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    Mehmed Rizvanovic • Keefe, Bruyette & Woods

    Mehmed Rizvanovic's questions to Bank of Montreal (BMO) leadership

    Mehmed Rizvanovic's questions to Bank of Montreal (BMO) leadership • Q2 2025

    Question

    Mehmed Rizvanovic asked for clarity on the sequential decline in non-interest revenue (NIR) and inquired about mortgage growth and potential spread pressure in the broker channel.

    Answer

    CFO Tayfun Tuzun expects stronger NIR in the second half, attributing the Q2 decline to a card sale, fewer days in the quarter, and some Capital Markets items. Erminia Johannson, Head of North American Personal Business Banking, described residential loan growth as solid and said the broker channel is performing as expected within a broadly competitive market, without flagging unusual spread compression.

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    Mehmed Rizvanovic's questions to Toronto-Dominion Bank (TD) leadership

    Mehmed Rizvanovic's questions to Toronto-Dominion Bank (TD) leadership • Q2 2025

    Question

    Mehmed Rizvanovic from Scotiabank questioned the persistence of the $500 million AML-related spending into 2026 and asked about the relative underperformance of the Canadian mortgage business despite strategic initiatives.

    Answer

    Leo Salom, President and CEO of TD Bank AMCB, confirmed the $500M AML spend guidance for 2025 and a similar level for 2026, with an expected decline in outer years. Sona Mehta, Group Head of Canadian Personal Banking, attributed mortgage performance to a slower market and moderated broker originations, while highlighting double-digit growth in proprietary channels.

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    Mehmed Rizvanovic's questions to Versabank (VBNK) leadership

    Mehmed Rizvanovic's questions to Versabank (VBNK) leadership • Q2 2024

    Question

    Mehmed Rizvanovic asked about the potential impact of Canada's mortgage renewal cycle on POS loan demand and questioned the trajectory for the net interest margin (NIM) after several quarters of compression.

    Answer

    Executive David Taylor conceded that higher mortgage rates have a 'dampening effect' on POS demand, revising growth expectations down to around 15% YoY. Regarding NIM, Taylor attributed the compression to the strategic growth in lower-margin CMHC loans and the expanding POS portfolio, noting a potential future benefit if the inverted yield curve normalizes.

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