Market Snapshot
  • U.S.
  • Europe
  • Asia
Ticker Volume Price Price Delta
DJIA 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 2.54 0.14%
NASDAQ 4,095.52 9.29 0.23%
Ticker Volume Price Price Delta
STOXX 50 3,155.81 16.55 0.53%
FTSE 100 6,625.25 41.08 0.62%
DAX 9,409.71 91.89 0.99%
Ticker Volume Price Price Delta
NIKKEI 14,516.27 98.74 0.68%
TOPIX 1,173.37 6.78 0.58%
HANG SENG 22,760.24 64.23 0.28%

National Bank releases its fourth quarter and 2013 results


-- At 92 cents per share, quarterly dividend up 6%


    --  Two-for-one common stock split

This press release presents unaudited financial information that is based on 
the Bank's unaudited interim consolidated financial statements and on its 
audited annual consolidated financial statements, both of which have been 
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. It is to be read in conjunction with the 
Bank's 2013 Annual Report (which includes the audited annual consolidated 
financial statements and accompanying management's discussion and analysis) 
available on the Bank's website at nbc.ca. Additional information about 
National Bank of Canada, including the Annual Information Form, can be 
obtained from the SEDAR website at sedar.com or on the Bank's website at 
nbc.ca.

MONTREAL, Dec. 4, 2013 /CNW Telbec/ - For the fourth quarter of 2013, National 
Bank posted $337 million in net income versus $351 million in the fourth 
quarter of 2012. Diluted earnings per share for the quarter ended October 31, 
2013 stood at $1.89 compared to $1.97 in the same quarter of 2012.

Excluding the specified items described on page 2, the fourth-quarter net 
income totalled $370 million, up 8% from $343 million in the same quarter of 
2012, and the quarter's diluted earnings per share stood at $2.09, up 8% from 
$1.93 in the fourth quarter of 2012.

For 2013, the Bank's net income totalled $1,554 million versus 
$1,634 million in 2012, and diluted earnings per share stood at $8.80 
compared to $9.32 in 2012. Excluding the specified items described on page 2, 
net income for 2013 was a record $1,491 million, up 7% from $1,396 million 
in 2012, and diluted earnings per share was a record $8.41, up 7% from $7.86 
in 2012.

"Our efforts to further enhance customer service while maintaining sound cost, 
risk and capital management continued to deliver positive results in the 
fourth quarter of 2013 and the year as a whole. All three of our business 
segments turned in strong performances. We remain optimistic for 2014 with 
Canadian growth expected to accelerate from 1.6% in 2013 to 2.2% next year. 
Quebec is expected to be a main contributor to this improvement.  Real GDP 
growth for the province should pick up from around 1% in 2013 to 2% in 2014 
with a much better performance from business investment and exports," said 
President and Chief Executive Officer, Louis Vachon.

Highlights:
    --  $337 million in net income for the fourth quarter of 2013
        versus $351 million in the same quarter of 2012;
    --  Diluted earnings per share of $1.89 for the fourth quarter of
        2013 versus $1.97 in the same quarter of 2012;
    --  $1,554 million in net income for 2013 versus $1,634 million in
        2012;
    --  Diluted earnings per share of $8.80 for 2013 versus diluted
        earnings per share of $9.32 in 2012;
    --  Common Equity Tier 1 (CET1) capital ratio under Basel III of
        8.7% as at October 31, 2013 versus a pro forma CET1 ratio under
        Basel III of 7.3% as at October 31, 2012.

Highlights Excluding Specified Items((1)):
    --  $370 million in net income for the fourth quarter of 2013, up
        8% from $343 million in the same quarter of 2012;
    --  Diluted earnings per share of $2.09 for the fourth quarter of
        2013, up 8% from $1.93 in the same quarter of 2012;
    --  Record net income of $1,491 million for 2013, up 7% from
        $1,396 million last year;
    --  Record diluted earnings per share of $8.41 for 2013, up 7% from
        diluted earnings per share of $7.86 in 2012.

Financial Indicators
                               Results                   Results
                             excluding                 excluding
                   Results   specified       Results   specified
                   Q4 2013       items ((1))    2013       items ((1))
                                                                      

Growth in diluted          %
earnings per share     (4)           8     %     (6) %         7     %

Return on common           %
shareholders'
equity                16.6        18.4     %    20.6 %      19.7     %

Dividend payout            %
ratio                   38          40     %      38 %        40     %

CET1 capital ratio         %
under Basel III        8.7                       8.7 %                

(1) See the Financial Reporting Method section on page 2.
    FINANCIAL REPORTING METHOD

(unaudited) (millions of Canadian dollars, except per share amounts)

When assessing its results, the Bank uses certain measures that do not comply with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (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                            Year ended
                      October 31,   October 31,              October 31,   October 31,
                                                         %                                      %
                             2013          2012     Change          2013          2012     Change
                                                                                                 

Excluding specified    
items                                                                                            

  Personal and                                                                                  4
  Commercial                  177           165          7           713           686    

  Wealth Management            64            49         31           236           188         26

  Financial Markets           125           113         11           541           461         17

  Other                         4            16                        1            61           

Net income excluding   
specified items               370           343          8         1,491         1,396          7

  Items related to                                                                               
  holding
  restructured notes(
  (1))                        (2)            81                      104           113    

  Reversal of                                                                                    
  provisions for
  income tax
  contingencies((2))      −       −                       37            29    

  Impairment of                                                                                  
  intangible assets(
  (3))                    −          (13)                     (29)          (13)    

  Acquisition-related                                                                            
  items((4))                  (9)          (10)                     (23)          (27)    

  Items related to                                                                               
  the Natcan
  transaction((5))            (1)             1                      (5)           198    

  Severance pay((6))          (9)          (48)                      (9)          (59)           

  Vacant premises and                                                                            
  lease terminations(
  (7))                       (12)           (3)                     (12)           (3)    

Net income                    337           351        (4)         1,554         1,634        (5)
                                                                                                 

Diluted earnings per
share excluding
specified items       $      2.09   $      1.93          8   $      8.41   $      7.86          7

  Items related to                                                                               
  holding
  restructured notes(
  (1))                     (0.01)          0.50                     0.65          0.70    

  Reversal of
  provisions for
  income tax
  contingencies((2))      −       −                     0.23          0.18           

  Impairment of                                                                                  
  intangible assets(
  (3))                    −        (0.09)                   (0.18)        (0.09)    

  Acquisition-related                                                                            
  items((4))               (0.06)        (0.07)                   (0.15)        (0.17)    

  Items related to                                                                               
  the Natcan
  transaction((5))         (0.01)          0.01                   (0.04)         1.22     

  Severance pay((6))       (0.05)        (0.29)                   (0.05)        (0.36)           

  Vacant premises and                                                                            
  lease terminations(
  (7))                     (0.07)        (0.02)                   (0.07)        (0.02)    

Diluted earnings per
share                 $      1.89   $      1.97        (4)   $      8.80   $      9.32        (6)
                                                                                                 

Return on common       
shareholders' equity                                                                             

  Including specified                                                                            
  items                      16.6 %        19.8 %                   20.6 %        24.5 %  

  Excluding specified                                                                            
  items                      18.4 %        19.2 %                   19.7 %        20.7 %  

(1) During the quarter ended October 31, 2013,
    $3 million in financing costs ($2 million net of
    income taxes) was recorded related to holding
    restructured notes (2012: a $111 million gain
    ($81 million net of income taxes) resulting from a
    rise in the fair value of restructured notes).
    During the year ended October 31, 2013, the Bank
    recorded $142 million in revenues ($104 million net
    of income taxes) related to holding restructured
    notes and arising mainly from an increase in fair
    value (2012: $155 million, $113 million net of
    income taxes).

(2) During the year ended October 31, 2013, $37 million
    in income tax provisions was reversed (2012:
    $29 million) following a revaluation of contingent
    income tax liabilities.

(3) During the year ended October 31, 2013, the Bank
    recognized $39 million in impairment losses
    ($29 million net of income taxes) on technological
    developments (2012: $18 million, $13 million net of
    income taxes).

(4) The acquisition-related items consisted of (i)
    $8 million in charges ($6 million net of income
    taxes) for the fourth quarter of 2013 (2012:
    $14 million, $10 million net of income taxes) and of
    $27 million in charges ($19 million net of income
    taxes) for 2013 (2012: $38 million, $27 million net
    of income taxes) consisting mainly of retention
    bonuses related to the Wealth Management
    acquisitions and (ii) the Bank's $5 million share
    ($3 million net of income taxes) in integration
    charges and intangible asset amortization related to
    its interest in TMX for the fourth quarter of 2013
    and of $6 million ($4 million net of income taxes)
    for 2013.

(5) With respect to its share in the integration costs
    incurred by Fiera, the Bank recorded an amount of
    $1 million ($1 million net of income taxes) for the
    fourth quarter of 2013 and an amount of $6 million
    ($5 million net of income taxes) for 2013. During
    the quarter ended October 31, 2012, the Bank had
    recorded recoveries of charges related to the Natcan
    transaction as well as an amount of $1 million
    ($1 million net of income taxes) for its share in
    the integration costs incurred by Fiera. During the
    year ended October 31, 2012, a $246 million gain
    ($212 million net of income taxes) had been recorded
    following the sale of Natcan's operations. This gain
    had consisted of a $275 million sale price, from
    which $29 million in goodwill, intangible assets and
    direct charges was deducted. A total of $16 million
    ($11 million net of income taxes) in other charges
    related to this transaction had been recorded.
    Lastly, the Bank had also recorded $3 million
    ($3 million net of income taxes) for its share of
    the integration costs incurred by Fiera.

(6) During the quarter ended October 31, 2013, the Bank
    recorded $12 million ($9 million net of income
    taxes) in severance pay related to the streamlining
    of certain activities (2012: $65 million,
    $48 million net of income taxes following an
    optimization of certain organizational structures).
    During the year ended October 31, 2012, the Bank had
    recognized $80 million ($59 million net of income
    taxes) in severance pay related to the optimization
    of certain organizational structures.

(7) During the quarter ended October 31, 2013, the Bank
    recorded an amount of $16 million for vacant
    premises ($12 million net of income taxes) (2012:
    $4 million, $3 million net of income taxes) after
    the leases were terminated.
    HIGHLIGHTS

(unaudited) (millions of Canadian dollars)
                                 Quarter ended                               Year ended
               October 31,     October 31,              October 31,     October 31,    
                                                    %                                         %
                      2013            2012     Change          2013            2012      Change
                                                                                               

Operating                                                                            
results                                                                                        

Total revenues $     1,254     $     1,350        (7)   $     5,163     $     5,313         (3)

Net income             337             351        (4)         1,554           1,634         (5)

Net income                                        (5)                                
attributable
to the Bank's
shareholders           318             333                    1,479           1,561         (5)

Return on                                                                           %
common
shareholders'
equity                16.6 %          19.8 %                   20.6 %          24.5            

Earnings per                                                                         
share
(dollars)                                                                                      

  Basic        $      1.91     $      1.99        (4)   $      8.87     $      9.40         (6)

  Diluted             1.89            1.97        (4)          8.80            9.32         (6)
                                                                                               

EXCLUDING                                                                            
SPECIFIED
ITEMS((1))                                                                                     

Operating                                                                            
results                                                                                        

Total revenues $     1,263     $     1,240          2   $     5,033     $     4,915           2

Net income             370             343          8         1,491           1,396           7

Net income                                          8                                
attributable
to the Bank's
shareholders           351             325                    1,416           1,323           7

Return on                                                                           %
common
shareholders'
equity                18.4 %          19.2 %                   19.7 %          20.7            

Earnings per                                                                         
share
(dollars)                                                                                      

  Basic        $      2.11     $      1.94          9   $      8.48     $      7.93           7

  Diluted             2.09            1.93          8          8.41            7.86           7
                                                                                               

Per common                                                                           
share
(dollars)                                                                                      

Dividends                      $                        $               $            
declared       $      0.87            0.79                     3.40            3.08            

Book value                                                    45.81           40.04            

Stock trading                                                                        
range                                                                                          

  High               90.48           77.51                    90.48           81.27            

  Low                77.72           73.89                    72.35           63.27            

  Close              90.48           77.18                    90.48           77.18            
                                                                                               
                                                              As at           As at    
                                                        October 31,     October 31,
                                                                                              %
                                                               2013            2012      Change
                                                                                               

Financial                                                                            
position                                                                                       

Total assets                                            $   188,204     $   177,903           6

Loans and                                                                            
acceptances                                                  97,338          90,922           7

Deposits                                                    101,886          93,249           9

Subordinated                                                                         
debt and
equity                                                       11,587          10,710           8

Capital ratios                                                                       
under Basel
III( (2))                                                                                      

  Common                                                                        7.3    
  Equity Tier
  1 (CET1)                                                      8.7 %               %          

  Tier 1                                                       11.4 %          10.1 %          

  Total                                                        15.0 %          14.1 %          

Impaired                                                                             
loans, net of
total
allowances                                                    (183)           (190)            

  As a % of                                                                   (0.2)    
  loans and
  acceptances                                                 (0.2) %               %          

Assets under                                                                         
administration
and under
management                                                  258,010         232,027            

Total personal                                                                       
savings                                                     157,515         146,683            

Interest                                                                             
coverage                                                      11.47           12.23            

Asset coverage                                                 3.84            3.45            
                                                                                               

Other                                                                                
information                                                                                    

Number of                                                                            
employees                                                    19,691          19,920         (1)

Number of                                                                            
branches in
Canada                                                          453             451     −

Number of                                                                            
banking
machines                                                        937             923           2

(1) See the Financial Reporting Method section on page 2.

(2) The ratios are calculated using the "all-in" methodology and the
    October 31, 2012 ratios are presented on a pro forma basis.
    Analysis of Results

Total Revenues 
For the fourth quarter of 2013, the Bank's total revenues amounted to 
$1,254 million, a $96 million year-over-year decrease that came particularly 
from a rise in the value of restructured notes that had been recorded in the 
fourth quarter of 2012. Excluding specified items, fourth-quarter total 
revenues amounted to $1,263 million, rising 2% or $23 million year over 
year. The revenue growth experienced in each of the business segments was 
tempered by the fact that, in the fourth quarter of 2012, a gain had been 
recorded on the sale of investments as part of the TMX transaction.

For 2013, total revenues amounted to $5,163 million versus $5,313 million in 
2012, down 3% as a $246 million gain on the sale of Natcan's operations had 
been realized in 2012. This decrease was partly offset by higher amounts of 
net interest income, credit fees, trading activity revenues, trust service 
revenues, and mutual fund revenues.

Non-Interest Expenses
For the fourth quarter of 2013, non-interest expenses stood at $808 million, 
a $61 million year-over-year decrease that was mainly due to the fact that, 
in the fourth quarter of 2012, the severance pay and intangible asset 
impairment that had been recognized were higher than the severance pay and 
vacant premises provision recorded in the fourth quarter of 2013. Excluding 
all specified items that affect non-interest expense, non-interest expenses 
for the quarter stood at $772 million, relatively stable year over year owing 
to cost control initiatives.

For 2013, non-interest expenses stood at $3,165 million compared to 
$3,173 million last year, an $8 million decrease that was particularly 
attributable to higher severance pay last year and to acquisition-related 
costs recorded in 2012. Excluding specified items, non-interest expenses rose 
2% year over year and the efficiency ratio improved from 59.3% in 2012 to 
58.6% this year.

Provisions for Credit Losses 
For the fourth quarter of 2013, the Bank recorded $48 million in provisions 
for credit losses, $2 million more than in the same quarter of 2012, mainly 
because of losses on personal loans.

For 2013, the Bank recorded $181 million in provisions for credit losses, 
essentially unchanged from $180 million in 2012. The higher provisions taken 
for losses on personal and commercial loans were partly offset by recoveries 
of corporate loan losses.

As at October 31, 2013, gross impaired loans stood at $395 million, up 
$8 million since October 31, 2012 mainly as a result of loans in the 
Personal and Commercial segment offset by a reduction in Financial Markets. 
Impaired loans represented 6.5% of the tangible capital adjusted for 
allowances as at October 31, 2013, an improvement from 7.5% as at 
October 31, 2012. As at October 31, 2013, the allowances for credit losses 
exceeded gross impaired loans by $183 million compared to $190 million as at 
October 31, 2012.

Income Taxes 
For the fourth quarter of 2013, income taxes stood at $61 million compared to 
$84 million in the same quarter of 2012. The tax rate was 15% for this fourth 
quarter compared to 19% in the fourth quarter of 2012.

For 2013 and 2012, the effective income tax rates were 14% and 17%, 
respectively. Excluding specified items, the 2013 and 2012 effective income 
tax rates were 16% and 19%, respectively.

Results by Segment

The Bank's segment reporting is consistent with that adopted for the fiscal 
year beginning November 1, 2012, with the following changes having been made 
to better reflect how management monitors performance. The distribution of 
banking products through independent networks has been reclassified from the 
Personal and Commercial segment to the Wealth Management segment. Banking 
activities with energy sector companies have been transferred from the 
Financial Markets segment to the Personal and Commercial segment. These 
changes had no impact on the Bank's consolidated results.

Personal and Commercial  
In the Personal and Commercial segment, fourth-quarter net income totalled 
$177 million, up 15% from $154 million in the fourth quarter of 2012. 
Excluding specified items, the fourth-quarter net income was up 7% year over 
year. Fourth-quarter total revenues increased by $24 million year over year 
owing to higher net interest income, which rose $15 million, and to a 
$9 million increase in non-interest income. The higher net interest income 
came mainly from growth in personal loan volume, tempered by a narrowing of 
the net interest margin, which was 2.26% in the fourth quarter of 2013 
compared to 2.34% in the same quarter of 2012, mainly due to a decline in loan 
spreads. However, the net interest margin has remained stable when compared to 
the third quarter of 2013.

Personal Banking's total revenues rose $20 million, mainly due to higher loan 
volumes, specifically consumer loans and mortgage loans, tempered somewhat by 
a narrowing net interest margin. Commercial Banking's total revenues were up 
$4 million, mainly due to growth in net interest income.

For the fourth quarter of 2013, the Personal and Commercial segment's 
non-interest expenses were down $11 million or 3% year over year as severance 
pay had been recorded in the same quarter of 2012. At 56%, the efficiency 
ratio for the fourth quarter of 2013 improved by 1% when compared to the same 
quarter last year excluding specified items. Provisions for credit losses were 
increased by $5 million due to growth in loan volumes.

For 2013, the segment posted net income of $713 million, up $38 million or 
6% from $675 million in 2012. Excluding specified items, the 2013 net income 
grew 4% year over year. Total revenues for 2013 grew 3% year over year, with 
Personal Banking's revenues rising mainly on higher consumer and mortgage loan 
volumes and Commercial Banking's revenues rising 2% mainly as a result of 
financing activity revenues. The segment's 2013 provisions for credit losses 
were $18 million higher than they were in 2012. Excluding specified items, 
the 2013 efficiency ratio was 55%, improving by 1% when compared to 2012.

Wealth Management 
In the Wealth Management segment, fourth-quarter net income totalled 
$57 million compared to $34 million in the same quarter last year. Excluding 
specified items, the segment's fourth-quarter net income totalled 
$64 million, up 31% from $49 million in the same quarter of 2012. The 
segment's total revenues grew 5%, mainly due to an increase in fee-based 
revenues resulting from growth in assets under administration and under 
management.

Excluding specified items, all of which were related to the segment's 
acquisitions, fourth-quarter non-interest expenses stood at $202 million 
versus $206 million in the same quarter of 2012, a decrease that owes 
essentially to stringent cost control.

Excluding specified items, essentially a $246 million pre-tax gain on the 
sale of Natcan's operations recorded in the second quarter of 2012, Wealth 
Management posted net income of $236 million in 2013 compared to 
$188 million in 2012. Driving this net income growth were favourable 
synergies generated by the segment's recent transactions as well as growth in 
assets under administration and under management.

Financial Markets 
In the Financial Markets segment, net income totalled $125 million for the 
fourth quarter of 2013, up $29 million from $96 million in the same quarter 
of 2012. On a taxable equivalent basis, the segment's fourth-quarter total 
revenues amounted to $331 million compared to $322 million in the fourth 
quarter of 2012. Year over year, fourth-quarter trading activity revenues 
remained stable, banking service revenues rose 17%, particularly due to 
greater financing needs among clients, and other income was up $6 million, 
mainly due to sustained revenue growth at the Credigy Ltd. subsidiary. 
Revenues from financial market fees were down given a slowdown in new capital 
issuances on the markets.

At $163 million, the segment's fourth-quarter non-interest expenses were down 
$27 million year over year, particularly because severance pay had been 
recorded in the fourth quarter of 2012 following an optimization of the 
segment's organizational structure. For the fourth quarter of 2013, the 
segment posted $2 million in recoveries of credit losses, whereas in the 
fourth quarter of 2012, the credit loss provisions were nil.

For 2013, the segment's net income totalled $541 million, up $108 million 
from 2012. Excluding specified items, net income rose $80 million or 17% from 
2012. On a taxable equivalent basis, total revenues amounted to 
$1,379 million versus $1,303 million last year, a $76 million 
year-over-year increase owing mainly to a combined $125 million increase in 
trading activity revenues and banking service revenues offset by a 
$23 million decrease in gains on available-for-sale securities and another 
$23 million decrease in financial market fees. Other income was down, mainly 
because of a lower contribution from associate Maple Financial Group Inc., 
partly offset by higher revenues from the Credigy Ltd. subsidiary. 
Non-interest expenses stood at $657 million, down $50 million from 2012 for 
the same reasons mentioned above. As for provisions for credit losses, the 
segment recorded $14 million in recoveries of credit losses in 2013, whereas 
in 2012, the Bank had taken $3 million in provisions for credit losses.

Financial Markets Revenues
(taxable equivalent basis)((1))
(millions of Canadian dollars) 
                                                     Q4     Fiscal Year
                                            2013   2012    2013    2012
                                                                       

Trading activity revenues                                              

  Equity                                      78     61     288     246

  Fixed income                                49     68     237     212

  Commodity and foreign exchange              19     16      88      73
                                             146    145     613     531

Financial market fees                         60     72     257     280

Gains on available-for-sale securities, net    2    (3)      26      49

Banking services                              61     52     234     191

Other                                         62     56     249     252
                                             331    322   1,379   1,303

(1) For additional information, refer to the Segment Disclosures
    section on page 12.

Other For the Other heading of segment results, the fourth quarter of 2013 saw a $22 million net loss versus $67 million in net income in the fourth quarter of 2012. Excluding the specified items, the fourth-quarter posted net income of $4 million versus $16 million in the fourth quarter of 2012. The lower net income was mainly due to the fact that, in the fourth quarter of 2012, a gain on the sale of investments had been recorded as part of the TMX transaction.

For 2013, net income totalled $88 million versus $173 million in 2012. Excluding specified items, the $1 million in net income for 2013 compares to $61 million in net income for 2012. Aside from the items affecting the quarter, this decrease in net income was due to Treasury activities, which had experienced a record year in 2012.

Balance Sheet

As at October 31, 2013, the Bank had total assets of $188.2 billion compared to $177.9 billion as at October 31, 2012, an increase of $10.3 billion or 6%.

Liquidity Cash and deposits with financial institutions posted a slight $0.4 billion increase. Securities were down $1.2 billion from October 31, 2012, with the decline coming from securities at fair value through profit or loss and from available-for-sale securities. Securities purchased under reverse repurchase agreements and securities borrowed rose $5.9 billion since October 31, 2012, mainly due to greater business activity in the Financial Markets segment.

Loans and Acceptances As at October 31, 2013, loans and acceptances have increased since October 31, 2012 owing to growth across all credit business. The following table provides a breakdown of the main loan and acceptance portfolios.

Main Portfolios (millions of Canadian dollars) 


                                As at         As at
                          October 31,   October 31,
                                 2013          2012
                                                   

Loans and acceptances                              

Consumer loans                 26,064        24,635

Residential mortgages          36,573        33,538

Credit card receivables         1,925         1,894

Business and government        33,354        31,432
                               97,916        91,499

As at October 31, 2013, loans and acceptances totalled $97.9 billion, up $6.4 billion or 7% since October 31, 2012. Consumer loans were up 6%, due primarily to home equity lines of credit and indirect consumer loans. Rising 9%, residential mortgages were also up as at October 31, 2013. Loans and acceptances to business and government also increased, rising 6% since October 31, 2012 mainly because of corporate financing activities and loans to companies in the energy sector.

Deposit Liability As at October 31, 2013, the Bank's deposit liability stood at $101.9 billion, rising $8.7 billion or 9% from $93.2 billion as at October 31, 2012. The following table provides a breakdown of total personal savings.

Total Personal Savings (millions of Canadian dollars) 


                               As at         As at
                         October 31,   October 31,
                                2013          2012
                                                  

Balance sheet                                     

Deposits                     42,652        40,814 
                                                  

Off-balance-sheet                                 

Full-service brokerage       94,550        87,291 

Mutual funds                 16,633        15,027 

Other                         3,680         3,551 
                            114,863       105,869 

Total                       157,515       146,683 

At $42.7 billion as at October 31, 2013, personal deposits were up $1.9 billion since October 31, 2012 owing essentially to lower interest rates that favoured transactional deposit accounts and the CashPerformer account. Personal savings included in assets under administration and under management were up 8% since the start of the fiscal year. Driving this increase was synergy-related business growth resulting from the recent Wealth Management transactions as well as a rise in stock markets.

At $56.9 billion, business and government deposits rose $7.6 billion or 15% since October 31, 2012, as businesses increased liquidity levels. Deposits from deposit-taking institutions declined $0.7 billion or 23% since October 31, 2012. The growth in other financing activities since October 31, 2012 came mainly from obligations related to securities sold short, which rose $0.8 billion.

Equity As at October 31, 2013, the Bank's equity was $9.2 billion compared to $8.2 billion as at October 31, 2012. This increase was primarily due to an increase in retained earnings and to the exercise of stock options.

As at November 29, 2013, there were 162,931,289 common shares and 7,457,750 stock options outstanding.

Capital Management

The Bank's capital management policy sets out the principles and practices that the Bank incorporates into its capital management strategy and the basic criteria it adopts to ensure that it has sufficient capital at all times and is prudently managing such capital to satisfy any future capital requirements. For additional information on the capital management framework, see the Capital Management section of the 2013 Annual Report.

Canadian financial institutions must use a disclosure template for their "all-in" regulatory capital and must present a reconciliation of all regulatory capital elements back to the balance sheet. These two requirements are presented in Supplementary Financial Information for the Fourth Quarter Ended October 31, 2013, which is available on the Bank's website at nbc.ca. Furthermore, a complete list of capital instruments and their main features is now available on the Bank's website under Investor Relations > Capital & Debt Information > Regulatory Capital > Main Features of Regulatory Capital Instruments. Since the first quarter of 2013, Canadian financial institutions must meet the "all-in" ratios established by OSFI, i.e., a 7.0% Common Equity Tier 1 (CET1) ratio (including a 2.5% conservation buffer). Tier 1 capital and total capital requirements must be met by the beginning of 2014. The Bank is already in compliance with these ratios.

As at October 31, 2013, the Bank's CET1 capital ratio under Basel III, determined using the "all-in" methodology, was 8.7% versus a pro forma ratio under Basel III of 7.3% as at October 31, 2012. The higher CET1 capital ratio was essentially due to net income, net of dividends, to a delay in applying the new Credit Valuation Adjustment (CVA) charge, which had been included in the pro forma ratio the previous year, and to the common share issuance related primarily to exercised stock options. The Tier 1 capital ratio and the total capital ratio determined using the "all-in" methodology stood at 11.4% and 15.0%, respectively, as at October 31, 2013, compared to pro forma ratios of 10.1% and 14.1% last year. The increase was mainly due to the above-discussed factors. The risk-weighted assets (RWA), calculated under the Basel III rules, decreased and amounted to $61.3 billion as at October 31, 2013 compared to a pro forma Basel III RWA of $62.2 billion as at October 31, 2012. This decrease was primarily attributable to a delay in implementing the CVA charge. At 18.4 as at October 31, 2013, the assets-to-capital multiple slightly increased from 18.3 as at October 31, 2012.

Regulatory Capital and Capital Ratios Under Basel III ((1)()) (millions of Canadian dollars) 

As at October 31 2013 2012


                                                       

Common Equity Tier 1 Capital (CET1)    5,350    4,565  

Tier 1 capital                         7,002    6,302  

Total capital                          9,186    8,752  

Risk-weighted assets                  61,251   62,190  

Capital ratios                                         

  Common Equity Tier 1 (CET1)            8.7 %    7.3 %

  Tier 1                                11.4 %   10.1 %

  Total                                 15.0 %   14.1 %

(1) The 2013 figures are presented on an "all-in" basis and the 2012
    figures are presented on a pro forma basis.

Dividends On December 3, 2013, the Board of Directors declared regular dividends on the various series of first preferred shares and a dividend of 92 cents per common share, up 6%, payable on February 1, 2014 to shareholders of record on December 27, 2013.

Events After the Balance Sheet Date

Acquisition of TD Waterhouse Institutional Services On November 12, 2013, the Bank completed the acquisition, through a subsidiary, of Toronto-Dominion Bank's institutional services known as TD Waterhouse Institutional Services. At $250 million, the purchase price is subject to a price adjustment mechanism based on the assets retained over a one-year period. This acquisition marks another major step in the Bank's expansion of its wealth management platform across Canada.

The Bank has not finalized the initial accounting of the acquisition, as it has yet to complete the valuation of assets acquired and liabilities assumed, including intangible assets and goodwill. The assets and liabilities of TD Waterhouse Institutional Services are mainly comprised of amounts due from clients, dealers and brokers and amounts due to clients, dealers and brokers, respectively.

Repurchase of Subordinated Debt On November 15, 2013, the Bank repurchased, at their nominal value and for cancellation, $500 million in notes maturing in November 2018.

Redemption of Preferred Shares On December 3, 2013, the Board approved the redemption of all the issued and outstanding non-cumulative 5-year rate-reset Series 24 First Preferred Shares and redemption of all the issued and outstanding non-cumulative 5-year rate-reset Series 26 First Preferred Shares. These redemptions are subject to the approval of the Office of the Superintendent of Financial Institutions (Canada).

Stock Split On December 3, 2013, the Board declared a stock dividend of one common share on each of the issued and outstanding common shares, payable on February 13, 2014. The effect will be the same as a two-for-one split of common shares. All common share numbers and per-share calculations will be adjusted retrospectively to reflect the stock dividend.

CONSOLIDATED BALANCE SHEETS

(unaudited) (millions of Canadian dollars)

As at October 31 2013 2012

ASSETS

Cash and deposits with financial institutions 3,596 3,249


                                                                  

Securities                                                        

At fair value through profit or loss              44,000    44,524

Available-for-sale                                 9,744    10,374
                                                  53,744    54,898
                                                                  

Securities purchased under reverse repurchase
agreements and securities borrowed                21,449    15,529
                                                                  

Loans                                                             

Residential mortgage                              36,573    33,538

Personal and credit card                          27,989    26,529

Business and government                           24,400    23,182
                                                  88,962    83,249

Customers' liability under acceptances             8,954     8,250

Allowances for credit losses                       (578)     (577)
                                                  97,338    90,922
                                                            

Other                                                             

Derivative financial instruments                   5,904     6,696

Due from clients, dealers and brokers              1,101     1,661

Investments in associates and joint ventures         684       625

Premises and equipment                               404       440

Goodwill                                           1,064     1,063

Intangible assets                                    898       778

Other assets                                       2,022     2,042
                                                  12,077    13,305
                                                 188,204   177,903
                                                            

LIABILITIES AND EQUITY                                            

Deposits                                                          

Personal                                          42,652    40,814

Business and government                           56,878    49,314

Deposit-taking institutions                        2,356     3,121
                                                 101,886    93,249
                                                            

Other                                                             

Acceptances                                        8,954     8,250

Obligations related to securities sold short      18,909    18,124

Obligations related to securities sold under      19,746    19,539
repurchase agreements and securities loaned

Derivative financial instruments                   4,858     5,600

Due to clients, dealers and brokers                2,442     1,959

Liabilities related to transferred receivables    15,323    15,398

Other liabilities                                  4,499     5,074
                                                  74,731    73,944

Subordinated debt                                  2,426     2,470
                                                            

EQUITY                                                            

Equity attributable to the Bank's shareholders                    

Preferred shares                                     677       762

Common shares                                      2,160     2,054

Contributed surplus                                   58        58

Retained earnings                                  5,034     4,091

Accumulated other comprehensive income               214       255
                                                   8,143     7,220

Non-controlling interests                          1,018     1,020
                                                   9,161     8,240
                                                 188,204   177,903
    CONSOLIDATED STATEMENTS OF INCOME

(unaudited) (millions of Canadian dollars)
                                                                          
                                 Quarter ended                  Year ended
                     October 31,   October 31,   October 31,   October 31,
                            2013          2012          2013          2012
                                                                

Interest income                                                           

Loans                        830           775         3,247         3,037

Securities at fair
value through
profit or loss               200           217           942           926

Available-for-sale
securities                    51            43           201           147

Deposits with
financial
institutions                   6             4            20            17
                           1,087         1,039         4,410         4,127

Interest expense                                                          

Deposits                     267           195         1,003           805

Liabilities
related to
transferred
receivables                   98           123           408           427

Subordinated debt             25            25           102            87

Other                        102           103           448           470
                             492           446         1,961         1,789

Net interest
income                       595           593         2,449         2,338
                                                                          

Non-interest
income                                                                    

Underwriting and
advisory fees                 69            85           301           318

Securities
brokerage
commissions                   80            82           335           343

Mutual fund
revenues                      56            52           219           200

Trust service
revenues                      81            73           314           280

Credit fees                   92            96           391           369

Card revenues                 31            26           121           113

Deposit and
payment service
charges                       61            58           235           229

Trading revenues
(losses)                      38           135           186           233

Gains (losses) on
available-for-sale
securities, net               12            27            82           123

Insurance
revenues, net                 27            27           118           111

Foreign exchange
revenues, other
than trading                  22            23            90            94

Share in the net
income of
associates and
joint ventures                 5             4            26            29

Other                         85            69           296           533
                             659           757         2,714         2,975

Total revenues             1,254         1,350         5,163         5,313

Provisions for
credit losses                 48            46           181           180
                           1,206         1,304         4,982         5,133
                                                                

Non-interest
expenses                                                                  

Compensation and
employee benefits            465           543         1,858         1,953

Occupancy                     71            54           237           205

Technology                   109           115           458           414

Communications                17            17            68            70

Professional fees             58            47           221           195

Other                         88            93           323           336
                             808           869         3,165         3,173

Income before
income taxes                 398           435         1,817         1,960

Income taxes                  61            84           263           326

Net income                   337           351         1,554         1,634
                                                                          

Net income
attributable to                                                           

Preferred
shareholders                   8            11            40            43

Common
shareholders                 310           322         1,439         1,518

Bank shareholders            318           333         1,479         1,561

Non-controlling
interests                     19            18            75            73
                             337           351         1,554         1,634
                                                                          

Earnings per share
(dollars)                                                                 

  Basic                     1.91          1.99          8.87          9.40

  Diluted                   1.89          1.97          8.80          9.32

Dividends per
common share
(dollars)                   0.87          0.79          3.40          3.08
    CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited) (millions of Canadian dollars)
                                                                                
                                       Quarter ended                  Year ended
                           October 31,   October 31,   October 31,   October 31,
                                  2013          2012          2013          2012
                                                                                

Net income                         337           351         1,554         1,634
                                                                                

Other comprehensive                                                             
income, net of income
taxes
                                                                      

  Items that may be                                                             
  subsequently
  reclassified to net
  income
                                                                      
    Net foreign currency                                                        
    translation
    adjustments
      Net unrealized                24             5            51          (20)
      foreign currency
      translation gains
      (losses) on
      investments in
      foreign operations
      Impact of hedging           (19)           (4)          (45)             5
      net foreign
      currency gains
      (losses)
                                     5             1             6          (15)
    Net change in                                                               
    available-for-sale
    securities
      Net unrealized                20             2            49            63
      gains (losses) on
      available-for-sale
      securities
      Net (gains) losses           (9)          (20)          (41)          (79)
      on
      available-for-sale
      securities
      reclassified to
      net income
                                    11          (18)             8          (16)
    Net change in cash                                                          
    flow hedges
      Net gains (losses)           (2)           (3)          (26)           (2)
      on derivative
      financial
      instruments
      designated as cash
      flow hedges
      Net (gains) losses           (4)          (11)          (28)          (54)
      on designated
      derivative
      financial
      instruments
      reclassified to
      net income
                                   (6)          (14)          (54)          (56)

  Item that will not be
  subsequently                                                                  
  reclassified to net
  income
    Actuarial gains and           (65)          (69)           53          (233)
    losses on employee
    benefit plans
                                                                      

  Share in the other               (1)           (1)           (1)             1
  comprehensive income
  of associates and
  joint ventures
                                                                      

Total other                       (56)         (101)           12          (319)
comprehensive income,
net of income taxes
                                                                                

Comprehensive income               281           250         1,566         1,315
                                                                      

Comprehensive income                                                            
attributable to

  Bank shareholders                262           232         1,491         1,246

  Non-controlling                   19            18            75            69
  interests
                                   281           250         1,566         1,315
                                                                                

INCOME TAXES - OTHER COMPREHENSIVE INCOME
                                                                      

The following table presents the income tax expense or recovery for each
component of other comprehensive income:
                                                                      
                                                                      
                                       Quarter ended                  Year ended
                           October 31,   October 31,   October 31,   October 31,
                                  2013          2012          2013          2012

Net foreign currency                                                            
translation adjustments

  Net unrealized foreign             1       −             2           (1)
  currency translation
  gains (losses) on
  investments in foreign
  operations

  Impact of hedging net            (5)             2          (11)             6
  foreign currency gains
  (losses)
                                   (4)             2           (9)             5

Net change in                                                                   
available-for-sale
securities

  Net unrealized gains               6             6            20            26
  (losses) on
  available-for-sale
  securities

  Net (gains) losses on            (3)          (12)          (17)          (34)
  available-for-sale
  securities
  reclassified to net
  income
                                     3           (6)            3            (8)

Net change in cash flow                                                         
hedges

  Net gains (losses) on            (1)           (2)          (10)           (1)
  derivative financial
  instruments designated
  as cash flow hedges

  Net (gains) losses on            (1)           (4)          (10)          (20)
  designated derivative
  financial instruments
  reclassified to net
  income
                                   (2)           (6)          (20)          (21)

Actuarial gains and               (22)          (26)            21          (86)
losses on employee
benefit plans
                                  (25)          (36)           (5)         (110)
    CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(unaudited) (millions of Canadian dollars)
                                                                      

Year ended October 31                              2013      2012     
                                                                      

Preferred shares at beginning                          762       762  

Issuance of Series 28 preferred shares                 200   −  

Repurchase of Series 15 and 21 preferred shares      (285)   −  
for cancellation

Preferred shares at end                                677       762  
                                                                      

Common shares at beginning                           2,054     1,970  

Issuances of common shares                                            

  Stock Option Plan                                    107        93  

  Acquisition of Wellington West Holdings Inc.     −         2  

  Other                                                (1)         2  

Repurchase of common shares for cancellation       −      (13)  

Common shares at end                                 2,160     2,054  
                                                                      

Contributed surplus at beginning                        58        46  

Stock option expense                                    16        15  

Stock options exercised                               (13)      (10)  

Other                                                  (3)         7  

Contributed surplus at end                              58        58  
                                                                      

Retained earnings at beginning                       4,091     3,366  

Net income attributable to the Bank's                1,479     1,561  
shareholders

Dividends                                                             

  Preferred shares                                    (40)      (43)  

  Common shares                                      (552)     (498)  

Premium paid on common shares repurchased for      −      (62)  
cancellation

Share issuance and other expenses                      (4)   −  

Actuarial gains and losses on employee benefit          53     (233)  
plans

Other                                                    7   −  

Retained earnings at end                             5,034     4,091  
                                                                      

Accumulated other comprehensive income at              255       337  
beginning

Net foreign currency translation adjustments             6      (15)  

Net change in unrealized gains (losses) on               8      (16)  
available-for-sale securities

Net change in gains (losses) on cash flow hedges      (54)      (52)  

Share in the other comprehensive income of             (1)         1  
associates and joint ventures

Accumulated other comprehensive income at end          214       255  
                                                                      

Equity attributable to the Bank's shareholders       8,143     7,220  
                                                                      

Non-controlling interests at beginning               1,020     1,024  

Net income attributable to non-controlling              75        73  
interests

Other comprehensive income attributable to         −       (4)  
non-controlling interests

Distributions to non-controlling interests            (77)      (73)  

Non-controlling interests at end                     1,018     1,020  
                                                                      

Equity                                               9,161     8,240  
                                                                      

ACCUMULATED OTHER COMPREHENSIVE INCOME
                                                                      

As at October 31                                      2013      2012  
                                                                      

Accumulated other comprehensive income                                

Net foreign currency translation adjustments           (6)      (12)  

Net unrealized gains (losses) on                       172       164  
available-for-sale securities

Net gains (losses) on instruments designated as         47       101  
cash flow hedges

Share in the other comprehensive income of               1         2  
associates and joint ventures
                                                       214       255  
    SEGMENT DISCLOSURES

(unaudited) (millions of Canadian dollars)

The Bank's segment reporting is consistent with that adopted for the fiscal year beginning November 1, 2012, with the following changes having been made to better reflect how management monitors performance. The distribution of banking products through independent networks has been reclassified from the Personal and Commercial segment to the Wealth Management segment. Banking activities with energy sector companies have been transferred from the Financial Markets segment to the Personal and Commercial segment. These changes had no impact on the Bank's consolidated results.


                                                                                                                  
                     Personal and              Wealth            Financial                                        
                       Commercial          Management              Markets               Other               Total

Quarter ended                                                                                             
October 31         2013      2012      2013      2012     2013        2012      2013      2012      2013      2012
                                                                                                                  

Net interest                                                                                              
income((1))         414       399        70        67      156         159      (45)      (32)       595       593

Non-interest                                                                                              
income              245       236       218       207      175         163        21       151       659       757

Total revenues      659       635       288       274      331         322      (24)       119     1,254     1,350

Non-interest                                                                                              
expenses            367       378       210       226      163         190        68        75       808       869

Contribution        292       257        78        48      168         132      (92)        44       446       481

Provisions for                                                                                            
credit losses        50        45         1         1      (2)     −       (1)   −        48        46

Income before                                                                                             
income taxes
(recovery)          242       212        77        47      170         132      (91)        44       398       435

Income taxes
(recovery)((1))      65        58        20        13       45          36      (69)      (23)        61        84

Net income          177       154        57        34      125          96      (22)        67       337       351

Non-controlling                                                                                           
interests       −   −   −   −        2           1        17        17        19        18

Net income
attributable to
the Bank's
shareholders        177       154        57        34      123          95      (39)        50       318       333

Average assets   78,696    73,384     8,232     8,112   88,685      75,116    21,384    29,082   196,997   185,694
                                                                                                                  
                                                                                                                  
                     Personal and              Wealth            Financial                                        
                       Commercial          Management              Markets               Other               Total

Year ended                                                                                                
October 31         2013      2012      2013      2012     2013       2012      2013      2012      2013      2012 
                                                                                                                  

Net interest
income((2))       1,614     1,581       272       255      785         584     (222)      (82)     2,449     2,338

Non-interest
income              985       950       865     1,068      594         719       270       238     2,714     2,975

Total revenues    2,599     2,531     1,137     1,323    1,379       1,303        48       156     5,163     5,313

Non-interest
expenses          1,435     1,434       846       881      657         707       227       151     3,165     3,173

Contribution      1,164     1,097       291       442      722         596     (179)         5     1,998     2,140

Provisions for
credit losses       192       174         3         3     (14)           3   −   −       181       180

Income before
income taxes
(recovery)          972       923       288       439      736         593     (179)         5     1,817     1,960

Income taxes
(recovery)((2))     259       248        76        86      195         160     (267)     (168)       263       326

Net income          713       675       212       353      541         433        88       173     1,554     1,634

Non-controlling
interests       −   −   −         1        8           3        67        69        75        73

Net income
attributable to
the Bank's
shareholders        713       675       212       352      533         430        21       104     1,479     1,561

Average assets   76,696    70,524     8,159     7,980   87,063      76,084    21,587    26,756   193,505   181,344

(1) Net interest income and income taxes (recovery) of
    the operating segments are presented on a taxable
    equivalent basis. Taxable equivalent basis is a
    calculation method that consists in grossing up
    certain tax-exempt income by the amount of income
    tax that would have been otherwise payable. For
    the operating segments as a whole, Net interest
    income was grossed up by $43 million ($43 million
    in 2012). An equivalent amount was added to Income
    taxes (recovery). The effect of these adjustments
    is reversed under the Other heading.

(2) For the year ended October 31, 2013, Net interest
    income was grossed up by $209 million
    ($172 million in 2012). An equivalent amount was
    added to Income taxes (recovery). The effect of
    these adjustments is reversed under the Other
    heading.

Personal and Commercial The Personal and Commercial segment encompasses the banking, financing, and investing services offered to individuals and businesses as well as insurance operations.

Wealth Management The Wealth Management segment comprises investment solutions, trust services, banking services, lending services and other wealth management solutions offered through internal and third-party distribution networks.

Financial Markets The Financial Markets segment encompasses banking services, investment banking services and financial solutions for institutional clients. The segment is also active in proprietary trading and investment activities.

Other This heading encompasses treasury activities, including the Bank's liquidity management and funding operations, certain non-recurring items and the unallocated portion of corporate units.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

From time to time, National Bank of Canada (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 (all of which are described in greater detail in the Risk Management section that begins on page 60 of the 2013 Annual Report); 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 effects of uncertainty surrounding U.S. government debt negotiations; changes to regulations 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; and changes to capital 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 base themselves 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. 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.

INFORMATION FOR SHAREHOLDERS AND INVESTORS

Disclosure of Fourth Quarter 2013 Results

Conference Call


    --  A conference call for analysts and institutional investors will
        be held on Wednesday, December 4, 2013 at 1:30 p.m. EST.
    --  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
        December 13, 2013 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 quarterly financial statements are available at all times
        on National Bank's website at
        nbc.ca/investorrelations.
    --  The Supplementary Financial Information 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.
    --  The 2013 Annual Report (which includes the audited annual
        financial statements and accompanying management's discussion
        and analysis) will also be available on National Bank's
        website.

 

SOURCE National Bank of Canada

Ghislain Parent Chief Financial Officer and Executive Vice-President Finance and Treasury 514-394-6807

Jean Dagenais Senior Vice-President Finance, Taxation and Investor Relations 514-394-6233

Claude Breton Assistant Vice-President Public Affairs 514-394-8644

Hélène Baril Senior Director Investor Relations 514-394-0296

To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/December2013/04/c7020.html

CO: National Bank of Canada ST: Quebec NI: FIN ERN FIN

-0- Dec/04/2013 12:19 GMT

Sponsored Links
Advertisement
Advertisements
Sponsored Links
Advertisement