Guidance: Rahul Nalgirkar: We remain on track to deliver against our guidance of mid-single-digit core expense growth and positive operating leverage for the full year.
Demand and orders: Darryl White: As demand for critical minerals, energy infrastructure and resource investment continues to grow, BMO is helping clients execute transformative transactions that strengthen the economy and support long-term economic growth.
Margins: Rahul Nalgirkar: NIM ex Markets declined 3 basis points sequentially with higher operating segment margins more than offset by higher levels of low-yielding liquid assets and lower NII in corporate.
Analyst Q&A
Analyst Doug Young asked: I appreciate that. And then just a quick one it sounds like you're holding more liquidity than normal. Can you quantify what the impact that had on NIMs this quarter? Management Rahul Nalgirkar answered: If I were to quantify of the 3 basis points NIM decline, which we had quarter-over-quarter, almost 2 basis points is related to higher liquidity, which we have in corporate.
