REG - Nat Bank of Canada - Press Release - Q2 2022
27/05/2022 14:45
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RNS Number : 1232N National Bank of Canada 27 May 2022
National Bank of Canada
May 27, 2022
Regulatory Announcement
Q2 2022 Results
National Bank of Canada (the "Bank") announces publication of its Second
Quarter 2022 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
(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
(https://www.nbc.ca/en/about-us/investors/investor-relations/quarterly-results.html)
To view the full PDF of this Second Quarter 2022 Release, please click on the
following link:
http://www.rns-pdf.londonstockexchange.com/rns/1232N_1-2022-5-27.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/1232N_1-2022-5-27.pdf)
Press Release
Second Quarter
2022
National Bank reports its results for the Second Quarter of 2022 and raises
its quarterly dividend by 5 cents to 92 cents 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, 2022 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 27, 2022 - For the second quarter of 2022, National Bank is
reporting net income of $893 million compared to $801 million in the second
quarter of 2021. Second-quarter diluted earnings per share stood at $2.55, up
13% from $2.25 in the second quarter of 2021. This growth was driven by
year‑over-year increases in total revenues across all of the business
segments. Income before provisions for credit losses and income taxes totalled
$1,146 million in the second quarter of 2022 compared to $1,039 million in the
second quarter of 2021, a 10% increase resulting from good performance across
all of the business segments.
For the six-month period ended April 30, 2022, the Bank's net income totalled
$1,825 million compared to $1,562 million in the same period of 2021.
First‑half diluted earnings per share stood at $5.19 compared to $4.40 in
the same period of 2021. The excellent performance turned in by all of the
business segments was driven by revenue growth, while lower provisions for
credit losses on impaired loans contributed to increases in net income and
diluted earnings per share. The Bank's first-half income before provisions for
credit losses and income taxes totalled $2,335 million, a 12% year-over-year
increase driven by revenue growth across all of the business segments.
Commenting on the results for the second quarter of 2022, Mr. Laurent
Ferreira, President and Chief Executive Officer of National Bank of Canada,
emphasized "the contribution of each business segment to the sustained growth
of the Bank." "We are maintaining our strategic objectives of delivering a
high return on equity and ensuring prudent management of risk and regulatory
capital," added Mr. Ferreira.¸
Highlights
(millions of Canadian dollars) Quarter ended April 30 Six months ended April 30
2022 2021 % Change 2022 2021 % Change
Net income 893 801 11 1,825 1,562 17
Diluted earnings per share (dollars) $ 2.55 $ 2.25 13 $ 5.19 $ 4.40 18
Income before provisions for credit losses and income taxes 1,146 1,039 10 2,335 2,083 12
Return on common shareholders' equity((1)) 20.6 % 22.0 % 21.2 % 21.6 %
Dividend payout ratio((1)) 32.0 % 38.0 % 32.0 % 38.0 %
As at As at
April 30, October 31, 2021
2022
CET1 capital ratio under Basel III((2)) 12.9 % 12.4 %
Leverage ratio under Basel III((2)) 4.4 % 4.4 %
(1) For details on the composition of these measures, see the Glossary
section on pages 45 to 48 in the Report to Shareholders - Second Quarter 2022,
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 6 in the Report to
Shareholders - Second Quarter 2022, which is available on the Bank's website
at nbc.ca or the SEDAR website at sedar.com.
Personal and Commercial
- Net income totalled $313 million in the second quarter of 2022
versus $305 million in the second quarter of 2021, for an increase that was
driven by growth in total revenues, tempered by higher provisions for credit
losses.
- Income before provisions for credit losses and income taxes totalled
$437 million in the second quarter of 2022, up 10% from $398 million in the
second quarter of 2021.
- At $962 million, second-quarter total revenues rose $80 million or
9% year over year due to higher net interest income, which increased upon loan
and deposit growth (tempered by a lower net interest margin) and to higher
non-interest income.
- Compared to a year ago, personal lending grew 9% and commercial
lending grew 18%.
- The net interest margin((1)) stood at 2.09% in the second quarter of
2022, down from 2.14% in the second quarter of 2021.
- Second-quarter non-interest expenses stood at $525 million, up 8%
from the second quarter of 2021.
- Second-quarter provisions for credit losses were up $28 million
compared to the second quarter of 2021, as higher reversals of allowances for
credit losses on non-impaired loans had been recorded in the second quarter of
2021.
- At 54.6%, the second-quarter efficiency ratio((1)) improved from
54.9% in the second quarter of 2021.
Wealth Management
- Net income totalled $169 million in the second quarter of 2022, a 3%
increase from $164 million in the second quarter of 2021.
- Second-quarter total revenues amounted to $579 million compared to
$541 million in second-quarter 2021, a $38 million or 7% increase driven
mainly by growth in fee-based revenues.
- Second-quarter non-interest expenses stood at $349 million compared
to $316 million in the second quarter of 2021, a 10% increase related to
revenue growth.
- At 60.3%, the second-quarter efficiency ratio((1)) compares to 58.4%
in the second quarter of 2021.
Financial Markets
- Net income totalled $289 million in the second quarter of 2022
versus $248 million in the second quarter of 2021, a 17% increase that was due
to higher total revenues and lower provisions for credit losses.
- Income before provisions for credit losses and income taxes on a
taxable equivalent basis totalled $377 million in the second quarter of 2022,
up 5% from $358 million in the second quarter of 2021.
- Second-quarter total revenues on a taxable equivalent basis amounted
to $632 million, a $45 million or 8% year-over-year increase attributable to
global markets revenue.
- Second-quarter non-interest expenses stood at $255 million compared
to $229 million in second-quarter 2021, an increase that was partly
attributable to compensation and employee benefits as well as to technology
investment expenses.
- $16 million in recoveries of credit losses were recorded in the
second quarter of 2022, whereas $21 million in provisions for credit losses
had been recorded in the second quarter of 2021, a decrease that was due to
lower provisions for credit losses on impaired loans.
- At 40.3%, the second-quarter efficiency ratio((1)) on a taxable
equivalent basis compares to 39.0% in the second quarter of 2021.
U.S. Specialty Finance and International
- Net income totalled $152 million in the second quarter of 2022
versus $129 million in the second quarter of 2021, an 18% increase arising
from growth in total revenues, tempered by increases in non-interest expenses
and in provisions for credit losses.
- Second-quarter total revenues amounted to $285 million, a 20%
year-over-year increase driven by revenue growth at both the Credigy and ABA
Bank subsidiaries.
- Second-quarter non-interest expenses stood at $88 million, a 14%
year-over-year increase attributable to business growth at the ABA Bank
subsidiary.
- At 30.9%, the second-quarter efficiency ratio((1)) improved from
32.5% in the second quarter of 2021.
Other
- Net loss stood at $30 million in the second quarter of 2022 versus a
net loss of $45 million in the second quarter of 2021, a change arising mainly
from a decrease in non-interest expenses.
Capital Management
- As at April 30, 2022, the Common Equity Tier 1 (CET1) capital ratio
under Basel III((2)) stood at 12.9%, up from 12.4% as at October 31, 2021.
- As at April 30, 2022, the Basel III((2)) leverage ratio was 4.4%,
unchanged from October 31, 2021.
Dividends
- On May 26, 2022, the Board of Directors declared regular dividends
on the various series of first preferred shares and a dividend of 92 cents per
common share, up 5 cents per common share or 6%, payable on August 1, 2022 to
shareholders of record on June 27, 2022.
(1) For details on the composition of these measures, see the Glossary
section on pages 45 to 48 in the Report to Shareholders - Second Quarter 2022,
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 6 in the Report to
Shareholders - Second Quarter 2022, 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, 2021. This
presentation reflects the fact that the loan portfolio of borrowers in the
"Oil and gas, and pipelines" sector and related activities, which had
previously been reported in the Personal and Commercial segment, are now
reported in the Financial Markets segment. The Bank made this change to better
align the monitoring of its activities with its management structure.
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 assess results without the specified items if they consider such
items not to be reflective of the underlying performance of the Bank's
operations. The Bank excludes certain specified items that are inherently
unpredictable from its results. 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.
For additional information on non-GAAP financial measures, on non-GAAP ratios,
on supplementary financial measures, and on capital management measures, see
the Financial Reporting Method section and the Glossary section, on pages 4 to
6 and 45 to 48, respectively, in the Report to Shareholders - Second
Quarter 2022, 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
(millions of Canadian dollars) Quarter ended April 30
2022 2021
Personal and Commercial Wealth Management Financial Markets USSF&I Other
Total Total
Net interest income 670 127 308 277 (69) 1,313 1,156
Taxable equivalent − − 47 − 2 49 42
Net interest income - Adjusted 670 127 355 277 (67) 1,362 1,198
Non-interest income 292 452 274 8 100 1,126 1,082
Taxable equivalent − − 3 − − 3 2
Non-interest income - Adjusted 292 452 277 8 100 1,129 1,084
Total revenues - Adjusted 962 579 632 285 33 2,491 2,282
Non-interest expenses 525 349 255 88 76 1,293 1,199
Income before provisions for credit losses and income taxes - Adjusted 437 230 377 197 (43) 1,198 1,083
Provisions for credit losses 11 − (16) 9 (1) 3 5
Income before income taxes - Adjusted 426 230 393 188 (42) 1,195 1,078
Income taxes 113 61 54 36 (14) 250 233
Taxable equivalent − − 50 − 2 52 44
Income taxes - Adjusted 113 61 104 36 (12) 302 277
Net income 313 169 289 152 (30) 893 801
Non-controlling interests − − − − (1) (1) −
Net income attributable to the Bank's shareholders 313 169 289 152 (29) 894 801
and holders of other equity instruments
(millions of Canadian dollars) Six months ended April 30
2022 2021
Personal and Commercial Wealth Management Financial Markets USSF&I Other
Total Total
Net interest income 1,339 246 647 547 (134) 2,645 2,363
Taxable equivalent − − 106 − 3 109 96
Net interest income - Adjusted 1,339 246 753 547 (131) 2,754 2,459
Non-interest income 581 925 534 23 197 2,260 2,099
Taxable equivalent − − 7 − − 7 5
Non-interest income - Adjusted 581 925 541 23 197 2,267 2,104
Total revenues - Adjusted 1,920 1,171 1,294 570 66 5,021 4,563
Non-interest expenses 1,057 701 515 168 129 2,570 2,379
Income before provisions for credit losses and income taxes - Adjusted 863 470 779 402 (63) 2,451 2,184
Provisions for credit losses 6 − (32) 27 − 1 86
Income before income taxes - Adjusted 857 470 811 375 (63) 2,450 2,098
Income taxes 227 125 102 75 (20) 509 435
Taxable equivalent − − 113 − 3 116 101
Income taxes - Adjusted 227 125 215 75 (17) 625 536
Net income 630 345 596 300 (46) 1,825 1,562
Non-controlling interests − − − − (1) (1) −
Net income attributable to the Bank's shareholders 630 345 596 300 (45) 1,826 1,562
and holders of other equity instruments
Highlights
(millions of Canadian dollars, except per share amounts) Quarter ended April 30 Six months ended April 30
2022 2021 % Change 2022 2021 % Change
Operating results
Total revenues 2,439 2,238 9 4,905 4,462 10
Income before provisions for credit losses and income taxes 1,146 1,039 10 2,335 2,083 12
Net income 893 801 11 1,825 1,562 17
Net income attributable to the Bank's shareholders and 894 801 12 1,826 1,562 17
holders of other equity instruments
Return on common shareholders' equity((1)) 20.6 % 22.0 % 21.2 % 21.6 %
Earnings per share
Basic $ 2.58 $ 2.28 13 $ 5.26 $ 4.44 18
Diluted 2.55 2.25 13 5.19 4.40 18
Operating results - Adjusted((2))
Total revenues - Adjusted((2)) 2,491 2,282 9 5,021 4,563 10
Income before provisions for credit losses 1,198 1,083 11 2,451 2,184 12
and income taxes - Adjusted((2))
Net income - Adjusted((2)) 893 801 11 1,825 1,562 17
Return on common shareholders' equity - Adjusted((3)) 20.6 % 22.0 % 21.2 % 21.6 %
Operating leverage - Adjusted((3)) 1.4 % 1.0 % 2.0 % 2.5 %
Efficiency ratio - Adjusted((3)) 51.9 % 52.5 % 51.2 % 52.1 %
Earnings per share - Adjusted((2))
Basic $ 2.58 $ 2.28 13 $ 5.26 $ 4.44 18
Diluted 2.55 2.25 13 5.19 4.40 18
Common share information
Dividends declared $ 0.87 $ 0.71 $ 1.74 $ 1.42
Book value((1)) 52.81 43.59 52.81 43.59
Share price
High 104.59 89.42 105.44 89.42
Low 89.33 72.30 89.33 65.54
Close 89.72 89.36 89.72 89.36
Number of common shares (thousands) 336,513 337,372 336,513 337,372
Market capitalization 30,192 30,148 30,192 30,148
(millions of Canadian dollars) As at As at % Change
April 30, October 31,
2022 2021
Balance sheet and off-balance-sheet
Total assets 369,785 355,795 4
Loans and acceptances, net of allowances 194,029 182,689 6
Deposits 246,684 240,938 2
Equity attributable to common shareholders 17,772 16,203 10
Assets under administration((1)) 627,739 651,530 (4)
Assets under management((1)) 114,932 117,186 (2)
Regulatory ratios under Basel III((4))
Capital ratios
Common Equity Tier 1 (CET1) 12.9 % 12.4 %
Tier 1 15.3 % 15.0 %
Total 16.2 % 15.9 % ( )
Leverage ratio 4.4 % 4.4 % ( )
TLAC ratio((4)) 27.8 % 26.3 % ( )
TLAC leverage ratio((4)) 8.0 % 7.8 % ( )
Liquidity coverage ratio (LCR)((4)) 145 % 154 % ( )
Net stable funding ratio (NSFR)((4)) 114 % 117 %
Other information ( )
Number of employees - Worldwide 28,189 26,920 5
Number of branches in Canada 385 384 −
Number of banking machines in Canada 937 927 1
(1) For details on the composition of these measures, see the Glossary
section on pages 45 to 48 in the Report to Shareholders - Second Quarter 2022,
which is available on the Bank's website at nbc.ca or the SEDAR website at
sedar.com.
(2) See the Financial Reporting Method section on pages 3 and 4 for
additional information on non-GAAP financial measures.
(3) For additional information on non-GAAP ratios, see the Financial
Reporting Method section on pages 4 to 6 and see the Glossary section on pages
45 to 48 in the Report to Shareholders - Second Quarter 2022, which is
available on the Bank's website at nbc.ca or the SEDAR website at sedar.com.
(4) For additional information on capital management measures, see the
Financial Reporting Method section on pages 4 to 6 in the Report to
Shareholders - Second Quarter 2022, 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 2022 and beyond, the
strategies or actions that will be taken to achieve them, expectations about
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 2022,
including in the context of the COVID-19 pandemic, and how that 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 2022 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; 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 disruption 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; 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.
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, including the impacts of the COVID-19
pandemic, 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 69 of the 2021 Annual Report.
The foregoing list of risk factors is not exhaustive. Additional information
about these risk factors is provided in the Risk Management section and in the
COVID-19 Pandemic section of the 2021 Annual Report and in the Risk Management
section of the Report to Shareholders for the Second Quarter of 2022.
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 2022 Results
Conference Call
- A conference call for analysts and institutional investors will be
held on Friday, May 27, 2022 at 11:00 a.m. EDT.
- Access by telephone in listen-only mode: 1-800-806-5484 or
416-340-2217. The access code is 7162964#.
- A recording of the conference call can be heard until June 27, 2022
by dialing 1-800-408-3053 or 905-694-9451. The access code is 7227448#.
Webcast
- The conference call will be webcast live at nbc.ca/investorrelations
(https://www.nbc.ca/en/about-us/investors/investor-relations.html) .
- 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
(https://www.nbc.ca/en/about-us/investors/investor-relations.html) .
- 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 Gingras Jean Dagenais Linda Boulanger Marie-Pierre Jodoin
information: Chief Financial Officer and Senior Vice-President - Senior Vice-President - Senior Manager -
Executive Vice-President - Finance Investor Relations Public Affairs and Corporate
Finance 514-394-6233 514-394-0296 Social Responsibility
514-412-2634 514-394-4209
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