Hratch Panossian: And maybe I’ll add on that, Sohrab, right? As you know, look, this isn’t just management judgment and gut instinct, right? There’s an accounting standard. There are requirements under the accounting standard. We manage to an appropriate allowance that follows the IFRS 9 guidelines, which require us to provision and have an allowance based on the expectation based on Stage 1 for one year and lifetime for anything that’s in Stage 2. It’s a very governed process, as Frank has said, the models produced the results. We look at that versus expectations, apply the credit judgment, however, is required to get to the right answer and the appropriate prudent allowance number, and then we go through our governance processes in order to finalize that.
Jon Hountalas: Okay. Good. And thank you, Sohrab, for that question. As I said earlier, we are going to continue to work on refining our models so that they deliver even greater consistency quarter-to-quarter. Again, on a year-to-date basis, I think it’s important to know where we stand relative to the peer group and very much in line on the performing standpoint when you factor in mix differentials. And as I also said during the call, it’s really important to focus on the earnings fundamentals of our business. We had solid results on those earning fundamentals due to the strength and diversity of our business model in all of our business units. In Canadian banking, in our U.S. region and our capital markets, and we’ve got prudent risk management.
I think that stance we have is prudent with a little less volatility, it will even be better. We continue to demonstrate steady organic growth. We have clients building relationships with our bank. It’s fueled by a client-focused strategy and it’s supported by an increasingly digitized infrastructure, which, in fact, quite frankly, has allowed us to start reducing our costs in certain areas, including head count, which you see on a year-over-year basis. And that, again, stands out differently from our peers. I think our achievements are a testament to the unwavering dedication of our team whose hard work and commitment have contributed to our success. And I want to extend my sincere appreciation to CIBC team member who is driving better client, Net Promoter Scores, and deeper relationships.
We’ve implemented initiatives that not only address our clients’ evolving needs, but also aligned with the long-term strategy to deliver sustained value to our shareholders. And as we continue to navigate a dynamic economic landscape, we remain steadfast in our dedication to the purpose of helping our clients realize their ambition and to deliver value for our shareholders. So I thank you for your trust and continued support and for your questions, and I look forward to our ongoing engagement with our team as frequently as you would like. Thank you. Have a good day and a good Labor Day weekend.
Operator: Thank you everyone. The conference has now ended. Please disconnect your lines at this time, and we thank you for your participation.
