Operator: Good afternoon, ladies and gentlemen. Welcome to National Bank of Canada Second Quarter 2012 Results Conference Call. I would now like to turn the meeting over to Ms. Helene Baril, Director of Investor Relations. Please go ahead, Ms. Baril.
Helene Baril - Senior Director, IR: Thank you. Good afternoon and thank you for joining National Bank's second quarter 2012 results conference call. In a few moments Louis Vachon, President and CEO, will start the call with his opening remarks. Then Ghislain Parent, CFO and Executive Vice President, Finance and Treasury will present the overall Bank performance as well as the capital management review followed by Patricia Curadeau-Grou, Executive Vice President, Risk Management will cover the Bank's Risk Management section. Following our comments, Jean Dagenais, Senior Vice President, Finance, Taxation and Investor Relations will cover the business units' results. Then we will take your questions.
Please note that Diane Giard, Executive Vice President, P&C Banking; Ricardo Pascoe, Executive Vice President, Financial Markets; Luc Paiement, Executive Vice President, Wealth Management; and Bill Bonnell, Senior Vice President, Risk Management will also be on hand to answer your questions.
Please also note that all documents referred to in today's conference call can be found on our website at nbc.ca in the Investor Relation section. I would also like to remind you that a caution regarding forward-looking statements applies to our presentation and comments.
Over to you, Mr. Vachon.
Louis Vachon - President and CEO: Good morning and thank you for joining us today. First of all I would like to welcome to this call Diane Giard who is now in charge of our P&C Banking activities. In the second quarter of 2012 National Bank posted excellent results. We adjusted net income of $347 million or C$1.95 per share, up 10% from the same period last year. Credit quality remained industry leading with provisions of credit losses at $49 million. Return on equity was 21.3% and the estimated common equity Tier 1 ratio under Basel III stood at 8%. Overall National Bank delivered solid volume growth in loans and deposits.
In addition we achieved good progress in wealth management with Fiera Natcan transaction. The integration of Wellington West and HSBC Canadian Brokers activities is progressing well.
Our financial markets division performed well during the second quarter and our deals pipeline remained strong. For 2012 we had anticipated an environment of low economic growth, intense competition, and global uncertainties. So far this year this describes pretty well the reality in which we operate.
Nonetheless, we continue to attract new customers and gain market share in selected markets. To maintain our momentum we plan to continue with our One client, One bank program. The deployment of our new mortgage and HELOC technology platform is scheduled for pilot in the fall and full deployment in early 2013.
Other investments will be made to maintain and enhance further our customer experience. At the same time we are maintaining strict cost controls and still expect to deliver excluding the impact of acquisitions a positive operating leverage for fiscal 2012.