Press Releases

National Bank Provides Segment Disclosures for Fiscal Years 2016 and 2015 Following the Creation of the Business Segment – U.S. Specialty Finance and International (USSF&I)

Montreal, 1 February 2017 -

Today National Bank of Canada (the Bank) published fiscal 2016 and 2015 financial information to reflect the creation of a fourth business segment, USSF&I. On March 1, 2017, the Bank will publish its interim condensed consolidated financial statements for the first quarter ended January 31, 2017, prepared in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board, and provide comparative figures for 2016 to reflect the impact of the above-mentioned items.

Growth in the Bank’s international activities has justified the creation of a fourth business segment – USSF&I – to ensure greater transparency of these operations. This segment consolidates the following: the investment and management of performing and non-performing debt portfolios provided through the specialty finance subsidiary Credigy Ltd., which operates exclusively outside Canada; the operations of the subsidiary Advanced Bank of Asia Limited (ABA Bank), a major financial institution in Cambodia that offers financial products and services to individuals and businesses; and the targeted investments in certain emerging markets, including associates NSIA Participations, a financial group headquartered in Côte d’Ivoire, and AfrAsia Bank Limited, based in Mauritius. Previously, Credigy Ltd.’s operations were reported in the Financial Markets segment, while ABA Bank’s operations and other international investments were reported in the Other heading of segment disclosures.

Furthermore, the Bank has reclassified certain amounts presented in the Consolidated Balance Sheet and certain revenues in the Consolidated Statement of Income to better reflect the nature of the balances and revenues presented. These reclassifications had no impact on the Bank’s total assets or net income.

Additional information is provided in the document entitled Supplementary Financial Information – Information on the U.S. Specialty Finance and International Segment, which is available on the Bank’s website at

Caution Regarding Forward-Looking Statements

From time to time, the Bank makes written and oral forward-looking statements, such as those contained in the Outlook for National Bank and the Major Economic Trends sections of the 2016 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 2017 and the objectives it hopes to achieve for that period. These forward-looking statements are made in accordance with current securities legislation in Canada and the United States. 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 2017 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 credit risk, market risk, liquidity and funding risk, operational risk, regulatory compliance risk, reputation risk, strategic risk and environmental risk, all of which are described in more detail in the Risk Management section beginning on page 48 of the 2016 Annual Report, general economic environment and financial market conditions in Canada, the United States and certain other countries in which the Bank conducts business, including regulatory changes affecting the Bank’s business, capital and liquidity; 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 U.S. Foreign Account Tax Compliance Act (FATCA)); changes to capital and liquidity guidelines and to the manner in which they are to be presented and interpreted; changes to the credit ratings assigned to the Bank; and potential disruptions to the Bank’s information technology systems, including evolving cyber attack risk.

The foregoing list of risk factors is not exhaustive. Additional information about these factors can be found in the Risk Management section of the 2016 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 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.

About National Bank of Canada
With $232 billion in assets as at October 31, 2016, National Bank of Canada, together with its subsidiaries, forms one of Canada’s leading integrated financial groups. The Bank has more than 21,000 employees and is widely recognized as a top employer. The Bank's 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

For more information:

Ghislain Parent
Chief Financial Officer and
Executive Vice-President – Finance and Treasury
Tel.: 514-394-6807

Jean Dagenais
Senior Vice-President – Finance
Tel.: 514-394-6233

Linda Boulanger
Vice-President – Investor Relations
Tel.: 514-394-0296

Claude Breton
Vice-President – Public Affairs
Tel.: 514-394-8644