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National Bank of Canada (NA) investor relations material

National Bank of Canada Barclays 23rd Annual Global Financial Services Conference summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Barclays 23rd Annual Global Financial Services Conference summary8 Sep, 2025

Business strategy and market position

  • Operates as a fully integrated subsidiary of a major Canadian bank, focusing on acquiring and financing financial assets in the U.S. across diverse asset classes, primarily mortgages and consumer-related products.

  • Maintains a B2B model, building relationships with asset originators, funds, banks, and brokers, without direct consumer origination.

  • Prioritizes organic growth through partnerships rather than acquisitions, aiming to stay lean and flexible while maintaining strict risk discipline.

  • Continuously evolves its asset mix to respond to market opportunities, with a high bar for entering new asset classes based on data reliability and operational risk.

  • Targets long-term asset base growth of 5% to 10% annually, adjusting investment pace based on market conditions and risk-adjusted returns.

Asset portfolio and risk management

  • Focuses on high credit quality consumers and low loan-to-value mortgages, aiming for resilience across economic cycles.

  • Insurance-related investments provide diversification and are largely uncorrelated with other consumer credit drivers.

  • Maintains no credit concerns, with a portfolio concentrated on the upper end of the consumer spectrum.

  • Holds assets primarily for long-term value, with opportunistic sales or securitizations occurring infrequently.

  • Growth is limited by the risk framework and market opportunity, not by capital constraints.

Competitive environment and market trends

  • Faces intense competition from asset managers, insurance company tie-ups, and fintechs, but leverages execution speed and flexibility to find niche opportunities.

  • Partnerships with fintech originators and smaller, innovative firms are a key source of deal flow.

  • Increased competition has also created opportunities, especially in providing leverage to funds with mismatched asset durations.

  • Market volatility and liquidity events historically lead to increased opportunities for asset acquisition.

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Frequently asked questions

National Bank of Canada provides its clients with a broad range of banking and investment products, including deposits, mortgages, loans to consumers, small businesses, institutional clients, and middle-market companies, asset management services through Groupe Financier National Inc., securities brokerage services under the National Bank Direct Brokerage brand name to individuals and institutional clients in Canada, and wealth management services. National Bank of Canada was founded in 1859 and is based in Montreal, Canada.

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