National Bank Of Canada · TSX:NA
National Bank Of Canada — Debt Investor Presentation (February 2026)
47 slides from National Bank Of Canada's debt investor presentation, Feb 25, 2026
Slide 1: Fixed Income Presentation First Quarter 2026
Fixed Income Presentation First Quarter 2026 February 25, 2026
Slide 2: Caution Regarding Forward-Looking Statements and Non-GAAP Financial Measures
Fixed income presentation 2 Caution Regarding Forward-Looking Statements and Non-GAAP Financial Measures Certain statements in this document and orally are forward-looking statements. These statements are made in accordance with applicable securities legislation in Canada and the United States.The f
Slide 3: Note to reader
Fixed income presentation 3 Note to reader We closed the acquisition of Canadian Western Bank “CWB” on February 3, 2025 (the “CWB Transaction”) We present information on a Consolidated Basis and, selectively, exclude any impact from the CWB Transaction - Total Bank: Refers to Consolidated Result
Slide 4: National Bank overview
Fixed income presentation 4 National Bank overview (1) Excluding the Other segment. See the Financial Reporting Method section of the Bank’s 2025 Annual Report for additional information on non-GAAP financial measures.
Slide 5: Strong FY 2025 financial performance
Fixed income presentation 5 Strong FY 2025 financial performance (1) Pre-Tax Pre-Provision earnings (PTPP) refers to income before provisions for credit losses and income taxes. (2) See the Financial Reporting Method section of the Bank’s 2025 Annual Report for additional information on non-GAAP fin
Slide 6: Q1 2026 – Strong start to the year
Overview 6 Q1 2026 – Strong start to the year PTPP(1) YoY: Reported 22% | Adjusted(2) 23% | Ex. CWB(2) 12% Strong earnings growth Diluted EPS: Reported $3.08 up 11% YoY | Adjusted(2) $3.25 up 11% YoY Strong contribution to our Q1 results, with $300MM in revenues Realizing value from CWB Annu
Slide 7: Q1 2026 Results – Total Bank
Financial review 7 Q1 2026 Results – Total Bank Q1 2026 – Total Bank ($MM) Positive operating leverage Reported Results Adjusted Results(1) Q1 26 Q4 25 Q1 25 QoQ YoY Q1 26 Q4 25 Q1 25 QoQ YoY Strong earnings growth and returns Revenues 3,893 3,698 3,183 5% 22% 3,893 3,698 3,230 5% 21% Non-Int. E
Slide 8: Strong capital position
Financial review 8 Strong capital position CET1 Ratio(1) CET1 ratio of 13.74%, supported by strong net capital generation (+41 0.67% bps) (0.26%) 0.08% 13.75% (0.33%) (0.14%) (0.03%) 13.74% RWA growth (ex. FX) of ~$1.9B QoQ (-14 bps) - Organic growth in RWA of ~$3.6B QoQ (-26 bps) - Partly offse
Slide 9: Synergies from the acquisition of CWB
Financial review 9 Synergies from the acquisition of CWB On track to deliver the $270MM of cost & funding synergies target by end of FY 2026 ($MM) Annualized synergies tracking at $247MM(3) vs. $270MM cost and Full cost and funding target to be funding synergy target achieved by end of FY 2026: $2
Slide 10: Path to 17%+ adjusted ROE objective for FY 2027
Financial review 10 Path to 17%+ adjusted ROE objective for FY 2027 FY 2026 Prior 8 ~15% ROE Outlook FY 2026 Current 7 ~16% Strong start to the year, resilient equity markets, planned realization of CWB synergies and ROE Outlook accelerated share buybacks support a higher ROE target for FY26 Organ
Slide 11: Risk Management
Risk 11 Management
Slide 12: Provisions for credit losses (PCL) – Strong credit performance
Risk management 12 Provisions for credit losses (PCL) – Strong credit performance Impaired PCL (excl. Credigy’s POCI) ($MM) Impaired (excl. Credigy’s POCI) Impaired bps (excl. Credigy’s POCI) 32 32 Q1 Total PCL of $244MM (32 bps) 28 28 Reflect resilient portfolio mix and prudent provisioning 21 Q1
Slide 13: Gross impaired loans (GIL) and formations – Lower net formations QoQ
Risk management 13 Gross impaired loans (GIL) and formations – Lower net formations QoQ GIL excl. Credigy’s POCI Loans(1) GIL excl. Credigy’s POCI Loans(1) ($MM) (bps) 3,324 3,397 2,992 226 221 2,805 109 111 119 102 110 188 690 723 98 647 93 100 73 608 75 79 81 81 90 1,967 74 55 41 73 43 71 80 192 1
Slide 14: Prudent provisioning in uncertain economic environment
Risk management 14 Prudent provisioning in uncertain economic environment Strong Performing ACL Coverage Total Allowances Cover 5.9x NCOs Performing ACL / LTM PCL on Impaired Loans (1) Total ACL / LTM Net Charge-Offs (excl. Credigy’s POCI loans) (2) 5.7x 5.9x 2.1x 2.1x 5.5x 2.1x 5.0x 2.0x 2.0x 4.3x
Slide 15: Liquidity & Funding Overview
Liquidity & Funding Overview 15
Slide 16: Funding Strategy
Liquidity & funding overview 16 Funding Strategy 2. Sound Liquidity Risk Management Through centralized expertise and management of liquidity metrics within established risk appetite thresholds Core Objective 1. Diversified Deposit Strategy 3. Proactive and Diversified Market Funding Strategy To sup
Slide 17: Diversified Deposit Strategy
Liquidity & funding overview 17 Diversified Deposit Strategy Diversified deposit strategy to support core banking operations by raising stable deposits from each of the Bank’s major business segments Deposits (Ex. Wholesale Funding)(1) Disciplined, client-centric approach with contributions from a
Slide 18: Sound Liquidity Risk Management
Liquidity & funding overview 18 Sound Liquidity Risk Management Sound liquidity risk management maintained through centralized expertise and predefined risk appetite thresholds Unsecured Wholesale Funding Liquidity Metrics vs. Unencumbered Liquid Assets (As at January 31, 2026) ($B, as at January 31
Slide 19: Proactive and diversified funding strategy
Liquidity & funding overview 19 Proactive and diversified funding strategy Maintain active access to a broad range of markets—across sources, geographies, currencies, instruments, and maturities—whether secured or unsecured, to ensure flexible funding Canada U.S. Other International Benchmark C$ S
Slide 20: TLAC ratios
Liquidity & funding overview 20 TLAC ratios(1) Total Loss Absorbing Capacity ($B, as at January 31, 202) TLAC Ratio Composition (%) 32.5% 32.5% 31.2% 29.2% 29.7% 7.5% 27.7% 26.3% 15.2% 3.5% 14.2% 12.4% 10.8% 12.5% 10.4% Existing Bail-in Unsecured 0.8% 1.1% 25.0% 1.0% 2.2% 2.2% Tier 2 Capital 1.5% Re
Slide 21: Disciplined approach to IRRBB
Liquidity & funding overview 21 Disciplined approach to IRRBB As a D-SIB, NBC is committed to maintaining industry-leading risk management standards, including robust oversight through its Asset and Liability Committee (ALCO), in alignment with regulatory expectations. The ALCO is also responsib
Slide 22: Strong NBC credit ratings
Liquidity & funding overview 22 Strong NBC credit ratings Moody’s S&P Fitch DBRS Short-Term P-1 A-1 F1+ R-1 (high) Long-Term Non Aa2 A+ AA- AA Bail-inable Senior Debt / Deposits(1) Senior Debt(2) A2 A- A+ AA (low) Outlook Stable Stable Stable Stable Covered Bonds Aaa --- AAA AAA In Q4 2025 S&P upg
Slide 23: Sustainability Highlights
Sustainability 23 Highlights
Slide 24: 2025 Sustainability Highlights
Sustainability Highlights 24 2025 Sustainability Highlights › 2025 Annual publication of the Sustainability Report, Corporate Social Responsibility Statement, Responsible Investment Report and Sustainability Bond Report. (Click on the images to access full reports)
Slide 25: Appendices
Appendices 25
Slide 26: P&C Banking
Appendix 26 P&C Banking Q1 2026 – P&C Banking P&C NII and NIM ($MM) ($MM; NIM on Average Interest-Bearing Assets) Reported Results Adjusted Results(1) 1,205 1,240 1,146 1,180 Q1 26 Q4 25 Q1 25 QoQ YoY Q1 26 Q4 25 Q1 25 QoQ YoY Revenues 1,528 1,482 1,204 3% 27% 1,528 1,482 1,204 3% 27% 944 Personal 7
Slide 27: P&C Banking – Excluding CWB
Appendix 27 P&C Banking – Excluding CWB Q1 2026 – P&C Banking Excluding CWB(1) ($MM) Revenues up 7% YoY, mainly from robust balance sheet growth Q1 26 Q4 25 Q1 25 QoQ YoY Revenues 1,291 1,245 1,204 4% 7% Personal 707 692 662 2% 7% Average loans up 11% YoY and average deposits up 6% YoY Commercia
Slide 28: CWB Transaction – Contribution to results
Appendix 28 CWB Transaction – Contribution to results (1) Refers to the impact of the CWB Transaction on the results. (2) Please refer to the Financial Reporting Method section of the Bank’s Report to Shareholders for the First Quarter of 2026 on pages 6 to 12 for additional information on non-GAAP
Slide 29: Wealth Management
Appendix 29 Wealth Management Q1 2026 – Wealth Management ($MM) Reported Results Adjusted Results(1) Revenues of $899MM, up 16% YoY Q1 26 Q4 25 Q1 25 QoQ YoY Q1 26 Q4 25 Q1 25 QoQ YoY - Fee-based revenues, up 18% YoY, mainly reflect Revenues 899 862 776 4% 16% 899 862 776 4% 16% market appreciatio
Slide 30: Capital Markets
Appendix 30 Capital Markets Q1 2026 – Capital Markets ($MM) Strong quarter with revenues of $990MM, up 9% YoY Q1 26 Q4 25 Q1 25 QoQ YoY Global Markets revenues of $571MM Revenues 990 877 907 13% 9% Global Markets 571 484 595 18% (4%) - Solid momentum from our Equities franchise with strong contr
Slide 31: USSF&I – Credigy
Appendix 31 USSF&I – Credigy Q1 2026 – Credigy (US$ MM) Average assets up 9% YoY and 1% QoQ, reflecting solid investment volumes Q1 26 Q4 25 Q1 25 QoQ YoY Revenues 115 104 102 11% 13% NII up 14% YoY primarily driven by asset growth and prepayment Net Interest Income 113 101 99 12% 14% revenue(2)
Slide 32: USSF&I – ABA
Appendix 32 USSF&I – ABA Q1 2026 – ABA Bank (US$ MM) Net income up 9% YoY Q1 26 Q4 25 Q1 25 QoQ YoY Loans up 11% and deposits up 18% YoY, with client base up 37% Revenues 196 198 174 (1%) 13% - Benefiting from leading position in digital payments and cash management Non-Interest Expenses 60 64 5
Slide 33: Other
Appendix 33 Other Q1 2026 – Other Segment ($MM) Reported results reflect specified items related to the CWB Reported Results Adjusted Results(1) Transaction(3) and items related to our intention to acquire Laurentian Q1 26 Q4 25 Q1 25 Q1 26 Q4 25 Q1 25 Bank's retail and SME banking portfolios(4) R
Slide 34: Total loan portfolio overview
Appendix 34 Total loan portfolio overview Loan Distribution by Borrower Category(1) Secured lending accounts for 96% of Retail loans (As at January 31, 2026) Indirect auto loans represent 2.4% of total loans ($7.3B) $B % of Total Retail Limited exposure to unsecured retail and cards (2% of tot
Slide 35: Canadian loan portfolios
Appendix 35 Canadian loan portfolios Geographic distribution Canadian Retail Portfolio 90+ Delinquency Rate (As at January 31, 2026) (bps) British Q1 20 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Quebec Ontario Columbia Alberta Others Total Mortgages 25 17 21 26 28 29 Retail VRM 21 25 22 23 23 17 Secured Mortgag
Slide 36: Retail mortgage and HELOC portfolio
Appendix 36 Retail mortgage and HELOC portfolio (As at January 31, 2026) Canadian Distribution by Province Canadian Distribution by Mortgage Type 53% Uninsured & HELOC HELOC Insured Insured $32.0B(2) $30.1B / 28% / 27% 30% 80% 75% $113.6B 7% 6% 39% 4% 20% 25% 74% 61% 49% 26% 51% QC ON AB BC Other Pr
Slide 37: Retail mortgage rate type and maturity profile
Appendix 37 Retail mortgage rate type and maturity profile (As at January 31, 2026) Canadian Mortgage Distribution by Rate Type ~90% of our Canadian Mortgage portfolio has been repriced, absorbing the impact of rate increases Variable Rate - 32% of mortgage portfolio is variable rate and the month
Slide 38: Real estate and construction real estate
Appendix 38 Real estate and construction real estate Corporate Banking (4%) Total Portfolio by Sector ($43.8B) Primarily diversified Canadian REIT (As at January 31, 2026) Short Term Construction (26%) Mix of residential construction, land and contractors Less than 10% of exposure to High Rise
Slide 39: Diversified funding profile
Appendix 39 Diversified funding profile Balance Sheet Overview ($B, as at January 31, 2026) Balance sheet reflects our diversified business model Core banking activities well-funded through diversified and resilient sources $606 $606 - Diversified deposit base across segments and products Business
Slide 40: Legislative covered bond programme
Appendix 40 Legislative covered bond programme (As at January 31, 2026) Program size CAD 20,000,000,000 Covered Bonds by Currency Covered Bonds Outstanding (C$-equivalent) $10,639,724,700 (CAD-equiv.) USD (1.6B) Ratings Aaa / AAA / AAA by Moody’s, Fitch and DBRS GBP Asset Percentage (1.2B) 80 - 93%
Slide 41: Legislative covered bond programme
Appendix 41 Legislative covered bond programme (As at January 31, 2026) Cover Pool Highlights (as at Jan. 31, 2026) High quality, uninsured first lien Canadian Residential mortgages originated by National Bank Cover pool current balance : CAD $27.5B Weighted average indexed authorized LTV : 56.79% W
Slide 42: Legislative covered bond programme
Appendix 42 Legislative covered bond programme (As at January 31, 2026) Provincial Distribution Credit Score 60% 55% 80% 72% 70% 50% 60% 50% 40% 40% 30% 23% 30% 20% 20% 10% 2% 2% 0% 1% 0% 20% 15% 0% 10% 6% 0% 1% 2% 0% Score N/A < 599 600-650 651-700 701-750 751-800 > 800 15% LTV - Drawn 50% Cover Po
Slide 43: Reconciliation of Non-GAAP financial measures
Appendix 43 Reconciliation of Non-GAAP financial measures ($MM, except EPS) Q1 26 Q4 25 Non- Non- Total (8) Income Net Diluted Total (8) Income Net Diluted Interest PTPP PCL Interest PTPP PCL Revenues taxes Income EPS Revenues taxes Income EPS Segment Expenses Expenses Reported Results 3,893 2,011 1
Slide 44: Daily trading and underwriting revenues vs. VAR
Appendix 44 Daily trading and underwriting revenues vs. VAR ($MM)
Slide 45: Range of macroeconomic scenarios
Appendix 45 Range of macroeconomic scenarios Canada Real GDP(1) Macroeconomic Forecast: Q1 26 vs. Q4 25(1) ($ Trillions) (Full Calendar Years) 2.60 Downside scenario Base Scenario C2026 C2027 Next 12 months GDP growth: Real GDP (Annual Average % Change) 2.50 (6.3%) As at October 31, 2025 1.2 % 2.0 %
Slide 46: Capital instruments
Appendix 46 Capital instruments List of Capital Instruments Outstanding(1) ($B, as at January 31, 2026) Amount Initial Coupon Identifier Coupon / Type Series Currency Outstanding Issue Date First / Next Call Date Maturity Date / Dividend Reset Spread (CUSIP / ISIN) Dividend Type (CAD Millions) Rate
Slide 47: Thank you
Thank you Debt Investor Relations debtir@bnc.ca Mr. Jean-Sébastien Gagné Senior Vice-President, Financial Performance and Planning and Treasurer JeanSebastien.Gagne@nbc.ca Mrs. Mélanie Viguié-Bilodeau Managing Director, Term Funding, Treasury Melanie.ViguieBilodeau@nbc.ca Additional information: htt
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