Global Wealth Management and Banking Overview
Q1 2021 Financial Performance
$MM, except EPS
Q1/21
Y/Y
Q/Q
Reported
Net Income
$2,398
3%
26%
Pre-Tax, Pre Provision Profit
$3,864
4%
12%
•
Diluted EPS
$1.86
1%
31%
Revenue
$8,072
(1%)
8%
•
Expenses
$4,208
(5%)
4%
Productivity Ratio
52.1%
(220 bps)
(200 bps)
Core Banking Margin
2.27%
(18 bps)
5 bps
PCL Ratio¹
49 bps
(12 bps)
(24 bps)
PCL Ratio on Impaired Loans¹
49 bps
(6 bps)
(5 bps)
Adjusted²
Net Income
$2,418
3%
25%
Pre-Tax, Pre Provision Profit
$3,892
5%
11%
Diluted EPS
$1.88
3%
30%
Revenue
$8,072
1%
8%
Expenses
$4,180
(2%)
4%
•
Productivity Ratio
51.8%
(160 bps)
PCL Ratio1
49 bps
(2 bps)
(150 bps)
(24 bps)
•
PCL Ratio on Impaired Loans¹
49 bps
(4 bps)
(5 bps)
ADJUSTED NET INCOME² YEAR-OVER-YEAR ($MM)
YEAR-OVER-YEAR HIGHLIGHTS
Adjusted EPS² +3% (+30% Q/Q)
Adjusted pre-tax, pre-provision profit² +5% (+11% Q/Q)
Adjusted revenue² +1% (+8% Q/Q)
o Net interest income² down 1%, or up 1% ex. divestitures
o Non-interest income² up 3%, or 5% ex. divestitures
Core banking margin -18 bps (+5 bps Q/Q)
o Driven by higher liquid assets, lower margins in both
International Banking and Canadian Banking, and
changes in business mix
o Q/Q improvement driven by higher contribution from
asset/liability management activities and higher margins
in Global Banking and Markets and International Banking
Adjusted expenses² -2%; Operating leverage of +3.0%
Strong ROE of 14.4%
ADJUSTED NET INCOME 2,3 BY BUSINESS SEGMENT ($MM)
85
124
7
+1%
(101)
(41)
-32%4
+34%
+20%
2,344
2,418
908 915
615 398
318
425
451
543
Q1/20
Net interest Non interest
PCLs
Income
income
Non-interest
expenses
Taxes
Q1/21
Canadian Banking
International
Banking
Global Wealth
Management
Global Banking
and Markets
1 Includes provision for credit losses on certain assets - loans, acceptances and off-balance sheet exposures
2 Refer to Non-GAAP Measures on slide 37 for adjusted results
Q1/20 Q1/21
3 Attributable to equity holders of the Bank
4Y/Y growth rate is on a constant dollar basis
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