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National Bank of Canada (NA) recently reported its first quarter earnings and discussed the following topics in its earnings conference call.
Financial Market Recovery
Stephen Theriault – Bank of America Merrill Lynch: I have a couple of questions, first I think for Bill, Bill, can you tell us a little bit more about the nature of the recovery in Financial Markets this quarter is quite a large number and as I look back, there hasn’t been a provision north of, I think, C$5 million since 2009. So, where did the recovery come from?
William Bonnell – EVP, Risk Management: There were a couple of repayments during the quarter in Financial Markets and one of those repayments was from an old file dated at least prior to 2009 time.
Stephen Theriault – Bank of America Merrill Lynch: So it is just really long dated timing on this stuff?
William Bonnell – EVP, Risk Management: Yes.
Stephen Theriault – Bank of America Merrill Lynch: (Indiscernible), please, this is a first time we’ve seen expenses improve in pretty dramatic fashion since the acquisitions. So can you talk a bit about the sustainability there? How sustainable is the improvement we saw this quarter? Are we turning the corner here really on expenses?
Ghislain Parent – CFO and EVP, Finance and Treasury: The answer to that is yes. We’ve worked hard. We have a good momentum both on the revenue and on the expense side and I don’t see major changes. That’s not a one-time normally.
Stephen Theriault – Bank of America Merrill Lynch: So we’ve moved from sort of the mid-70s op the low 70s, you would say?
Ghislain Parent – CFO and EVP, Finance and Treasury: I think so.
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