MONTREAL, Jan. 30,
2024 /CNW/ - National Bank of Canada (the "Bank") (TSX: NA) today released
changes to its Supplementary Financial Information for the fiscal
year ended October 31, 2023 and related quarters.
On November 1, 2023, as required
by the International Financial Reporting Standards (IFRS), the Bank
retrospectively applied accounting policy changes arising from the
adoption of IFRS 17 – Insurance Contracts, which replaces the IFRS
4 standard addressing insurance contracts, as indicated in Note 2
to the audited annual consolidated financial statements for the
fiscal year ended October 31, 2023.
The related information for the fiscal year ended October 31, 2023 and related quarters has been
adjusted to reflect these accounting policy changes.
The Bank's results for the first quarter of 2024, which will be
published on February 28, 2024, will
reflect these changes.
The revised Supplementary Financial Information can be found on
the Bank's Quarterly Results webpage within the Investor Relations
section at
https://www.nbc.ca/about-us/investors/quarterly-results.html.
Caution Regarding Forward-Looking
Statements
Certain statements in this press release are forward-looking
statements. These statements are based on a number of
assumptions and are subject to risk factors, inherent risks
and uncertainties, many of which are beyond the Bank's control and
the impacts of which are difficult to predict. Except as required
by law, National 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 forward-looking
information contained in this press release is presented for the
purpose of interpreting the information contained herein and may
not be appropriate for other purposes.
About National Bank of Canada
With $424 billion in assets as at October 31, 2023, National Bank of Canada is one of Canada's six systemically important banks. The
Bank has approximately 30,000 employees in knowledge-intensive
positions and operates through three business segments in
Canada: Personal and Commercial
Banking, Wealth Management and Financial Markets. A fourth segment,
U.S. Specialty Finance and International, complements the growth of
its domestic operations. Its securities are listed on the Toronto
Stock Exchange (TSX: NA). Follow the Bank's activities at nbc.ca or
via social media.
SOURCE National Bank of Canada