Financial Markets Summary Q4 2022
Q4 2022 SOLID RESULTS AND POSITIVE OPERATING LEVERAGE
Q4 2022 Performance
(YoY)
Reported
Adjusted(1)
Revenue growth
5.6%
7.9%
Expense growth
6.2%
6.9%
Variable compensation
1.5%
1.5%
Operational costs (2)
3.7%
4.4%
Investment spend (3)
1.0%
1.0%
-
PTPP growth (4)
4.8%
9.1%
Operating leverage (5)
(0.6%)
1.0%
☐
Adjusted revenues up 7.9% YoY and adjusted
PTPP up 9.1% YoY
Strong organic growth across business segments;
partly offset by the Other segment
Adjusted expenses up 6.9% YoY
-
Retaining and attracting talent to support growth
and technology investments
Higher variable compensation
Efficiency ratio(5)
57.7%
55.4%
■ Positive adjusted operating leverage
(1) On a taxable equivalent basis, and excluding specified items when applicable, which are non-GAAP financial measures. See slide 2.
(2) Includes salaries and employee benefits, technology and amortization expenses, occupancy costs as well as other expenses related to the Bank's normal course of business.
(3) Includes technology expenses, salaries and employee benefits, and professional fees related to the Bank's strategic technology investments, as well as expenses related to our
new subsidiary Flinks acquired in Q4 2021.
(4) Pre-Tax Pre-Provision earnings (PTPP) refers to Income before provisions for credit losses and income taxes.
(5) Represents a supplementary financial measure. See slide 2.
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