TIDM32SS
RNS Number : 5486R
National Bank of Canada
01 March 2023
National Bank of Canada
March 1(st) , 2023
Regulatory Announcement
Q1 2023 Results
National Bank of Canada (the "Bank") announces publication of
its First Quarter 2023 Release. The First 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/about-us/investors/quarterly-results.html
To view the full PDF of this First Quarter 2023 Release, please
click on the following link:
http://www.rns-pdf.londonstockexchange.com/rns/5486R_1-2023-3-1.pdf
National Bank reports its results for the First Quarter of
2023
The financial information reported in this document is based on
the unaudited interim condensed consolidated financial statements
for the first quarter ended January 31, 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, March 1, 2023 - For the first quarter of 2023,
National Bank is reporting net income of $881 million, down 5% from
$930 million in the first quarter of 2022. First-quarter diluted
earnings per share stood at $2.49 compared to $2.64 in the first
quarter of 2022. Revenue growth in all of the business segments was
offset by higher non-interest expenses, higher provisions for
credit losses, and the impact of a tax expense arising from the
Canadian government's 2022 tax measures.
For the first quarter of 2023, adjusted net income(1) totalled
$905 million versus $930 million in the same quarter of 2022, and
first-quarter adjusted diluted earnings per share(1) stood at $2.56
compared to $2.64 in the same quarter of 2022. These decreases were
mainly due to higher provisions for credit losses on non-impaired
loans recorded in the first quarter of 2023 to reflect a less
favourable macroeconomic environment than in the first quarter of
2022. Adjusted income before provisions for credit losses and
income taxes(1) rose 5% owing to revenue growth in all the business
segments.
"The Bank is starting the year on solid footing with robust
results across all business segments and strong margin performance.
The Bank generated superior return on equity, highlighting the
strategic diversification of our earnings stream," said Laurent
Ferreira, President and Chief Executive Officer of National Bank of
Canada.
"In a highly uncertain macroeconomic environment, we are
maintaining a defensive positioning. Our credit portfolios continue
to perform well, and we have substantial allowances for credit
losses. Our capital level is strong, giving us the flexibility to
invest in our businesses to drive future growth," added Mr.
Ferreira.
Highlights
(millions of Canadian dollars) Quarter ended January 31
------------------------------------------------------- --- --- ----------------------------------------
2023 2022(2) % Change
--------------------------- -------------------------- --- --- --------- -------- --------
Net income 881 930 (5)
Diluted earnings per share (dollars) $ 2.49 $ 2.64 (6)
Income before provisions for credit losses and
income taxes 1,179 1,186 (1)
Return on common shareholders' equity(3) 17.9 % 21.9%
Dividend payout ratio(3) 38.5 % 31.6%
------------------------------------------------------- ------- --------- -------- --------
Operating results - Adjusted (1)
Net income - Adjusted 905 930 (3)
Diluted earnings per share - Adjusted (dollars) $ 2.56 $ 2.64 (3)
Income before provisions for credit losses and
income taxes - Adjusted 1,309 1,250 5
Return on common shareholders' equity - Adjusted(4) 18.4 % 21.9%
Dividend payout ratio - Adjusted(4) 38.3 % 31.5%
------------------------------------------------------- ------- --------- -------- --------
As at As at
January October
31, 31,
2023 2022
--------------------------- -------------------------- --- --- --------- -------- --------
CET1 capital ratio under Basel III(5) 12.6 % 12.7%
Leverage ratio under Basel III(5) 4.5 % 4.5%
------------------------------------------------------- ------- --------- -------- --------
(1) See the Financial Reporting Method section on pages 3 and 4
for additional information on non-GAAP financial measures.
(2) For the quarter ended January 31, 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 45 to 48 in the Report to Shareholders -
First 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 8 in the Report to
Shareholders - First 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 8 in the
Report to Shareholders - First 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 $331 million in the first quarter of 2023
versus $300 million in the first quarter of 2022, a 10% increase
that was driven by growth in total revenues, partly offset by
higher provisions for credit losses.
- Income before provisions for credit losses and income taxes
totalled $518 million in the first quarter of 2023, up 29% from
$403 million in the first quarter of 2022.
- At $1,124 million, first-quarter total revenues rose $166
million or 17% 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 5% and commercial lending grew 12%.
- Net interest margin(1) stood at 2.35% in the first quarter of
2023, up from 2.05% in the first quarter of 2022.
- First-quarter non-interest expenses stood at $606 million, up
9% from the first quarter of 2022.
- First-quarter provisions for credit losses were $66 million
higher than those of first-quarter 2022, mainly because higher
allowances for credit losses on non-impaired loans were recorded to
reflect a less favourable macroeconomic outlook, whereas, in the
first quarter of 2022, a more favourable macroeconomic outlook had
led to reversals of allowances for credit losses on non-impaired
loans.
- At 53.9%, the first-quarter efficiency ratio(1) improved from
57.9% in the first quarter of 2022.
Wealth Management
- Net income totalled $198 million in the first quarter of 2023,
a 16% increase from $170 million in the first quarter of 2022.
- First-quarter total revenues amounted to $637 million compared
to $592 million in first-quarter 2022, a $45 million or 8% increase
driven by growth in net interest income.
- First-quarter non-interest expenses stood at $364 million, up
1% from $360 million in first-quarter 2022.
- At 57.1%, the first-quarter efficiency ratio(1) improved from
60.8% in the first quarter of 2022.
Financial Markets
- Net income totalled $298 million in the first quarter of 2023,
down 2% from $305 million in the first quarter of 2022.
- First-quarter total revenues on a taxable equivalent basis
amounted to $689 million, a $27 million or 4% year-over-year
increase driven by growth in corporate and investment banking
revenues.
- First-quarter non-interest expenses stood at $287 million
compared to $263 million in first-quarter 2022, an increase that
was partly attributable to compensation and employee benefits as
well as to operations support charges.
- Recoveries of credit losses of $9 million were recorded in the
first quarter of 2023 compared to credit loss recoveries of $16
million recorded in the first quarter of 2022.
- At 41.7%, the efficiency ratio(1) on a taxable equivalent
basis compares to 39.7% in the first quarter of 2022.
U.S. Specialty Finance and International
- Net income totalled $147 million in the first quarter of 2023
compared to $148 million in the first quarter of 2022, as growth in
total revenues was more than offset by higher non-interest expenses
and higher provisions for credit losses.
- First-quarter total revenues amounted to $319 million, a 12%
year-over-year increase driven by revenue growth at both the
Credigy and ABA Bank subsidiaries.
- First-quarter non-interest expenses stood at $98 million, a
23% year-over-year increase essentially attributable to business
growth at ABA Bank.
- First-quarter provisions for credit losses were up $17 million
year over year, an increase attributable to the Credigy
subsidiary.
- At 30.7%, the first-quarter efficiency ratio(1) compares to
28.1% in the first quarter of 2022.
Other
- There was a net loss of $93 million in the first quarter of
2023 compared to net income of $7 million in first-quarter 2022, a
change resulting mainly from a decrease in total revenues
(associated with a lower contribution from Treasury activities) as
well as from a $24 million tax expense related to the Canadian
government's 2022 tax measures recorded in the first quarter of
2023.
Capital Management
- As at January 31, 2023, the Common Equity Tier 1 (CET1)
capital ratio under Basel III(2) stood at 12.6%, down from 12.7% as
at October 31, 2022.
- As at January 31, 2023, the Basel III leverage ratio(2) was
4.5%, unchanged from October 31, 2022.
Dividends
- On February 28, 2023, the Board of Directors declared regular
dividends on the various series of first preferred shares and a
dividend of 97 cents per common share, payable on May 1, 2023, to
shareholders of record on March 27, 2023.
(1) For details on the composition of these measures, see the
Glossary section on pages 45 to 48 in the Report to Shareholders -
First 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 8 in the
Report to Shareholders - First 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 ended
January 31, 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
tax-exempt income (particularly dividends) by the income tax that
would have been otherwise payable. 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 page 4. It should be
noted that, for the quarter ended January 31, 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 ended January 31, 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 8 and 45 to 48, respectively,
of the MD&A in the Report to shareholders for the first 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) January 31
------------------------------ --------------- ----------- --------- ------ ---------------------
2023 2022(1)
------------------------------ --------------- ----------- --------- ------ ----- ----- -------
Personal Wealth Financial
and Commercial Management Markets USSF&I Other Total Total
----------------------------- --------------- ----------- --------- ------ ----- ----- -------
Net interest income 825 208 (168) 299 (65) 1,099 1,332
Taxable equivalent - - 77 - 1 78 60
Net interest income - Adjusted 825 208 (91) 299 (64) 1,177 1,392
------------------------------ --------------- ----------- --------- ------ ----- ----- -------
Non-interest income 299 429 728 20 7 1,483 1,134
Taxable equivalent - - 52 - - 52 4
Non-interest income - Adjusted 299 429 780 20 7 1,535 1,138
------------------------------ --------------- ----------- --------- ------ ----- ----- -------
Total revenues - Adjusted 1,124 637 689 319 (57) 2,712 2,530
Non-interest expenses 606 364 287 98 48 1,403 1,280
------------------------------ --------------- ----------- --------- ------ ----- ----- -------
Income before provisions for
credit
losses and income taxes -
Adjusted 518 273 402 221 (105) 1,309 1,250
Provisions for credit losses 61 - (9) 35 (1) 86 (2)
------------------------------ --------------- ----------- --------- ------ ----- ----- -------
Income before income taxes -
Adjusted 457 273 411 186 (104) 1,223 1,252
------------------------------ --------------- ----------- --------- ------ ----- ----- -------
Income taxes 126 75 (16) 39 (12) 212 258
Taxable equivalent - - 129 - 1 130 64
Income taxes related to the
Canadian
government's 2022
tax measures(2) - - - - (24) (24) -
Income taxes - Adjusted 126 75 113 39 (35) 318 322
------------------------------ --------------- ----------- --------- ------ ----- ----- -------
Net income - Adjusted 331 198 298 147 (69) 905 930
Specified items after income
taxes - - - - (24) (24) -
------------------------------ --------------- ----------- --------- ------ ----- ----- -------
Net income 331 198 298 147 (93) 881 930
Non-controlling interests - - - - - - -
------------------------------ --------------- ----------- --------- ------ ----- ----- -------
Net income attributable to the
Bank ' s shareholders
and holders of other equity
instruments 331 198 298 147 (93) 881 930
------------------------------ --------------- ----------- --------- ------ ----- ----- -------
Net income attributable to the
Bank ' s shareholders
and holders of other equity
instruments
- Adjusted 331 198 298 147 (69) 905 930
------------------------------ --------------- ----------- --------- ------ ----- ----- -------
Dividends on preferred shares
and
distributions on
limited recourse capital
notes 35 26
------------------------------ --------------- ----------- --------- ------ ----- ----- -------
Net income attributable to
common
shareholders - Adjusted 870 904
------------------------------ --------------- ----------- --------- ------ ----- ----- -------
(1) For the quarter ended January 31, 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 quarter ended January 31, 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 20 in the Report to
Shareholders - First 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 January
(Canadian dollars) 31
---------------------------------------------------- ----------------------------
2023 2022(1)
---------------------------------------------------- --- ------- -----------
Basic earnings per share $ 2.51 $ 2.67
Income taxes related to the Canadian government's
2022 tax measures(2) 0.07 -
Basic earnings per share - Adjusted $ 2.58 $ 2.67
---------------------------------------------------- --- ------- -----------
Diluted earnings per share $ 2.49 $ 2.64
Income taxes related to the Canadian government's
2022 tax measures(2) 0.07 -
Diluted earnings per share - Adjusted $ 2.56 $ 2.64
---------------------------------------------------- --- ------- -----------
(1) For the quarter ended January 31, 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 quarter ended January 31, 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 20 in the Report to
Shareholders - First 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 January
amounts) 31
-------------------------------------- --------- ----------------------------------------------------
2023 2022(1) % Change
--------------------------------- --- --------- -------- --- --------- ------- --- --------
Operating results
Total revenues 2,582 2,466 5
Income before provisions for
credit losses and
income taxes 1,179 1,186 (1)
Net income 881 930 (5)
Return on common shareholders'
equity(2) 17.9% 21.9%
Earnings per share
Basic $ 2.51 $ 2.67 (6)
Diluted $ 2.49 $ 2.64 (6)
-------------------------------- --- --------- -------- --- --------- ------- --- --------
Operating results - Adjusted (3)
Total revenues - Adjusted(3) 2,712 2,530 7
Income before provisions for
credit losses
and income taxes - Adjusted(3) 1,309 1,250 5
Net income - Adjusted(3) 905 930 (3)
Return on common shareholders'
equity - Adjusted(4) 18.4% 21.9%
Operating leverage - Adjusted(4) (2.4)% 3.7%
Efficiency ratio - Adjusted(4) 51.7% 50.6%
Earnings per share - Adjusted (3)
Basic $ 2.58 $ 2.67 (3)
Diluted $ 2.56 $ 2.64 (3)
-------------------------------- --- --------- -------- --- --------- ------- --- --------
Common share information
Dividends declared $ 0.97 $ 0.87 11
Book value(2) $ 55.92 $ 49.71
Share price
High $ 99.95 $ 105.44
Low $ 91.02 $ 94.37
Close $ 99.95 $ 101.70
Number of common shares
(thousands) 337,318 338,367
Market capitalization 33,715 34,412
--------------------------------- --- --------- -------- --- --------- ------- --- --------
As at As at
January October
31, 31,
(millions of Canadian dollars) 2023 2022 % Change
Balance sheet and
off-balance-sheet
Total assets 418,342 403,740 4
Loans and acceptances, net of
allowances 210,379 206,744 2
Deposits 282,505 266,394 6
Equity attributable to common
shareholders 18,863 18,594 1
Assets under administration(2) 652,873 616,165 6
Assets under management(2) 119,774 112,346 7
-------------------------------- ---- --------- ------------ --- --------- ------------ --------
Regulatory ratios under Basel
III (5)
Capital ratios
Common Equity Tier 1 (CET1) 12.6 % 12.7 %
Tier 1 15.2 % 15.4 %
Total(6) 16.0 % 16.9 %
Leverage ratio 4.5 % 4.5 %
-------------------------------- ---- --------- ------------ --- --------- ------------ --------
TLAC ratio(5) 28.7 % 27.7 %
TLAC leverage ratio(5) 8.5 % 8.1 %
-------------------------------- ---- --------- ------------ --- --------- ------------ --------
Liquidity coverage ratio
(LCR)(5) 151 % 140 %
Net stable funding ratio
(NSFR)(5) 121 % 117 %
-------------------------------- ---- --------- ------------ --- --------- ------------ --------
Other information
Number of employees - Worldwide
(full-time equivalent) 27,674 27,103 2
Number of branches in Canada 378 378 -
Number of banking machines in
Canada 942 939 -
-------------------------------- ---- --------- ------------ --- --------- ------------ --------
(1) For the quarter ended January 31, 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 45 to 48 in the Report to Shareholders -
First 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 and 4
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 8 in the Report to
Shareholders - First 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 8 in the
Report to Shareholders - First Quarter 2023 , which is available on
the Bank's website at nbc.ca or the SEDAR website at sedar.com
.
(6) Includes the $750 million redemption of medium-term notes on February 1, 2023.
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; 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 First
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 First Quarter 2023 results
Conference Call
- A conference call for analysts and institutional investors
will be held on Wednesday, March 1, 2023 at 1:00 p.m. ET.
- Access by telephone in listen-only mode: 1-800-806-5484 or
416-340-2217. The access code is 9678666#.
- A recording of the conference call can be heard until July 1,
2023 by dialing 1-800-408-3053 or 905-694-9451. The access code is
4766736# .
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
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QRFEAADFEDFDEFA
(END) Dow Jones Newswires
March 01, 2023 07:36 ET (12:36 GMT)
Grafico Azioni Nat Bk Canada25 (LSE:32SS)
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