Operator: Thank you. The next question is from Ebrahim Poonawala from Bank of America. Please go ahead.
Ebrahim Poonawala: Hey. Thanks for taking my question, again. Just two quick follow-ups. One, Leo or just sticking with the U.S. non-interest income, any sense of the impact if there are changes and it’s easy to credit card late charge fees what that would mean for TD?
Leo Salom: Yes. Thank you very much, Ebrahim. Obviously, the CFPB has come out with some proposed rulings. It’s still early. I expect there to be some evolution in terms of what that final proposal is going to look like. So I’d prefer not to speculate at this point in time in terms of the total impact. What I would say is, credit card late fees as a percent of our total U.S. Retail revenues is a relatively small percentage. So in any event it would be manageable.
Ebrahim Poonawala: That’s helpful. And just one quick one, Riaz for you. We have seen a significant growth in the loan book in Wholesale Banking. One, do you expect that to be sustainable, what’s the driver of that?
Riaz Ahmed: Well, Ebrahim, as you know, the — over the course of the last four quarter or five quarters, there’s a lot of loan demand and we are in a fortunate position of being able to be particularly selective and grow our
Ebrahim Poonawala: Okay..
Riaz Ahmed: client base, particularly in the United States in accordance consistently with our strategy. And we are earning very good returns on those new originations. So it’s really about taking market share at a time when we are able to.
Ebrahim Poonawala: And just on market share, Riaz, it’s a difficult period for a bunch of investment banks right now. Is there a strategy to grow, I mean, beyond their existing verticals and collectively hire bankers and capabilities and be maybe aggressive on that over the next 12 months or so?
Riaz Ahmed: I think we have to pace that appropriately with the integration work and bringing the two firms together. But look, I think, there is — there are opportunities. We are always open for them right now. We are in a good position to do that. But I think that for the next, let’s say, a quarter or two, the focus will be on getting the integration done correct and finished.
Ebrahim Poonawala: Okay. Thank you.
Operator: Thank you. There are no further questions registered at this time. I’d like to turn the call back over to Bharat Masrani.
Bharat Masrani: Thanks so much. Thanks very much, Operator, and thank you, everyone, for joining us this afternoon. Again, a great quarter from TD, terrific 8% earnings growth, $4.2 billion in earnings. So very happy with the start to the year. And once again, I want to take this opportunity to thank our TD bankers around the world for once again delivering for all of our stakeholders. And Paul, congratulations again, 47 great years at the Bank and it’s a good thing, you are not going away far. So we look forward to working with you in your other capacities at the Bank. And Barb congratulations on your new position with the Canadian Commercial Bank. Thank you and we will see you in 90 days.
Operator: Thank you. The conference has now ended. Please disconnect your lines at this time and we thank you for your participation.
