Joo Ho Kim: Hi. Thanks and good afternoon. Just wanted to go back to your net interest margin comment. You had mentioned that it may moderate in terms of improvement from here and when I look at the results this quarter, you were up 2 basis points sequentially at the all Bank level. So I am curious, is that sort of the improvement that we should think about as we go forward that maybe 1 basis point to 2 basis points in the low single-digit kind of improvement. Just curious if you could quantify what you see for the remainder of the year?
Kelvin Tran: Hi. It’s Kelvin. I will take that. The — so the 2 basis point quarter-over-quarter that you mentioned, it’s the all-inclusive NIM and so we typically look at non-trading NIM. And when you adjust for that, the quarter-over-quarter expansion is a positive 6 basis points. And so last quarter, the margin expansion was 12 basis points, and then this quarter, 6 basis points, and you expect that to moderate and we expect that the margin expansion continue to be positive for the remainder of 2023, but the trend is going to be similar, that is going to be moderating. What I would like to note though is that, a lot of people focus only on short-term rates, and as you know, had a significant increase in short-term rates over the last few quarters.
Of course, I would indicate that there’s still some to come, but less than before, but I would like to note that the long-term rate also matters. So if you look at page 27, in Canada, the relevant rate is five-year, in the U.S. is seven-year, these tractors do re-price over time and the on rate is higher than the off rate. And so what that means is that, even if short-term rates doesn’t go up, everything else being equal, the re-pricing of the tractors will continue to support margin expansion.
Joo Ho Kim: Thank you. Appreciate the color.
Operator: Thank you. The next question is from Nigel D’Souza from Veritas Investment Research. Please go ahead.
Nigel D’Souza: Good afternoon. Thank you for taking my questions. The first one I had for you was on your performing credit loss provisions this quarter. I noticed that there was a build in the Canadian P&C Banking segment, but a reversal in U.S. Retail. Just wondering what drove that, because typically, we don’t see a divergence in performing PCLs across those segments?
Ajai Bambawale: Yeah. Nigel, it’s Ajai. So let me respond to that. What I would say is, you have got to look at these trends over a longer period. But if you look — if you actually go and look at the year-over-year numbers, you will find compared and performing are up both in Canada and the U.S. You are right in pointing out that this quarter, U.S. performing actually came down. There are really two reasons for that. One is we had repayments of some high risk loans. So the associated allowance got released. And the second reason is we made a methodology update relating to consumer loans, where we found we were forward predicting the move from Stage 1 to Stage 2. So we put that correction in which led to a reversal. So if you exclude these two, you would have actually seen a small performing build in the U.S. as well. So, hopefully, that’s helpful to you.
Nigel D’Souza: That’s helpful. And then the last question I had just quickly was on variable rate mortgages, any update on the portfolio how it’s tracking? And just a question of the monthly mortgage payment, just trying to understand if the higher rate leads to an immediate pass-through of an increase in the monthly mortgage payment proportion of it is capitalized and then pass-through later on or trigger point? Just trying to understand the dynamics of how the monthly payments are tracking relative to mortgage rates for variable?
