00:00So, Stephen, the big banks have all reported. What do we need to know about the performance? What are the key takeaways?
00:07Well, I will say this is one of the better quarters that we've seen over the last year.
00:13And I think expectations were a bit light going in because of the, you know, we go back three months to April during the Liberation Day and tariffs.
00:23And, of course, a lot of the conversation was the pause in activity for the capital market side. That's investment banking, M&A activity.
00:32And, you know, we certainly started the quarter a week on that and ended strongly.
00:37So, you know, as the quarter progressed, the companies talked about the improvement that went on, that the tariffs were kind of still, you know, front of mind, but sort of receding in terms of a top concern.
00:52And so the conversations with the dealmaking activity got a little bit more constructive.
00:57And that was a big, you know, so we finished strongly there above my estimations and the streets as well.
01:05And on top of that, loan growth was actually better than expected also.
01:10And I think that's a, you know, a sign as well that consumers are, you know, sort of receding concerns about tariffs.
01:16And so overall, it was a great quarter.
01:20And I think universally, I've been raising estimates and target prices.
