The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst
: Again, sticking with Neil, just looking at your deposit growth in banking has been phenomenal. I'm just wondering about that $70 billion-or-so
increase in deposits over the past year. How should we look at that in retail commercial in terms of inhibiting your loan growth, meaning it could
push back consumer borrowing a few years because they're just going to tap into their savings before they start borrowing again. And I'm talking
about everything, excluding mortgages, obviously, because that's growing. And if you can make a similar comment on commercial lending, just
trying to figure out behavior, and how that affects your loan growth outlook?
Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst
: Does it change your outlook, though? I think last quarter, you said second half, you'll have positive revenue growth in Canadian Banking or something
along in those lines? Could it be a couple of years before the non-mortgage categories start to grow again?
Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst
: Yes.
Question: Sohrab Movahedi - BMO Capital Markets Equity Research - Analyst
: Yes. Maybe a question for both Dave and Graeme. Back in December, I thought your tone was a lot more cautious just around the outlook, the
operating environment and the like than it is today. And obviously, with -- I don't remember, I think -- I don't know if Graeme may have it at the
top of this. I don't remember the last time total bank PCLs would have been low single digits or mid-single digits. What has changed?
And Graeme, what should we be expecting? I understand it's an incredibly difficult environment to prepare for. But what caught you off guard, or
what was the pleasant surprise? And how are those, I guess, surprises going to manifest through the balance of the year, do you think?
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