We’re managing around that. The question that Hratch raised earlier is more going to go from non-interest sensitive to term. We’ve planned for that as well. I think the most important thing strategically for us as a bank is, are we growing deposits in those areas across our franchise? We’re growing them in the Canadian personal bank. We’re growing them in the Canadian commercial bank. We’re growing them in the innovation bank. We’re growing them in the U.S. bank. We’re growing them in our corporate bank. And that’s just a function of how we’re serving our clients. We are a diversified relationship-oriented bank, and it’s coming through in terms of all of our numbers including deposits going forward.
Mario Mendonca: And then finally, Victor, you offered that the bank did experienced — or — well, that could experience some deposit burn off, as you say. Can you offer an outlook on either for CIBC or if the bank has thought about it in Canada generally? How — what would you peg are excess deposits right now in the banking system to be? Are we in the sort of $400 billion range? What do you think?
Victor Dodig: It’s $150 billion to $200 billion in total.
Mario Mendonca: That’s what you think for the — like for the banking system in total, $150 billion, $200 billion right now?
Victor Dodig: Yes. And some of that — most of that is stimulus, but some of it is money moving from markets, from equities and from bonds in fixed-term deposits, right? And just consumers are behaving rationally. When you’re getting 4% on 1-year money, they say, we’ll park that until the certainty comes back. I think part of what’s going to happen going forward is some of it will go back into the markets as situations normalize and some of it is just going to be the burn-off of excess deposits from stimulus over time.
Mario Mendonca: That’s helpful. Thank you.
Operator: And this is all the time we have for questions. I’d like to turn the call back over to Victor.
Victor Dodig: Well, you’ve been extremely generous with your time, everyone. So I want to thank you for that. And thank you, operator. So just to recap, we delivered solid first quarter results in the face of an increasingly challenging and dynamic environment. Despite continued geopolitical tensions and inflationary pressures, which we see each and every day, our core CIBC franchise demonstrated the benefits of diversification, demonstrated the benefits of our unrelenting focus on our clients. And we hope that you got the points that it’s demonstrating the investments that we’ve made in the past in organic growth and that we believe that we can harvest going forward. You see that across all of our businesses, whether it’s the Innovation Bank, our affluent strategy, our Capital Markets and DFS strategy and our U.S. strategy.
We’ve exhibited our resilience in difficult times in the recent past, and we’re confident in our ability to navigate the current economic environment. Our relentless focus on our clients will continue to deliver successful outcomes, and we’re going to help them make their ambitions a reality and create value for our shareholders over the long term. Finally, we remain well capitalized and well provisioned with a strong balance sheet. In conclusion, I want to thank all of our CIBC team members globally for bringing our purpose to life every day. It’s thanks to our collective dedication that we have built a relationship-oriented bank that’s positioned to continue to bring the best of our bank to our stakeholders, all of our stakeholders. And to our shareholders, thank you for your continued interest and support.
We look forward to sharing our results next quarter. Bye now.
Operator: Thank you. The conference has now ended. Please disconnect your lines at this time, and we thank you for your participation.
