The financial information reported herein is based on the unaudited
interim condensed consolidated financial statements for the third
quarter and nine months ended July 31, 2014 and prepared in accordance
with International Financial Reporting Standards (IFRS), as issued by
the International Accounting Standards Board (IASB) and set out in the
CPA Canada Handbook. All amounts are presented in Canadian dollars.
MONTREAL, Aug. 27, 2014 /CNW Telbec/ - National Bank is reporting record
net income, excluding specified items, of $427 million for the third
quarter of fiscal 2014, up 14% from $374 million in the third quarter
of 2013. Excluding specified items, diluted earnings per share stood at
$1.20 for the quarter ended July 31, 2014, a 12% increase from $1.07 in
the same quarter of 2013. The specified items are described on page 4.
Net income for the third quarter of 2014 totalled $441 million, up 10%
from $402 million in the same quarter of 2013, and third-quarter
diluted earnings per share stood at $1.24, up 7% from $1.16 in the same
quarter of 2013.
Excluding specified items, the Bank's net income for the nine months
ended July 31, 2014 totalled $1,186 million, up 11% from $1,070 million
in the same period of 2013, and its nine-month diluted earnings per
share stood at $3.34 versus $3.04 in the same period of 2013.
Nine-month net income totalled $1,208 million, up 1% from
$1,192 million in the same period of 2013, and nine-month diluted
earnings per share was $3.41, unchanged from $3.41 in the same period
of fiscal 2013.
"National Bank's third-quarter results have shown steady year-over-year
growth across all business segments, particularly in the Wealth
Management and Financial Markets segments. Furthermore, the Personal
and Commercial segment achieved sustained growth in loan volume, and
our credit portfolio continues to be of excellent quality," said Louis
Vachon, President and Chief Executive Officer. "The Quebec economy
remains stable and signs of accelerated growth are in sight."
Highlights Excluding Specified Items(1):
-
$427 million in net income for the third quarter of 2014, up 14% from
$374 million in the same quarter of 2013;
-
Diluted earnings per share of $1.20 for the third quarter of 2014, up
12% from $1.07 in the same quarter of 2013;
-
Return on equity of 19.4%.
Highlights:
-
$441 million in net income for the third quarter of 2014, up 10% from
$402 million in the same quarter of 2013;
-
Diluted earnings per share of $1.24 for the third quarter of 2014
compared to $1.16 in the same quarter of 2013;
-
Return on equity of 20.1%;
-
The Common Equity Tier 1 (CET1) capital ratio under Basel III was 9.1%
as at July 31, 2014 versus 8.7% as at October 31, 2013.
Financial Indicators
|
|
|
Results
excluding
specified
items
|
(1)
|
|
Results
Q3 2014
|
|
|
Results
excluding
specified
items
|
(1)
|
|
Results
First nine
months
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Growth in diluted earnings per share
|
|
12
|
%
|
|
7
|
%
|
|
10
|
%
|
|
−
|
%
|
|
Return on common shareholders' equity
|
|
19.4
|
%
|
|
20.1
|
%
|
|
18.8
|
%
|
|
19.1
|
%
|
|
Dividend payout ratio
|
|
42
|
%
|
|
42
|
%
|
|
42
|
%
|
|
42
|
%
|
|
CET1 capital ratio under Basel III
|
|
|
|
|
9.1
|
%
|
|
|
|
|
9.1
|
%
|
|
(1)
|
See the Financial Reporting Method section on page 4.
|
Personal and Commercial
-
Net income totalled $190 million in the third quarter of 2014, up 6%
from $179 million in the third quarter of 2013.
-
At $696 million, third-quarter total revenues rose $31 million or 5%
year over year.
-
Rising 7% from a year ago, personal lending experienced sustained
growth, with the strongest increases coming from consumer loans and
mortgage lending, while commercial lending grew 5% from a year ago.
-
Third-quarter net interest margin stood at 2.24%, stable compared to the
preceding quarter and down from 2.27% in the third quarter of 2013.
-
Before provisions for credit losses and income taxes, the segment's
contribution rose $17 million or 6%.
-
At 55.7%, the efficiency ratio improved from 56.2% in the third quarter
of 2013.
Wealth Management
-
Net income totalled $64 million in the third quarter of 2014, a 31%
increase from $49 million in the same quarter of 2013.
-
Excluding specified items(1), net income totalled $75 million, up $20 million or 36%.
-
Third-quarter total revenues amounted to $333 million versus
$289 million in the same quarter of 2013, a $44 million or 15% increase
that was driven particularly by growth across all revenue streams and
by the TD Waterhouse acquisition.
-
Third-quarter non-interest expenses stood at $246 million, up 11% year
over year.
-
Excluding specified items(1), the efficiency ratio was 69.6%, an improvement from 73.9% in the third
quarter of 2013.
Financial Markets
-
Net income totalled $187 million in the third quarter of 2014, up 21%
from $155 million in the same quarter of 2013.
-
Third-quarter revenues amounted to $445 million, a $64 million or 17%
year-over-year increase owing to increases in trading activity
revenues, financial market fees, banking services and other revenues.
-
At $188 million, third-quarter non-interest expenses increased
$18 million year over year, particularly because variable compensation
was higher given the growth in revenues.
-
The efficiency ratio was 42.2% in the third quarter of 2014 versus 44.6%
in the third quarter of 2013.
Other
-
Net income was nil for the third quarter of 2014 versus $19 million in
the same quarter of 2013. This decrease came mainly from higher
variable compensation and from the fact that, in the third quarter of
2013, there was a reversal of provisions for income tax contingencies
that was only partly offset by the rise in fair value of the
restructured notes this quarter.
Capital Management
-
As at July 31, 2014, the Common Equity Tier 1 (CET1) capital ratio under
Basel III was 9.1% compared to 8.7% as at October 31, 2013 due to
internally generated capital, partly offset by the Wealth Management
acquisition and the coming into force of the credit valuation
adjustment.
|
(1)
|
See the Financial Reporting Method section on page 4.
|
HIGHLIGHTS
|
|
(millions of Canadian dollars)
|
|
|
|
|
Quarter ended July 31
|
|
|
Nine months ended July 31
|
|
|
|
2014
|
|
|
|
2013
|
(1)
|
|
% Change
|
|
|
2014
|
|
|
|
2013
|
(1)
|
% Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues
|
$
|
1,460
|
|
|
$
|
1,285
|
|
|
14
|
|
$
|
4,100
|
|
|
$
|
3,900
|
|
5
|
|
Net income
|
|
441
|
|
|
|
402
|
|
|
10
|
|
|
1,208
|
|
|
|
1,192
|
|
1
|
|
Net income attributable to the Bank's shareholders
|
|
423
|
|
|
|
387
|
|
|
9
|
|
|
1,157
|
|
|
|
1,145
|
|
1
|
|
Return on common shareholders' equity
|
|
20.1
|
%
|
|
|
21.0
|
%
|
|
|
|
|
19.1
|
%
|
|
|
21.7
|
%
|
|
|
Earnings per share(2) (dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
1.26
|
|
|
$
|
1.16
|
|
|
9
|
|
$
|
3.44
|
|
|
$
|
3.43
|
|
−
|
|
|
Diluted
|
|
1.24
|
|
|
|
1.16
|
|
|
7
|
|
|
3.41
|
|
|
|
3.41
|
|
−
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXCLUDING SPECIFIED ITEMS(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues
|
$
|
1,427
|
|
|
$
|
1,291
|
|
|
11
|
|
$
|
4,036
|
|
|
$
|
3,761
|
|
7
|
|
Net income
|
|
427
|
|
|
|
374
|
|
|
14
|
|
|
1,186
|
|
|
|
1,070
|
|
11
|
|
Net income attributable to the Bank's shareholders
|
|
409
|
|
|
|
359
|
|
|
14
|
|
|
1,135
|
|
|
|
1,023
|
|
11
|
|
Return on common shareholders' equity
|
|
19.4
|
%
|
|
|
19.5
|
%
|
|
|
|
|
18.8
|
%
|
|
|
19.4
|
%
|
|
|
Efficiency ratio(4)
|
|
58.4
|
%
|
|
|
59.3
|
%
|
|
|
|
|
58.6
|
%
|
|
|
60.0
|
%
|
|
|
Earnings per share(2) (dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
1.22
|
|
|
$
|
1.07
|
|
|
14
|
|
$
|
3.38
|
|
|
$
|
3.06
|
|
10
|
|
|
Diluted
|
|
1.20
|
|
|
|
1.07
|
|
|
12
|
|
|
3.34
|
|
|
|
3.04
|
|
10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per common share(2) (dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared
|
$
|
0.48
|
|
|
$
|
0.44
|
|
|
|
|
$
|
1.40
|
|
|
$
|
1.26
|
|
|
|
Book value
|
|
|
|
|
|
|
|
|
|
|
|
25.18
|
|
|
|
22.60
|
|
|
|
Share price
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High
|
|
49.15
|
|
|
|
39.68
|
|
|
|
|
|
49.15
|
|
|
|
40.02
|
|
|
|
|
Low
|
|
45.19
|
|
|
|
36.33
|
|
|
|
|
|
41.60
|
|
|
|
36.18
|
|
|
|
|
Close
|
|
48.80
|
|
|
|
39.51
|
|
|
|
|
|
48.80
|
|
|
|
39.51
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at
July 31,
2014
|
|
|
|
As at
October 31,
2013
|
(1)
|
% Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial position
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
|
|
|
|
|
|
|
|
$
|
198,822
|
|
|
$
|
188,219
|
|
6
|
|
Loans and acceptances
|
|
|
|
|
|
|
|
|
|
|
|
103,399
|
|
|
|
97,338
|
|
6
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
|
|
114,944
|
|
|
|
102,111
|
|
13
|
|
Equity attributable to common shareholders
|
|
|
|
|
|
|
|
|
|
|
|
8,272
|
|
|
|
7,487
|
|
10
|
|
Capital ratios under Basel III(5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Equity Tier 1 (CET1)
|
|
|
|
|
|
|
|
|
|
|
|
9.1
|
%
|
|
|
8.7
|
%
|
|
|
|
Tier 1
|
|
|
|
|
|
|
|
|
|
|
|
12.0
|
%
|
|
|
11.4
|
%
|
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
14.8
|
%
|
|
|
15.0
|
%
|
|
|
Impaired loans, net of total allowances
|
|
|
|
|
|
|
|
|
(182)
|
|
|
|
(183)
|
|
|
|
|
As a % of average loans and acceptances
|
|
|
|
|
|
|
|
|
|
|
|
(0.2)
|
%
|
|
|
(0.2)
|
%
|
|
|
Assets under administration and under management
|
|
|
|
|
|
|
|
|
|
|
|
337,379
|
|
|
|
258,010
|
|
31
|
|
Total personal savings
|
|
|
|
|
|
|
|
|
|
|
|
171,489
|
|
|
|
157,515
|
|
9
|
|
Earnings coverage
|
|
|
|
|
|
|
|
|
|
|
|
9.73
|
|
|
|
8.72
|
|
|
|
Asset coverage
|
|
|
|
|
|
|
|
|
|
|
|
4.92
|
|
|
|
3.76
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of employees
|
|
|
|
|
|
|
|
|
|
|
|
20,014
|
|
|
|
19,691
|
|
2
|
|
Number of branches in Canada
|
|
|
|
|
|
|
|
|
|
|
|
452
|
|
|
|
453
|
|
−
|
|
Number of banking machines
|
|
|
|
|
|
|
|
|
|
|
|
939
|
|
|
|
937
|
|
−
|
|
(1)
|
Certain amounts have been adjusted to reflect changes in accounting
standards. See Note 2 to the unaudited interim condensed consolidated
financial statements in the Report to Shareholders for the third
quarter and nine-month period ended July 31, 2014.
|
|
(2)
|
Reflecting the stock dividend paid on February 13, 2014. See Note 13 to
the unaudited interim condensed consolidated financial statements in
the Report to Shareholders for the third quarter and nine-month period
ended July 31, 2014.
|
|
(3)
|
See the Financial Reporting Method section on page 4.
|
|
(4)
|
The efficiency ratio is presented on a taxable equivalent basis. For
additional information, see Note 22 to the unaudited interim condensed
consolidated financial statements in the Report to Shareholders for the
third quarter and nine-month period ended July 31, 2014.
|
|
(5)
|
The ratios have been calculated using the "all-in" methodology, and the
October 31, 2013 ratios have not been adjusted to reflect changes in
accounting standards.
|
|
FINANCIAL REPORTING METHOD
|
|
(millions of Canadian dollars, except per share amounts)
|
|
|
|
When assessing its results, the Bank uses certain measures that do not
comply with IFRS, as issued by the IASB and set out in the CPA Canada
Handbook. Securities regulators require companies to caution readers
that net income and other measures adjusted using non-IFRS criteria are
not standard under IFRS and cannot be easily compared with similar
measures used by other companies.
|
Financial Information
|
|
|
|
Quarter ended July 31
|
|
|
Nine months ended July 31
|
|
|
|
|
2014
|
|
|
|
2013
|
(1)
|
|
% Change
|
|
|
2014
|
|
|
|
2013
|
(1)
|
|
% Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excluding specified items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personal and Commercial
|
|
|
190
|
|
|
|
179
|
|
|
6
|
|
|
520
|
|
|
|
495
|
|
|
5
|
|
|
Wealth Management
|
|
|
75
|
|
|
|
55
|
|
|
36
|
|
|
228
|
|
|
|
163
|
|
|
40
|
|
|
Financial Markets
|
|
|
187
|
|
|
|
155
|
|
|
21
|
|
|
459
|
|
|
|
409
|
|
|
12
|
|
|
Other
|
|
|
(25)
|
|
|
|
(15)
|
|
|
|
|
|
(21)
|
|
|
|
3
|
|
|
|
|
Net income excluding specified items
|
|
|
427
|
|
|
|
374
|
|
|
14
|
|
|
1,186
|
|
|
|
1,070
|
|
|
11
|
|
|
Items related to holding restructured notes(2)
|
|
|
30
|
|
|
|
(3)
|
|
|
|
|
|
57
|
|
|
|
106
|
|
|
|
|
|
Acquisition-related items(3)
|
|
|
(16)
|
|
|
|
(6)
|
|
|
|
|
|
(35)
|
|
|
|
(18)
|
|
|
|
|
|
Reversal of provisions for income tax contingencies(4)
|
|
|
−
|
|
|
|
37
|
|
|
|
|
|
−
|
|
|
|
37
|
|
|
|
|
|
Impairment losses on intangible assets(5)
|
|
|
−
|
|
|
|
−
|
|
|
|
|
|
−
|
|
|
|
(29)
|
|
|
|
|
|
Item related to employee benefits(6)
|
|
|
−
|
|
|
|
−
|
|
|
|
|
|
−
|
|
|
|
26
|
|
|
|
|
Net income
|
|
|
441
|
|
|
|
402
|
|
|
10
|
|
|
1,208
|
|
|
|
1,192
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share excluding specified items(7)
|
|
$
|
1.20
|
|
|
$
|
1.07
|
|
|
12
|
|
$
|
3.34
|
|
|
$
|
3.04
|
|
|
10
|
|
|
Items related to holding restructured notes(2)
|
|
|
0.09
|
|
|
|
(0.01)
|
|
|
|
|
|
0.17
|
|
|
|
0.33
|
|
|
|
|
|
Acquisition-related items(3)
|
|
|
(0.05)
|
|
|
|
(0.01)
|
|
|
|
|
|
(0.10)
|
|
|
|
(0.06)
|
|
|
|
|
|
Reversal of provisions for income tax contingencies(4)
|
|
|
−
|
|
|
|
0.11
|
|
|
|
|
|
−
|
|
|
|
0.11
|
|
|
|
|
|
Impairment losses on intangible assets(5)
|
|
|
−
|
|
|
|
−
|
|
|
|
|
|
−
|
|
|
|
(0.09)
|
|
|
|
|
|
Item related to employee benefits(6)
|
|
|
−
|
|
|
|
−
|
|
|
|
|
|
−
|
|
|
|
0.08
|
|
|
|
|
Diluted earnings per share(7)
|
|
$
|
1.24
|
|
|
$
|
1.16
|
|
|
7
|
|
$
|
3.41
|
|
|
$
|
3.41
|
|
|
−
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on common shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Including specified items
|
|
|
20.1
|
%
|
|
|
21.0
|
%
|
|
|
|
|
19.1
|
%
|
|
|
21.7
|
%
|
|
|
|
|
Excluding specified items
|
|
|
19.4
|
%
|
|
|
19.5
|
%
|
|
|
|
|
18.8
|
%
|
|
|
19.4
|
%
|
|
|
|
(1)
|
Certain amounts have been adjusted to reflect accounting changes. See
Note 2 to the unaudited interim condensed consolidated financial
statements in the Report to Shareholders for the third quarter and
nine-month period ended July 31, 2014.
|
|
(2)
|
During the quarter ended July 31, 2014, the Bank recorded $5 million in
financing costs ($4 million net of income taxes) related to holding
restructured notes (2013: $4 million, $3 million net of income taxes).
In addition, during the quarter ended July 31, 2014, the Bank recorded
$47 million in revenues ($34 million net of income taxes) to reflect a
rise in the fair value of those notes (2013: nil). During the nine
months ended July 31, 2014, the Bank recorded $14 million in financing
costs ($10 million net of income taxes) related to holding restructured
notes (2013: $6 million, $5 million net of income taxes) and
$92 million in revenues ($67 million net of income taxes) to reflect a
rise in the fair value of those notes (2013: $151 million, $111 million
net of income taxes).
|
|
(3)
|
During the quarter ended July 31, 2014, the Bank recorded $22 million in
charges ($16 million net of income taxes) related to the Wealth
Management acquisitions (2013: $8 million, $6 million net of income
taxes) and consisting mostly of retention bonuses and TD Waterhouse
integration charges; these charges also include the Bank's share in the
integration costs incurred by Fiera and its share in the integration
costs, impairment losses and intangible asset amortization related to
the Bank's interest in TMX. For the nine months ended July 31, 2014,
these charges stood at $46 million ($35 million net of income taxes)
and, for the same period in 2013, they stood at $25 million
($18 million net of income taxes).
|
|
(4)
|
During the quarter ended July 31, 2013, $37 million in income tax
provisions had been reversed following a revaluation of contingent
income tax liabilities.
|
|
(5)
|
During the nine months ended July 31, 2013, the Bank had recorded
$39 million ($29 million net of income taxes) in intangible asset
impairment losses on technology developments.
|
|
(6)
|
During the nine months ended July 31, 2013, the Bank had recorded a
$35 million decrease in past service costs ($26 million net of income
taxes) to reflect changes to the provisions of its pension plans and
other post-retirement plans subsequent to changes in accounting
standards.
|
|
(7)
|
Reflecting the stock dividend paid on February 13, 2014. See Note 13 to
the unaudited interim condensed consolidated financial statements in
the Report to Shareholders for the third quarter and nine-month period
ended July 31, 2014.
|
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
From time to time, the Bank makes written and oral forward-looking
statements, such as those contained in the "Major Economic Trends" and
the "Outlook for National Bank" sections of the 2013 Annual Report, in
other filings with Canadian securities regulators, and in other
communications, for the purpose of describing the economic environment
in which the Bank will operate during fiscal 2014 and the objectives it
has set for itself for that period. These forward-looking statements
are made in accordance with current securities legislation. They
include, among others, statements with respect to the
economy—particularly the Canadian and U.S. economies—market changes,
observations regarding the Bank's objectives and its strategies for
achieving them, Bank-projected financial returns and certain risks
faced by the Bank. These forward-looking statements are typically
identified by future or conditional verbs or words such as "outlook,"
"believe," "anticipate," "estimate," "project," "expect," "intend,"
"plan," and similar terms and expressions.
By their very nature, such forward-looking statements require
assumptions to be made and involve inherent risks and uncertainties,
both general and specific. Assumptions about the performance of the
Canadian and U.S. economies in 2014 and how that will affect the Bank's
business are among the main factors considered in setting the Bank's
strategic priorities and objectives and in determining its financial
targets, including provisions for credit losses. In determining its
expectations for economic growth, both broadly and in the financial
services sector in particular, the Bank primarily considers historical
economic data provided by the Canadian and U.S. governments and their
agencies.
There is a strong possibility that express or implied projections
contained in these forward-looking statements will not materialize or
will not be accurate. The Bank recommends that readers not place undue
reliance on these statements, as a number of factors, many of which are
beyond the Bank's control, could cause actual future results,
conditions, actions or events to differ significantly from the targets,
expectations, estimates or intentions expressed in the forward-looking
statements. These factors include strategic risk, credit risk, market
risk, liquidity risk, operational risk, regulatory risk, reputation
risk, and environmental risk, which are described in more detail in the
"Risk Management" section beginning on page 60 of the 2013 Annual
Report, and in particular the general economic environment and
financial market conditions in Canada, the United States and certain
other countries in which the Bank conducts business, including the
regulatory changes affecting the Bank's business, capital and
liquidity; the situation with respect to the restructured notes of the
master asset vehicle (MAV) conduits, in particular the realizable value
of underlying assets; changes in the accounting policies the Bank uses
to report its financial condition, including uncertainties associated
with assumptions and critical accounting estimates; tax laws in the
countries in which the Bank operates, primarily Canada and the United
States (including the new reporting regime set out in sections 1471 to
1474 of the U.S. Internal Revenue Code of 1986 (FATCA)); and changes to capital adequacy and liquidity guidelines and
to the manner in which they are to be presented and interpreted.
The foregoing list of risk factors is not exhaustive. Additional
information about these factors can be found in the "Risk Management"
and "Other Risk Factors" sections of the 2013 Annual Report. 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 also cautions readers not to place undue reliance on
these forward-looking statements.
The forward-looking information contained in this document is presented
for the purpose of interpreting the information contained herein and
may not be appropriate for other purposes.
DISCLOSURE OF THIRD QUARTER 2014 RESULTS
Conference Call
-
A conference call for analysts and institutional investors will be held
on Wednesday, August 27, 2014 at 1:00 p.m. EDT.
-
Access by telephone in listen-only mode: 1-866-862-3930 or
416-695-7806. The access code is 3390539#.
-
A recording of the conference call can be heard until September 6, 2014
by dialing 1-800-408-3053 or 905-694-9451. The access code is 5955220#.
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 Disclosure, and a slide presentation
will be available on the Investor Relations page of National Bank's
website shortly before the start of the conference call.
SOURCE National Bank of Canada
