In Q3-2023, TF reported record EPS (up 22% YoY), in line with our estimate. 

EPS growth was driven by higher lending rates (8.5% in Q3-2022, to 9.9% in Q3-2023).  With inflation subsiding, financial instability on the rise, mortgage costs increasing, unemployment climbing, and consumer confidence declining, we anticipate that the Bank of Canada will initiate rate cuts within the next six months.