MONTREAL, Dec. 3, 2025 /CNW/ - For the fourth quarter of 2025, National Bank is reporting net income of $1,059 million, up 11% from $955 million in the fourth quarter of 2024, the increase being attributable to revenue growth in all business segments. Diluted earnings per share stood at $2.57 compared to $2.66 in the fourth quarter of 2024. Excluding specified items(1) recorded in the fourth quarters of 2025 and 2024 related to the acquisition of Canadian Western Bank (CWB)(2), adjusted net income(1) stood at $1,159 million, up 25% from $928 million in the corresponding quarter of 2024. Adjusted diluted earnings per share(1) stood at $2.82, up 9% from $2.58 in the fourth quarter of 2024.
For the year ended October 31, 2025, the Bank's net income totalled $4,017 million, up 5% from $3,816 million for fiscal 2024. Diluted earnings per share stood at $10.07 for fiscal 2025 compared to $10.68 for fiscal 2024, a decrease attributable to specified items(1) related to the acquisition of CWB(2) and to the common shares issued as part of the transaction. Adjusted net income(1) for fiscal 2025 totalled $4,479 million, up 21% from $3,716 million for fiscal 2024, and adjusted diluted earnings per share(1) stood at $11.28, up 9% from $10.39 for fiscal 2024, driven by the strong performance in the Wealth Management and Capital Markets segments.
"In 2025, we delivered strong financial performance, meeting all our medium-term financial objectives, as we also completed the largest acquisition in our history," said Laurent Ferreira, President and Chief Executive Officer of National Bank of Canada. "With our strengthened national presence, diversified business mix, strong capital ratios and prudent credit profile, we are well-positioned to generate continued growth and superior returns, in what will remain a complex macro-environment."
Highlights
(millions of Canadian dollars)
Quarter ended October 31
Year ended October 31
2025(2)
2024(3)
% Change
2025(2)
2024(3)
% Change
Net income
1,059
955
11
4,017
3,816
5
Diluted earnings per share (dollars)
$
2.57
$
2.66
(3)
$
10.07
$
10.68
(6)
Income before provisions for credit losses and income taxes
1,611
1,352
19
6,380
5,346
19
Return on common shareholders' equity(4)
13.3
%
16.4
%
13.7
%
17.2
%
Dividend payout ratio(4)
45.6
%
40.1
%
45.6
%
40.1
%
Operating results, Adjusted(1)
Net income, Adjusted
1,159
928
25
4,479
3,716
21
Diluted earnings per share, Adjusted (dollars)
$
2.82
$
2.58
9
$
11.28
$
10.39
9
Income before provisions for credit losses and
income taxes, Adjusted
1,749
1,314
33
6,852
5,207
32
Return on common shareholders' equity, Adjusted(5)
14.6
%
15.9
%
15.3
%
16.7
%
As at
October 31,
2025
As at
October 31, 2024
CET1 capital ratio under Basel III(6)
13.8
%
13.7
%
Leverage ratio under Basel III(6)(7)
4.5
%
4.4
%
(1)
See the Financial Reporting Method section on pages 4 to 7 for additional information on non-GAAP financial measures.
(2)
On February 3, 2025, the Bank completed the acquisition of CWB. CWB's results were consolidated from the closing date, which impacted the results, balances and ratios for the quarter and the year ended October 31, 2025. See the Acquisition section for additional information on the impact of the CWB acquisition.
(3)
Certain amounts have been adjusted to reflect the discontinuation of taxable equivalent basis reporting for revenues and income taxes. For additional information, see the Financial Reporting Method section.
(4)
For details on the composition of these measures, see the Glossary section on pages 136 to 139 in the 2025 Annual Report, which is available on the Bank's website at nbc.ca or the SEDAR+ website at sedarplus.ca.
(5)
For details on non-GAAP ratios, see the Financial Reporting Method section on pages 18 to 23 in the 2025 Annual Report, which is available on the Bank's website at nbc.ca or the SEDAR+ website at sedarplus.ca.
(6)
For additional information on capital management measures, see the Financial Reporting Method section on pages 18 to 23 in the 2025 Annual Report, which is available on the Bank's website at nbc.ca or the SEDAR+ website at sedarplus.ca.
(7)
Ratio as at October 31, 2025 includes the redemption of the Limited Recourse Capital Notes Series 1 (LRCN, Series 1) completed on November 17, 2025.
Caution Regarding Forward–Looking Statements
Certain statements in this document are forward-looking statements. These statements are made in accordance with applicable securities legislation in Canada and the United States. The forward-looking statements in this document may include, but are not limited to, statements in the messages from management, as well as other statements about the economy, the Bank's objectives, outlook, and priorities for fiscal 2026 and beyond, the strategies or actions that the Bank will take to achieve them, expectations for the Bank's financial condition and operations, the regulatory environment in which it operates, the potential impacts of increased geopolitical uncertainty on the Bank and its clients, its environmental, social, and governance targets and commitments, the impacts and benefits of the acquisition of Canadian Western Bank (CWB), and certain risks to which the Bank is exposed. The Bank may also make forward-looking statements in other documents and regulatory filings, as well as orally. These forward-looking statements are typically identified by verbs or words such as "outlook", "believe", "foresee", "forecast", "anticipate", "estimate", "project", "expect", "intend" and "plan", the use of future or conditional forms, notably verbs such as "will", "may", "should", "could" or "would", as well as similar terms and expressions.
These forward-looking statements are intended to assist the security holders of the Bank in understanding the Bank's financial position and results of operations as at the dates indicated and for the periods then ended, as well as the Bank's vision, strategic objectives, and performance targets, and may not be appropriate for other purposes. These forward-looking statements are based on current expectations, estimates, assumptions and intentions that the Bank deems reasonable as at the date thereof and are subject to uncertainty and risks, many of which are beyond the Bank's control. There is a strong possibility that the Bank's express or implied predictions, forecasts, projections, expectations, or conclusions will not prove to be accurate, that its assumptions will not be confirmed, and that its vision, strategic objectives, and performance targets will not be achieved. The Bank cautions investors that these forward-looking statements are not guarantees of future performance and that actual events or results may differ materially from the expectations, estimates, or intentions expressed in these forward-looking statements due to a number of factors. Therefore, the Bank recommends that readers not place undue reliance on these forward-looking statements. Investors and others who rely on the Bank's forward-looking statements should carefully consider the factors listed below as well as other uncertainties and potential events 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.
Assumptions about the performance of the Canadian and U.S. economies in 2026, in particular in the context of increased geopolitical uncertainty, and how that performance will affect the Bank's business are among the factors considered in setting the Bank's objectives, outlooks and priorities. These assumptions appear in the 2025 Annual Report in Economic Review and Outlook section and, for each business segment, in the Economic and Market Review sections of the 2025 Annual Report and may be updated in the quarterly reports to shareholders filed thereafter.
The forward-looking statements made in this document are based on a number of assumptions and their future outcome is subject to a variety of risk factors, many of which are beyond the Bank's control and the impacts of which are difficult to predict. These risk factors include, among others, the general economic environment and business and financial market conditions in Canada, the United States, and the other countries where the Bank operates, including recession risk; geopolitical and sociopolitical uncertainty; the measures affecting trade relations between Canada and its partners, including the imposition of tariffs and any measures taken in response to such tariffs, as well as the possible impacts on our clients, our operations and, more generally, the economy; exchange rate and interest rate fluctuations; inflation; global supply chain disruptions; higher funding costs and greater market volatility; changes to fiscal, monetary, and other public policies; regulatory oversight and changes to regulations that affect the Bank's business; the Bank's ability to successfully integrate CWB and the undisclosed costs or liability associated with the acquisition; climate change, including physical risks and risks related to the transition to a low-carbon economy; stakeholders engagement and the Bank's ability to meet their expectations on environmental and social issues; the availability of comprehensive and high-quality information from customers and other third parties, including greenhouse gas emissions; the ability of the Bank to identify climate-related opportunities as well as to assess and manage climate-related risks; significant changes in consumer behaviour; the housing situation, real estate market, and household indebtedness in Canada; the Bank's ability to achieve its key short-term priorities and long-term strategies; the timely development and launch of new products and services; the ability of the Bank to recruit and retain key personnel; technological innovation, including open banking and the use of artificial intelligence; heightened competition from established companies and from competitors offering non-traditional services; model risk; changes in the performance and creditworthiness of the Bank's clients and counterparties; the Bank's exposure to significant regulatory issues or litigation; changes made to the accounting policies used by the Bank to report its financial position, including the uncertainty related to assumptions and significant accounting estimates; changes to tax legislation in the countries where the Bank operates; changes to capital and liquidity guidelines as well as to the instructions related to the presentation and interpretation thereof; changes to the credit ratings assigned to the Bank by financial and extra-financial rating agencies; potential disruptions to key suppliers of goods and services to the Bank; third-party risk, including failure by third parties to fulfil their obligations to the Bank; the potential impacts of disruptions to the Bank's information technology systems due to cyberattacks and theft or disclosure of data, including personal information and identity theft; the risk of fraudulent activity; and possible impacts of major events on the economy, market conditions, or the Bank's outlook, including international conflicts, natural disasters, public health crises, and the measures taken in response to these events; and the ability of the Bank to anticipate and successfully manage risks arising from all of the foregoing factors.
The foregoing list of risk factors is not exhaustive, and the forward-looking statements made in this document are also subject to risks detailed in the Risk Management section of the 2025 Annual Report and may be updated in the quarterly reports to shareholders filed thereafter.
Acquisition
Canadian Western Bank (CWB) Acquisition On February 3, 2025, the Bank completed the acquisition of CWB, a diversified financial services institution based in Edmonton, Alberta, in which the Bank had already been holding a 5.9% equity interest. This transaction will enable the Bank to accelerate its growth across Canada. The business combination brings together two complementary Canadian banks with growing businesses, thereby enhancing customer service by offering a full range of products and services nationwide, with a regionally focused service model.
The total consideration transferred of $6.8 billion included $5.3 billion for 100% of the CWB common shares acquired by way of a share exchange at an exchange ratio of 0.450 of a common share of National Bank for each CWB common share, other than those already held by National Bank, $1.4 billion for the settlement of pre-existing relationships and $0.1 billion for the issuance of replacement share-based payment awards. The fair value of the Bank's issued common shares was determined on the basis of the share price on the Toronto Stock Exchange (TSX) at closing on January 31, 2025, i.e., a price of $128.99 per share. At the acquisition date, the Bank obtained a 100% interest in the CWB voting shares, and the 5.9% previously held interest was remeasured to its fair value of $0.3 billion. The non-controlling interest in CWB recognized at the acquisition date was measured at a fair value of $0.6 billion and represented CWB's preferred shares and Limited Recourse Capital Notes (LRCN) outstanding on that date. The total purchase consideration amounted to $7.7 billion.
During the fourth quarter of 2025, the Bank finalized the purchase price allocation which assigns $45.4 billion to assets, including goodwill, and $37.7 billion to liabilities at the acquisition date. The goodwill of $1.6 billion reflects the expected expense synergies from our banking services operations, expected funding synergies, and the expected growth from delivering a full suite of products and services to clients at a national scale for the Personal and Commercial, Wealth Management and Capital Markets segments.
For additional information, see Note 3 to the audited annual Consolidated Financial Statements in the 2025 Annual Report, which is available on the Bank's website at nbc.ca or the SEDAR+ website at sedarplus.ca.
The following table present the impacts of the CWB acquisition on the results of Personal and Commercial, the main segment impacted and the Bank's consolidated results.
(millions of Canadian dollars)
Quarter ended October 31, 2025
Year ended October 31, 2025
Results
Personal and Commercial
Consolidated results
Results
Personal and Commercial
Consolidated results
Excluding CWB
CWB
impact(1)
Total
Excluding CWB
CWB
impact(1)
Total
Excluding CWB
CWB
impact(1)
Total
Excluding CWB
CWB
impact(1)
Total
Operating results
Net interest income
981
224
1,205
919
250
1,169
3,813
662
4,475
3,779
739
4,518
Non-interest income
264
13
277
2,483
46
2,529
1,033
43
1,076
9,323
139
9,462
Total revenues
1,245
237
1,482
3,402
296
3,698
4,846
705
5,551
13,102
878
13,980
Non-interest expenses
762
135
897
1,899
188
2,087
2,723
424
3,147
7,011
589
7,600
Income before provisions for credit
losses and income taxes
483
102
585
1,503
108
1,611
2,123
281
2,404
6,091
289
6,380
Provisions for credit losses
83
63
146
181
63
244
518
350
868
896
350
1,246
Income before income taxes (recovery)
400
39
439
1,322
45
1,367
1,605
(69)
1,536
5,195
(61)
5,134
Income taxes (recovery)
110
10
120
295
13
308
442
(17)
425
1,131
(14)
1,117
Net income
290
29
319
1,027
32
1,059
1,163
(52)
1,111
4,064
(47)
4,017
Operating results - Adjusted(2)
Net interest income, Adjusted
981
224
1,205
919
250
1,169
3,813
662
4,475
3,807
739
4,546
Non-interest income, Adjusted
264
13
277
2,483
46
2,529
1,033
43
1,076
9,342
139
9,481
Total revenues, Adjusted
1,245
237
1,482
3,402
296
3,698
4,846
705
5,551
13,149
878
14,027
Non-interest expenses, Adjusted
762
114
876
1,806
143
1,949
2,723
356
3,079
6,735
440
7,175
Income before provisions for credit
losses and income taxes, Adjusted
483
123
606
1,596
153
1,749
2,123
349
2,472
6,414
438
6,852
Provisions for credit losses, Adjusted
83
63
146
181
63
244
518
120
638
896
120
1,016
Income before income taxes
(recovery), Adjusted
400
60
460
1,415
90
1,505
1,605
229
1,834
5,518
318
5,836
Income taxes (recovery), Adjusted
110
14
124
321
25
346
442
64
506
1,268
89
1,357
Net income, Adjusted
290
46
336
1,094
65
1,159
1,163
165
1,328
4,250
229
4,479
(1)
Refers to the impact of the CWB transaction on the results.
(2)
See the Financial Reporting Method section on pages 4 to 7 for additional information on non-GAAP financial measures.
Financial Reporting Method
The Bank's Consolidated Financial Statements are prepared in accordance with IFRS, as issued by the IASB and represent Canadian GAAP.
Effective November 1, 2024, the Bank discontinued taxable equivalent basis (TEB) reporting for revenues and income taxes. Using the TEB method is less relevant since the introduction of the Pillar 2 rules (global minimum tax) during the first quarter of 2025 and Bill C-59 in relation to the taxation of certain Canadian dividends during fiscal 2024. This change has no impact on net income previously disclosed. Data for the 2024 periods were adjusted to reflect this change.
On February 3, 2025, the Bank completed the acquisition of CWB. CWB's results were consolidated from the closing date, which impacted the results, balances and ratios for the quarter and year ended October 31, 2025 in the Personal and Commercial, Wealth Management, and Capital Markets segments and in the Other heading of segment disclosures. For additional information on the impact of the CWB acquisition on the Bank's results, see the Acquisition section.
Non-GAAP and Other Financial Measures
The Bank uses a number of financial measures when assessing its results and measuring overall performance. Some of these financial measures are not calculated in accordance with GAAP. Regulation 52-112 Respecting Non-GAAP and Other Financial Measures Disclosure (Regulation 52-112) prescribes disclosure requirements that apply to the following measures used by the Bank:
non-GAAP financial measures;
non-GAAP ratios;
supplementary financial measures;
capital management measures.
Non-GAAP Financial Measures The Bank uses non-GAAP financial measures that do not have standardized meanings under GAAP and that therefore may not be comparable to similar measures used by other companies. Presenting non-GAAP financial measures helps readers to better understand how management analyzes results, shows the impacts of specified items on the results of the reported periods, and allows readers to better assess results without the specified items if they consider such items not to be reflective of the underlying performance of the Bank's operations.
The key non-GAAP financial measures used by the Bank to analyze its results are described in the 2025 Annual Report, and a quantitative reconciliation of these measures is presented in the tables in the Reconciliation of Non-GAAP Financial Measures section on pages 5 to 7. It should be noted that, for the quarter and the year ended October 31, 2025, as part of the CWB transaction, several acquisition-related items have been excluded from results since, in the opinion of management, they do not reflect the underlying performance of the Bank's operations, in particular, acquisition and integration charges and the amortization of intangible assets related to the CWB acquisition. In addition, for the year ended October 31, 2025, the amortization of subscription receipt issuance costs, the gain resulting from the remeasurement at fair value of the CWB common shares already held by the Bank, the loss resulting from the impact of managing fair value changes, the initial provisions for credit losses on non-impaired loans acquired from CWB and the income tax recovery related to a change in tax treatment were excluded from the results. For the quarter and year ended October 31, 2024, several acquisition-related items have been excluded from results (in particular, the amortization of the subscription receipt issuance costs, the gain resulting from the remeasurement at fair value of the CWB common shares already held by the Bank, the impact of managing fair value changes and acquisition and integration charges).
For additional information on non-GAAP financial measures, non-GAAP ratios, supplementary financial measures, and capital management measures, see the Financial Reporting Method section and the Glossary section, on pages 18 to 23 and 136 to 139, respectively, of the 2025 Annual Report, which is available on the Bank's website at nbc.ca or the SEDAR+ website at sedarplus.ca.
Reconciliation of Non-GAAP Financial Measures
Presentation of Results, Adjusted
(millions of Canadian dollars)
Quarter ended October 31
2025(1)
2024(2)
Personal and Commercial
Wealth Management
Capital Markets
USSF&I
Other
Total
Total
Operating results
Net interest income
1,205
238
(657)
389
(6)
1,169
784
Non-interest income
277
624
1,534
35
59
2,529
2,160
Total revenues
1,482
862
877
424
53
3,698
2,944
Non-interest expenses
897
508
325
126
231
2,087
1,592
Income before provisions for credit losses and income taxes
585
354
552
298
(178)
1,611
1,352
Provisions for credit losses
146
3
18
79
(2)
244
162
Income before income taxes (recovery)
439
351
534
219
(176)
1,367
1,190
Income taxes (recovery)
120
93
102
45
(52)
308
235
Net income
319
258
432
174
(124)
1,059
955
Items that have an impact on results
Net interest income
Amortization of the subscription receipt issuance costs(3)
−
−
−
−
−
−
(9)
Impact on net interest income
−
−
−
−
−
−
(9)
Non-interest income
Gain on the fair value remeasurement of an equity interest(4)
−
−
−
−
−
−
54
Management of the fair value changes related to the
CWB acquisition(5)
−
−
−
−
−
−
4
Impact on non-interest income
−
−
−
−
−
−
58
Non-interest expenses
CWB acquisition and integration charges(6)
−
−
−
−
114
114
11
Amortization of intangible assets related to the CWB acquisition(7)
21
3
−
−
−
24
−
Impact on non-interest expenses
21
3
−
−
114
138
11
Income taxes
Income taxes on the amortization of the subscription receipt issuance costs(3)
−
−
−
−
−
−
(2)
Income taxes on the gain on the fair value remeasurement
of an equity interest(4)
−
−
−
−
−
−
15
Income taxes on management of the fair value changes related
to the CWB acquisition(5)
−
−
−
−
−
−
1
Income taxes on the CWB acquisition and integration charges(6)
−
−
−
−
(32)
(32)
(3)
Income taxes on the amortization of intangible assets related
to the CWB acquisition(7)
(4)
(2)
−
−
−
(6)
−
Impact on income taxes
(4)
(2)
−
−
(32)
(38)
11
Impact on net income
(17)
(1)
−
−
(82)
(100)
27
Operating results, Adjusted
Net interest income, Adjusted
1,205
238
(657)
389
(6)
1,169
793
Non-interest income, Adjusted
277
624
1,534
35
59
2,529
2,102
Total revenues, Adjusted
1,482
862
877
424
53
3,698
2,895
Non-interest expenses, Adjusted
876
505
325
126
117
1,949
1,581
Income before provisions for credit losses and income
taxes, Adjusted
606
357
552
298
(64)
1,749
1,314
Provisions for credit losses, Adjusted
146
3
18
79
(2)
244
162
Income before income taxes (recovery), Adjusted
460
354
534
219
(62)
1,505
1,152
Income taxes (recovery), Adjusted
124
95
102
45
(20)
346
224
Net income, Adjusted
336
259
432
174
(42)
1,159
928
(1)
On February 3, 2025, the Bank completed the acquisition of CWB. CWB's results were consolidated from the closing date, which impacted the results, balances and ratios for the quarter ended October 31, 2025. See the Acquisition section for additional information on the impact of the CWB acquisition.
(2)
Certain amounts have been adjusted to reflect the discontinuation of taxable equivalent basis reporting for revenues and income taxes.
(3)
During the quarter ended October 31, 2024, the Bank had recorded an amount of $9 million ($7 million net of income taxes) to reflect the amortization of the issuance costs of the subscription receipts issued as part of the agreement to acquire CWB (for additional information, see Notes 13 and 15 to the audited annual Consolidated Financial Statements in the 2025 Annual Report, which is available on the Bank's website at nbc.ca or the SEDAR+ website at sedarplus.ca).
(4)
During the quarter ended October 31, 2024, the Bank had recorded a gain of $54 million ($39 million net of income taxes) upon the remeasurement at fair value of the interest already held in CWB.
(5)
During the quarter ended October 31, 2024, the Bank had recorded a mark-to-market gain of $4 million ($3 million net of income taxes) on interest rate swaps used to manage the fair value changes of CWB's assets and liabilities that resulted in volatility of goodwill and capital on closing of the transaction.
(6)
During the quarter ended October 31, 2025, the Bank recorded acquisition and integration charges of $114 million ($82 million net of income taxes) (2024: $11 million, $8 million net of income taxes) related to the CWB transaction.
(7)
During the quarter ended October 31, 2025, the Bank recorded an amount of $24 million ($18 million net of income taxes) to reflect the amortization of intangible assets related to the CWB acquisition.
(millions of Canadian dollars)
Year ended October 31
2025(1)
2024(2)
Personal and Commercial
Wealth Management
Capital Markets
USSF&I
Other
Total
Total
Operating results
Net interest income
4,475
930
(2,269)
1,484
(102)
4,518
2,939
Non-interest income
1,076
2,310
5,931
137
8
9,462
8,461
Total revenues
5,551
3,240
3,662
1,621
(94)
13,980
11,400
Non-interest expenses
3,147
1,902
1,442
501
608
7,600
6,054
Income before provisions for credit losses and income taxes
2,404
1,338
2,220
1,120
(702)
6,380
5,346
Provisions for credit losses
868
5
142
231
−
1,246
569
Income before income taxes (recovery)
1,536
1,333
2,078
889
(702)
5,134
4,777
Income taxes (recovery)
425
357
394
185
(244)
1,117
961
Net income
1,111
976
1,684
704
(458)
4,017
3,816
Items that have an impact on results
Net interest income
Amortization of the subscription receipt issuance costs(3)
−
−
−
−
(28)
(28)
(14)
Impact on net interest income
−
−
−
−
(28)
(28)
(14)
Non-interest income
Gain on the fair value remeasurement of an equity interest(4)
−
−
−
−
4
4
174
Management of the fair value changes related to
the CWB acquisition(5)
−
−
−
−
(23)
(23)
(3)
Impact on non-interest income
−
−
−
−
(19)
(19)
171
Non-interest expenses
CWB acquisition and integration charges(6)
1
3
−
−
348
352
18
Amortization of intangible assets related to the CWB acquisition(7)
67
6
−
−
−
73
−
Impact on non-interest expenses
68
9
−
−
348
425
18
Provisions for credit losses
Initial provisions for credit losses on non-impaired loans
acquired from CWB(8)
230
−
−
−
−
230
−
Impact on provisions for credit losses
230
−
−
−
−
230
−
Income taxes
Income taxes on the amortization of the subscription receipt
issuance costs(3)
−
−
−
−
(8)
(8)
(4)
Income taxes on the gain on the fair value remeasurement
of an equity interest(4)
−
−
−
−
1
1
49
Income taxes on management of the fair value changes related to the CWB acquisition(5)
−
−
−
−
(6)
(6)
(1)
Income taxes on the CWB acquisition and integration charges(6)
−
(1)
−
−
(96)
(97)
(5)
Income taxes on the amortization of intangible assets related to the CWB acquisition(7)
(17)
(2)
−
−
−
(19)
−
Income taxes on initial provisions for credit losses on
non-impaired loans acquired from CWB(8)
(64)
−
−
−
−
(64)
−
Income tax recovery related to a change in tax treatment(9)
−
−
−
−
(47)
(47)
−
Impact on income taxes
(81)
(3)
−
−
(156)
(240)
39
Impact on net income
(217)
(6)
−
−
(239)
(462)
100
Operating results, Adjusted
Net interest income, Adjusted
4,475
930
(2,269)
1,484
(74)
4,546
2,953
Non-interest income, Adjusted
1,076
2,310
5,931
137
27
9,481
8,290
Total revenues, Adjusted
5,551
3,240
3,662
1,621
(47)
14,027
11,243
Non-interest expenses, Adjusted
3,079
1,893
1,442
501
260
7,175
6,036
Income before provisions for credit losses and income
taxes, Adjusted
2,472
1,347
2,220
1,120
(307)
6,852
5,207
Provisions for credit losses, Adjusted
638
5
142
231
−
1,016
569
Income before income taxes (recovery), Adjusted
1,834
1,342
2,078
889
(307)
5,836
4,638
Income taxes (recovery), Adjusted
506
360
394
185
(88)
1,357
922
Net income, Adjusted
1,328
982
1,684
704
(219)
4,479
3,716
(1)
On February 3, 2025, the Bank completed the acquisition of CWB. CWB's results were consolidated from the closing date, which impacted the results, balances and ratios for the year ended October 31, 2025. See the Acquisition section for additional information on the impact of the CWB acquisition.
(2)
Certain amounts have been adjusted to reflect the discontinuation of taxable equivalent basis reporting for revenues and income taxes.
(3)
During the year ended October 31, 2025, the Bank recorded an amount of $28 million ($20 million net of income taxes) to reflect the amortization of the issuance costs of the subscription receipts issued as part of the agreement to acquire CWB (2024: $14 million, $10 million net of income taxes). For additional information, see Notes 13 and 15 to the audited annual Consolidated Financial Statements in the 2025 Annual Report, which is available on the Bank's website at nbc.ca or the SEDAR+ website at sedarplus.ca.
(4)
During the year ended October 31, 2025, the Bank recorded a gain of $4 million upon the remeasurement at fair value of the interest already held in CWB (2024: $174 million, $125 million net of income taxes).
(5)
During the year ended October 31, 2025, the Bank recorded a mark-to-market loss of $23 million ($17 million net of income taxes) on interest rate swaps used to manage the fair value changes of CWB's assets and liabilities that resulted in volatility of goodwill and capital on closing of the transaction (2024: $3 million, $2 million net of income taxes).
(6)
During the year ended October 31, 2025, the Bank recorded acquisition and integration charges of $352 million ($255 million net of income taxes) related to the CWB transaction (2024: $18 million, $13 million net of income taxes).
(7)
During the year ended October 31, 2025, the Bank recorded an amount of $73 million ($54 million net of income taxes) to reflect the amortization of intangible assets related to the CWB acquisition.
(8)
During the year ended October 31, 2025, the Bank recorded initial provisions for credit losses on non-impaired loans acquired from CWB of $230 million ($166 million net of income taxes).
(9)
During the year ended October 31, 2025, the Bank recorded an income tax recovery of $47 million due to a change in tax treatment related to unrealized gains recognized in fiscal 2024 and in the first quarter of 2025 from the remeasurement at fair value of the interest already held by the Bank in CWB.
Presentation of Basic and Diluted Earnings Per Share, Adjusted
(Canadian dollars)
Quarter ended October 31
Year ended October 31
2025(1)
2024
% Change
2025(1)
2024
% Change
Basic earnings per share
$
2.60
$
2.69
(3)
$
10.18
$
10.78
(6)
Amortization of the subscription receipt issuance costs(2)
−
0.02
0.05
0.03
Gain on the fair value remeasurement of an equity interest(3)
−
(0.11)
(0.01)
(0.36)
Management of the fair value changes related to the
CWB acquisition(4)
−
(0.01)
0.05
−
CWB acquisition and integration charges(5)
0.21
0.02
0.67
0.04
Amortization of intangible assets related to the CWB acquisition(6)
0.04
−
0.14
−
Initial provisions for credit losses on non-impaired loans acquired
from CWB(7)
−
−
0.44
−
Income tax recovery related to a change in tax treatment(8)
−
−
(0.12)
−
Basic earnings per share, Adjusted
$
2.85
$
2.61
9
$
11.40
$
10.49
9
Diluted earnings per share
$
2.57
$
2.66
(3)
$
10.07
$
10.68
(6)
Amortization of the subscription receipt issuance costs(2)
−
0.02
0.05
0.03
Gain on the fair value remeasurement of an equity interest(3)
−
(0.11)
(0.01)
(0.36)
Management of the fair value changes related to the
CWB acquisition(4)
