Kelvin Tran: Yeah. We will continue to dynamically roll that forward, and as we talked about earlier on the biggest hedge on the interest rate is something that we already have on the books and we will continue to roll that forward and the cost is minimal and then we also have the FX hedge as well and we will that forward too.
Sohrab Movahedi: So no material incremental or marginal risk or cost, sorry, associated with it?
Kelvin Tran: Right.
Sohrab Movahedi: And just lastly, I mean, Bharat, last quarter, I think, when you finished off the year, you had kind of in your remarks, you commented that, it could even be that in 2023, the Bank can deliver EPS within its medium-term growth targets. Do you still expect that to be the case?
Bharat Masrani: So I think last quarter, when I said that, we said, given the rate momentum and the anticipated closing of the announced acquisitions, there’s certainly a tailwind for us, and as well as the volume growth that we have just delivered. There are headwinds, of course, there are geopolitical tensions, it’s a complex operating environment and potential economic slowdown. So on balance, I said at that time, unless things change, we should meet that and there was a chance we would exceed it. So we will see. We are very happy with our first quarter. Organically, the Bank delivered 8% earnings growth. So very pleased with that. You saw some of the numbers and I think folks have talked about some of the loan numbers we are seeing and our ability to attract non-interest rate-sensitive deposits, which is the core strength of the Bank and continued momentum on the Wealth and Insurance side.
So very happy with how things are have started off in the year. Let’s see how the next three quarters go. And then we can sort of look back, and say, all right, what are the headwinds, which ones came to pass and the tailwinds, which one came to pass and then we can certainly talk about it then, if we have exerted even more as to why that happened, and if you haven’t met it, then we will explain what caused that.
Sohrab Movahedi: Thank you very much for taking my questions.
Operator: Thank you. The next question is from Mike Rizvanovic from KBW. Please go ahead.
Mike Rizvanovic: Hey. Good afternoon. I wanted to ask Michael Rhodes, just what’s your outlook on the resi book in Canada? What kind of growth do you think is in the cards for 2023?
Michael Rhodes: Yeah. So great question. Thanks for the question. And so, clearly, that the number of the sales and purchases of homes in Canada has gone down and the recent data supports that. As we look across 2023, we would expect that the rental growth to be in the low to mid-single digits range for the year.
Mike Rizvanovic: Okay. Okay. So I guess that’s consistent with what we have heard from some of the other Banks. Just looking at your portfolio, it looks like it was down a little bit sequentially, or let’s just call it, flat quarter-over-quarter. And as I look at some of the large cities that have reported, the Fed data for sale, it’s still down plus 40% year-over-year. I am wondering where would you see that growth coming from? What sort of, like, what’s baked into that assessment when you say low-to-mid single-digit, it seems quite optimistic given the state of the market right now?