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 /CNW/ - 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 January 31, 2023				As at October 31, 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 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

(millions of Canadian dollars)										Quarter ended January 31
												2023		2022^(1)
		Personal and Commercial		Wealth Management		Financial 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

(Canadian dollars)				Quarter ended January 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 amounts)				Quarter ended January 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

(millions of Canadian dollars)			As at January 31, 2023			As at  October 31, 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.

SOURCE National Bank of Canada

Marie Chantal Gingras, Chief Financial Officer and Executive Vice-President - Finance, 514-412-2634; Linda Boulanger, Senior Vice-President - Investor Relations, 514-394-0296; Debby Cordeiro, Senior Vice-President - Communications and Corporate Social Responsibility, 514-412-0538