Caution Regarding Forward-Looking Statements
Certain statements in this press release regarding the Bank’s
intention to launch a normal course issuer bid are forward-looking
statements. These statements are made in accordance with applicable
securities legislation in Canada and the United States. 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
inherent 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 these statements due to a number of factors.
Therefore, the Bank recommends that readers not place undue reliance
on these forward-looking statements, as a number of factors could
cause actual results to differ materially from the expectations,
estimates, or intentions expressed in 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 2025, 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 strategic priorities and objectives, including allowances for
credit losses. These assumptions appear in the 2024 Annual Report in
the Economic Review and Outlook section and, for each business
segment, in the Economic and Market Review sections of the 2024
Annual Report and the Economic Review and Outlook section of the
quarterly reports to shareholders filed thereafter.
The forward-looking statements made in this press release 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; the Bank’s ability to meet
stakeholder expectations on environmental and social issues, the
need for active and continued stakeholder engagement; the
availability of comprehensive and high-quality information from
customers and other third parties, including greenhouse gas
emissions; the ability of the Bank to develop indicators to
effectively monitor our progress; the development and deployment of
new technologies and sustainable products; 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 press release are also
subject to credit risk, market risk, liquidity and funding risk,
operational risk, regulatory compliance risk, reputation risk,
strategic risk, and social and environmental risk as well as certain
emerging risks or risks deemed significant. Additional information
about these factors is provided in the Risk Management section of
the 2024 Annual Report as well as in the Risk Management section of
the Report to Shareholders for the Third Quarter of 2025 and may be
updated in the quarterly reports to shareholders filed thereafter.
About National Bank of Canada
With $553 billion in
assets as at July 31, 2025, National
Bank of Canada is one of Canada's six systemically important
banks. The Bank has approximately 34,000 employees in
knowledge-intensive positions and operates 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.
