REG - Nat Bank of Canada - Press Release- Q3 2022
24/08/2022 15:45
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RNS Number : 1153X National Bank of Canada 24 August 2022
Regulatory Announcement
Q3 2022 Results
National Bank of Canada (the "Bank") announces publication of its Third
Quarter 2022 Release. The Third 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 Third Quarter 2022 Release, please click on the
following link:
http://www.rns-pdf.londonstockexchange.com/rns/1153X_1-2022-8-24.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/1153X_1-2022-8-24.pdf)
Press Release
Third Quarter 2022
National Bank reports its results for the Third Quarter of 2022
The financial information reported in this document is based on the unaudited
interim condensed consolidated financial statements for the quarter and
nine-month period ended July 31, 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, August 24, 2022 - For the third quarter of 2022, National Bank is
reporting net income of $826 million, down 2% from $839 million in the third
quarter of 2021. Third-quarter diluted earnings per share stood at $2.35
compared to $2.36 in the third quarter of 2021. Solid performance in all of
the business segments was partly offset by higher provisions for credit losses
recorded to reflect a less favourable macroeconomic outlook in the third
quarter of 2022, whereas, in the third quarter of 2021, reversals of
allowances for credit losses had been recorded to reflect a more favourable
macroeconomic outlook. Income before provisions for credit losses and income
taxes totalled $1,107 million in the third quarter of 2022 compared to $1,038
million in the third quarter of 2021, a 7% increase arising from total revenue
growth in all of the business segments.
For the nine-month period ended July 31, 2022, the Bank's net income totalled
$2,651 million, up 10% from $2,401 million in the same period of 2021, while
nine-month diluted earnings per share stood at $7.55 compared to $6.77 in the
same period last year. Excellent performance in all of the business segments,
driven by revenue growth, contributed to these increases in nine-month net
income and diluted earnings per share, even though there were higher
provisions for credit losses. Also for the nine-month period, income before
provisions for credit losses and income taxes totalled $3,442 million, a 10%
year-over-year increase driven by the revenue growth in all of the business
segments.
"The Bank's excellent results in the third quarter of fiscal 2022 were driven
by strong growth in each of the business segments. Sustained loan and deposit
growth contributed to the Bank's performance this quarter," said Laurent
Ferreira, President and Chief Executive Officer of National Bank of Canada.
"We continue to operate in an increasingly complex backdrop. Despite these
challenges, the Bank is in a solid position with strong capital levels and
substantial allowances for credit losses, which, along with our prudent
positioning, gives us comfort in the current environment," added Mr. Ferreira.
Highlights
(millions of Canadian dollars) Quarter ended July 31 Nine months ended July 31
2022 2021 % Change 2022 2021 % Change
Net income 826 839 (2) 2,651 2,401 10
Diluted earnings per share (dollars) $ 2.35 $ 2.36 − $ 7.55 $ 6.77 12
Income before provisions for credit losses and income taxes 1,107 1,038 7 3,442 3,121 10
Return on common shareholders' equity((1)) 17.7 % 21.3 % 20.0 % 21.5 %
Dividend payout ratio((1)) 34.2 % 34.6 % 34.2 % 34.6 %
As at As at
July 31, October 31, 2021
2022
CET1 capital ratio under Basel III((2)) 12.8 % 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 - Third
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 - Third 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 $335 million in the third quarter of 2022
versus $303 million in the third quarter of 2021, an 11% 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 $505 million in the third quarter of 2022, up 18% from $429 million
in the third quarter of 2021.
- At $1,043 million, third-quarter total revenues were up $121
million or 13% 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 8% and
commercial lending grew 17%.
- The net interest margin((1)) stood at 2.17% in the third
quarter of 2022, up from 2.09% in the third quarter of 2021.
- Third-quarter non-interest expenses stood at $538 million, a
9% year-over-year increase.
- Third-quarter provisions for credit losses were $32 million
higher than those of third-quarter 2021, mainly because higher allowances for
credit losses on non-impaired loans were recorded to reflect a less favourable
macroeconomic outlook, whereas, in the third quarter of 2021, a more
favourable macroeconomic outlook had led to reversals of allowances for credit
losses on non-impaired loans.
- At 51.6%, the third-quarter efficiency ratio((1)) improved
from 53.5% in third-quarter 2021.
Wealth Management
- Net income totalled $181 million in the third quarter of 2022,
a 10% increase from $164 million in the third quarter of 2021.
- Third-quarter total revenues amounted to $591 million compared
to $546 million in third-quarter 2021, a $45 million or 8% increase driven
mainly by growth in net interest income.
- Third-quarter non-interest expenses stood at $344 million
compared to $323 million in the third quarter of 2021, a 7% increase
associated with revenue growth.
- At 58.2%, the third-quarter efficiency ratio((1)) improved
from 59.2% in the third quarter of 2021.
Financial Markets
- Net income totalled $280 million in the third quarter of 2022
versus $249 million in the third quarter of 2021, a 12% increase that was
driven by higher total revenues.
- Third-quarter total revenues on a taxable equivalent basis
amounted to $611 million, a $74 million or 14% year-over-year increase
attributable to global markets revenues.
- Third-quarter non-interest expenses stood at $253 million
compared to $224 million in third-quarter 2021, an increase that was partly
attributable to compensation and employee benefits as well as to technology
investment expenses.
- Recoveries of credit losses of $23 million were recorded in
the third quarter of 2022, essentially recoveries on impaired loans, compared
to credit loss recoveries of $25 million recorded in the third quarter of
2021, as allowances for credit losses on non-impaired loans had been reversed
to reflect a more favourable macroeconomic outlook at that time.
- At 41.4%, the third-quarter efficiency ratio((1)) on a taxable
equivalent basis improved from 41.7% in the third quarter of 2021.
U.S. Specialty Finance and International
- Net income totalled $125 million in the third quarter of 2022
versus $161 million in the third quarter of 2021, a 22% decrease attributable
mainly to higher provisions for credit losses.
- Third-quarter total revenues amounted to $273 million, a 10%
year-over-year increase driven by revenue growth at the ABA Bank subsidiary.
- Third-quarter non-interest expenses stood at $86 million, a 9%
year-over-year increase attributable to business growth at ABA Bank.
- At 31.5%, the third-quarter efficiency ratio((1)) improved
from 31.9% in the third quarter of 2021.
Other
- There was a net loss of $95 million in the third quarter of
2022 compared to a $38 million net loss in the third quarter of 2021, a
change arising mainly from a decrease in total revenues associated with a
lower contribution from treasury activities.
Capital Management
- As at July 31, 2022, the Common Equity Tier 1 (CET1) capital
ratio under Basel III((2)) stood at 12.8%, up from 12.4% as at
October 31, 2021.
- As at July 31, 2022, the Basel III leverage ratio((2)) was
4.4%, unchanged from October 31, 2021.
Dividends
- On August 23, 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, payable on November 1, 2022 to shareholders of record
on September 26, 2022.
(1) For details on the composition of these measures, see the
Glossary section on pages 45 to 48 in the Report to Shareholders - Third
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 - Third 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 comprising borrowers in
the "Oil and gas" and "Pipelines" sectors as well as related activities, which
had previously been reported in the Personal and Commercial segment, is 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. 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 -
Third 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 July 31
2022 2021
Personal and Commercial Wealth Management Financial Markets USSF&I Other
Total Total
Net interest income 741 161 333 266 (82) 1,419 1,230
Taxable equivalent − − 59 − 1 60 46
Net interest income - Adjusted 741 161 392 266 (81) 1,479 1,276
Non-interest income 302 430 208 7 47 994 1,024
Taxable equivalent − − 11 − − 11 1
Non-interest income - Adjusted 302 430 219 7 47 1,005 1,025
Total revenues - Adjusted 1,043 591 611 273 (34) 2,484 2,301
Non-interest expenses 538 344 253 86 85 1,306 1,216
Income before provisions for credit losses and income taxes - Adjusted 505 247 358 187 (119) 1,178 1,085
Provisions for credit losses 49 1 (23) 29 1 57 (43)
Income before income taxes - Adjusted 456 246 381 158 (120) 1,121 1,128
Income taxes 121 65 31 33 (26) 224 242
Taxable equivalent − − 70 − 1 71 47
Income taxes - Adjusted 121 65 101 33 (25) 295 289
Net income 335 181 280 125 (95) 826 839
Non-controlling interests − − − − − − −
Net income attributable to the Bank's shareholders 335 181 280 125 (95) 826 839
and holders of other equity instruments
(millions of Canadian dollars) Nine months ended July 31
2022 2021
Personal and Commercial Wealth Management Financial Markets USSF&I Other
Total Total
Net interest income 2,080 407 980 813 (216) 4,064 3,593
Taxable equivalent − − 165 − 4 169 142
Net interest income - Adjusted 2,080 407 1,145 813 (212) 4,233 3,735
Non-interest income 883 1,355 742 30 244 3,254 3,123
Taxable equivalent − − 18 − − 18 6
Non-interest income - Adjusted 883 1,355 760 30 244 3,272 3,129
Total revenues - Adjusted 2,963 1,762 1,905 843 32 7,505 6,864
Non-interest expenses 1,595 1,045 768 254 214 3,876 3,595
Income before provisions for credit losses and income taxes - Adjusted 1,368 717 1,137 589 (182) 3,629 3,269
Provisions for credit losses 55 1 (55) 56 1 58 43
Income before income taxes - Adjusted 1,313 716 1,192 533 (183) 3,571 3,226
Income taxes 348 190 133 108 (46) 733 677
Taxable equivalent − − 183 − 4 187 148
Income taxes - Adjusted 348 190 316 108 (42) 920 825
Net income 965 526 876 425 (141) 2,651 2,401
Non-controlling interests − − − − (1) (1) −
Net income attributable to the Bank's shareholders 965 526 876 425 (140) 2,652 2,401
and holders of other equity instruments
Highlights
(millions of Canadian dollars, except per share amounts) Quarter ended July 31 Nine months ended July 31
2022 2021 % Change 2022 2021 % Change
Operating results
Total revenues 2,413 2,254 7 7,318 6,716 9
Income before provisions for credit losses and income taxes 1,107 1,038 7 3,442 3,121 10
Net income 826 839 (2) 2,651 2,401 10
Net income attributable to the Bank's shareholders and 826 839 (2) 2,652 2,401 10
holders of other equity instruments
Return on common shareholders' equity((1)) 17.7 % 21.3 % 20.0 % 21.5 %
Earnings per share
Basic $ 2.38 $ 2.39 − $ 7.63 $ 6.84 12
Diluted 2.35 2.36 − 7.55 6.77 12
Operating results - Adjusted((2))
Total revenues - Adjusted((2)) 2,484 2,301 8 7,505 6,864 9
Income before provisions for credit losses 1,178 1,085 9 3,629 3,269 11
and income taxes - Adjusted((2))
Net income - Adjusted((2)) 826 839 (2) 2,651 2,401 10
Return on common shareholders' equity - Adjusted((3)) 17.7 % 21.3 % 20.0 % 21.5 %
Operating leverage - Adjusted((3)) 0.6 % 0.7 % 1.5 % 1.9 %
Efficiency ratio - Adjusted((3)) 52.6 % 52.8 % 51.6 % 52.4 %
Earnings per share - Adjusted((2))
Basic $ 2.38 $ 2.39 − $ 7.63 $ 6.84 12
Diluted 2.35 2.36 − 7.55 6.77 12
Common share information
Dividends declared $ 0.92 $ 0.71 $ 2.66 $ 2.13
Book value((1)) 54.82 46.00 54.82 46.00
Share price
High 97.87 96.97 105.44 96.97
Low 83.33 89.47 83.33 65.54
Close 89.85 95.49 89.85 95.49
Number of common shares (thousands) 336,456 337,587 336,456 337,587
Market capitalization 30,231 32,236 30,231 32,236
(millions of Canadian dollars) As at As at % Change
July 31, October 31,
2022 2021
Balance sheet and off-balance-sheet
Total assets 387,051 355,795 9
Loans and acceptances, net of allowances 200,924 182,689 10
Deposits 257,190 240,938 7
Equity attributable to common shareholders 18,445 16,203 14
Assets under administration((1)) 621,126 651,530 (5)
Assets under management((1)) 113,904 117,186 (3)
Regulatory ratios under Basel III((4))
Capital ratios
Common Equity Tier 1 (CET1) 12.8 % 12.4 %
Tier 1 15.2 % 15.0 %
Total 16.8 % 15.9 % ( )
Leverage ratio 4.4 % 4.4 % ( )
TLAC ratio((4)) 28.3 % 26.3 % ( )
TLAC leverage ratio((4)) 8.2 % 7.8 % ( )
Liquidity coverage ratio (LCR)((4)) 148 % 154 % ( )
Net stable funding ratio (NSFR)((4)) 119 % 117 %
Other information ( )
Number of employees - Worldwide 28,903 26,920 7
Number of branches in Canada 384 384 −
Number of banking machines in Canada 934 927 1
(1) For details on the composition of these measures, see the
Glossary section on pages 45 to 48 in the Report to Shareholders - Third
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 - Third 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 - Third 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 allowances 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 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.
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 risks, operational risk, regulatory compliance risk, reputation risk,
strategic risk, environmental and social risks, 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 Third 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 Third Quarter 2022 results
Conference Call
- A conference call for analysts and institutional investors
will be held on Wednesday, August 24, 2022 at 1:00 p.m. EDT.
- Access by telephone in listen-only mode: 1-800-806-5484 or
416-340-2217. The access code is 4004812#.
- A recording of the conference call can be heard until
September 24, 2022 by dialing 1-800-408-3053 or 905-694-9451. The access code
is 5744394#.
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 Debby Cordeiro
information: Chief Financial Officer and Senior Vice-President - Senior Vice-President - Senior Vice-President -
Executive Vice-President - Finance Investor Relations Communications
Finance 514-394-6233 514-394-0296 and Corporate
514-412-2634 Social Responsibility
514-412-0538
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