Thank you, Sean. I'll turn to Slide 13. We remain comfortable with the fundamentals of the bank's risk portfolio.
Our PCL ratio on impaired loans, otherwise referred to as Stage 3, was 46 basis points, an increase of 3 basis points from last quarter, a decline by 3 basis points from the same quarter of last year.
However, considering the total loan book, our all-bank PCL ratio remained at 42 basis points, consistent with last quarter and reflected a $61 million net reversal on performing loans primarily in International Banking. Overall, we are seeing stable credit conditions in our Canadian personal and commercial banking businesses and continued improvements in our International Banking segment.
Specifically, in our Canadian Banking business, lower retail credit losses were driven mainly by lower auto portfolio provisions due to portfolio performance improvements and continued [decline in] commercial losses.
Moving on to International Banking.
We continue to see good credit quality trends and the benefits of our diversification.
We continue to monitor the impacts of our customer systems programs in areas impacted by natural events and growth in unsecured lending across our international footprint.
However, our portfolio is stable and within our risk appetite.
As Sean mentioned earlier, a portion of the provision related to hurricanes in the Caribbean that was previously recorded for performing loans was offset by the increase in impaired loan provisions primarily related to one previously impaired account in Puerto Rico impacted by hurricane-related events. In Global Banking and Markets, reversals were driven mainly by lower provisions on performing loans due to improvements in credit quality and improving economic conditions in the quarter.
Now looking at the other credit metrics. Gross impaired loans were generally stable at roughly $5 billion. And the gross impaired loans ratio remains flat versus last quarter while net formations of $695 million remained below the 2-year average.
Turning now to Slide 14.
Our residential mortgage portfolio is of high quality and lower risk. 47% is insured, and the uninsured portfolio has an average loan to value of 54%, providing a substantial home equity buffer.
New uninsured originations this quarter continue to reflect an average loan to value of 63%, consistent with prior levels. Origination levels did decline relative to last quarter.
However, last quarter's origination volumes were aided by some pull forward related to the new B20 mortgage rules, which became effective on January 1. Overall, we would say that the pipeline looks good, and we reiterate our mid-single-digit mortgage volume growth outlook for the full year.
Turning to Slide 15.
You can see the recent trend in loss rates for each of our businesses. Canadian Banking's impaired credit loss ratio declined to 2 basis points versus last quarter. International Banking's impaired PCL ratio increased 13 basis points over last quarter from 125 to 138 basis points due, as we said, primarily to one account which was impacted by the hurricanes in Puerto Rico.
As mentioned in the fourth quarter of 2017, we had established provisions for the impact of the hurricanes, and as a result, the total PCL ratio declined by 4 basis points. Overall, our credit portfolios continued to reflect the benefits of broad diversification, and we believe that our underlying performance remains strong.
Turning to Slide 16.
You can see the recent trend in net write-off rates for each of our businesses.
Looking over the last 5 quarters, our net write-off ratio has been relatively stable, and we would expect that trend to continue. In Canadian Banking specifically, we have seen the ratio decline 8 basis points year-over-year, primarily due to improvements in our retail portfolio.
Specifically, our continued focus on up-tiering customers in our unsecured lending portfolio, coupled with enhanced collection strategies, are driving lower delinquencies in our automotive and credit card portfolios. I'll now turn the call back over to Brian.