REG - Nat Bank of Canada - Press Release Q1 2024
28/02/2024 13:45
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RNS Number : 8177E National Bank of Canada 28 February 2024
National Bank of Canada
February 28, 2024
Regulatory Announcement
Q1 2024 Results
National Bank of Canada (the "Bank") announces publication of its First
Quarter 2024 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
(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
(https://www.nbc.ca/about-us/investors/quarterly-results.html)
To view the full PDF of this First Quarter 2024 Release, please click on the
following link:
http://www.rns-pdf.londonstockexchange.com/rns/8177E_1-2024-2-28.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/8177E_1-2024-2-28.pdf)
National Bank reports its results for the First Quarter of 2024
The financial information reported in this document is based on the unaudited
interim condensed consolidated financial statements for the quarter ended
January 31, 2024 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, February 28, 2024 - For the first quarter of 2024, National Bank is
reporting net income of $922 million, up 5% from $876 million in the first
quarter of 2023. First-quarter diluted earnings per share stood at $2.59
compared to $2.47 in the first quarter of 2023. These increases were driven by
total revenue growth in all of the business segments as well as by the impact
of the Canadian government's 2022 tax measures on income taxes in the first
quarter of 2023. Excluding the impact of those measures, adjusted net
income((1)) and adjusted diluted earnings per share((1)) both increased by 2%
compared to the first quarter of 2023.
"National Bank delivered strong performance and excellent return on equity for
the first quarter of 2024, underpinned by sustained momentum and execution
across our business segments. These results reflect the earnings power of our
diversified business mix and relevance of our defensive posture," said Laurent
Ferreira, President and Chief Executive Officer of National Bank of Canada.
"Our effective capital deployment, active cost management, and commitment to
maintaining a prudent credit profile are serving us well, particularly in an
uncertain macroeconomic environment. We enter the second quarter on solid
footing," added Mr. Ferreira.
Highlights
(millions of Canadian dollars) Quarter ended January 31
2024 2023((2)) % Change
Net income 922 876 5
Diluted earnings per share (dollars) $ 2.59 $ 2.47 5
Income before provisions for credit losses and income taxes 1,261 1,172 8
Return on common shareholders' equity((3)) 17.1 % 17.9 %
Dividend payout ratio((3)) 43.1 % 38.6 %
Operating results - Adjusted((1))
Net income - Adjusted 922 900 2
Diluted earnings per share - Adjusted (dollars) $ 2.59 $ 2.54 2
Income before provisions for credit losses and income taxes - Adjusted 1,371 1,302 5
As at As at
January 31, October 31, 2023
2024
CET1 capital ratio under Basel III((4)) 13.1 % 13.5 %
Leverage ratio under Basel III((4)) 4.3 % 4.4 %
(1) See the Financial Reporting Method section on pages 3 and 4
for additional information on non-GAAP financial measures.
(2) Certain amounts have been adjusted to reflect accounting
policy changes arising from the adoption of IFRS 17. For additional
information, see Note 2 to the unaudited interim condensed consolidated
financial statements in the Report to Shareholders - First Quarter 2024, which
is available on the Bank's website at nbc.ca or the SEDAR+ website at
sedarplus.ca.
(3) For details on the composition of these measures, see the
Glossary section on pages 43 to 46 in the Report to Shareholders - First
Quarter 2024, which is available on the Bank's website at nbc.ca or the SEDAR+
website at sedarplus.ca.
(4) 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 2024, which is available on the Bank's website at
nbc.ca or the SEDAR+ website at sedarplus.ca.
Personal and Commercial
- Net income totalled $339 million in the first quarter of 2024 versus
$326 million in the first quarter of 2023, a 4% increase that was driven by
growth in total revenues, partly offset by higher non-interest expenses and
higher provisions for credit losses.
- Income before provisions for credit losses and income taxes totalled
$539 million in the first quarter of 2024, up 5% from $511 million in the
first quarter of 2023.
- At $1,154 million, first-quarter total revenues rose $50 million or
5% year over year due mainly to an increase in net interest income (driven by
growth in loan and deposit volumes) and to a higher net interest margin.
- Compared to a year ago, personal lending grew 2% and commercial
lending grew 11%.
- Net interest margin((1)) stood at 2.36% in the first quarter of
2024, up from 2.35% in the first quarter of 2023.
- First-quarter non-interest expenses stood at $615 million, up 4%
year over year.
- First-quarter provisions for credit losses rose $10 million year
over year, mainly due to higher allowances for credit losses on impaired
loans.
- At 53.3%, the efficiency ratio((1)) improved from 53.7% in the first
quarter of 2023.
Wealth Management
- Net income totalled $196 million in the first quarter of 2024, down
1% from $198 million in the first quarter of 2023.
- First-quarter total revenues amounted to $660 million compared to
$637 million in first-quarter 2023, a $23 million or 4% increase driven
essentially by growth in fee-based revenues owing to strong stock market
performance.
- First-quarter non-interest expenses stood at $390 million, up 7%
from $364 million in first-quarter 2023.
- At 59.1%, the efficiency ratio((1)) compares to 57.1% in the first
quarter of 2023.
Financial Markets
- Net income totalled $308 million in the first quarter of 2024, up 3%
from $298 million in the first quarter of 2023.
- First-quarter total revenues on a taxable equivalent basis amounted
to $755 million, up $66 million or 10% given an increase in global markets
revenues and an increase in revenues from corporate and investment banking
services.
- First-quarter non-interest expenses stood at $313 million compared
to $287 million in first-quarter 2023, an increase that was partly due to
compensation and employee benefits as well as to the segment's technological
investments.
- Provisions for credit losses of $17 million were recorded in the
first quarter of 2024 compared to $9 million in credit loss recoveries
recorded in the first quarter of 2023.
- At 41.5%, the efficiency ratio((1)) on a taxable equivalent basis
improved from 41.7% in the first quarter of 2023.
U.S. Specialty Finance and International
- Net income totalled $150 million in the first quarter of 2024 versus
$147 million in the first quarter of 2023.
- First-quarter total revenues amounted to $326 million, a 2%
year-over-year increase that was essentially driven by revenue growth at the
ABA Bank subsidiary.
- First-quarter non-interest expenses stood at $100 million, a 2%
year-over-year increase attributable mainly to business growth at ABA Bank.
- Provisions for credit losses rose $1 million year over year.
- At 30.7%, the efficiency ratio((1)) was stable compared to the first
quarter of 2023.
Other
- There was a net loss of $71 million in the first quarter of 2024
versus a net loss of $93 million in the first quarter of 2023, a change
arising from a $24 million income tax expense related to the Canadian
government's 2022 tax measures recorded in the first quarter of 2023.
Capital Management
- As at January 31, 2024, the Common Equity Tier 1 (CET1) capital
ratio under Basel III((2)) stood at 13.1%, down from 13.5% as at October 31,
2023, notably due to a negative impact of implementing revised market risk and
credit valuation adjustment (CVA) risk frameworks.
- As at January 31, 2024, the Basel III((2)) leverage ratio was 4.3%,
down from 4.4% as at October 31, 2023.
Dividends
- On February 27, 2024, the Board of Directors declared regular
dividends on the various series of first preferred shares and a dividend
of $1.06 per common share, payable on May 1, 2024 to shareholders of record
on March 25, 2024.
(1) For details on the composition of these measures, see the
Glossary section on pages 43 to 46 in the Report to Shareholders - First
Quarter 2024, which is available on the Bank's website at nbc.ca or the SEDAR+
website at sedarplus.ca.
(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 2024, which is available on the Bank's website at
nbc.ca or the SEDAR+ website at sedarplus.ca.
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, 2023. This
presentation reflects the retrospective application of accounting policy
changes arising from the adoption of IFRS 17 - Insurance Contracts (IFRS 17).
For additional information, see Note 2 to the unaudited interim condensed
consolidated financial statements in the Report to Shareholders - First
Quarter 2024, which is available on the Bank's website at nbc.ca or the SEDAR+
website at sedarplus.ca. The figures for the 2023 quarters have been adjusted
to reflect these accounting policy changes.
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, 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. However, in light of the proposed legislation with respect to
Canadian dividends, the Bank did not either recognize an income tax deduction
or use the taxable equivalent basis method to adjust revenues related to
affected dividends received after January 1, 2024 (for additional information,
see the Income Taxes section in the Report to shareholders for the first
quarter of 2024, which is available on the Bank's website at nbc.ca or the
SEDAR+ website at sedarplus.ca).
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. Note that no specified items have been excluded from
results for the quarter ended January 31, 2024. In the first quarter of 2023,
a $24 million tax expense related to the Canadian government's 2022 tax
measures had been excluded from results given the one-time nature of the item.
This amount had included 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 included the
impact related to current and deferred taxes for fiscal 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 43 to 46, respectively, in the Report to shareholders for the first
quarter of 2024, which is available on the Bank's website at nbc.ca or the
SEDAR+ website at sedarplus.ca.
Reconciliation of Non-GAAP Financial Measures
Presentation of Results - Adjusted
(millions of Canadian dollars) Quarter ended January 31
2024 2023((1))
Personal and Commercial Wealth Management Financial Markets USSF&I Other
Total Total
Net interest income 870 198 (553) 301 (65) 751 1,099
Taxable equivalent((2)) − − 35 − 2 37 78
Net interest income - Adjusted 870 198 (518) 301 (63) 788 1,177
Non-interest income 284 462 1,200 25 (12) 1,959 1,463
Taxable equivalent − − 73 − − 73 52
Non-interest income - Adjusted 284 462 1,273 25 (12) 2,032 1,515
Total revenues - Adjusted 1,154 660 755 326 (75) 2,820 2,692
Non-interest expenses 615 390 313 100 31 1,449 1,390
Income before provisions for credit losses and income taxes - Adjusted 539 270 442 226 (106) 1,371 1,302
Provisions for credit losses 71 − 17 36 (4) 120 86
Income before income taxes - Adjusted 468 270 425 190 (102) 1,251 1,216
Income taxes 129 74 9 40 (33) 219 210
Taxable equivalent − − 108 − 2 110 130
Income taxes related to the Canadian government's 2022
tax measures((3)) − − − − − − (24)
Income taxes - Adjusted 129 74 117 40 (31) 329 316
Net income - Adjusted 339 196 308 150 (71) 922 900
Specified items after income taxes − − − − − − (24)
Net income 339 196 308 150 (71) 922 876
Non-controlling interests − − − − − − −
Net income attributable to the Bank's shareholders 339 196 308 150 (71) 922 876
and holders of other equity instruments
Net income attributable to the Bank's shareholders 339 196 308 150 (71) 922 900
and holders of other equity instruments - Adjusted
Dividends on preferred shares and distributions on 37 35
limited recourse capital notes
Net income attributable to common shareholders - Adjusted 885 865
(1) Certain amounts have been adjusted to reflect accounting policy
changes arising from the adoption of IFRS 17 for the quarter ended January 31,
2024. For additional information, see Note 2 to the unaudited interim
condensed consolidated financial statements in the Report to Shareholders -
First Quarter 2024, which is available on the Bank's website at nbc.ca or the
SEDAR+ website at sedarplus.ca.
(2) In light of the proposed legislation with respect to Canadian
dividends, the Bank did not either recognize an income tax deduction or use
the taxable equivalent basis method to adjust revenues related to affected
dividends received after January 1, 2024 (for additional information, see the
Income Taxes section in the Report to Shareholders - First Quarter 2024, which
is available on the Bank's website at nbc.ca or the SEDAR+ website at
sedarplus.ca).
(3) During the quarter ended January 31, 2023, the Bank recorded, in
the Other heading segment results, 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
included the impact related to current and deferred taxes for fiscal 2022. For
additional information on these tax measures, see the Income Taxes section in
the Report to Shareholders - First Quarter 2024, which is available on the
Bank's website at nbc.ca or the SEDAR+ website at sedarplus.ca.
Presentation of Basic and Diluted Earnings Per Share - Adjusted
(Canadian dollars) Quarter ended January 31
2024 2023((1))
Basic earnings per share $ 2.61 $ 2.49
Income taxes related to the Canadian government's 2022 tax measures((2)) − 0.07
Basic earnings per share - Adjusted $ 2.61 $ 2.56
Diluted earnings per share $ 2.59 $ 2.47
Income taxes related to the Canadian government's 2022 tax measures((2)) − 0.07
Diluted earnings per share - Adjusted $ 2.59 $ 2.54
(1) Certain amounts have been adjusted to reflect accounting policy
changes arising from the adoption of IFRS 17. For additional information, see
Note 2 to the unaudited interim condensed consolidated financial statements in
the Report to Shareholders - First Quarter 2024, which is available on the
Bank's website at nbc.ca or the SEDAR+ website at sedarplus.ca.
(2) During the quarter ended January 31, 2023, the Bank recorded, in
the Other heading segment results, 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
included the impact related to current and deferred taxes for fiscal 2022. For
additional information on these tax measures, see the Income Taxes section in
the Report to Shareholders - First Quarter 2024, which is available on the
Bank's website at nbc.ca or the SEDAR+ website at sedarplus.ca.
Highlights
(millions of Canadian dollars, except per share amounts) Quarter ended January 31
2024 2023((1)) % Change
Operating results
Total revenues 2,710 2,562 6
Income before provisions for credit losses and income taxes 1,261 1,172 8
Net income 922 876 5
Return on common shareholders' equity((2)) 17.1 % 17.9 %
Operating leverage((2)) 1.6 % (4.7) %
Efficiency ratio((2)) 53.5 % 54.3 %
Earnings per share
Basic $ 2.61 $ 2.49 5
Diluted $ 2.59 $ 2.47 5
Operating results - Adjusted((3))
Total revenues - Adjusted((3)) 2,820 2,692 5
Income before provisions for credit losses 1,371 1,302 5
and income taxes - Adjusted((3))
Net income - Adjusted((3)) 922 900 2
Return on common shareholders' equity - Adjusted((4)) 17.1 % 18.4 %
Operating leverage - Adjusted((4)) 0.6 % (2.2) %
Efficiency ratio - Adjusted((4)) 51.4 % 51.6 %
Diluted earnings per share - Adjusted((3)) $ 2.59 $ 2.54 2
Common share information
Dividends declared $ 1.06 $ 0.97 9
Book value((2)) $ 61.18 $ 55.76
Share price
High $ 103.38 $ 99.95
Low $ 86.50 $ 91.02
Close $ 102.83 $ 99.95
Number of common shares (thousands) 339,166 337,318
Market capitalization 34,876 33,715
(millions of Canadian dollars) As at As at % Change
January 31, October 31,
2024 2023((1))
Balance sheet and off-balance-sheet
Total assets 433,927 423,477 2
Loans and acceptances, net of allowances 230,157 225,443 2
Deposits 300,097 288,173 4
Equity attributable to common shareholders 20,749 20,432 2
Assets under administration((2)) 712,488 652,631 9
Assets under management((2)) 132,822 120,858 10
Regulatory ratios under Basel III((5))
Capital ratios
Common Equity Tier 1 (CET1) 13.1 % 13.5 %
Tier 1 15.5 % 16.0 %
Total 16.2 % 16.8 % ( )
Leverage ratio 4.3 % 4.4 % ( )
TLAC ratio((5)) 28.1 % 29.2 % ( )
TLAC leverage ratio((5)) 7.8 % 8.0 % ( )
Liquidity coverage ratio (LCR)((5)) 145 % 155 % ( )
Net stable funding ratio (NSFR)((5)) 117 % 118 %
Other information ( )
Number of employees - Worldwide (full-time equivalent) 28,730 28,916 (1)
Number of branches in Canada 368 368 −
Number of banking machines in Canada 945 944 −
(1) Certain amounts have been adjusted to reflect accounting policy
changes arising from the adoption of IFRS 17. For additional information, see
Note 2 to the unaudited interim condensed consolidated financial statements in
the Report to Shareholders - First Quarter 2024, which is available on the
Bank's website at nbc.ca or the SEDAR+ website at sedarplus.ca.
(2) For details on the composition of these measures, see the
Glossary section on pages 43 to 46 in the Report to Shareholders - First
Quarter 2024, which is available on the Bank's website at nbc.ca or the SEDAR+
website at sedarplus.ca.
(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 2024, which is available on the Bank's website at nbc.ca or the SEDAR+
website at sedarplus.ca.
(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 2024, which is available on the Bank's website at
nbc.ca or the SEDAR+ website at sedarplus.ca.
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. The forward-looking statements in this document
may include, but are not limited to, statements made about the economy, market
changes, the Bank's objectives, outlook, and priorities for fiscal year 2024
and beyond, the strategies or actions that will be taken to achieve them,
expectations for the Bank's financial condition, its activities, the
regulatory environment in which it operates, its environmental, social, and
governance targets and commitments, and certain risks to which the Bank is
exposed. 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
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. 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 performance targets will not be achieved. 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. Thus, the Bank recommends that readers not place
undue reliance on these 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.
Investors and others who rely on the Bank's forward-looking statements should
carefully consider the factors listed below 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.
Assumptions about the performance of the Canadian and U.S. economies in 2024
and how that performance will affect the Bank's business are among the factors
considered in setting the Bank's strategic priorities and objectives,
including provisions for credit losses. These assumptions appear in the
Economic Review and Outlook section and, for each business segment, in the
Economic and Market Review sections of the 2023 Annual Report and in the
Economic Review and Outlook section of the Report to Shareholders for the
first quarter of 2024, and may be updated in the quarterly reports to
shareholders filed thereafter.
The forward-looking statements made in this document 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 the other countries where
the Bank operates; the impact of upheavals in the U.S. banking industry;
exchange rate and interest rate fluctuations; inflation; global supply chain
disruptions; 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;
climate change, including physical risks and those related to 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 key short-term
priorities and long-term strategies; the timely development and launch of new
products and services; the Bank's ability to recruit and retain key personnel;
technological innovation, including advances in artificial intelligence and
the open banking system, 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; 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 by financial and extra-financial rating agencies;
potential disruptions to key suppliers of goods and services to the Bank; the
potential impacts of disruptions to the Bank's information technology systems,
including cyberattacks as well as identity theft and theft of personal
information; the risk of fraudulent activity; and possible impacts of major
events affecting the economy, market conditions, or the Bank's outlook,
including international conflicts, natural disasters, public health crises,
and the measures taken in response to these events.
The foregoing list of risk factors is not exhaustive, and the forward-looking
statements made in this document are also subject to credit risk, market risk,
liquidity and funding risk, operational risk, regulatory compliance risk,
reputation risk, strategic risk, and social and environmental risk as well as
certain emerging risks or risks deemed significant. Additional information
about these factors is provided in the Risk Management section of the 2023
Annual Report and in the Risk Management section of the Report to Shareholders
for the first quarter of 2024, and may be updated in the quarterly reports to
shareholders filed thereafter.
Disclosure of the First Quarter 2024 results
Conference Call
- A conference call for analysts and institutional investors will
be held on Wednesday, February 28, 2024 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 8438144#.
- A recording of the conference call can be heard until May 24,
2024 by dialing 1-800-408-3053 or 905-694-9451. The access code is 8808810#.
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 information
- Marianne Ratté, Vice-President and Head - Investor Relations,
1-866-517-5455
- Debby Cordeiro, Senior Vice-President - Communication, Public
Affairs and ESG, 514-412-0538
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AnnouncementREG - Royal Bank of Canada Barratt Devlpmnts. - Form 8.3 - BARRATT DEVELOPMENTS PLC
AnnouncementREG - Official List - Amendment Notice
Announcement