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, Feb. 28, 2024 /CNW/ - 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 January 31,  2024				As at October 31, 2023
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   and holders of other equity instruments		339		196		308		150		(71)		922		876
Net income attributable to the Bank's shareholders   and holders of other equity instruments – Adjusted		339		196		308		150		(71)		922		900
Dividends on preferred shares and distributions on   limited recourse capital notes												37		35
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   and income taxes – Adjusted^(3)				1,371				1,302		5
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 January 31, 2024			As at  October 31, 2023^(1)		% Change
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.
(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)	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 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.
(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.

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.
• 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

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