主要受我們投資組合各項業務動能加速所帶動。新銀行卡帳戶取得量年增32%，TD汽車金融第二季核貸（originations）創下紀錄。我們也看到中型市場放款承諾年增17%，而房屋淨值貸款的案件管道仍然強勁。

Net interest margin was 3.41%, up 3 basis points quarter-over-quarter driven by higher loan and deposit margins. As we look forward to Q3, we expect net interest margin to modestly increase. Expenses increased 10% year over year reflecting higher governance and control investments and spend supporting business growth initiatives, including the conversion of Nordstrom credit card clients on to TD's servicing platform. There is no change to our guidance for fiscal 2026 overall expense growth in the mid-single-digit range and approximately USD2.9 billion in net income for the US Banking segment.

淨利差為3.41%，較前一季上升3個基點，主要由較高的放款與存款利差所帶動。展望第三季，我們預期淨利差將小幅上升。費用年增10%，反映更高的治理與控制投資，以及支持業務成長計畫的支出，包括將Nordstrom信用卡客戶轉換至TD的服務平台。我們對2026財政年度整體費用成長（中個位數區間）以及美國銀行業務分部約29億美元淨利的指引維持不變。

As we shared on our Q1 call, in February, we converted Nordstrom card clients on to TD's servicing platform. The conversion was completed smoothly and marked an important strategic milestone that provides scale and as we build out our credit card franchise and opens opportunities to pursue new strategic partnerships and drive down unit costs over time.

如同我們在第一季電話會議中分享的，2月我們已將Nordstrom卡客戶轉換至TD的服務平台。此次轉換順利完成，並標誌著一項重要的策略里程碑：在我們擴展信用卡特許經營的同時提供規模，並開啟追求新策略合作夥伴的機會，且可隨時間推進降低單位成本。

Slide 22 provides an illustrative example of the accounting for our strategic cards portfolio. As a result of the Nordstrom change and consistent with similar transactions, the receivable adjustment of USD144 million was treated as an item of note in Q2. Please turn to slide 11.

第22頁投影片提供我們策略卡片投資組合會計處理的示意例子。由於Nordstrom變更且與類似交易一致，1.44億美元的應收款調整在第二季被視為一項需特別說明的事項（item of note）。請翻到第11頁投影片。

Wealth Management and Insurance again delivered record earnings and assets. In Wealth, we had new account growth of 15% year over year, driven by 16% account growth in TD Direct Investing. Trades per day were up 11% year over year as clients continue to engage across our platform. Insurance delivered record earnings, reflecting disciplined claims management and accelerated structural cost reduction. Sequentially, expenses for this segment, excluding variable compensation, were relatively flat. We are driving structural cost savings while investing for the future, including accelerated distribution expansion.

財富管理與保險再度創下盈餘與資產新高。在財富業務方面，新開戶數年增15%，主要由TD Direct Investing帳戶數年增16%所帶動。每日交易筆數年增11%，顯示客戶持續在我們的平台上保持高度互動。保險業務盈餘創新高，反映理賠管理紀律，以及結構性成本削減加速。就季比而言，本分部費用（不含變動薪酬）大致持平。我們在投資未來的同時推動結構性成本節省，包括加速擴張通路。

Please turn to slide 12. Wholesale Banking delivered record earnings driven by strong execution across global markets and corporate and investment banking, including strength in our equities, capital markets and lending businesses.

請翻到第12頁投影片。批發銀行業務在全球市場以及企業與投資銀行領域的強勁執行帶動下，創下盈餘新高，其中包括我們股票、資本市場與放款業務的強勢表現。

Our performance reflects the depth and diversification of the platform combined with high levels of client activity and constructive market conditions. Expenses increased 6% year over year as we continue to invest in talent and technology. Return on equity for the quarter was 14.5%, an improvement of 360 basis points year over year, driven by strong revenue growth moderating expense growth and disciplined capital management.

我們的表現反映平台的深度與多元化，並結合高水準的客戶活動與建設性的市場環境。費用年增6%，因我們持續投資人才與科技。本季股東權益報酬率為14.5%，年增360個基點，主要由強勁營收成長、費用成長趨緩及嚴謹的資本管理所帶動。

Please turn to slide 13. Corporate net loss for the quarter was $166 million, relatively flat to the same quarter last year. Please turn to slide 14. The common equity Tier 1 ratio ended the quarter at 14.3%, down 26 basis points sequentially.

請翻到第13頁投影片。本季公司部門淨損為1.66億美元，與去年同期大致持平。請翻到第14頁投影片。普通股權益第一級資本比率（CET1）於季末為14.3%，較前一季下降26個基點。

We delivered strong organic capital accretion again this quarter. The bank repurchased approximately 19 million common shares under its share buyback program in Q2, which reduced CET1 by 41 basis points. TD's capital position is a competitive advantage.

本季我們再次實現強勁的內生性資本累積。本行於第二季在其庫藏股回購計畫下回購約1,900萬股普通股，使CET1降低41個基點。TD的資本部位是競爭優勢。

As Ray shared, the bank remains committed to completing a $7 billion share buyback. Upon completion of this program, and together with our previous share buyback, we will have returned $15 billion in capital to our shareholders.

如Ray所分享，本行仍致力於完成70億美元的庫藏股回購。在完成此計畫後，連同我們先前的庫藏股回購，我們將已向股東返還150億美元的資本。

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

接下來我把時間交給Ajai。

Thank you, Kelvin, and good morning, everyone. The bank exhibited continued strong credit performance this quarter. Please turn to slide 15. Gross impaired loan formations were 22 basis points, a decrease of 5 basis points or $457 million quarter over quarter. The decrease was largely recorded in the wholesale and US commercial lending portfolios, partially offset by an increase in Canadian commercial.

謝謝你，Kelvin，各位早安。本季本行持續展現強勁的信用表現。請翻到第15頁投影片。總減損放款新增（gross impaired loan formations）為22個基點，較前一季下降5個基點或4.57億美元。下降主要來自批發與美國商業放款投資組合，部分被加拿大商業放款的增加所抵銷。

Please turn to slide 16. Gross impaired loans decreased 4 basis points quarter over quarter to 54 basis points, reflecting lower impairments in wholesale and US Banking segments, partially offset by an increase in Canadian personal and commercial.

請翻到第16頁投影片。總減損放款較前一季下降4個基點至54個基點，反映批發與美國銀行業務分部的減損較低，部分被加拿大個人與商業放款的增加所抵銷。

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 PCL. We remind you that US card PCL's 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, stable quarter over quarter as lower provisions in the wholesale and corporate segments were partially offset by an increase in Canadian personal and commercial and US banking.

請翻到第17頁投影片。請記得，我們的簡報同時呈列PCL比率：包含與扣除美國策略卡片PCL中合作夥伴分攤部分（partner share）後的數字。提醒各位，公司分部所認列的美國卡片PCL由合作夥伴全額吸收，不影響本行淨利。本行信用損失準備（PCL）為43個基點，較前一季持平；批發與公司分部較低的提存，部分被加拿大個人與商業以及美國銀行業務提存增加所抵銷。

Please turn to slide 18. Impaired PCLs were $973 million, decreasing $191 million quarter over quarter, reflecting lower provisions in the wholesale, US banking and corporate segments, partially offset by an increase in Canadian commercial. The bank recorded a performing PCL of $28 million, largely related to an update to the macroeconomic outlook, partially offset by migration of performing reserves to impaired in the Wholesale segment.

請翻到第18頁投影片。減損PCL為9.73億美元，較前一季減少1.91億美元，反映批發、美國銀行業務與公司分部提存較低，部分被加拿大商業提存增加所抵銷。本行認列履約中（performing）PCL為2,800萬美元，主要與宏觀經濟展望更新相關，部分被批發分部履約中備抵移轉至減損所抵銷。

Please turn to Slide 19. The allowance for credit losses decreased $147 million quarter over quarter due to lower impaired allowance in wholesale banking driven by resolutions, partially offset by performing build largely related to an update to the macroeconomic outlook. Now I'd like to spend a few minutes discussing two key risk topics. First is private credit and private equity. We've added a slide in our appendix detailing a breakdown of our gross loans to the financial sector.

請翻到第19頁投影片。信用損失備抵（allowance for credit losses）較前一季減少1.47億美元，原因為批發銀行業務因處置/解決（resolutions）而使減損備抵下降，部分被履約中備抵增加（主要與宏觀經濟展望更新相關）所抵銷。接下來我想花幾分鐘討論兩個關鍵風險議題。第一個是私募信貸與私募股權。我們在附錄新增一頁投影片，詳細說明我們對金融業的總放款分布明細。

TD's exposure to private credit and equity is small at approximately 1% of total bank gross loans and is primarily concentrated in subscription of capital call facilities. Our exposure is low risk, primarily investment grade and does not pose a material concern for the bank as it continues to perform well with no watch list or impaired loans. Second is the geopolitical environment and the ongoing conflict in the Middle East.

TD對私募信貸與私募股權的曝險規模不大，約占本行總總放款（gross loans）的1%，且主要集中於資本催繳融資（capital call facilities）的認購。我們的曝險風險偏低，主要為投資等級，且因持續表現良好、無觀察名單或減損放款，對本行不構成重大疑慮。第二個是地緣政治環境以及中東持續的衝突。

We have not realized material impacts on credit performance to date. We have, however, added some performing reserves this quarter to reflect deterioration in our economic outlook and the uncertainty related to the duration and impact of the war.

截至目前，我們尚未看到對信用品質表現造成重大影響。不過，本季我們新增了一些仍在履約的準備金，以反映我們對經濟前景的惡化以及與戰爭持續時間與影響相關的不確定性。

We will continue to carefully monitor potential impacts of the heightened risk environment on our credit portfolios and take suitable actions if warranted. With that, let me summarize the quarter. The bank exhibited strong credit performance as evidenced by lower gross impaired loans and gross impaired loan formations and stable PCL.

我們將持續審慎監控風險環境升高對我們信用投資組合的潛在影響，並在必要時採取適當行動。接下來，讓我總結本季表現。本行展現強勁的信用品質表現，體現在總減值貸款與總減值貸款新增形成量下降，以及PCL維持穩定。

Additionally, we continue to be prudently reserved at 97 basis points of allowance coverage, 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.

此外，我們仍以97個基點的備抵覆蓋率維持審慎提存；雖然結果可能因季度而異並受經濟狀況變化影響，我們仍預期2026財年的PCL將落在40至50個基點的區間內。

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

那麼，接線員，我們現在準備開始問答環節。

(Operator Instructions) Ebrahim Poonawala, BofA Securities.

(接線員指示) 美國銀行證券（BofA Securities）的Ebrahim Poonawala。

So I guess, maybe, Ajai, starting with you on credit quality, you on the PCL guidance. Just give us a sense, when we think about -- you probably have among of all the banks like the best sense of what's happening with the consumer, the sort of dynamic with high unemployment rates going higher. As we look through the next 6 months and beyond, do you think generally credit and at least the early indicators that you see suggest that credit sense for the Canadian consumer book are moving in the right direction? Or do you expect further worsening? And with the endpoint being unclear in terms of when we actually see some of the peaking on delinquency, GILs, et cetera?

我想，Ajai，先從你談信用品質與PCL指引開始。請你談談，當我們思考——你可能在所有銀行中對消費者狀況最有掌握——在高失業率持續上升的動態下，展望未來6個月及更長時間，你是否認為整體信用狀況、至少你看到的早期指標，顯示加拿大消費者貸款組合的信用趨勢正在往正確方向發展？還是你預期會進一步惡化？而且目前終點仍不明確，例如我們何時會真正看到逾期、GIL等指標見頂？

Yes. Again, there's quite a few things there, Ebrahim, but let me answer your question comprehensively. Let me start with what I expect. Okay. First, I should remind you that we affirmed the bank's guidance.

是的。Ebrahim，你提到的點不少，我會全面回答你的問題。我先從我的預期談起。好的。首先我提醒一下，我們已重申本行的指引。

What I do expect is some pressure on PCLs because of three reasons: trade and tariff actions, potential impacts of the Middle East war and the macro environment, particularly in Canada. If you think about trade and tariffs, TD Bank is already well provisioned. We have close to $500 million there, and most of that reserve is unused. With respect to the Middle East war I'd call it a watch item. Having said that, what we did this quarter is we put more weight on our downside case, and we have already built some incremental reserves.

我確實預期PCL會有一些壓力，原因有三：貿易與關稅措施、中東戰爭的潛在影響，以及宏觀環境，特別是在加拿大。若談貿易與關稅，TD銀行目前已充分提存。我們在那部分接近5億美元，而且大多數準備金尚未動用。至於中東戰爭，我會把它視為需要關注的事項。話雖如此，本季我們提高了對下行情境的權重，並已額外建立了一些增量準備金。

So we are going to continue to reassess our reserves each quarter, but I feel quite comfortable that at 97 bps we're well positioned on reserves. As I mentioned, we still have that $500 million, and we have a lot of financial flexibility.

因此，我們將在每一季持續重新評估準備金，但我相當有信心，以97個基點的水準，我們的準備金配置很到位。如我所提，我們仍有那5億美元，而且我們具備很大的財務彈性。

If I turn to the second part of your question, which is on Canadian consumers, I'd start by saying household debt in Canada is high. But if you look at how the Canadian consumer has done, they've been very resilient. The reason they've been very resilient is a few things.

至於你問題的第二部分，也就是加拿大消費者，我會先說加拿大家庭負債偏高。但如果你看加拿大消費者的表現，他們一直非常有韌性。他們之所以有韌性，原因有幾點。

One, rates are down, okay? If you look at where rates peaked, rates are down 275 bps. The second reason I'd offer up is the starting point on wealth is much better than it was pre-pandemic. The third is wage growth and the fourth is ongoing government support. Having said that, are we seeing some migration in Canadian consumer?

第一，利率已下降，對吧？若看利率高點，利率已下來275個基點。第二個原因是，財富的起點比疫情前好得多。第三是薪資成長，第四是政府持續支持。話雖如此，我們是否看到加拿大消費者出現一些遷徙（migration）？

The answer is yes. We're seeing it largely in the less than [650] segment, but it is entirely expected. It's linked to the macro environment. So again, I think you should expect some migration on the Canadian book. We're seeing a little bit of it in resi.

答案是有。我們主要看到是在低於[650]的區段，但這完全在預期之內。這與宏觀環境有關。所以再說一次，我認為你應該預期加拿大組合會出現一些遷徙。我們在住宅（resi）也看到一點。

We're seeing a bit of it in auto. We're seeing a bit of it in cards. But overall, I think credit is still in good shape. Yes, there are some uncertainties. We'll continue to watch them.

我們在汽車貸款也看到一些。在信用卡也看到一些。但整體而言，我認為信用狀況仍然良好。是的，確實存在一些不確定性。我們會持續關注。

we'll reassess them through our process. But at 97 bps, including $500 million for trade and tariffs, I think the bank is very well provisioned. So hopefully, I gave you enough context, Ebrahim.

我們會透過我們的流程重新評估。但以97個基點、且包含針對貿易與關稅的5億美元，我認為本行的提存非常充足。希望我已提供足夠的背景，Ebrahim。

No, that's good context and very comprehensive. And I guess one for you, Ray. AI is going to transform the bank, like you've talked a lot in terms of the details and how TD is deploying AI. As we look forward, I mean, I think you obviously laid out some ROE targets at the Investor Day, you're running ahead of those.

不，這些背景很有幫助，也非常全面。我想再問你一題，Ray。AI將改變銀行，你也談了很多TD如何部署AI的細節。展望未來，我想你在投資人日提出了一些ROE目標，而你們目前的進度領先於那些目標。

As we look forward, like do you think is it unreasonable to assume that TD despite its business mix, having more US exposure could actually become a much profitable bank than what we are historically used to? And even in terms of as we think about the time line to achieve some of your Investor Day targets, are you feeling better about them today than you did on the day of?

往前看，你是否認為，假設TD儘管其業務組合、且有較多美國曝險，實際上可能成為一家具更高獲利能力的銀行，超過我們過去習以為常的水準，這樣的假設並不不合理？另外，就達成投資人日目標的時間表而言，你現在是否比當天更有信心？

Thanks, Ebrahim, for the question. So let me tackle that in a few different buckets. Let me start with the Investor Day. And I think it was about eight months ago, certainly feels a little bit longer than that. But as I've said for the last number of quarters, we continue to have momentum and we are ahead of the vast majority of the metrics and the medium-term outlook that we had set at Investor Day, all the businesses are ahead of their targets.

謝謝你的問題，Ebrahim。我會從幾個不同面向來回答。先從投資人日談起。我想那大約是八個月前，雖然感覺好像更久。但如我在過去幾個季度所說，我們持續保持動能，而且在投資人日所設定的大多數指標與中期展望上都領先進度，各項業務都超前其目標。

And so we feel very good not only in achieving them, but achieving them sooner. If I look at our ROE target and ROE being up 200 basis points year on year at 14.4%, if I look at just us going from our current CET1 ratio of 14.3% down to 13%, that picks up another 90 basis points of ROE.

因此，我們不僅對達成目標很有信心，也有信心能更早達成。若看我們的ROE目標，ROE年增200個基點至14.4%；再看若我們僅將目前14.3%的CET1比率降至13%，ROE還可再提升約90個基點。

And then if you look at our expense management or a structural cost reduction from $2 billion to $2.5 billion, that adds another [110] basis points. And so when you look at that, that's about 200 basis points of ROE pickup, and that's all within our control. And I think that's what really gives us a lot of confidence that we can get to Certainly, our ROE targets ahead of what we had anticipated at Investor Day, assuming macroeconomic conditions remain.

再者，若看我們的費用管理或結構性成本削減，從20億至25億美元，這還能再增加約[110]個基點。因此綜合來看，ROE大約可提升200個基點，而這些都在我們可控範圍內。我認為這正是讓我們非常有信心的原因：在宏觀經濟條件維持的前提下，我們能比投資人日當時預期更早達成ROE目標。

On the structural cost reduction, which has been a critical focus for us, leveraging AI, automation, process redesign, we set a goal of $2 billion to $2.5 billion. What I can tell you, Ebrahim, is we are well ahead of pace. Our goal for this year was to have $900 million of structural cost reduction, and we have already achieved that. And so on that side, we think there's upside. And on the $1 billion AI objective that we set out, $500 million in expense reduction, $500 million in productivity or revenue, we definitely see, as we've gotten more and more into the agentic AI and generate predictive AI.

在結構性成本削減方面，這一直是我們的關鍵重點，透過運用AI、自動化與流程再設計，我們設定了20億至25億美元的目標。我可以告訴你，Ebrahim，我們的進度遠遠超前。我們今年的目標是達成9億美元的結構性成本削減，而我們已經完成了。因此在這方面，我們認為仍有上行空間。至於我們提出的10億美元AI目標——5億美元來自費用降低、5億美元來自生產力或營收——我們確實看到，隨著我們愈來愈深入代理式AI（agentic AI）與生成式、預測式AI。

We definitely see more upside to the $1 billion goal that we had set. So coming back to your question, do we think that we're -- that we can do more than what we had put on the Investor Day? We believe we're ahead of pace. We have momentum right across all of our lines of businesses. And I think that's setting us up well for accelerated growth on a go-forward basis.

我們確實看到，相較於我們所設定的10億美元目標，仍有更大的上行空間。所以回到你的問題，我們是否認為——我們能做得比投資者日所提出的更多？我們相信我們的進度領先。我們在所有業務線上都具備動能。而我認為，這讓我們在未來能夠更好地實現加速成長。

Gabriel Dechaine, National Bank Financial.

Gabriel Dechaine，National Bank Financial。

First, on the -- well, a couple of angles here in the US. The expenses, they were up quite a bit. I know you gave some explanation, but let's just revisit that indulge me. And what stands out as the AML cost, $173 million, that's ahead of the $500 million annual kind of figure. Was there a mention of some sort of a third-party agreement that's no longer going to be costing you money or something like that?

首先，關於——嗯，在美國這邊有幾個角度。費用上升了不少。我知道你們已經做了一些說明，但讓我們再回顧一下，請容我再問一次。另外，最顯眼的是AML成本1.73億美元，這已經超過了每年約5億美元的那種水準。是否提到過某種第三方協議，未來將不再讓你們產生成本，或類似的事情？

Well, Gabe, thanks very much for the question. Let me start by saying that I think the quarter was a solid quarter for the US I came in and that was up 12% on a year-on-year basis. And if you break down the factors, we had positive core loan growth. We had moderate NIM expansion.

好的，Gabe，非常感謝你的提問。我先說，我認為本季美國業務表現穩健；我接手後，該項目年增12%。如果拆解驅動因素，我們的核心貸款成長為正。我們的NIM也有溫和擴張。

And as Ajai described, I think PCL performance in the US was quite strong. So expenses were somewhat elevated at 9.9% on a year-on-year basis. But I would note that it was flat on a quarter-on-quarter basis, and it's the third quarter that we had relatively the same expense. Despite the fact, to your point, we did have higher governance and control expenses in the quarter.

而如Ajai所述，我認為美國的PCL表現相當強勁。因此費用年增9.9%，確實偏高一些。但我要指出，按季比較是持平的，而且這已是我們連續第三季費用大致相同。儘管如你所說，本季我們的治理與控制相關費用確實更高。

And I think composition matters here. We're seeing more -- as I'd indicated in previous quarters, we would expect to start seeing more validation look back and monitor expenses this year and less remediation implementation expenses, and that's exactly what we saw in the quarter.

我認為這裡的組成很重要。我們看到更多——如我在前幾季所提到的，我們預期今年會開始看到更多驗證回溯（validation look back）與監控費用，而較少整改（remediation）落地執行費用；而本季看到的正是如此。

So that was somewhat elevated. The other important milestone in the quarter was that we completed the conversion of Nordstrom. And so we had higher conversion and operating expense that we assumed as part of that transaction.

所以那部分確實略為偏高。本季另一個重要里程碑是我們完成了Nordstrom的轉換。因此，我們承擔了作為該交易一部分所帶來的較高轉換與營運費用。

So if you isolate those two categories, our base operating expenses were below 3%. So I feel like we're making some really good progress in terms of moderating the rate of growth I should -- let me just reaffirm that we still believe that we will achieve our mid-single-digit expense growth guidance for the year.

因此，如果把這兩類費用單獨剔除，我們的基礎營運費用增幅低於3%。所以我覺得，我們在降低成長率方面取得了非常好的進展——我應該——讓我再次確認，我們仍然相信今年能達成我們所指引的中個位數費用成長。

In fact, we've got good line of sight to being able to achieve that. And more importantly, I think we're tracking really well to meet and or exceed our NIAT objective that we laid out in Investor Day. So net-net, I'm feeling good at where we are. Obviously, any opportunity that I've got to accelerate the remediation process. It is my number one priority. We're trying to work through it as quickly as possible because we know how important that is to the overall franchise.

事實上，我們對達成該目標有很高的可視性。更重要的是，我認為我們在達成、甚至超越投資者日所提出的NIAT目標方面，進度非常良好。總體而言，我對目前的狀況感覺不錯。顯然，只要有任何機會能加速整改流程，那就是我的第一優先事項。我們正盡可能快速推進，因為我們知道這對整體特許經營（franchise）有多重要。

Yes, I get that. I wasn't taking the number. Just trying to get a sense of the -- I guess, additional elements this quarter that might not be around in coming quarters, as that cost line kind of does drift down sequentially. But I guess more on the strategic side, as you move -- and I appreciate that AML remediation is your number one priority. But as you move through the process and maybe increased bandwidth for growth initiatives, it sounds like there's some improvement in the core commercial banking loan book.

是的，我理解。我不是在質疑那個數字。只是想了解——我想，是本季有哪些額外項目，未來幾季可能不會再出現，因為那條成本線可能會按季逐步下滑。但我想更多從策略面來看，當你推進——而且我也理解AML整改是你的第一優先事項。但當你走過這個流程、也許有更多資源投入成長計畫時，聽起來核心商業銀行貸款組合有一些改善。

You're open, it sounds to exploring new strategic card partnerships. I want to get a sense for how you're thinking about the growth aspect of the business at this point and what we can look forward to?

聽起來你也願意探索新的策略性卡片合作夥伴關係。我想了解你目前如何看待業務的成長面向，以及我們接下來可以期待什麼？

Yes, Gabe, thank you very much for the question. I think the quarter did highlight the fact that we are seeing acceleration in a number of different areas. I know Kelvin described a little bit of the loan growth. But I just wanted to call out maybe a couple of stats. One, you've been talking about the fact that total loan growth was going to turn the corner.

是的，Gabe，非常感謝你的問題。我認為本季確實凸顯出，我們在多個不同領域看到加速。我知道Kelvin談了一些貸款成長。但我想特別點出幾個數據。第一，你一直在談總貸款成長將會轉折向上。

Well, on a spot basis, total loan growth this quarter versus last quarter was in fact positive. So that's the first quarter that we've seen that since we embarked on the balance sheet restructuring exercise. So that's that was a step in the right direction, and we would expect to build on that momentum in the subsequent quarters. If I look at core loan growth, core loan growth was 3% for the quarter and it was really well distributed across both our consumer lending portfolios as well as commercial loans. I'll talk about consumer loans just for a moment.

那麼，以期末存量（spot basis）來看，本季總貸款相較上季確實是正成長。這是自我們啟動資產負債表重整（balance sheet restructuring）以來，第一次看到這種情況。所以這是朝正確方向邁出的一步，我們也預期在後續季度延續並擴大這股動能。如果看核心貸款成長，本季核心貸款成長為3%，而且在消費貸款組合與商業貸款之間分布相當均衡。我先簡單談一下消費貸款。

We saw a number of our businesses, particularly the bank card business that was -- where we saw overall balances up 18% and 32% growth in account sales. We're seeing real positive momentum there. We've been investing in that business over the past three years, and we're beginning to see the fruits of some of those investments. I'd say turning to commercial. I was particularly pleased about the quarter-on-quarter performance in commercial.

我們看到多項業務表現不錯，特別是銀行卡業務——其整體餘額成長18%，帳戶銷售成長32%。我們在那裡看到非常正面的動能。過去三年我們一直在投資這項業務，現在開始看到部分投資成果。接著談商業業務。我對本季商業業務按季表現特別滿意。

Overall, growth was 1.2% for the quarter. So if you annualize that, that would suggest a mid-single-digit growth rate for our commercial businesses. But probably more important than just the absolute number was the composition. We've been seeing really strong performance in sort of the middle market segment for some time. What we saw this quarter was stronger performance in both small business and our commercial regional businesses.

整體而言，本季成長為1.2%。如果年化，這意味著我們商業業務的成長率約為中個位數。但可能比絕對數字更重要的是其組成。我們在中型市場（middle market）區隔已經有一段時間表現非常強勁。而本季我們看到小型企業以及我們的商業區域業務兩者都出現更強的表現。

So it was a slightly broader base win this quarter, and I think that's quite encouraging. I do think that given the work that we're doing, to your point, the fact that we're increasing the number of bankers on the street supporting our commercial banking business, I do expect us to see some degree of acceleration in that business. There's obviously some macroeconomic factors that you can't control, and there's still risk of trade and supply chain disruptions. But generally speaking, I'm really confident about what I'm seeing in terms of some of the pipelines and some of the leading indicators.

因此，本季算是更廣泛基礎的勝利，我認為這相當令人鼓舞。我確實認為，考量到我們正在做的工作——如你所說，我們正在增加前線（on the street）支援商業銀行業務的銀行家人數——我確實預期該業務會出現一定程度的加速。當然也有一些你無法控制的總體經濟因素，且仍存在貿易與供應鏈中斷的風險。但整體而言，就我所看到的一些管線（pipelines）與領先指標而言，我非常有信心。

Okay. And Ray, I heard you say it felt like a long time since an Investor Day, I thought time was supposed to fly when you're having fun. All right. That's all folks. Have a good day.

好的。Ray，我聽到你說感覺距離投資者日已經很久了；我還以為玩得開心時時間應該過得很快。好吧。各位就到這裡。祝大家有美好的一天。

Paul Holden, CIBC Capital Markets.

Paul Holden，CIBC Capital Markets。

I want to ask a question on the expense guide. So I think, Kelvin, you're pretty clear in terms of core expense growth was pretty good this quarter. I think 2% if we adjust for some FX and variable comp so better than the mid-single-digit guidance, but then you kind of stuck with the mid-single-digit guidance for the full year.

我想問一個關於費用指引的問題。所以我認為，Kelvin，你在核心費用成長方面說得很清楚，本季表現相當不錯。如果我們調整一些匯率與變動薪酬因素，我想大約是2%，優於中個位數的指引，但你們對全年仍維持中個位數的指引。

So maybe you can talk about some of the things that were timing related and why that will come back next quarter. And I would have thought, given what Ray has said on being ahead of plan on AI that maybe there was some upside to expenses and efficiencies this year. So maybe you can help us think through all of that.

所以也許你可以談談一些與時點相關的事項，以及為什麼這些會在下個季度回來。另外，考量到 Ray 提到在 AI 方面進度超前於計畫，我原本以為今年在費用與效率上可能會有一些上行空間。所以也許你可以幫我們把這些都梳理一下。

Paul, maybe I'll just kick off and then Kelvin can jump in. Paul, I just want to clarify, the mid-single-digit guidance is specific to the US the guidance that we have for -- at the enterprise level, and we have confidence in that is 3% to 4%. And so we don't see -- there's nothing that we see as a onetime that's creating the our expense this quarter. And so we see the structural cost reductions that we've been making across all of our business lines continuing.

Paul，也許我先開個頭，然後 Kelvin 可以補充。Paul，我想先澄清一下：中個位數的指引是針對美國（US）的；在企業層級（enterprise level）我們給的指引、且我們有信心的是 3% 到 4%。因此我們不認為——我們沒有看到任何一次性因素在推高本季的費用。所以我們看到我們在所有業務線持續推動的結構性成本削減會延續下去。

And as we accelerate our value from AI and automation. I think you're going to see, as I've been saying previously, that we try to continue to take the structural cost run rate of the organization down consistently on a unit cost basis. And so you're seeing that play through. and you'll continue to see that play through, Paul. So I just wanted to clarify the mid-single digit is US, not enterprise.

而且隨著我們加速從 AI 與自動化中實現價值。我想你會看到，正如我先前一直說的，我們會持續在單位成本基礎上，把組織的結構性成本的運行率（run rate）穩定地往下拉。所以你現在看到這個效果正在反映出來，而且你也會持續看到它反映出來，Paul。所以我只是想澄清：中個位數是美國，不是企業層級。

Yes. That's right. It's Kelvin here, our guidance for 2026, expense growth, FX and variable compensation and strategic comfort 3% to 4% so this quarter, we're at 3%. Q1 was higher than that. And so just on an average basis, we'll get to that range for the full year. And we're confident that we'll get there.

是的。沒錯。我是 Kelvin。我們對 2026 年的指引是：費用成長（排除匯率、變動薪酬以及策略性舒適度/緩衝）為 3% 到 4%；所以本季我們是 3%。第一季比這個高。因此以平均來看，全年會落在那個區間。而且我們有信心能達成。

Okay. My mistake I understand. And then maybe just a quick one for Sona. Increasingly hearing about some increased competition maybe on the loan side and also on the deposit side, sort of pressuring margins a bit. What are you seeing in your business specifically and your confidence around the ability to sort of maintain margins in Canadian retail banking?

好的。是我搞錯了，我明白了。那再快速問 Sona 一個問題。最近越來越常聽到貸款端以及存款端的競爭加劇，似乎對利差造成一些壓力。就你們的業務而言，你看到什麼？以及你對加拿大零售銀行維持利差能力的信心如何？

Okay. Thanks for that question, Paul. So if we look at the quarter, we were up in CAD PNC 2 bps sequentially, in line with our NIM guidance. And really, that's broken down in a couple of factors. We saw some positive trends on deposit margins, including tractor repricing as well as driving higher loan margins.

好的。謝謝你的問題，Paul。如果看本季，我們的加幣 PNC（應為 NIM/利差相關指標）較上季增加 2 個基點，符合我們的 NIM 指引。這主要可拆成幾個因素。我們看到存款利差出現一些正向趨勢，包括存款重新定價（repricing），同時也帶動更高的貸款利差。

And so let me talk a little bit at what you're getting to. So in the market, we definitely did see in the second quarter, particularly competitive pricing set in. But Paul, as you've heard me say, we are firmly committed to profitable growth. And for us, that means disciplined pricing. And so as we anchor in this principle, we've nonetheless had 5% year-over-year RESL growth.

我再多談一點你提到的重點。市場上，我們確實在第二季看到競爭性定價開始出現，尤其明顯。但 Paul，正如你聽我說過的，我們堅定承諾以獲利為前提的成長。對我們而言，這代表有紀律的定價。因此在我們以這個原則為錨的同時，我們仍然實現了 RESL 年增 5%。

And that's because we are with our disciplined pricing, we are able to drive positive on off margin, including in this competitive quarter. And so as we look ahead, we expect to see relatively stable NIM in Q3 similar to this quarter. And I'm even optimistic for some potential NIM upside in Q4. And if I just step back, Paul, I think -- and picking up off what Ray said earlier, I think we're out to capture organic growth upside. We see tremendous momentum across the businesses.

這是因為在有紀律的定價下，即使在這個競爭激烈的季度，我們仍能推動正向的利差表現。展望未來，我們預期第三季的 NIM 會相對穩定，與本季類似。而且我甚至對第四季 NIM 可能有一些上行空間感到樂觀。如果我退一步看，Paul，我認為——也呼應 Ray 先前說的——我們正要把握有機成長的上行機會。我們看到各項業務都有非常強的動能。

Obviously, we're pleased with in RESL, how we're leaning in, competing on speed and specialization rather than price. But across the board, we see momentum. We've had number one year-over-year growth in RESL in cards and in deposits. So we're particularly pleased with the quarter and proud of our team's work.

很明顯地，我們對 RESL 的表現感到滿意；我們更傾向以速度與專業化來競爭，而不是靠價格。但整體而言，我們看到全面性的動能。我們在 RESL、信用卡以及存款方面，都拿下年對年成長第一名。所以我們對本季表現特別滿意，也為團隊的努力感到自豪。

Matthew Lee, Canaccord Genuity.

Matthew Lee，Canaccord Genuity。

Most of my questions have been answered, but maybe one on cards. You did highlight strong acquisition and record penetration US bank card balance their up and obviously the Nordstrom conversion onto TD's platform. Just how are you thinking about cards in general as the growth engine, especially balancing kind of position, credit normalization and maybe potential new strategic partnership.

我的大部分問題都已經被回答了，但也許問一個關於信用卡的。你們確實提到強勁的新增獲客，以及美國銀行卡餘額創下滲透率新高，另外還有 Nordstrom 轉換到 TD 平台。你們整體如何看待信用卡作為成長引擎，特別是在平衡部位、信用正常化，以及可能的新策略合作夥伴之間？

Yes. Matt, thanks for the question. I'll start on the US side, and maybe I'll pass it to Sona to add something from a Canadian perspective. I think from a US business, we're somewhat underweight in terms of total cards in our overall book. So it is a segment that it's a product that we're very focused on. And it's one of the reasons why three years ago, we embarked on a really comprehensive build. We added significant talent. We retooled our cards operations.

是的。Matt，謝謝你的問題。我先從美國端談起，然後也許請 Sona 從加拿大的角度補充。我認為就美國業務而言，我們在整體資產組合中，信用卡占比相對偏低。所以這是一個我們非常聚焦的區隔與產品。這也是為什麼三年前我們啟動了一個非常全面的建置計畫。我們引進了大量人才。我們也重新整備了信用卡營運。

We retooled the product lineup. We changed some of our credit underwriting. In fact, we implemented a number of AI models that allow us to be able to leverage deposit activity to be able to fine-tune some of our targeting. All those things are culminating in the performance that you're seeing today on the bank card side of the house. So I absolutely want to grow our bank card one of the Investor Day targets that we established was to get to a 30% penetration of our deposit book.

我們重新整備了產品線。我們也調整了部分授信承作（credit underwriting）。事實上，我們導入了多個 AI 模型，使我們能利用存款活動資料，更精準地微調目標客群。所有這些努力，正匯聚成你今天在銀行卡業務端看到的表現。所以我絕對希望擴大我們的銀行卡業務；我們在投資人日（Investor Day）設定的目標之一，是讓銀行卡在我們存款客群中的滲透率達到 30%。

And quite frankly, Matt, I'd like to exceed that. In fact, we're tracking quite well. We picked up 200 basis points on a year-on-year basis. So clearly, we want to try to maximize the growth of our core bank card business.

坦白說，Matt，我希望能超越這個目標。事實上，我們的進度追蹤得相當不錯。我們年對年提升了 200 個基點。所以很明顯地，我們希望盡可能最大化核心銀行卡業務的成長。

But I also -- I'm thrilled about the successful conversion of the Nordstrom transaction being partnered with one of the premier retailers in the US marketplace is a privilege. And to the extent that we can deepen our relationship with Target and potentially bolt-on other really high-quality card partnerships. That will be a priority for us in the future as well. I'd like to have cards receivables be a larger portion of the overall hold. And to your point, we're cognizant about the risk profile.

但我也——我對 Nordstrom 交易成功完成轉換感到非常振奮；能與美國市場上一流的零售商之一合作是一種榮幸。而且只要我們能深化與 Target 的關係，並且可能再外掛（bolt-on）其他真正高品質的信用卡合作夥伴。這也會是我們未來的優先事項。我希望信用卡應收款（cards receivables）在整體持有資產中占比更高。而且如你所說，我們也清楚風險輪廓。

But I can tell you, based on what we're seeing at this point, we're quite comfortable with the credit risk that, that portfolio represents. And I think in many ways, being able to build a bigger cards business as part of our overall US balance sheet will actually improve NIM and will improve our overall diversification in terms of our asset earnings. So net-net, it's a long-winded way of saying it's a big priority for us in the US. So --

但我可以告訴你，基於我們目前看到的情況，我們對該投資組合所代表的信用風險相當放心。而且我認為在很多方面，把更大的信用卡業務納入我們整體美國資產負債表的一部分，實際上會改善 NIM，也會提升我們資產收益來源的整體分散度。所以總結來說，雖然我講得有點長，但意思是：這在美國對我們是很大的優先事項。所以--

Yes. Maybe just briefly, Matt, really strong story north of the border as well in our cards business. We've had a strong cards acquisition, up double digits year over year, and it's really driving to continued momentum towards our Investor Day targets on depth of relationship, both for personal consumer cards as well as small business banking clients. What I'm particularly pleased with is it's exactly growing in the spots that we would want it to grow. So we've had a really thoughtful execution playbook against how do we really increase the depth of relationship within our existing clients.

是的。Matt，我也簡短補充一下：在邊境以北（加拿大）我們的信用卡業務同樣是一個非常強的故事。我們的信用卡新增獲客很強勁，年對年雙位數成長，並且確實推動我們朝投資人日目標——關係深度（depth of relationship）——持續前進，涵蓋個人消費卡以及小型企業銀行客戶。我特別滿意的是，它正好在我們希望成長的區域成長。因此我們針對「如何在既有客戶中真正提升關係深度」有一套非常周延的執行作戰手冊。

And so most of our growth year over year is actually coming from strong preapproval conversion amongst our existing clients. So are the clients we know the most about and very additive, right, from a quality book perspective. And then on the flip side, with our new to banking clients. We've seen continued momentum in deepening that relationship at point of sale in our branches. So really healthy mix and really healthy growth, supporting our number one position in the industry this year.

因此，我們年對年的大部分成長，實際上來自於在既有客戶中強勁的預先核准（preapproval）轉換率。也就是我們最了解的客戶，從資產品質（quality book）的角度來看，這些新增量非常具加分效果，對吧。另一方面，針對我們的新往來客戶（new to banking clients）。我們看到在分行的銷售端持續深化關係的動能。因此，這是一個非常健康的組合與非常健康的成長，支撐我們今年在業界的第一名地位。

Doug Young, Desjardins Securities.

Doug Young，Desjardins Securities。

I guess for Tim and for Ray here. On wholesale, I mean, I know this is a particularly strong quarter and results are pretty good. But ROE caught my eye in wholesale of 14.5%. I think you've targeted 13% from the Investor Day. Maybe Tim, you can talk a bit about sustainability.

我想這題給 Tim 以及 Ray。關於批發銀行（wholesale），我的意思是，我知道這是一個特別強勁的季度，結果也相當不錯。但批發銀行的 ROE 14.5% 引起了我的注意。我記得你們在投資人日（Investor Day）設定的目標是 13%。Tim，也許你可以談談可持續性。

Is there room for further ROE expansion and then what drives this? And Ray, as you look over at that, does that give you more comfort? You've got a lot of excess capital, and I know it's pointed towards organic growth and buybacks and whatnot, but does that give you more comfort deploying capital into capital markets.

ROE 是否還有進一步擴張的空間？以及這是由什麼驅動的？Ray，當你看到這些表現時，是否讓你更安心？你們有很多超額資本，我知道主要用於內生成長、庫藏股回購等等，但這是否讓你更放心把資本投入到資本市場業務？

So why don't I start and then, Tim, you can jump in after. I would say, first and foremost, very pleased with the continued momentum in TD Securities. And as we said also at Investor Day, what we're trying to do in the organization is balanced or rightsize our NII and fee income. And whether it's our wealth business, our insurance business, which both had record quarters or our wholesale business, getting the fee income mix across TD Bank was a priority for us coming out of Investor Day, and you're seeing exactly that, not just from Tim's business, but from Paul Clark’s businesses. And so I'm pleased there.

那我先開始，然後 Tim 你再接著補充。我會說，首先，我們對 TD Securities 持續的動能感到非常滿意。而且正如我們在投資人日也提到的，我們在組織內想做的是平衡或適度調整我們的淨利息收入（NII）與手續費收入。無論是我們的財富管理業務、保險業務（兩者本季都創下歷史新高），或是我們的批發銀行業務，在整個 TD Bank 提升手續費收入占比是我們投資人日後的優先事項，而你們正看到這一點的落實，不僅來自 Tim 的業務，也來自 Paul Clark 的業務。因此我對此感到滿意。

And before I hand it over to Tim, from a capital perspective, what I would just say is it is an area of the organization that we do believe has outsized opportunity for accelerated growth and Tim and team are demonstrating the power of the platform and the acquisition of TD Cowen and TD Securities combined. And so I would say it's playing along exactly what we thought on a go-forward basis.

在我把話交給 Tim 之前，從資本角度我想說的是：我們確實認為這是組織內一個具備超額機會、可加速成長的領域，而 Tim 與團隊正在展現平台的威力，以及 TD Cowen 與 TD Securities 結合後的綜效。所以我會說，整體發展正如我們對未來的預期在推進。

And then just from a capital perspective, the only thing I would say is I do think we are positioned differently than any other organization amongst our peers that we start with an incredibly strong capital position at 14.3% CET1. But when you overlay our strong organic capital generation that we do here within the organization. It really gives me an advantage that we can deploy capital in different ways.

另外，就資本面而言，我唯一想補充的是：我確實認為，相較同業，我們的起點不同——我們擁有極為強勁的資本水位，CET1 為 14.3%。再加上我們在組織內部強勁的內生資本生成能力。這確實讓我具備優勢，可以用不同方式來配置資本。

At the same time, we can do -- continue to do buybacks while we look at not only organic growth opportunities and how do we want to accelerate some of our organic growth opportunities like in TD Security. So it gives me flexibility Doug, to be able to do multiple things that maybe some of our peers can. So on that note, I'll hand it back over to Tim.

同時，我們也可以——在評估內生成長機會之際，持續進行回購；並思考我們要如何加速某些內生成長機會，例如在 TD Security（應為 TD Securities）。Doug，這讓我有彈性去同時做多件事，而這可能是部分同業做不到的。因此，我把問題交回給 Tim。

Doug, I would just add two or three things. So it is important to note, despite all the headlines that we are in a constructive market. So from a capital markets perspective, equity capital markets, debt capital markets, credit generally are in a positive place. You've heard me speak before about volatility. I would characterize it as a healthy level, both from the standpoint of being able to monetize volatility on the trading side, while keeping the capital markets open.

Doug，我再補充兩三點。儘管媒體標題很多，但重要的是要注意，我們目前處於一個具建設性的市場環境。從資本市場角度來看，股票資本市場、債券資本市場，以及整體信貸環境都處於正向狀態。你之前也聽我談過波動性。我會把它形容為健康的水準：一方面交易端能夠將波動性變現，同時也能維持資本市場的開放。

And then I would just say, generally, there's an openness to M&A. So as we sit today, it's a constructive environment and quite a healthy backlog. The second point, as Ray mentioned, we've invested heavily in our platform, and we continue to invest. So we're doing more. We're deepening our relationships with our existing clients.

另外我想說，整體而言，市場對併購（M&A）是更開放的。因此以目前來看，這是一個具建設性的環境，而且待執行案量（backlog）相當健康。第二點，如 Ray 所提到的，我們已在平台上大幅投資，並且仍在持續投資。所以我們正在做得更多。我們也在深化與既有客戶的關係。

And if we look at the first half, that's reflected where we had top line up 18% year over year despite the $180 million earned last year from the Schwab transaction. So very healthy from that perspective. On capital specifically, I would continue to emphasize, we're not capital constrained by any means, but we do need to do more with that resource. So I always like to look at revenue growth relative to RWA growth. And again, in this quarter, that number was about 3 times.

如果看上半年，這也反映在數據上：即使去年有來自 Schwab 交易的 1.8 億美元收益，我們的營收仍年增 18%。因此從這個角度看非常健康。就資本而言，我仍要強調：我們絕非受資本限制，但我們確實需要更有效地運用這項資源。所以我一直喜歡看營收成長相對於風險加權資產（RWA）成長的關係。而且在本季，這個比率大約是 3 倍。

The other point I wanted to emphasize is mix. So good balance between corporate and investment banking and global markets. And I think that's reflected as well in the results. but also geography. So directionally, if we look at 2022, which was the last year prior to the Cowen acquisition, we would be doing about a quarter of our revenue in the US.

我想強調的另一點是組合（mix）。也就是企業與投資銀行（corporate and investment banking）與全球市場（global markets）之間的良好平衡。我認為這也反映在結果上；同時也包括地域分布。方向性來看，如果回到 2022 年（也就是收購 Cowen 之前的最後一年），我們在美國的營收大約占四分之一。

And today, that number is twofold. And of course, it's a market that's about 20 times the size of Canada. So we see a tremendous amount of runway. So all of that coming together drove the ROE, 14.5% and the efficiency ratio of 63%. But maybe the last point I wanted to leave you with, there's obviously always cyclicality in our business, but it's about creating durability and repeatability on our platform and positioning ourselves to be able to serve clients and deliver for shareholders through the cycle. And I think that's what you're seeing.

而今天，這個數字已經翻倍。當然，美國市場的規模大約是加拿大的 20 倍。因此我們看到非常巨大的成長跑道（runway）。以上這些因素共同推動了 ROE 達到 14.5%，以及效率比率（efficiency ratio）為 63%。但我最後想留給你的一點是：我們的業務顯然總是存在週期性，但關鍵在於在平台上建立耐久性與可重複性，並讓我們能在景氣循環中持續服務客戶、為股東創造價值。我想你們看到的正是這一點。

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.

目前排隊中已沒有更多問題。我現在想把電話交回給 Raymond Chun 先生作結語。

Thank you, operator, and thank you, everyone, for joining us today. We appreciate your questions and comments. In Q2, we continued our business momentum with strong credit performance, positive operating leverage and robust earnings growth. ROE was 14.4%, up 200 basis points year over year. I'm proud of the progress through the first half of the year, and I'm confident TD will continue to deliver for its stakeholders.

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。在第二季，我們在強勁的信用品質表現、正向的營運槓桿以及穩健的獲利成長帶動下，持續維持業務動能。ROE 為 14.4%，年增 200 個基點。我為今年上半年的進展感到自豪，也有信心 TD 將持續為其利害關係人交付成果。

Now before we close the call, like to go a little bit off script for a moment to congratulate Brooke and her team on winning across five categories at the IR Impact Awards last month. What an incredible accomplishment reflecting strong engagement with all of you, our investors and analysts.

在結束電話會議之前，我想稍微離題一下，恭喜 Brooke 與她的團隊在上個月的 IR Impact Awards 中於五個類別獲獎。這是一項令人難以置信的成就，反映出與各位投資人與分析師之間的高度互動與投入。

Thank you for your support and congratulations again to Brooke and the team I look forward to connecting with all of you again next quarter. Thanks, everyone.

謝謝各位的支持，也再次恭喜 Brooke 與團隊。我期待在下個季度再次與各位交流。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.

各位女士、先生，今天的電話會議到此結束。感謝各位參與，並請各位掛線。