National Bank Releases Changes to its Supplementary Financial Information

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.

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.

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