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
: Yes, Darryl, I just want to follow up on your comment there. It sounds like you might be expecting an 11%, 11.5% post-close core Tier 1 ratio. That's
surprising, I guess, considering the backdrop. I mean it's a lot different than what we had in December, of course. Are you -- we've all got our
estimates for internal capital generation. Are you anticipating to pull some strategies out of your back pocket like securitization activity or portfolio
of sales or anything of that nature? Or you're still anticipating getting there or even better than the 11% in normal course?
Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst
: Yes. Maybe I misworded it, I meant the environment has gotten different, not necessarily your messaging. It's consistent despite that change.
Okay. Now about expenses and, Tayfun, I believe I heard you recommitting to a lower expense growth rate in the second half. Because I've got the
Q4, you were guiding to flat expense growth for the full year. Q1, you bumped that up to 1.5%, and now you're not changing that. This quarter,
we had, what, 2% expense growth a bit above that if you exclude variable comp, but nothing on the wage inflation side that might actually nudge
expense growth a bit higher than what we thought 3 months ago.
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MAY 25, 2022 / 12:15PM, BMO.TO - Q2 2022 Bank of Montreal Earnings Call
Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst
: Okay. About 1.5%, 2.5% now?
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