Meny at Todays Earnings Call Q3 Operator
Thank you. Our next question is from Meny Grauman with Scotiabank. Please go ahead.
Meny Grauman
I want to go back to credit and follow up on something Ebrahim was talking about. Just in terms of the volatility of your PCL line, it's especially the performing bucket and especially Canadian personal and business banking, the performing line and definitely seeing quite a bounce quarter-to-quarter from a recovery to 279 million build this quarter. And I'm just wondering how should investors interpret that? And is there anything you can do to temper that kind of volatility? Or is there anything you want to do to temper that kind of volatility?
Frank Guse CRO
So, great question. So how do we look at it? One, we look at coverage ratios. We look at how we are building coverage ratios over time. And we think given the macroeconomic uncertainties that is a prudent approach to take. You're absolutely right. And I mentioned that a little bit. We had a slightly more optimistic outlook. Last quarter that drove a release in particular as it related to interest rates, where they would peak and how long they would stay at that peak. That was a little bit more optimistic that has reversed.
We do not like to see that volatility, but part of the IFRS 9 is you have to incorporate those forward-looking indicators and you have to run those outcomes. As you can imagine, it is very tightly governed process. We have lots of discussions around that. We look at those drivers. We look at the outcomes of those drivers. And again, in particular, this quarter, I would stress, it is prudent to take that economic uncertainty into account and to reflect that in our provisions. The other thing I would stress is pointing back to our actual credit results. The Canadian consumer book is holding up very strong.
We see impaired losses normalizing, but we see them normalizing well within our expectations. And again, then it is a little bit of question of how that plays out, and that was what Ebrahim and you probably are asking about as well. I mean that is the uncertainty ahead of us. But everything we are seeing is pointing towards very strong credit quality, quite a good resilience in the Canadian consumer books. And again, if you look at delinquency rates, if you look at impairment rates and so on, we are pleased with that resilience because it is performing better than our expectations.
Victor Dodig CEO
And Manny, if I could just build on Frank's comments, but also take us a step back. I think it's really important to focus on the earnings fundamentals of the core bank this quarter, which represent client growth, very robust client growth translating to revenue growth. Margin expansion, which suggests that not only are we conscious of our margins and where we want to take them, but we're also pricing business appropriately with a client and shareholder lens in mind.
Pre-provision earnings that are a top end of the prior group in terms of year-over-year growth, expense management that we are way ahead of the curve in terms of getting that expense management, our investments have been made last year, the year before. So we are in a good place now. We will continue to manage those expenses to a good place. When it comes to credit, I think Frank said it all. I think on a year-to-date basis, when you compare our provisioning on the performing side, we're very much in line with our peer group when you factor in mix differentials across businesses.
So fundamentally, I feel like our business is in a very good place. We don't like the volatility in the models, we'll work toward looking at variables that are more predictive as we go forward because we understand that our investors want consistency and believe me we want to deliver that consistency as well. So fundamentally, we're delivering it. We'll continue to deliver it going forward across all aspects of our P&L.