National Bank of Canada (the “Bank”) (TSX: NA) today released changes to its Supplementary Financial Information for the fiscal year ended October 31, 2023 and related quarters.
On November 1, 2023, as required by the International Financial Reporting Standards (IFRS), the Bank retrospectively applied accounting policy changes arising from the adoption of IFRS 17 – Insurance Contracts, which replaces the IFRS 4 standard addressing insurance contracts, as indicated in Note 2 to the audited annual consolidated financial statements for the fiscal year ended October 31, 2023. The related information for the fiscal year ended October 31, 2023 and related quarters has been adjusted to reflect these accounting policy changes.
The Bank’s results for the first quarter of 2024, which will be published on February 28, 2024, will reflect these changes.
The revised Supplementary Financial Information can be found on the Bank’s Quarterly Results webpage within the Investor Relations section at https://www.nbc.ca/about-us/investors/quarterly-results.html.