TIDM32SS
RNS Number : 2015B
National Bank of Canada
31 May 2023
National Bank of Canada
May 31(st) , 2023
Regulatory Announcement
Q2 2023 Results
National Bank of Canada (the "Bank") announces publication of
its Second Quarter 2023 Release. The Second Quarter Results have
been uploaded to the National Storage Mechanism and will shortly be
available at https://data.fca.org.uk/#/nsm/nationalstoragemechanism
and is available on the Bank's website at
https://www.nbc.ca/en/about-us/investors/investor-relations/quarterly-results.html
To view the full PDF of this Second Quarter 2023 Release, please
click on the following link:
http://www.rns-pdf.londonstockexchange.com/rns/2015B_1-2023-5-31.pdf
National Bank reports its results for the Second Quarter of 2023
and raises its quarterly dividend by 5 cents to $1.02 per share
The financial information reported in this document is based on
the unaudited interim condensed consolidated financial statements
for the quarter and six-month period ended April 30, 2023 and is
prepared in accordance with International Financial Reporting
Standards (IFRS) as issued by the International Accounting
Standards Board (IASB), unless otherwise indicated. IFRS represent
Canadian generally accepted accounting principles (GAAP). All
amounts are presented in Canadian dollars.
MONTREAL, May 31, 2023 - For the second quarter of 2023,
National Bank is reporting net income of $847 million, down 5% from
$889 million in the second quarter of 2022. Second-quarter diluted
earnings per share stood at $2.38 compared to $2.53 in the second
quarter of 2022. Revenue growth across the business segments was
offset by higher non-interest expenses and higher provisions for
credit losses.
For the six month-period ended April 30, 2023, the Bank's net
income totalled $1,728 million, down 5% from $1,819 million in the
same period of 2022. First-half diluted earnings per share stood at
$4.87 compared to $5.17 in the same period of 2022. Good
performance across all of the business segments, driven by revenue
growth, was offset by higher provisions for credit losses recorded
to reflect a less favourable macroeconomic outlook as well as by an
impact on tax expense arising from the Canadian government's 2022
tax measures.
For the six-month period ended April 30, 2023, adjusted net
income(1) totalled $1,752 million (excluding a $24 million tax
expense related to the Canadian government's 2022 tax measures),
down 4% from $1,819 million in the same period of 2022, while
first-half adjusted diluted earnings per share(1) stood at $4.94
versus $5.17 in the first half of 2022.
"The Bank delivered solid second-quarter results and an
industry-leading ROE amidst a challenging environment, underscoring
its core strength, discipline and resiliency," said Laurent
Ferreira, President and Chief Executive Officer of National Bank of
Canada. He added that "Our defensive posture with strong capital
and liquidity positions and prudent levels of allowances for credit
losses will continue to support profitable growth and help us
navigate the uncertainty that may lie ahead."
Highlights
(millions of Canadian Quarter ended April Six months ended April
dollars) 30 30
------------------------- --- --- ------------------------------- -----------------------------------
2023 2022(2) % Change 2023 2022(2) % Change
-------------------------------- ---- ------- -------- ----- ------- --------
Net income 847 889 (5) 1,728 1,819 (5)
Diluted earnings per
share (dollars) $ 2.38 $ 2.53 (6) $ 4.87 $ 5.17 (6)
Return on common
shareholders'
equity(3) 17.5% 20.7% 17.7 % 21.3%
Dividend payout ratio(3) 40.2% 32.2% 40.2 % 32.2%
------------------------- ------- ---- ------- -------- ----- ------- --------
Operating results -
Adjusted (1)
Net income - Adjusted 847 889 (5) 1,752 1,819 (4)
Diluted earnings per
share - Adjusted
(dollars) $ 2.38 $ 2.53 (6) $ 4.94 $ 5.17 (4)
Return on common
shareholders'
equity - Adjusted(4) 17.5% 20.7% 17.9 % 21.3%
Dividend payout ratio -
Adjusted(4) 39.9% 32.1% 39.9 % 32.1%
------------------------- ------- ---- ------- -------- ----- ------- --------
As at
April
30, As at
October
2023 31, 2022
--- -------------------- --- --- ---- ------- -------- --------- ----------- --------
CET1 capital ratio under
Basel
III(5) 13.3 % 12.7%
Leverage ratio under
Basel III(5) 4.2 % 4.5%
------------------------- ------- ---- ------- -------- ----- ------- --------
(1) See the Financial Reporting Method section on pages 3 to 5
for additional information on non-GAAP financial measures.
(2) For the quarter and six-month period ended April 30, 2022,
certain amounts have been adjusted to reflect a change in
accounting policy related to cloud computing arrangements. For
additional information, see Note 1 to the audited annual
consolidated financial statements for the year ended October 31,
2022.
(3) For details on the composition of these measures, see the
Glossary section on pages 49 to 52 in the Report to Shareholders -
Second Quarter 2023 , which is available on the Bank's website at
nbc.ca or the SEDAR website at sedar.com.
(4) For additional information on non-GAAP ratios, see the
Financial Reporting Method section on pages 4 to 9 in the Report to
Shareholders - Second Quarter 2023 , which is available on the
Bank's website at nbc.ca or the SEDAR website at sedar.com.
(5) For additional information on capital management measures,
see the Financial Reporting Method section on pages 4 to 9 in the
Report to Shareholders - Second Quarter 2023 , which is available
on the Bank's website at nbc.ca or the SEDAR website at
sedar.com.
Personal and Commercial
- Net income totalled $335 million in the second quarter of 2023
versus $293 million in the second quarter of 2022, for an increase
of 14% that was driven by growth in total revenues, tempered by
higher non-interest expenses and higher provisions for credit
losses.
- Income before provisions for credit losses and income taxes
totalled $499 million in the second quarter of 2023, up 22% from
$410 million in the second quarter of 2022.
- At $1,100 million, second-quarter total revenues rose $138
million or 14% year over year due to an increase in net interest
income (driven by growth in loan and deposit volumes), to a higher
net interest margin, and to an increase in non-interest income.
- Compared to a year ago, personal lending grew 4% and commercial lending grew 13%.
- The net interest margin(1) stood at 2.34% in the second
quarter of 2023, up from 2.10% in the second quarter of 2022.
- Second-quarter non-interest expenses stood at $601 million, up
9% from the second quarter of 2022.
- Second-quarter provisions for credit losses rose $26 million
from second-quarter 2022, mainly due to higher allowances for
credit losses on non-impaired loans and on impaired loans.
- At 54.6%, the second-quarter efficiency ratio(1) improved from
57.4% in the second quarter of 2022.
Wealth Management
- Net income totalled $178 million in the second quarter of
2023, a 9% increase from $163 million in the second quarter of
2022.
- Second-quarter total revenues amounted to $617 million
compared to $579 million in second-quarter 2022, a $38 million or
7% increase driven by growth in net interest income.
- Second-quarter non-interest expenses stood at $372 million, up
4% from $357 million in second-quarter 2022.
- At 60.3%, the second-quarter efficiency ratio(1) improved from
61.7% in the second quarter of 2022.
Financial Markets
- Net income totalled $268 million in the second quarter of
2023, down 7% from $287 million in the second quarter of 2022.
- Second-quarter total revenues on a taxable equivalent basis
amounted to $672 million, a $40 million or 6% year-over-year
increase driven by growth in corporate and investment banking
revenues.
- Second-quarter non-interest expenses stood at $283 million
compared to $258 million in second-quarter 2022, an increase that
was partly attributable to compensation and employee benefits as
well as to operations support charges.
- Provisions for credit losses of $19 million were recorded in
the second quarter of 2023 compared to credit loss recoveries of
$16 million recorded in the second quarter of 2022.
- At 42.1%, the second-quarter efficiency ratio(1) on a taxable
equivalent basis compares to 40.8% in the second quarter of
2022.
U.S. Specialty Finance and International
- Net income totalled $128 million in the second quarter of 2023
compared to $152 million in the second quarter of 2022, as a stable
amount of total revenues was more than offset by higher
non-interest expenses and higher provisions for credit losses.
- At $285 million, second-quarter total revenues remained stable
compared to second-quarter 2022, as lower revenues at the Credigy
subsidiary were offset by higher revenues at the ABA Bank
subsidiary.
- Second-quarter non-interest expenses stood at $98 million, an
11% year-over-year increase attributable to business growth at ABA
Bank.
- Second-quarter provisions for credit losses were up $17
million year over year, with the increase being attributable to
Credigy.
- At 34.4%, the second-quarter efficiency ratio(1) compares to
30.9% in the second quarter of 2022.
Other
- There was a net loss of $62 million in the second quarter of
2023 versus a net loss of $6 million in the second quarter of 2022,
a change arising mainly from a decrease in total revenues, as
higher gains on investments had been recorded in the second quarter
of 2022.
Capital Management
- As at April 30, 2023, the Common Equity Tier 1 (CET1) capital
ratio under Basel III(2) stood at 13.3%, up from 12.7% as at
October 31, 2022, notably due to the positive impact of
implementing the Basel III reforms.
- As at April 30, 2023, the Basel III(2) leverage ratio was
4.2%, down from 4.5% as at October 31, 2022.
Dividends
- On May 30, 2023, the Board of Directors declared regular
dividends on the various series of first preferred shares and a
dividend of $1.02 per common share, up 5 cents per common share or
5%, payable on August 1, 2023, to shareholders of record on June
26, 2023.
(1) For details on the composition of these measures, see the
Glossary section on pages 49 to 52 in the Report to Shareholders -
Second Quarter 2023 , which is available on the Bank's website at
nbc.ca or the SEDAR website at sedar.com .
(2) For additional information on capital management measures,
see the Financial Reporting Method section on pages 4 to 9 in the
Report to Shareholders - Second Quarter 2023 , which is available
on the Bank's website at nbc.ca or the SEDAR website at sedar.com
.
Financial Reporting Method
The Bank's consolidated financial statements are prepared in
accordance with IFRS, as issued by the IASB. The financial
statements also comply with section 308(4) of the Bank Act
(Canada), which states that, except as otherwise specified by the
Office of the Superintendent of Financial Institutions (Canada) (
OSFI), the consolidated financial statements are to be prepared in
accordance with IFRS, which represent Canadian GAAP. None of the
OSFI accounting requirements are exceptions to IFRS.
The presentation of segment disclosures is consistent with the
presentation adopted by the Bank for the fiscal year beginning
November 1, 2022. This presentation reflects a revision to the
method used for the sectoral allocation of technology investment
expenses, which are now immediately allocated to the various
business segments, whereas certain expenses, notably costs incurred
during the research phase of projects, had previously been recorded
in the Other heading of segment results. This revision is
consistent with the accounting policy change applied in fiscal 2022
related to cloud computing arrangements. For the quarter and
six-month period ended April 30, 2022, certain amounts have been
adjusted to reflect this accounting policy change. For additional
information, see Note 1 to the audited annual consolidated
financial statements for the year ended October 31, 2022.
Non-GAAP and Other Financial Measures
The Bank uses a number of financial measures when assessing its
results and measuring overall performance. Some of these financial
measures are not calculated in accordance with GAAP. Regulation
52-112 Respecting Non-GAAP and Other Financial Measures Disclosure
(Regulation 52-112) prescribes disclosure requirements that apply
to the following measures used by the Bank:
-- non-GAAP financial measures;
-- non-GAAP ratios;
-- supplementary financial measures;
-- capital management measures.
Non-GAAP Financial Measures
The Bank uses non-GAAP financial measures that do not have
standardized meanings under GAAP and that therefore may not be
comparable to similar measures used by other companies. Presenting
non-GAAP financial measures helps readers to better understand how
management analyzes results, shows the impacts of specified items
on the results of the reported periods, and allows readers to
better assess results without the specified items if they consider
such items not to be reflective of the underlying performance of
the Bank's operations. In addition, like many other financial
institutions, the Bank uses the taxable equivalent basis to
calculate net interest income, non-interest income, and income
taxes. This calculation method consists of grossing up certain
revenues taxed at lower rates (notably dividends) by the income tax
to a level that would make it comparable to revenues from taxable
sources in Canada. An equivalent amount is added to income taxes.
This adjustment is necessary in order to perform a uniform
comparison of the return on different assets regardless of their
tax treatment.
The key non-GAAP financial measures used by the Bank to analyze
its results are described below, and a quantitative reconciliation
of these measures is presented in the tables in the Reconciliation
of Non-GAAP Financial Measures section on pages 4 and 5. It should
be noted that, for the six-month period ended April 30, 2023, a $24
million tax expense related to the Canadian government's 2022 tax
measures has been excluded from results. This amount consists of a
$32 million tax expense with respect to the Canada Recovery
Dividend, i.e., a one-time, 15% tax on the fiscal 2021 and 2020
average taxable income above $1 billion as well as an $8 million
tax recovery related to a 1.5% increase in the statutory tax rate,
which includes the impact related to current and deferred taxes for
fiscal 2022. No specified items had been excluded from results for
the quarter and six-month period ended April 30, 2022.
For additional information on non-GAAP financial measures,
non-GAAP ratios, supplementary financial measures, and capital
management measures, see the Financial Reporting Method section and
the Glossary section, on pages 4 to 9 and 49 to 52, respectively,
of the MD&A in the Report to shareholders for the Second
quarter of 2023, which is available on the Bank's website at nbc.ca
or the SEDAR website at sedar.com.
Reconciliation of Non-GAAP Financial Measures
Presentation of Results - Adjusted
Quarter ended
(millions of Canadian dollars) April 30
------------------------------ --------------- ----------- --------- ------ ---------------------
2023 2022(1)
------------------------------ --------------- ----------- --------- ------ ----- ----- -------
Personal Wealth Financial
and Commercial Management Markets USSF&I Other Total Total
----------------------------- --------------- ----------- --------- ------ ----- ----- -------
Net interest income 802 190 (286) 269 (93) 882 1,313
Taxable equivalent - - 74 - 2 76 49
Net interest income - Adjusted 802 190 (212) 269 (91) 958 1,362
------------------------------ --------------- ----------- --------- ------ ----- ----- -------
Non-interest income 298 427 828 16 28 1,597 1,126
Taxable equivalent - - 56 - - 56 3
Non-interest income - Adjusted 298 427 884 16 28 1,653 1,129
------------------------------ --------------- ----------- --------- ------ ----- ----- -------
Total revenues - Adjusted 1,100 617 672 285 (63) 2,611 2,491
Non-interest expenses 601 372 283 98 20 1,374 1,299
------------------------------ --------------- ----------- --------- ------ ----- ----- -------
Income before provisions for
credit
losses and income taxes -
Adjusted 499 245 389 187 (83) 1,237 1,192
Provisions for credit losses 37 - 19 26 3 85 3
------------------------------ --------------- ----------- --------- ------ ----- ----- -------
Income before income taxes -
Adjusted 462 245 370 161 (86) 1,152 1,189
------------------------------ --------------- ----------- --------- ------ ----- ----- -------
Income taxes 127 67 (28) 33 (26) 173 248
Taxable equivalent - - 130 - 2 132 52
Income taxes - Adjusted 127 67 102 33 (24) 305 300
------------------------------ --------------- ----------- --------- ------ ----- ----- -------
Net income 335 178 268 128 (62) 847 889
Non-controlling interests - - - - (1) (1) (1)
------------------------------ --------------- ----------- --------- ------ ----- ----- -------
Net income attributable to the
Bank ' s shareholders
and holders of other equity
instruments
- Adjusted 335 178 268 128 (61) 848 890
------------------------------ --------------- ----------- --------- ------ ----- ----- -------
Dividends on preferred shares
and
distributions on
limited recourse capital
notes 35 25
------------------------------ --------------- ----------- --------- ------ ----- ----- -------
Net income attributable to
common
shareholders 813 865
------------------------------ --------------- ----------- --------- ------ ----- ----- -------
(1) For the quarter ended April 30, 2022, certain amounts have
been adjusted to reflect a change in accounting policy related to
cloud computing arrangements. For additional information, see Note
1 to the audited annual consolidated financial statements for the
year ended October 31, 2022.
Six months ended April
(millions of Canadian dollars) 30
------------------------------ --------------- ----------- --------- -----------------------------
2023 2022(1)
------------------------------ --------------- ----------- --------- ------ ----- ----- -------
Personal Wealth Financial
and Commercial Management Markets USSF&I Other Total Total
----------------------------- --------------- ----------- --------- ------ ----- ----- -------
Net interest income 1,627 398 (454) 568 (158) 1,981 2,645
Taxable equivalent - - 151 - 3 154 109
Net interest income - Adjusted 1,627 398 (303) 568 (155) 2,135 2,754
------------------------------ --------------- ----------- --------- ------ ----- ----- -------
Non-interest income 597 856 1,556 36 35 3,080 2,260
Taxable equivalent - - 108 - - 108 7
Non-interest income - Adjusted 597 856 1,664 36 35 3,188 2,267
------------------------------ --------------- ----------- --------- ------ ----- ----- -------
Total revenues - Adjusted 2,224 1,254 1,361 604 (120) 5,323 5,021
Non-interest expenses 1,207 736 570 196 68 2,777 2,579
---------------
Income before provisions for
credit
losses and income taxes -
Adjusted 1,017 518 791 408 (188) 2,546 2,442
Provisions for credit losses 98 - 10 61 2 171 1
------------------------------ --------------- ----------- --------- ------ ----- ----- -------
Income before income taxes -
Adjusted 919 518 781 347 (190) 2,375 2,441
------------------------------ --------------- ----------- --------- ------ ----- ----- -------
Income taxes 253 142 (44) 72 (38) 385 506
Taxable equivalent - - 259 - 3 262 116
Income taxes related to the
Canadian
government's 2022
tax measures(2) - - - - (24) (24) -
Income taxes - Adjusted 253 142 215 72 (59) 623 622
------------------------------ --------------- ----------- --------- ------ ----- ----- -------
Net income - Adjusted 666 376 566 275 (131) 1,752 1,819
Specified items after income
taxes - - - - (24) (24) -
------------------------------ --------------- ----------- --------- ------ ----- ----- -------
Net income 666 376 566 275 (155) 1,728 1,819
Non-controlling interests - - - - (1) (1) (1)
------------------------------ --------------- ----------- --------- ------ ----- ----- -------
Net income attributable to the
Bank ' s shareholders
and holders of other equity
instruments 666 376 566 275 (154) 1,729 1,820
------------------------------ --------------- ----------- --------- ------ ----- ----- -------
Net income attributable to the
Bank's shareholders
and holders of other equity
instruments
- Adjusted 666 376 566 275 (130) 1,753 1,820
------------------------------ --------------- ----------- --------- ------ ----- ----- -------
Dividends on preferred shares
and
distributions
on limited recourse capital
notes 70 51
------------------------------ --------------- ----------- --------- ------ ----- ----- -------
Net income attributable to
common
shareholders - Adjusted 1,683 1,769
------------------------------ --------------- ----------- --------- ------ ----- ----- -------
(1) For the six-month period ended April 30, 2022, certain
amounts have been adjusted to reflect a change in accounting policy
related to cloud computing arrangements. For additional
information, see Note 1 to the audited annual consolidated
financial statements for the year ended October 31, 2022.
(2) During the six-month period ended April 30, 2023, the Bank
recorded a $32 million tax expense with respect to the Canada
Recovery Dividend, i.e., a one-time, 15% tax on the fiscal 2021 and
2020 average taxable income above $1 billion, as well as an $8
million tax recovery related to the 1.5% increase in the statutory
tax rate, which includes the impact related to current and deferred
taxes for fiscal 2022. For additional information on these tax
measures, see the Income Taxes section on page 22 in the Report to
Shareholders - Second Quarter 2023 , which is available on the
Bank's website at nbc.ca or the SEDAR website at sedar.com.
Presentation of Basic and Diluted Earnings Per Share -
Adjusted
Quarter ended Six months ended
(Canadian dollars) April 30 April 30
---------------------------------------------------- ------------------ ------------------
2023 2022(1) 2023 2022(1)
---------------------------------------------------- ---- ------- ------ ---------
Basic earnings per share $ 2.41 $ 2.56 $ 4.92 $ 5.24
Income taxes related to the Canadian government's
2022 tax measures(2) - - 0.07 -
Basic earnings per share - Adjusted $ 2.41 $ 2.56 $ 4.99 $ 5.24
---------------------------------------------------- ---- ------- ------ ---------
Diluted earnings per share $ 2.38 $ 2.53 $ 4.87 $ 5.17
Income taxes related to the Canadian government's
2022 tax measures(2) - - 0.07 -
Diluted earnings per share - Adjusted $ 2.38 $ 2.53 $ 4.94 $ 5.17
---------------------------------------------------- ---- ------- ------ ---------
(1) For the quarter and six-month period ended April 30, 2022,
certain amounts have been adjusted to reflect a change in
accounting policy related to cloud computing arrangements. For
additional information, see Note 1 to the audited annual
consolidated financial statements for the year ended October 31,
2022.
(2) During the six-month period ended April 30, 2023, the Bank
recorded a $32 million tax expense with respect to the Canada
Recovery Dividend, i.e., a one-time, 15% tax on the fiscal 2021 and
2020 average taxable income above $1 billion, as well as an $8
million tax recovery related to the 1.5% increase in the statutory
tax rate, which includes the impact related to current and deferred
taxes for fiscal 2022. For additional information on these tax
measures, see the Income Taxes section on page 22 in the Report to
Shareholders - Second Quarter 2023 , which is available on the
Bank's website at nbc.ca or the SEDAR website at sedar.com.
Highlights
(millions of Canadian
dollars,
except per share Quarter ended April Six months ended April
amounts) 30 30
------------------------ -------------------------------- ------- ---------------------------------------------
2023 2022(1) % Change 2023 2022(1) % Change
----------------------- ------- ------- -------- ------- ------- --------- ------- --------
Operating results
Total revenues 2,479 2,439 2 5,061 4,905 3
Income before
provisions for
credit losses and
income taxes 1,105 1,140 (3) 2,284 2,326 (2)
Net income 847 889 (5) 1,728 1,819 (5)
Return on common
shareholders'
equity(2) 17.5% 20.7% 17.7 % 21.3%
Earnings per share
Basic $ 2.41 $ 2.56 (6) $ 4.92 $ 5.24 (6)
Diluted $ 2.38 $ 2.53 (6) $ 4.87 $ 5.17 (6)
----------------------- ------- ------- -------- ------- ------- --------- ------- --------
Operating results -
Adjusted
(3)
Total revenues -
Adjusted(3) 2,611 2,491 5 5,323 5,021 6
Income before
provisions for
credit losses
and income taxes -
Adjusted(3) 1,237 1,192 4 2,546 2,442 4
Net income -
Adjusted(3) 847 889 (5) 1,752 1,819 (4)
Return on common
shareholders'
equity - Adjusted(4) 17.5% 20.7% 17.9 % 21.3%
Operating leverage -
Adjusted(4) (1.0)% 2.5% (1.7) % 3.0%
Efficiency ratio -
Adjusted(4) 52.6% 52.1% 52.2 % 51.4%
Earnings per share -
Adjusted
(3)
Basic $ 2.41 $ 2.56 (6) $ 4.99 $ 5.24 (5)
Diluted $ 2.38 $ 2.53 (6) $ 4.94 $ 5.17 (4)
----------------------- ------- ------- -------- ------- ------- --------- ------- --------
Common share
information
Dividends declared $ 0.97 $ 0.87 11 $ 1.94 $ 1.74 11
Book value(2) $ 57.65 $ 52.28 $ 57.65 $ 52.28
Share price
High $ 103.45 $ 104.59 $ 103.45 $ 105.44
Low $ 92.67 $ 89.33 $ 91.02 $ 89.33
Close $ 101.03 $ 89.72 $ 101.03 $ 89.72
Number of common shares
(thousands) 337,720 336,513 337,720 336,513
Market capitalization 34,120 30,192 34,120 30,192
----------------------- ------- ------- -------- ------- ------- --------- ------- --------
As at As at
April October
30, 31,
(millions of Canadian dollars) 2023 2022 % Change
Balance sheet and off-balance-sheet
Total assets 417,684 403,740 3
Loans and acceptances, net of allowances 215,764 206,744 4
Deposits 281,514 266,394 6
Equity attributable to common shareholders 19,470 18,594 5
Assets under administration(2) 673,483 616,165 9
Assets under management(2) 123,029 112,346 10
---------------------------------------------------- -------- ------- ------- --------- ----------- --------
Regulatory ratios under Basel III (5)
Capital ratios
Common Equity Tier 1 (CET1) 13.3 % 12.7 %
Tier 1 16.0 % 15.4 %
Total 16.9 % 16.9 %
Leverage ratio 4.2 % 4.5 %
---------------------------------------------------- -------- ------- ------- --------- ----------- --------
TLAC ratio(5) 29.3 % 27.7 %
TLAC leverage ratio(5) 7.8 % 8.1 %
---------------------------------------------------- -------- ------- ------- --------- ----------- --------
Liquidity coverage ratio (LCR)(5) 155 % 140 %
Net stable funding ratio (NSFR)(5) 118 % 117 %
---------------------------------------------------- -------- ------- ------- --------- ----------- --------
Other information
Number of employees - Worldwide (full-time
equivalent) 28,170 27,103 4
Number of branches in Canada 374 378 (1)
Number of banking machines in Canada 940 939 -
---------------------------------------------------- -------- ------- ------- --------- ----------- --------
(1) For the quarter and six-month period ended April 30, 2022,
certain amounts have been adjusted to reflect a change in
accounting policy related to cloud computing arrangements. For
additional information, see Note 1 to the audited annual
consolidated financial statements for the year ended October 31,
2022.
(2) For details on the composition of these measures, see the
Glossary section on pages 49 to 52 in the Report to Shareholders -
Second Quarter 2023, which is available on the Bank's website at
nbc.ca or the SEDAR website at sedar.com .
(3) See the Financial Reporting Method section on pages 3 to 5
for additional information on non-GAAP financial measures.
(4) For additional information on non-GAAP ratios, see the
Financial Reporting Method section on pages 4 to 9 in the Report to
Shareholders - Second Quarter 2023, which is available on the
Bank's website at nbc.ca or the SEDAR website at sedar.com .
(5) For additional information on capital management measures,
see the Financial Reporting Method section on pages 4 to 9 in the
Report to Shareholders - Second Quarter 2023 , which is available
on the Bank's website at nbc.ca or the SEDAR website at sedar.com
.
Caution Regarding Forward-Looking Statements
Certain statements in this document are forward-looking
statements. All such statements are made in accordance with
applicable securities legislation in Canada and the United States.
Forward-looking statements in this document may include, but are
not limited to, statements with respect to the economy-particularly
the Canadian and U.S. economies-market changes, the Bank's
objectives, outlook and priorities for fiscal year 2023 and beyond,
the strategies or actions that will be taken to achieve them,
expectations for the Bank's financial condition, the regulatory
environment in which it operates, the impacts of-and the Bank's
response to-the COVID-19 pandemic, and certain risks it faces.
These forward-looking statements are typically identified by verbs
or words such as "outlook", "believe", "foresee", "forecast",
"anticipate", "estimate", "project", "expect", "intend" and "plan",
in their future or conditional forms, notably verbs such as "will",
"may", "should", "could" or "would" as well as similar terms and
expressions. Such forward-looking statements are made for the
purpose of assisting the holders of the Bank's securities in
understanding the Bank's financial position and results of
operations as at and for the periods ended on the dates presented,
as well as the Bank's vision, strategic objectives, and financial
performance targets, and may not be appropriate for other purposes.
These forward-looking statements are based on current expectations,
estimates, assumptions and intentions and are subject to
uncertainty and inherent risks, many of which are beyond the Bank's
control.
Assumptions about the performance of the Canadian and U.S.
economies in 2023 and how that performance will affect the Bank's
business are among the main factors considered in setting the
Bank's strategic priorities and objectives, including provisions
for credit losses. In determining its expectations for economic
conditions, both broadly and in the financial services sector in
particular, the Bank primarily considers historical economic data
provided by the governments of Canada, the United States and
certain other countries in which the Bank conducts business, as
well as their agencies.
Statements about the economy, market changes, and the Bank's
objectives, outlook and priorities for fiscal 2023 and thereafter
are based on a number of assumptions and are subject to risk
factors, many of which are beyond the Bank's control and the
impacts of which are difficult to predict. These risk factors
include, among others, the general economic environment and
financial market conditions in Canada, the United States, and other
countries where the Bank operates; the impact of upheavals in the
U.S. banking industry; exchange rate and interest rate
fluctuations; inflation; disruptions in global supply chains;
higher funding costs and greater market volatility; changes made to
fiscal, monetary, and other public policies; changes made to
regulations that affect the Bank's business; geopolitical and
sociopolitical uncertainty; the transition to a low-carbon economy
and the Bank's ability to satisfy stakeholder expectations on
environmental and social issues; significant changes in consumer
behaviour; the housing situation, real estate market, and household
indebtedness in Canada; the Bank's ability to achieve its long-term
strategies and key short-term priorities; the timely development
and launch of new products and services; the Bank's ability to
recruit and retain key personnel; technological innovation and
heightened competition from established companies and from
competitors offering non-traditional services; changes in the
performance and creditworthiness of the Bank's clients and
counterparties; the Bank's exposure to significant regulatory
matters or litigation; changes made to the accounting policies used
by the Bank to report financial information, including the
uncertainty inherent to assumptions and critical accounting
estimates; changes to tax legislation in the countries where the
Bank operates, i.e., primarily Canada and the United States;
changes made to capital and liquidity guidelines as well as to the
presentation and interpretation thereof; changes to the credit
ratings assigned to the Bank; potential disruptions to key
suppliers of goods and services to the Bank; potential disruptions
to the Bank's information technology systems, including evolving
cyberattack risk as well as identity theft and theft of personal
information; the risk of fraudulent activity; and possible impacts
of major events affecting the local and global economies, including
international conflicts, natural disasters, and public health
crises such as the COVID-19 pandemic, the evolution of which is
difficult to predict and could continue to have repercussions on
the Bank.
There is a strong possibility that the Bank's express or implied
predictions, forecasts, projections, expectations or conclusions
will not prove to be accurate, that its assumptions may not be
confirmed and that its vision, strategic objectives and financial
performance targets will not be achieved. The Bank recommends that
readers not place undue reliance on forward-looking statements, as
a number of factors could cause actual results to differ
significantly from the expectations, estimates or intentions
expressed in these forward-looking statements. These risk factors
include credit risk, market risk, liquidity and funding risk,
operational risk, regulatory compliance risk, reputation risk,
strategic risk, environmental and social risk, and certain emerging
risks or risks deemed significant, all of which are described in
greater detail in the Risk Management section beginning on page 65
of the 2022 Annual Report.
The foregoing list of risk factors is not exhaustive. Additional
information about these risk factors is provided in the Risk
Management section of the 2022 Annual Report and the Risk
Management section of the Report to Shareholders for the Second
Quarter of 2023. Investors and others who rely on the Bank's
forward-looking statements should carefully consider the above
factors as well as the uncertainties they represent and the risk
they entail. Except as required by law, the Bank does not undertake
to update any forward-looking statements, whether written or oral,
that may be made from time to time, by it or on its behalf. The
Bank cautions investors that these forward-looking statements are
not guarantees of future performance and that actual events or
results may differ significantly from these statements due to a
number of factors.
Disclosure of the Second Quarter 2023 results
Conference Call
- A conference call for analysts and institutional investors
will be held on Wednesday, May 31, 2023 at 1:00 p.m. EST.
- Access by telephone in listen-only mode: 1-800-806-5484 or
416-340-2217. The access code is 9583004#.
- A recording of the conference call can be heard until August
31, 2023 by dialing 1-800-408-3053 or 905-694-9451. The access code
is 5604431# .
Webcast
- The conference call will be webcast live at nbc.ca/investorrelations .
- A recording of the webcast will also be available on National
Bank's website after the call.
Financial Documents
- The Report to Shareholders (which includes the quarterly
consolidated financial statements) is available at all times on
National Bank's website at nbc.ca/investorrelations .
- The Report to Shareholders, the Supplementary Financial
Information, the Supplementary Regulatory Capital and Pillar 3
Disclosure, and a slide presentation will be available on the
Investor Relations page of National Bank's website on the morning
of the day of the conference call.
For more Marie Chantal Linda Boulanger Debby Cordeiro
information: Gingras Senior Vice-President Senior Vice-President
Chief Financial - -
Officer and Investor Relations Communications
Executive Vice-President 514-394-0296 and Corporate
- Social Responsibility
Finance 514-412-0538
514-412-2634
--------------------------- ------------------------
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