National Bank Releases Changes to its Supplementary Financial Information

Montreal, January 30, 2023

National Bank of Canada (the “Bank”) (TSX: NA) today released changes to its Supplementary Financial Information for the fiscal years ended October 31, 2022, and 2021.

The Bank reviewed its method for the sectoral allocation of technology investment expenses. Certain expenses incurred for projects, in particular expenses incurred during the research phase, were previously recorded in the Other heading of segment results. As of November 1, 2022, all expenses recorded to results for technology projects are immediately allocated to the various business segments that will receive the benefits therefrom.

This review is consistent with the accounting policy change applied in fiscal 2022 related to the costs of configuring or customizing a supplier’s software in a cloud computing arrangement.

The changes were applied between the segments and had no impact on consolidated results. The Bank’s results for the first quarter of 2023, which will be published on March 1, 2023, will reflect these changes.

The revised Supplementary Financial Information can be found on the Bank’s Investor Relations page at

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 $404 billion in assets as at October 31, 2022, National Bank of Canada, together with its subsidiaries, forms one of Canada's leading integrated financial groups. It has more than 29,000 employees in knowledge-intensive positions and has been recognized numerous times as a top employer and for its commitment to diversity. Its securities are listed on the Toronto Stock Exchange (TSX: NA). Follow the Bank’s activities at or via social media such as Facebook, LinkedIn and Twitter.


Marianne Ratté

Senior Director, Investor Relations
National Bank of Canada

Marie-Pierre Jodoin

Senior Manager, Public Affairs and Corporate Social Responsibility
National Bank of Canada