Investor Presentaiton
Fourth Quarter 2020 Financial Results
Reported ($MM)
Revenue
Q4/20
YOY
QoQ
•
4,600
(4%)
(2%)
Overall Performance - Adjusted¹
Earnings reflect resilience of diversified franchise
Net interest income
2,792
(0%)
Non-interest income
1,808
(8%)
Non-Interest Expenses
2,891
2%
Provision for Credit Losses
291
(28%)
(45%)
•
Net Income
1,016
(15%)
(13%)
2%
(9%)
7%
•
Strong capital position with CET1 ratio of 12.1%
Revenue
Net interest income up 2% YoY
•
Moderating provision for credit losses
Diluted EPS
$2.20
(15%)
(14%)
.
Improving balance growth in Personal & Business Banking
Efficiency Ratio
ROE
CET1 Ratio
62.9%
340 bps
10.7%
12.1%
(220) bps
550 bps
(140) bps
•
Strong performance in Capital Markets driven by higher trading activity
56 bps
34 bps
•
Double-digit deposit growth in Canadian and U.S. Commercial businesses
Non-interest income down 8% YoY
•
Decreased client activity contributing to lower consumer fees
Adjusted¹ ($MM)
Q4/20
YOY
QoQ
Revenue
4,600
(2%)
(2%)
Net interest income
2,792
2%
2%
Non-interest income
1,808
(8%)
(9%)
Non-Interest Expenses
2,613
(2%)
0%
.
•
Expenses
Continued emphasis on expense discipline resulting in stable operating leverage
Provision for Credit Losses (PCL)
PCL continues to moderate from Q2 peak
Pre-Provision Earnings²
1,987
(3%)
(5%)
•
Total PCL ratio of 28 bps, down 12 bps YoY and 22 bps QoQ
Provision for Credit Losses
291
(28%)
(45%)
•
PCL ratio on impaired of 17 bps, down 16 bps YoY and 12 bps QoQ
Net Income
1,280
(2%)
3%
Diluted EPS
$2.79
(2%)
3%
Efficiency Ratio (TEB)
56.4%
40 bps
160 bps
ROE
13.5%
(70) bps
60 bps
1 Adjusted results are non-GAAP financial measures. See slide 38 for further details.
Pre-provision earnings is revenue net of non-interest expenses and is a non-GAAP measure. See slide 38 for further details.
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