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: Nikolaus Priebe - BMO Capital Markets Equity Research - Analyst
: I wanted to start with a question just on credit performance this quarter. Just looking at your impaired did increase very slightly over the second
quarter. Looks to be partly related to an uptick in the volume of impaired single-family loans. I was just wondering if there were any notable
observations that you've made about that pool of impaired mortgages? Just specifically, any geographic concentration or anything else we should
be aware of? I was just hoping for a bit of insight on that.
Question: Nikolaus Priebe - BMO Capital Markets Equity Research - Analyst
: And just switching gears, I did notice one of the bigger drivers of deposit growth in the quarter was a pretty significant increase in term deposits
at EQ Bank. I was just wondering if you could give us a bit of color on what sort of factors are driving the demand for the GIC product there. Was
that affected by the recent marketing campaign and just improved awareness of the platform? Or was there anything else that contributed to that
Question: Nikolaus Priebe - BMO Capital Markets Equity Research - Analyst
: And then one last one from me. I did also want to ask, looking at the growth rate of the alternative single-family portfolio, it's kind of slightly
decelerated for a few -- about 4 consecutive quarters now. And I know it can be -- I recognize it can be a little bit opaque. But I was wondering if
you could just give us your read on what's happening in the alt space as well as whether you feel you gained or lost market share in the period.
Question: Jaeme Gloyn - National Bank Financial, Inc., Research Division - Analyst
: First question is just related to the Saskatchewan and Alberta portfolios. I'm noticing a little bit of contraction quarter-over-quarter and I'm hoping
you can shed a little bit of light on that experience versus the Calgary office expansion that you guys press released earlier this quarter.
Question: Jaeme Gloyn - National Bank Financial, Inc., Research Division - Analyst
: Related to RSU, DSU, PSU expenses, just to clarify, are those expenses completely hedged? And what I'm getting at is given the significant increase
in the share price this year, should we expect any accrual or catch ups in either Q4 or is that completely hedged?
Question: Jaeme Gloyn - National Bank Financial, Inc., Research Division - Analyst
: The significant growth in the prime mortgage portfolio acting as a little bit of a drag on total company NIM. 15% growth quarter-over-quarter, I
mean that seems like it's unsustainable. But if you could just sort of maybe talk about outside of the Q4 guidance that you've given, talk about
2020, what you envision for the prime mortgage portfolio.
Question: Jaeme Gloyn - National Bank Financial, Inc., Research Division - Analyst
: I guess just in terms of where you see that portfolio growing. Is it going to continue to be a high growth engine just because it is primarily insured
and low risk ROE generation, ROE...
Question: Jaeme Gloyn - National Bank Financial, Inc., Research Division - Analyst
: Last one just on credit. The adverse changes in macro assumptions. Tim, can you just specify which changes drove the sequential increase? And
then on the Ontario loans that resulted in gross impaired loans increase, whereabouts in Ontario are those loans?
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