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Flinks

flinks.com

Founded Year

2016

Stage

Corporate Majority | Acquired

Total Raised

$13.65M

About Flinks

Flinks is a financial data aggregator dedicated to the Canadian market. Flinks allows FinTech companies to connect their apps with customers' banks, allowing them to validate account ownership, verify account balances, or access transaction histories. The company was founded in 2016 and i sbased in Montreal, Canada. In August 2021, National Bank acquired a majority stake in Flinks.

Headquarters Location

1001 Rue Lenoir A114

Montreal, Quebec, H4C 2Z6,

Canada

800-610-8104

Flinks's Product Videos

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ESPs containing Flinks

The ESP matrix leverages data and analyst insight to identify and rank leading companies in a given technology landscape.

EXECUTION STRENGTH ➡MARKET STRENGTH ➡LEADERHIGHFLIEROUTPERFORMERCHALLENGER
Financial Services / Retail Banking Tech

Companies in this market help banks become more data-driven through APIs. This allows both banks and third-parties to more easily tap into customer data, which is then used to deliver better digital experiences and products. Potential applications include frictionless digital banking solutions, account and ID verification, creditworthiness assessments, payment enablement, personal finance insights…

Flinks named as Challenger among 14 other companies, including Plaid, Tink, and MX.

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Flinks's Products & Differentiators

    Connectivity

    Flinks' clients use our data connectivity product to gain access to their customers' financial information and documents, through user-permissioned transfers from the accounts they have with other financial institutions. We support connections to over 10,000+ financial institutions in the US and Canada, across retail and business banking as well as wealth management.

Expert Collections containing Flinks

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

Flinks is included in 5 Expert Collections, including Banking.

B

Banking

1,292 items

C

Capital Markets Tech

785 items

Companies in the capital markets tech space are providing software and/or services for investment banks, hedge funds, investment managers, and so forth. Companies included use technology across the front, middle, and back-offices and streamline all pre- and post-trade operations.

F

Fintech

3,540 items

Excludes US-based companies

D

Digital ID In Fintech

268 items

For this analysis, we looked at digital ID companies working in or with near-term potential to work in fintech applications. Startups here are enabling fintech companies to verify government documents, authenticate with biometrics, and combat fraudulent logins.

C

Canadian fintech

349 items

Flinks Patents

Flinks has filed 5 patents.

The 3 most popular patent topics include:

  • Data management
  • Digital marketing
  • Modern obsolete currencies
patents chart

Application Date

Grant Date

Title

Related Topics

Status

11/27/2020

7/5/2022

Promotion and marketing communications, Digital marketing, Internet terminology, Modern obsolete currencies, Natural language processing

Grant

Application Date

11/27/2020

Grant Date

7/5/2022

Title

Related Topics

Promotion and marketing communications, Digital marketing, Internet terminology, Modern obsolete currencies, Natural language processing

Status

Grant

Latest Flinks News

06:30 ET National Bank reports its 2022 fourth-quarter and annual results and raises its quarterly dividend by 5 cents to 97 cen...

Nov 30, 2022

Share this article Share this article The financial information reported in this document is based on the unaudited interim condensed consolidated financial statements for the fourth quarter of fiscal 2022 and on the audited annual consolidated financial statements for the year ended October 31, 2022 and is prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), unless otherwise indicated. IFRS represent Canadian generally accepted accounting principles (GAAP). All amounts are presented in Canadian dollars. MONTREAL, Nov. 30, 2022 /CNW/ - For the fourth quarter of 2022, National Bank is reporting net income of $738 million, down 4% from $769 million in the fourth quarter of 2021. Fourth-quarter diluted earnings per share stood at $2.08 compared to $2.17 in the fourth quarter of 2021. Solid performance in all of the business segments was offset by higher provisions for credit losses recorded to reflect a less favourable macroeconomic outlook in the fourth quarter of 2022, whereas, in the fourth quarter of 2021, reversals of allowances for credit losses had been recorded to reflect a more favourable macroeconomic outlook. Income before provisions for credit losses and income taxes totalled $988 million in the fourth quarter of 2022 compared to $943 million in the fourth quarter of 2021, a 5% increase arising from total revenue growth in all of the business segments. For the year ended October 31, 2022, the Bank's net income totalled $3,383 million, up 8% from $3,140 million in fiscal 2021, and its diluted earnings per share stood at $9.61 in fiscal 2022 versus $8.85 in fiscal 2021. Excellent performance in all of the business segments, driven by revenue growth, contributed to these increases in net income and diluted earnings per share, even with the higher provisions for credit losses that were recorded to reflect, in part, a less favourable macroeconomic outlook in the second half of fiscal 2022. For fiscal 2022, income before provisions for credit losses and income taxes totalled $4,422 million, a 10% year-over-year increase driven by revenue growth in all of the business segments. Commenting on the Bank's performance for fiscal year 2022, Laurent Ferreira, President and Chief Executive Officer, said: "We generated superior organic growth across all our business segments and the operating leverage was positive for the year. We maintain prudent allowances for credit losses and robust capital ratios. We continue to prioritize deploying capital to support organic growth, investing in efficiency improvements and returning capital to shareholders." "In the fourth quarter of fiscal 2022, the pre-tax, pre-provision earnings for each business segment were up, with strong double-digit growth for the Personal and Commercial and the Wealth Management segments," added Mr. Ferreira. Highlights (1) Certain amounts have been adjusted to reflect an accounting policy change applicable to cloud computing arrangements. For additional information, see Note 1 to the audited annual consolidated financial statements for the year ended October 31, 2022. (2) For additional information on composition of these measures, see the Glossary section on pages 122 to 125 of the Bank's 2022 Annual Report, which is available on the Bank's website at nbc.ca or the SEDAR website at sedar.com. (3) For additional information on capital management measures, see the Financial Reporting Method section on pages 16 to 21 of the Bank's 2022 Annual Report, which is available on the Bank's website at nbc.ca or the SEDAR website at sedar.com. Financial Reporting Method The Bank's consolidated financial statements are prepared in accordance with IFRS, as issued by the IASB. The financial statements also comply with section 308(4) of the Bank Act (Canada), which states that, except as otherwise specified by the Office of the Superintendent of Financial Institutions (Canada) (OSFI), the consolidated financial statements are to be prepared in accordance with IFRS, which represent Canadian GAAP. None of the OSFI accounting requirements are exceptions to IFRS. The presentation of segment disclosures is consistent with the presentation adopted by the Bank for the fiscal year beginning November 1, 2021. This presentation reflects the fact that the loan portfolio comprising borrowers in the "Oil and gas" and "Pipelines" sectors as well as related activities, which had previously been reported in the Personal and Commercial segment, is now reported in the Financial Markets segment. The Bank made this change to better align the monitoring of its activities with its management structure. In addition, a change in accounting policy, as described in the "Accounting Policy Changes" section of Note 1 to the audited annual consolidated financial statements for the year ended October 31, 2022 was applied retrospectively during the year ended October 31, 2022, after the International Financial Reporting Interpretations Committee (IFRIC) issued a final agenda decision on accounting for the costs of configuring or customizing a supplier's software in a cloud computing arrangement. The figures for the quarter and year ended October 31, 2021 have been adjusted to reflect this change in accounting policy. Non-GAAP and Other Financial Measures The Bank uses a number of financial measures when assessing its results and measuring overall performance. Some of these financial measures are not calculated in accordance with GAAP. Regulation 52-112 Respecting Non-GAAP and Other Financial Measures Disclosure (Regulation 52-112) prescribes disclosure requirements that apply to the following measures used by the Bank: non-GAAP financial measures; Non-GAAP Financial Measures The Bank uses non-GAAP financial measures that do not have standardized meanings under GAAP and that therefore may not be comparable to similar measures used by other companies. Presenting non-GAAP financial measures helps readers to better understand how management analyzes results, shows the impacts of specified items on the results of the reported periods, and allows readers to better assess results without the specified items if they consider such items not to be reflective of the underlying performance of the Bank's operations. In addition, like many other financial institutions, the Bank uses the taxable equivalent basis to calculate net interest income, non-interest income, and income taxes. This calculation method consists of grossing up certain tax-exempt income (particularly dividends) by the income tax that would have been otherwise payable. An equivalent amount is added to income taxes. This adjustment is necessary in order to perform a uniform comparison of the return on different assets regardless of their tax treatment. For additional information on non-GAAP financial measures, non-GAAP ratios, supplementary financial measures, and capital management measures, see the Financial Reporting Method section and the Glossary section, on pages 16 to 21 and 122 to 125, respectively, of the 2022 Annual Report, which is available on the Bank's website at nbc.ca or the SEDAR website at sedar.com. Reconciliation of Non-GAAP Financial Measures Presentation of Results – Adjusted (1) Certain amounts have been adjusted to reflect an accounting policy change applicable to cloud computing arrangements. For additional information, see Note 1 to the audited annual consolidated financial statements for the year ended October 31, 2022. (2) For additional information on the composition of these measures, see the Glossary section on pages 122 to 125 of the Bank's 2022 Annual Report, which is available on the Bank's website at nbc.ca or the SEDAR website at sedar.com. (3) See the Financial Reporting Method section on pages 2 to 4 for additional information on non-GAAP financial measures. (4) For additional information on non-GAAP ratios, see the Financial Reporting Method section on pages 16 to 21 of the Bank's 2022 Annual Report, which is available on the Bank's website at nbc.ca or the SEDAR website at sedar.com. (5) For additional information on capital management measures, see the Financial Reporting Method section on pages 16 to 21 of the Bank's 2022 Annual Report, which is available on the Bank's website at nbc.ca or the SEDAR website at sedar.com. Financial Analysis This press release should be read in conjunction with the 2022 Annual Report (which includes the audited annual consolidated financial statements and MD&A) available on the Bank's website at nbc.ca. Additional information about the Bank, including the Annual Information Form, can be obtained from the Bank's website at nbc.ca or SEDAR's website at sedar.com. Total Revenues For the fourth quarter of 2022, the Bank's total revenues amounted to $2,334 million, up $123 million or 6% from the fourth quarter of 2021. In the Personal and Commercial segment, fourth-quarter total revenues rose 15% year over year owing to loan and deposit growth, to a higher net interest margin resulting from recent interest rate hikes, and to increases in credit card revenues, revenues from bankers' acceptances, and revenues from foreign exchange activities, partly offset by a decrease in insurance revenues. In the Wealth Management segment, fourth-quarter total revenues grew 9% year over year, mainly due to the higher net interest income resulting from interest rate hikes. This increase was partly offset by a decrease in fee-based revenues, notably mutual fund revenues and revenues from investment management and trust service fees. In addition, securities brokerage commissions decreased year over year given fewer commission-generating transactions. In the Financial Markets segment, fourth-quarter total revenues on a taxable equivalent basis increased by 14% year over year due to increases in global markets revenues and in corporate and investment banking revenues. In the USSF&I segment, fourth-quarter total revenues were up 10% year over year owing to a sustained increase in the ABA Bank subsidiary's revenues as a result of business growth, partly offset by a decrease in the Credigy subsidiary's revenues, notably due to a less favourable impact from fair value remeasurements of certain loan portfolios. For the Other heading, fourth-quarter total revenues were down year over year, mainly due to a lower contribution from Treasury activities and to lower gains on investments. For the year ended October 31, 2022, total revenues amounted to $9,652 million, up $725 million or 8% from $8,927 million in fiscal 2021. In the Personal and Commercial segment, fiscal 2022 total revenues rose $419 million or 12% year over year as net interest income increased owing to loan and deposit growth, a higher net interest margin arising from interest rate hikes, and increases in credit card revenues, insurance revenues, revenues from bankers' acceptances, revenues from derivative financial instruments, and revenues from foreign exchange activities. In the Wealth Management segment, fiscal 2022 total revenues grew 10% year over year, mainly due to higher net interest income as well as to an increase in fee-based revenues given growth in average assets under administration and assets under management and given greater market performance compared to the year ended October 31, 2021. In the Financial Markets segment, fiscal 2022 total revenues on a taxable equivalent basis were up $250 million or 11% year over year given growth in global markets revenues, partly offset by a decrease in corporate and investment banking revenues. In the USSF&I segment, fiscal 2022 total revenues rose 11% year over year owing to revenue growth at ABA Bank, which was driven by higher loans and deposits, partly offset by a decrease in Credigy's revenues, notably due to a gain that had been realized in fiscal 2021 upon a disposal of loan portfolios and to a more favourable impact of remeasuring certain loan portfolios during fiscal 2021. For fiscal 2022, the total revenues of the Other heading decreased year over year, as there was a lower contribution from Treasury activities and lower gains on investments in fiscal 2022. Non-Interest Expenses For the fourth quarter of 2022, the Bank's non-interest expenses stood at $1,346 million, a 6% year-over-year increase that was essentially driven by higher compensation, notably due to wage growth and a greater number of employees as well as to the variable compensation associated with revenue growth. In addition, fourth-quarter occupancy expenses were also up, partly due to the expansion to ABA Bank's banking network. Fourth-quarter other expenses increased as well, essentially due to an increase in travel and business development expenses given that activities with clients resumed and also due to higher advertising expenses. For the year ended October 31, 2022, the Bank's non-interest expenses stood at $5,230 million, a 7% year-over-year increase that was essentially attributable to higher compensation and employee benefits, notably due to wage growth and a greater number of employees as well as to the variable compensation associated with revenue growth. Fiscal 2022 technology expenses, including amortization, were also up year over year, as significant investments were made to support the Bank's technological evolution and business development plan. Other expenses also rose year over year, due to an increase in travel and business development expenses as activities with clients resumed. These higher expenses were tempered by decreases in certain expenses; in particular, there was a $20 million reversal of the provision for the compensatory tax on salaries paid in Quebec during the first quarter of 2022 as well as a decrease in COVID-19-response expenses, which had been higher during fiscal 2021. Furthermore, a portion of the overall increase in non-interest expenses was attributable to the acquisition of the Flinks Technology Inc. (Flinks) subsidiary at the end of fiscal 2021. Provisions for Credit Losses For the fourth quarter of 2022, the Bank recorded $87 million in provisions for credit losses compared to $41 million in recoveries of credit losses in the fourth quarter of 2021. This increase stems mainly from higher provisions for credit losses on non-impaired loans, recorded to reflect less favourable macroeconomic conditions, notably greater inflationary pressures, in the fourth quarter of 2022. In the fourth quarter of 2021, the Bank had recorded reversals of provisions for credit losses on non-impaired loans given more favourable macroeconomic conditions at that time. Provisions for credit losses on impaired loans excluding purchased or originated credit-impaired (POCI)(1) loans were also up, rising $50 million year over year given higher provisions for credit losses on the impaired loans of Personal Banking (including credit card receivables), the Financial Markets segment, the Credigy subsidiary (excluding POCI loans), and the ABA Bank subsidiary. Lastly, the provisions for credit losses on Credigy's POCI loans were down given a favourable remeasurement of certain portfolios in the fourth quarter of 2022. For fiscal 2022, the Bank recorded $145 million in provisions for credit losses compared to $2 million in fiscal 2021. This increase was primarily due to higher provisions for credit losses on non-impaired loans resulting from a less favourable macroeconomic outlook in the second half of 2022 resulting from higher inflationary pressure, geopolitical instability, and global supply chain disruptions. In fiscal 2021, the Bank had recorded reversals of allowances for credit losses on non-impaired loans given more favourable macroeconomic conditions at that time. The fiscal 2022 provisions for credit losses on Credigy's POCI loans were also up given a favourable remeasurement of certain portfolios in fiscal 2021. Conversely, the provisions for credit losses on impaired loans excluding POCI(1) loans were down, in both Commercial Banking and Financial Markets, partly offset by higher provisions for credit losses on impaired Personal Banking loans (including credit card receivables) and impaired ABA Bank loans, resulting from the end of the COVID-19 relief measures that had been granted to the subsidiary's clients. Income Taxes  For the fourth quarter of 2022, income taxes stood at $163 million compared to $215 million in the same quarter of 2021. The 2022 fourth-quarter effective income tax rate was 18%, compared to 22% in the same quarter of 2021. The change in effective income tax rate stems mainly from a higher level of tax-exempt dividend income compared to the same quarter of 2021. For the year ended October 31, 2022, the effective income tax rate was 21% compared to 22% in fiscal 2021. This change in the effective income tax rate stems from the same reason as that provided for the quarter. (1) For additional information on the composition of these measures, see the Glossary section on pages 122 to 125 of the Bank's 2022 Annual Report, which is available on the Bank's website at nbc.ca or the SEDAR website at sedar.com. Results by Segment The Bank carries out its activities in four business segments: Personal and Commercial, Wealth Management, Financial Markets, and U.S. Specialty Finance and International. Other operating activities, certain specified items, Treasury activities, and the activities of the Flinks Technology Inc. (Flinks) subsidiary are grouped in the Other heading. Each reportable segment is distinguished by services offered, type of clientele, and marketing strategy. Personal and Commercial (1) For the quarter and the year ended October 31, 2021, certain amounts have been reclassified, in particular amounts of the loan portfolio of borrowers in the ʺOil and gasʺ and ʺPipelinesʺ sectors as well as related activities, which were transferred from the Personal and Commercial segment to the Financial Markets segment. Moreover, certain amounts have been adjusted to reflect an accounting policy change applicable to cloud computing arrangements (for additional information, see Note 1 to the audited annual consolidated financial statements for the year ended October 31, 2022). (2) For additional information on the composition of these measures, see the Glossary section on pages 122 to 125 of the Bank's 2022 Annual Report, which is available on the Bank's website at nbc.ca or the SEDAR website at sedar.com. (3) Represents an average of the daily balances for the period. In the Personal and Commercial segment, net income totalled $351 million in the fourth quarter of 2022 compared to $311 million in the fourth quarter of 2021, a 13% increase resulting from growth in total revenues, partly offset by higher provisions for credit losses. The segment's fourth-quarter income before provisions for credit losses and income taxes grew 24% year over year. Its fourth-quarter net interest income rose 20% year over year owing to growth in personal and commercial loans and deposits as well as to a higher net interest margin, which, as a result of recent interest rate hikes, was 2.25% in fourth–quarter 2022 compared to 2.05% in fourth-quarter 2021. As for the segment's fourth-quarter non-interest income, it grew $10 million or 4% year over year. Personal Banking's fourth-quarter total revenues increased by $25 million year over year. This increase came from an increase in net interest income driven by loan and deposit growth, from an improved deposit margin, and from an increase in credit card revenues given a notable increase in purchasing volume partly offset by a decrease in insurance revenues. Commercial Banking's fourth-quarter total revenues grew $116 million year over year, mainly due to an increase in net interest income, driven by loan and deposit growth, to an improved margin on deposits, as well as to increases in revenues from foreign exchange activities and from bankers' acceptances. For the fourth quarter of 2022, the Personal and Commercial segment's non-interest expenses stood at $551 million, an 8% year-over-year increase that was mainly due to higher compensation and employee benefits (given wage growth and a greater number of employees), to operations support charges, and to investments made as part of the segment's technological evolution. At 51.4%, the segment's fourth-quarter efficiency ratio improved by 3.5 percentage points year over year as a result of strong revenue growth. The segment recorded $42 million in provisions for credit losses in the fourth quarter of 2022 compared to $5 million in recoveries of credit losses in the fourth quarter of 2021. This increase came from higher provisions for credit losses on impaired Personal Banking loans and from higher provisions for credit losses on non-impaired Personal Banking loans (including credit card receivables) and non-impaired Commercial Banking loans recorded to reflect a less favourable macroeconomic outlook, whereas, in the fourth quarter of 2021, a more favourable macroeconomic outlook had led to reversals of allowances for credit losses on non-impaired loans. For fiscal 2022, the Personal and Commercial segment's net income totalled $1,314 million, up from $1,151 million in fiscal 2021. This increase stems mainly from 12% growth in the segment's total revenues. The segment's income before provisions for credit losses and income taxes totalled $1,885 million in fiscal 2022, a 17% year-over-year increase. Personal Banking's fiscal 2022 total revenues were up, mainly due to growth in loans and deposits and improved deposit margin (partly offset by a lower margin on loans) as well as to increases in credit card revenues, insurance revenues (reflecting a revision to actuarial reserves), and internal commission revenues related to the distribution of Wealth Management products. In addition, Commercial Banking's total revenues rose 21% owing to loan and deposit growth, to an increase in the net interest margin arising from higher interest rates in fiscal 2022, and to higher revenues from bankers' acceptances, revenues from derivative financial instruments, and revenues from foreign exchange activities. For the year ended October 31, 2022, the Personal and Commercial segment's non-interest expenses stood at $2,149 million, a 7% year-over-year increase that was mainly due to higher compensation and employee benefits, expenses incurred for the segment's technological evolution, and higher operations support charges. Furthermore, travel and business development costs increased as activities with clients resumed. At 53.3% for the year ended October 31, 2022, the efficiency ratio improved by 2.2 percentage points versus fiscal 2021. For fiscal 2022, the segment recorded $97 million in provisions for credit losses compared to $40 million in fiscal 2021. This increase came mainly from provisions for credit losses on non-impaired Personal Banking loans (including credit card receivable) recorded to reflect less favourable macroeconomic conditions, whereas, in fiscal 2021, a more favourable macroeconomic environment had led to significant reversals of allowances for credit losses on non-impaired loans. These increases were tempered by lower provisions for credit losses on impaired Commercial Banking loans as well as by lower provisions for credit losses on non-impaired Commercial Banking loans resulting from more favourable risk parameters in fiscal 2022. Wealth Management (3) For additional information on the composition of these measures, see the Glossary section on pages 122 to 125 of the Bank's 2022 Annual Report, which is available on the Bank's website at nbc.ca or the SEDAR website at sedar.com. In the Wealth Management segment, net income totalled $198 million in the fourth quarter of 2022, a 24% increase from $160 million in the fourth quarter of 2021. The segment's fourth-quarter total revenues amounted to $613 million, up $52 million or 9% from $561 million in the fourth quarter of 2021. This revenue growth was mainly driven by a $73 million or 64% increase in net interest income owing to higher interest rates and to growth in loan and deposit volumes in the fourth quarter of 2022. Fee-based revenues were down 3% as there was a decrease in assets under administration and assets under management as a result of a decline in stock market performance compared to the fourth quarter of 2021. As for fourth-quarter transaction-based and other revenues, they were down 10% year over year given lower commissions on transactions in fourth-quarter 2022 attributable to a less favourable market. For the fourth quarter of 2022, the segment's non-interest expenses stood at $343 million, a slight $1 million year-over-year increase that was due to higher compensation and employee benefits as well as to higher operations support charges, partly offset by a decrease in variable compensation and in revenues from external management fees. At 56.0%, the segment's fourth-quarter efficiency ratio improved by 5.0 percentage points from 61.0% in the fourth quarter of 2021. The segment recorded $2 million in provisions for credit losses in the fourth quarter of 2022, whereas $1 million in provisions for credit losses had been recorded for the fourth quarter of 2021. For fiscal 2022, Wealth Management's net income totalled $721 million, up 12% from $641 million in fiscal 2021. The segment's total revenues amounted to $2,375 million in fiscal 2022, a 10% increase from $2,166 million in 2021. Net interest income grew $148 million or 33% year over year owing to higher interest rates, to growth in loan and deposit volumes, and to the deposit margin. Fee-based revenues rose 8% year over year thanks to growth in average assets under administration and average assets under management as a result of net inflows into various solutions and of stronger stock market performance in the first half of fiscal 2022 compared to that of fiscal 2021. As for transaction and other revenues, they decreased 12% year over year as a result of lower commission-generating trading volume during fiscal 2022. Also for fiscal 2022, Wealth Management's non-interest expenses stood at $1,391 million compared to $1,293 million in fiscal 2021, an increase that is attributable to higher compensation and employee benefits, notably the variable compensation associated with revenue growth, as well as to higher operations support charges related to the segment's business growth and initiatives. At 58.6%, the efficiency ratio for the year ended October 31, 2022 improved by 1.1 percentage points compared to 59.7% in fiscal 2021. For fiscal 2022, the Bank recorded $3 million in provisions for credit losses reflecting a less favourable macroeconomic environment, compared to $1 million in fiscal 2021. Financial Markets  (4) For additional information on the composition of these measures, see the Glossary section on pages 122 to 125 of the Bank's 2022 Annual Report, which is available on the Bank's website at nbc.ca or the SEDAR website at sedar.com. In the Financial Markets segment, net income totalled $205 million in the fourth quarter of 2022 compared to $238 million in the fourth quarter of 2021, a 14% decrease resulting from higher provisions for credit losses. Income before provisions for credit losses and income taxes totalled $311 million in the fourth quarter of 2022, up 10% from the fourth quarter of 2021. The segment's fourth-quarter total revenues amounted to $563 million, up $67 million or 14% from $496 million in the fourth quarter of 2021. Fourth-quarter global markets revenues rose 14% year over year, mainly due to higher revenues from equity securities and fixed-income securities, partly offset by a decrease in revenues from commodities and foreign exchange activities. Fourth-quarter corporate and investment banking revenues rose 13% year over year given an increase in revenues from merger and acquisition activity and in banking service revenues driven by growth in loan volumes, partly offset by a decrease in revenues from capital markets activities. The segment's fourth-quarter non-interest expenses stood at $252 million, an 18% year-over-year increase that was due to higher compensation and employee benefits, notably the variable compensation associated with revenue growth, as well as to higher technology investment expenses and higher operations support charges. At 44.8%, the segment's fourth-quarter efficiency ratio compares to 42.9% in the same quarter of 2021. For the fourth quarter of 2022, Financial Markets recorded $32 million in provisions for credit losses compared to $40 million in recoveries of credit losses recorded in the fourth quarter of 2021. This increase was due to a $47 million increase in provisions for credit losses on non-impaired loans resulting from reversals of allowances for credit losses on non-impaired loans that had been recorded in the fourth quarter of 2021 given a more favourable macroeconomic outlook during that period as well as a $25 million increase in provisions for credit losses on impaired loans compared to the same period of fiscal 2021. For fiscal 2022, the Financial Markets segment's net income totalled $1,080 million, a 10% year-over-year increase arising from growth in total revenues. The segment's income before provisions for credit losses and income taxes totalled $1,446 million in fiscal 2022, a 10% year-over-year increase. Its fiscal 2022 total revenues amounted to $2,468 million versus $2,218 million, up $250 million or 11% year over year. Global markets revenues rose 28% year over year owing to growth across every revenue category, notably revenues from equities as market conditions favoured greater client activity. As for the fiscal 2022 corporate and investment banking revenues, they were down 8% year over year, mainly due to a decrease in revenues related to capital markets activity, tempered by revenues generated by favourable merger and acquisition activity and by growth in loan volumes. For fiscal 2022, the segment's non-interest expenses rose 13% year over year, essentially attributable to higher compensation and employee benefits, notably the variable compensation associated with revenue growth, and to higher technology investment expenses and operations support charges. At 41.4%, the segment's efficiency ratio for fiscal 2022 compares to 40.8% in fiscal 2021. Financial Markets recorded $23 million in recoveries of credit losses during fiscal 2022 compared to $24 million in recoveries of credit losses in fiscal 2021. A $78 million increase in provision for credit losses on non-impaired loans, resulting from a less favourable macroeconomic outlook in fiscal 2022, was offset by a $77 million decrease in provision for credit losses on impaired loans. U.S. Specialty Finance and International (USSF&I) (millions of Canadian dollars) (2) For additional information on the composition of these measures, see the Glossary section on pages 122 to 125 of the Bank's 2022 Annual Report, which is available on the Bank's website at nbc.ca or the SEDAR website at sedar.com. In the USSF&I segment, net income totalled $132 million in the fourth quarter of 2022 compared to $129 million in the fourth quarter of 2021, a 2% increase attributable to the ABA Bank subsidiary, notably its revenue growth. The segment's fourth-quarter total revenues amounted to $267 million, up $25 million or 10% from $242 million in the fourth quarter of 2021. This growth in total revenues was mainly driven by a $40 million increase in ABA Bank's revenues, whereas Credigy's fourth-quarter revenues declined $12 million year over year. For fiscal 2022, the segment's net income totalled $557 million, relatively stable compared to $555 million in fiscal 2021. Credigy For the fourth quarter of 2022, the Credigy subsidiary's net income totalled $46 million, a $9 million or 16% year-over-year decrease that was essentially due to lower total revenues. The subsidiary's income before provisions for credit losses and income taxes amounted to $56 million in the fourth quarter of 2022, a 20% year-over-year decrease attributable to the lower revenues, which totalled $88 million in fourth-quarter 2022 versus $100 million in fourth-quarter 2021, due to an unfavourable impact of a fair value remeasurement of certain portfolios in the fourth quarter of 2022. Credigy's fourth-quarter non-interest expenses stood at $32 million, up $2 million year over year. Its fourth-quarter provisions for credit losses were $2 million lower than those of fourth-quarter 2021, mainly due to a favourable remeasurement of the POCI loan portfolios in the fourth quarter of 2022. For fiscal 2022, the Credigy subsidiary's net income totalled $216 million, a 28% year-over-year decrease that was notably due to lower revenues and significantly higher provisions for credit losses. Its income before provisions for credit losses and income taxes totalled $308 million in fiscal 2022, down 11% year over year. Credigy's fiscal 2022 total revenues amounted to $439 million, down from $486 million in fiscal 2021. While there was growth in net interest income, it was more than offset by a decrease in non-interest income, as a $26 million gain had been realized in the first quarter of 2021 upon a disposal of loan portfolios, a favourable impact of the fair value remeasurements of certain portfolios during fiscal 2021, and an unfavourable impact upon remeasurements of certain portfolios in fiscal 2022. Credigy's non-interest expenses were down $8 million year over year, mainly due to a decrease in variable compensation. Its provisions for credit losses rose $76 million year over year, whereas in fiscal 2021, reversals of allowances for credit losses on non-impaired loans had been recorded to reflect more favourable macroeconomic conditions at that time and more favourable remeasurements of POCI loan portfolios had been carried out. ABA Bank For the fourth quarter of 2022, the ABA Bank subsidiary's net income totalled $86 million, up $14 million or 19% from the fourth quarter of 2021. The subsidiary's fourth-quarter total revenues grew 29% year over year owing to sustained loan growth, partly offset by lower interest rates on loans. The subsidiary's fourth-quarter non-interest expenses stood at $58 million, a $13 million year-over-year increase resulting from higher compensation and employee benefits (notably due to salaries given a greater number of employees and variable compensation associated with revenue growth) and from higher occupancy expenses attributable to the subsidiary's business growth. Provisions for credit losses, which stood at $12 million in the fourth quarter of 2022, rose $9 million year over year, due to higher provisions for credit losses on impaired loans. For fiscal 2022, ABA Bank's net income totalled $340 million, up 35% from fiscal 2021. Growth in the subsidiary's business activities, mainly in the form of sustained loan and deposit growth, drove total revenues up 31% year over year. This increase was, however, partly offset by lower interest rates on loans given a competitive environment in Cambodia. The subsidiary's fiscal 2022 non-interest expenses stood at $212 million, a 23% year-over-year increase that was due to the same reasons provided above for the fourth quarter. ABA Bank recorded $31 million in provisions for credit losses in fiscal 2022, which is $5 million more than last year, as provisions for credit losses on impaired loans increased to reflect the end of COVID-19 relief measures that had been granted to the subsidiary's clients. Other (2) For the quarter ended October 31, 2022, Net interest income was reduced by $65 million ($39 million in 2021), Non-interest income was reduced by $30 million ($2 million in 2021), and an equivalent amount was recorded in Income taxes. For the year ended October 31, 2022, Net interest income was reduced by $234 million ($181 million in 2021), Non-interest income was reduced by $48 million ($8 million in 2021), and an equivalent amount was recorded in Income taxes. These adjustments include a reversal of the taxable equivalent of the Financial Markets segment and the Other heading. Taxable equivalent basis is a calculation method that consists in grossing up certain tax-exempt income by the amount of income tax that would have otherwise been payable. (3) See the Financial Reporting Method section on pages 2 to 4 for additional information on non-GAAP financial measures. (4) Represents an average of the daily balances for the period. For the Other heading of segment results, there was a net loss of $148 million in the fourth quarter of 2022 compared to a net loss of $69 million in the same quarter of 2021. This change in net loss stems essentially from a decrease in total revenues, attributable to a lower contribution from treasury activities, as well as higher gains on investments in the fourth quarter of 2021. This decrease was tempered, however, by a reduction in non-interest expenses, mainly due to the pension plan expense. The specified items, net of income taxes, recorded in the fourth quarter of 2021 had consisted of $7 million in intangible asset impairment losses. The fourth–quarter net loss stood at $148 million compared to a $62 million adjusted net loss in the fourth quarter of 2021. For the year ended October 31, 2022, net loss stood at $289 million compared to a net loss of $190 million in fiscal 2021. This change in net loss was due to a decrease in total revenues arising mainly from a lower contribution from treasury activities and from lower gains on investments in fiscal 2022. This decrease was partly offset by a reduction in non-interest expenses, notably variable compensation, the pension plan expense, and a $20 million reversal of the provision for the compensatory tax on salaries paid in Quebec. In fiscal 2021, the net loss had included a $33 million gain on a remeasurement of the previously held equity interest in Flinks and a $30 million loss ($26 million net of income taxes) related to the fair value measurement of the Bank's equity interest in Afrasia. Consolidated Balance Sheet 14 (1)  Certain amounts have been adjusted to reflect an accounting policy change applicable to cloud computing arrangements. For additional information, see Note 1 to the audited annual consolidated financial statements for the year ended October 31, 2022. Assets As at October 31, 2022, the Bank had total assets of $403.7 billion, a $48.1 billion or 14% increase from $355.6 billion as at October 31, 2021. Cash and deposits with financial institutions, totalling $31.9 billion as at October 31, 2022, decreased by $2.0 billion, mainly due to a decrease in deposits with the Bank of Canada, partly offset by an increase in deposits with the U.S. Federal Reserve. The high level of cash and deposits with financial institutions is explained in part by the excess liquidity related to the accommodative monetary policies that have been applied by central banks since 2020. As at October 31, 2022, securities totalled $109.7 billion, increasing $3.4 billion since October 31, 2021. Securities at fair value through profit or loss increased by $2.6 billion or 3%, essentially due to increases in securities issued or guaranteed by the Canadian government and by U.S. Treasury, other U.S. agencies and other foreign governments, partly offset by a decrease in equity securities. Securities other than those measured at fair value through profit or loss were also up, rising $0.8 billion. Securities purchased under reverse repurchase agreements and securities borrowed rose $19.0 billion, an increase that is mainly related to the activities of the Financial Markets segment and of Treasury. Totalling $206.7 billion as at October 31, 2022, loans and acceptances, net of allowances for credit losses, rose $24.0 billion or 13% since October 31, 2021. The following table provides a breakdown of the main loan and acceptance portfolios. (millions of Canadian dollars) 182,689 Since October 31, 2021, residential mortgages (including home equity lines of credit) rose $10.5 billion or 11% due to sustained demand for mortgage credit in the Personal and Commercial segment, as well as to the activities of the Financial Markets segment and the ABA Bank and Credigy subsidiaries. Also since October 31, 2021, personal loans were up as a result of business activity at Personal Banking and ABA Bank, credit card receivables were up as the consumer spending habits of clients gradually resumed and resulted in an increase in purchasing volume, and loans and acceptances to business and government were up $12.0 billion or 18%, mainly due to business growth at Commercial Banking, in corporate banking financial services, and at ABA Bank. Impaired loans include loans classified in Stage 3 of the expected credit loss model and the POCI loans of the Credigy subsidiary. As at October 31, 2022, gross impaired loans stood at $1,271 million compared to $1,126 million as at October 31, 2021. As for net impaired loans, they totalled $1,030 million as at October 31, 2022 compared to $836 million as at October 31, 2021. Net impaired loans excluding POCI loans amounted to $479 million, rising $196 million from $283 million as at October 31, 2021. This increase was essentially due to the loan portfolio of the Financial Markets segment and to the loan portfolio of ABA Bank, as the COVID-19 relief measures that had been granted to this subsidiary's clients ceased. The increase was partly offset by decreases in the net impaired loans of the Commercial Banking loan portfolio and of the Credigy loan portfolio (excluding POCI loans). Net POCI loans stood at $551 million as at October 31, 2022 compared to $553 million as at October 31, 2021. Other assets totalled $28.9 billion as at October 31, 2022, rising $3.7 billion since October 31, 2021, mainly due to an increase in derivative financial instruments related to the activities of the Financial Markets segment, which were up $2.0 billion, as well as to a $1.4 billion increase in receivables, prepaid expenses and other items. Liabilities As at October 31, 2022, the Bank had total liabilities of $382.0 billion compared to $336.9 billion as at October 31, 2021. The Bank's total deposit liability stood at $266.4 billion as at October 31, 2022, rising $25.5 billion or 11% from $240.9 billion as at October 31, 2021. At $78.8 billion as at October 31, 2022, personal deposits increased $8.7 billion since October 31, 2021. This increase was driven by business growth in Personal Banking, in both the Wealth Management and Financial Markets segments, and at ABA Bank. Business and government deposits totalled $184.2 billion as at October 31, 2022, rising $16.3 billion since October 31, 2021. This increase came from the funding activities of the Financial Markets segment and of Treasury, including $2.0 billion in deposits subject to bank recapitalization (bail-in) conversion regulations, as well as from business and government deposits arising from the business activities of Commercial Banking and Wealth Management. Deposits from deposit-taking institutions stood at $3.4 billion as at October 31, 2022, rising $0.4 billion since October 31, 2021. Other liabilities stood at $114.1 billion as at October 31, 2022, rising $18.9 billion since October 31, 2021, essentially due to a $16.2 billion increase in obligations related to securities sold under repurchase agreements and securities loaned. Obligations related to securities sold short and liabilities related to transferred receivables were also up, rising $1.5 billion and $1.1 billion, respectively. Subordinated debt increased since October 31, 2021 as a result of the $750 million issuance, on July 25, 2022, of medium-term notes, partly offset by the US$7 million redemption, on August 31, 2022, of debentures denominated in foreign currency. Equity As at October 31, 2022, equity attributable to the Bank's shareholders and holders of other equity instruments totalled $21.7 billion, rising $3.0 billion from $18.7 billion since October 31, 2021. This increase was due to net income net of dividends, to the $500 million issuance of LRCN – Series 3, to the issuances of common shares under the Stock Option Plan, to the net fair value change attributable to the credit risk on financial liabilities designated at fair value through profit or loss, and to accumulated other comprehensive income, notably net unrealized foreign currency translation gains on investments in foreign operations. These increases were partly offset by the repurchase of common shares for cancellation and by remeasurements of pension plans and other post-employment benefit plans. Income Taxes Notice of Assessment In September 2022, the Bank was reassessed by the Canada Revenue Agency (CRA) for additional income tax and interest of approximately $150 million (including estimated provincial tax and interest) in respect of certain Canadian dividends received by the Bank during the 2017 taxation year. In prior fiscal years, the Bank had been reassessed for additional income tax and interest of approximately $725 million (including provincial tax and interest) in respect of certain Canadian dividends received by the Bank during the 2012-2016 taxation years. In the reassessments, the CRA alleges that the dividends were received as part of a "dividend rental arrangement". The CRA may issue reassessments to the Bank for taxation years subsequent to 2017 in regard to activities similar to those that were the subject of the above-mentioned reassessments. The Bank remains confident that its tax position was appropriate and intends to vigorously defend its position. As a result, no amount has been recognized in the consolidated financial statements as at October 31, 2022. Proposed Legislations On November 4, 2022, the Government of Canada introduced Bill C-32 – An Act to implement certain provisions of the fall economic statement table in Parliament on November 3, 2022 and certain provisions of the budget tabled in Parliament on April 7, 2022 to implement tax measures applicable to certain entities of banking and life insurer groups, as presented in its budget of April 7, 2022. These tax measures include the Canada Recovery Dividend (CRD), which is a one-time 15% tax on the fiscal 2021 and 2020 average taxable income above $1 billion, and also include a 1.5% increase in the statutory tax rate. The amount of CRD for the Bank is estimated at $32 million. Since these tax measures were not substantively enacted at the reporting date, no amount has been recognized in the Bank's consolidated financial statements as at October 31, 2022. Event After the Consolidated Balance Sheet   Repurchase of Common Shares On November 29, 2022, the Bank's Board of Directors approved a normal course issuer bid, beginning December 12, 2022, to repurchase for cancellation up to 7,000,000 common shares (representing approximately 2.08% of its outstanding common shares) over the 12-month period ending December 11, 2023. Any repurchase through the Toronto Stock Exchange will be done at market prices. The common shares may also be repurchased through other means authorized by the Toronto Stock Exchange and applicable regulations, including private agreements or share repurchase programs under issuer bid exemption orders issued by the securities regulators. A private purchase made under an exemption order issued by a securities regulator will be done at a discount to the prevailing market price. The amounts that are paid above the average book value of the common shares are charged to Retained earnings. This normal course issuer bid is subject to the approval of OSFI and the Toronto Stock Exchange (TSX). Capital Management As at October 31, 2022, the Bank's CET1, Tier 1, and Total capital ratios were, respectively, 12.7%, 15.4% and 16.9%, compared to ratios of, respectively, 12.4%, 15.0% and 15.9% as at October 31, 2021. All of the capital ratios have therefore increased since October 31, 2021, essentially due to net income net of dividends and to common share issuances under the Stock Option Plan. These factors were partly offset by growth in RWA, common share repurchases, and the impact of the transitional measures applicable to ECL provisioning, of which the scaling factor decreased from 50% to 25%. The increase in the Tier 1 capital ratio was also due to the $500 million issuance of limited recourse capital notes, i.e., Limited Recourse Capital Notes (LRCN) – Series 3, on September 8, 2022. The increase in the Total capital ratio was also due to the $750 million issuance of medium-term notes on July 25, 2022. As at October 31, 2022, the leverage ratio was 4.5% compared to 4.4% as at October 31, 2021. The growth in Tier 1 capital was partly offset by growth in total exposure, which will continue to benefit, until April 1, 2023, from the temporary measure permitted by OSFI with respect to the exclusion of exposures from central bank reserves. As at October 31, 2022, the Bank's TLAC ratio and TLAC leverage ratio were, respectively, 27.7% and 8.1%, compared with 26.3% and 7.8%, respectively, as at October 31, 2021. The increase in the TLAC ratio was due to the same factors as those provided for the Total capital ratio and to the net TLAC instrument issuances during the period. The increase in the TLAC leverage ratio was due to the same factors as those provided for the leverage ratio and to the net TLAC instrument issuances. During the fiscal year ended October 31, 2022, the Bank was in compliance with all of OSFI's regulatory capital, leverage, and TLAC requirements. Regulatory Capital(1), Leverage Ratio(1) and TLAC(2) (millions of Canadian dollars) (1) Capital, risk-weighted assets, total exposure, the capital ratios, and the leverage ratio are calculated in accordance with the Basel III rules, as set out in OSFI's Capital Adequacy Requirements Guideline and Leverage Requirements Guideline. (2) Available TLAC, the TLAC ratio, and the TLAC leverage ratio are calculated in accordance with OSFI's Total Loss Absorbing Capacity Guideline. (3) Adjusted amounts are calculated in accordance with the Basel III rules, as set out in OSFI's Capital Adequacy Requirements Guideline, and exclude the transitional measure for provisioning expected credit losses. Dividends On November 29, 2022, the Board of Directors declared regular dividends on the various series of first preferred shares and a dividend of 97 cents per common share, up 5 cents or 5%, payable on February 1, 2023 to shareholders of record on December 26, 2022. Consolidated Balance Sheets (32) (1)  Certain amounts have been adjusted to reflect an accounting policy change applicable to cloud computing arrangements. For additional information, see Note 1 to the audited annual consolidated financial statements for the year ended October 31, 2022. Segment Disclosures (unaudited) (millions of Canadian dollars) The Bank carries out its activities in four business segments, which are defined below. For presentation purposes, other activities are grouped in the Other heading. Each reportable segment is distinguished by services offered, type of clientele, and marketing strategy. The presentation of segment disclosures is consistent with the presentation adopted by the Bank for the fiscal year beginning November 1, 2021. This presentation reflects the fact that the loan portfolio of borrowers in the ʺOil and gasʺ and ʺPipelinesʺ sectors as well as related activities, which had previously been reported in the Personal and Commercial segment, is now reported in the Financial Markets segment. The Bank made this change to better align the monitoring of its activities with its management structure. Personal and Commercial  The Personal and Commercial segment encompasses the banking, financing, and investing services offered to individuals, advisors, and businesses as well as insurance operations. Wealth Management The Wealth Management segment comprises investment solutions, trust services, banking services, lending services, and other wealth management solutions offered through internal and third-party distribution networks. Financial Markets The Financial Markets segment encompasses corporate banking and investment banking and financial solutions for large and mid-size corporations, public sector organizations, and institutional investors. U.S. Specialty Finance and International (USSF&I) The USSF&I segment encompasses the specialty finance expertise provided by the Credigy subsidiary; the activities of the ABA Bank subsidiary, which offers financial products and services to individuals and businesses in Cambodia; and the activities of targeted investments in certain emerging markets. Other This heading encompasses treasury activities; liquidity management; Bank funding; asset/liability management activities; the activities of the Flinks subsidiary, a fintech company specialized in financial data aggregation and distribution; certain specified items; and the unallocated portion of corporate units. Results by Business Segment (1) For the quarter and year ended October 31, 2021, certain amounts have been reclassified, in particular amounts of the loan portfolio of borrowers in the ʺOil and gasʺ and ʺPipelinesʺ sectors as well as related activities, which were transferred from the Personal and Commercial segment to the Financial Markets segment. Moreover, certain amounts have been adjusted to reflect an accounting policy change applicable to cloud computing arrangements (for additional information, see Note 1 to the audited annual consolidated financial statements for the year ended October 31, 2022). (2) The Net interest income, Non-interest income, and Income taxes (recovery) items of the business segments are presented on a taxable equivalent basis. Taxable equivalent basis is a calculation method that consists in grossing up certain tax-exempt income by the amount of income tax that would have otherwise been payable. During the fourth quarter of 2022, for the business segments as a whole, Net interest income was grossed up by $65 million ($39 million in 2021), Non-interest income was grossed up by $30 million ($2 million in 2021), and an equivalent amount was recognized in Income taxes (recovery). The effect of these adjustments is reversed under the Other heading. (3) For the Other heading of segment results, for the quarter and year ended October 31, 2021, the Non-interest income item had included a $33 million gain following a remeasurement of the previously held equity interest in Flinks and a $30 million loss related to the fair value measurement of the Bank's equity interest in AfrAsia. (4) Represents an average of the daily balances for the period, which is also the basis on which are reported in the business segments. (5) During the year ended October 31, 2022, for the business segments as whole, Net interest income was grossed up by $234 million ($181 million in 2021), Non-interest income was grossed up by $48 million ($8 million in 2021), and an equivalent amount was recognized in Income taxes (recovery). The effect of these adjustments has been reversed under the Other heading. Caution Regarding Forward Looking Statements Certain statements in this document are forward-looking statements. All such statements are made in accordance with applicable securities legislation in Canada and the United States. Forward-looking statements in this document may include, but are not limited to, statements with respect to the economy—particularly the Canadian and U.S. economies—market changes, the Bank's objectives, outlook and priorities for fiscal year 2023 and beyond, the strategies or actions that will be taken to achieve them, expectations for the Bank's financial condition, the regulatory environment in which it operates, the impacts of—and the Bank's response to—the COVID-19 pandemic, and certain risks it faces. These forward-looking statements are typically identified by verbs or words such as "outlook", "believe", "foresee", "forecast", "anticipate", "estimate", "project", "expect", "intend" and "plan", in their future or conditional forms, notably verbs such as "will", "may", "should", "could" or "would" as well as similar terms and expressions. Such forward-looking statements are made for the purpose of assisting the holders of the Bank's securities in understanding the Bank's financial position and results of operations as at and for the periods ended on the dates presented, as well as the Bank's vision, strategic objectives, and financial performance targets, and may not be appropriate for other purposes. These forward-looking statements are based on current expectations, estimates, assumptions and intentions and are subject to uncertainty and inherent risks, many of which are beyond the Bank's control. Assumptions about the performance of the Canadian and U.S. economies in 2023 and how that performance will affect the Bank's business are among the main factors considered in setting the Bank's strategic priorities and objectives, including provisions for credit losses. In determining its expectations for economic conditions, both broadly and in the financial services sector in particular, the Bank primarily considers historical economic data provided by the governments of Canada, the United States and certain other countries in which the Bank conducts business, as well as their agencies. Statements about the economy, market changes, and the Bank's objectives, outlook and priorities for fiscal 2023 and thereafter are based on a number of assumptions and are subject to risk factors, many of which are beyond the Bank's control and the impacts of which are difficult to predict. These risk factors include, among others, the general economic environment and financial market conditions in Canada, the United States, and other countries where the Bank operates; exchange rate and interest rate fluctuations; inflation; disruptions in global supply chains; higher funding costs and greater market volatility; changes made to fiscal, monetary, and other public policies; changes made to regulations that affect the Bank's business; geopolitical and sociopolitical uncertainty; the transition to a low-carbon economy and the Bank's ability to satisfy stakeholder expectations on environmental and social issues; significant changes in consumer behaviour; the housing situation, real estate market, and household indebtedness in Canada; the Bank's ability to achieve its long-term strategies and key short-term priorities; the timely development and launch of new products and services; the Bank's ability to recruit and retain key personnel; technological innovation and heightened competition from established companies and from competitors offering non-traditional services; changes in the performance and creditworthiness of the Bank's clients and counterparties; the Bank's exposure to significant regulatory matters or litigation; changes made to the accounting policies used by the Bank to report financial information, including the uncertainty inherent to assumptions and critical accounting estimates; changes to tax legislation in the countries where the Bank operates, i.e., primarily Canada and the United States; changes made to capital and liquidity guidelines as well as to the presentation and interpretation thereof; changes to the credit ratings assigned to the Bank; potential disruptions to key suppliers of goods and services to the Bank; potential disruptions to the Bank's information technology systems, including evolving cyberattack risk as well as identity theft and theft of personal information; the risk of fraudulent activity; and possible impacts of major events affecting the local and global economies, including international conflicts, natural disasters, and public health crises such as the COVID-19 pandemic, the evolution of which is difficult to predict and could continue to have repercussions on the Bank. There is a strong possibility that the Bank's express or implied predictions, forecasts, projections, expectations or conclusions will not prove to be accurate, that its assumptions may not be confirmed and that its vision, strategic objectives and financial performance targets will not be achieved. The Bank recommends that readers not place undue reliance on forward-looking statements, as a number of factors could cause actual results to differ significantly from the expectations, estimates or intentions expressed in these forward-looking statements. These risk factors include credit risk, market risk, liquidity and funding risk, operational risk, regulatory compliance risk, reputation risk, strategic risk, environmental and social risk, and certain emerging risks or risks deemed significant, all of which are described in greater detail in the Risk Management section beginning on page 65 of the 2022 Annual Report. The foregoing list of risk factors is not exhaustive. Additional information about these risk factors is provided in the Risk Management section of the 2022 Annual Report. Investors and others who rely on the Bank's forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Except as required by law, the Bank does not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time, by it or on its behalf. The Bank cautions investors that these forward-looking statements are not guarantees of future performance and that actual events or results may differ significantly from these statements due to a number of factors. Information for Shareholders and Investors Disclosure of Fourth Quarter 2022 Results Conference Call A conference call for analysts and institutional investors will be held on Wednesday, November 30, 2022 at 1:00 p.m. EST. Access by telephone in listen-only mode: 1-800-806-5484 or 416-340-2217. The access code is 8857500#. A recording of the conference call can be heard until December 30, 2022 by dialing 1-800-408-3053 or 905-694-9451. The access code is 2455317#. Webcast The conference call will be webcast live at nbc.ca/investorrelations . A recording of the webcast will also be available on National Bank's website after the call. Financial Documents The Press Release (which includes the quarterly consolidated financial statements) is available at all times on National Bank's website at nbc.ca/investorrelations . The Press Release, the Supplementary Financial Information, the Supplementary Regulatory Capital and Pillar 3 Disclosure, and a slide presentation will be available on the Investor Relations page of National Bank's website on the morning of the day of the conference call. The 2022 Annual Report (which includes the audited annual consolidated financial statements and management's discussion and analysis) will also be available on National Bank's website. The Report to Shareholders for the first quarter ended January 31, 2023 will be available on March 1, 2023 (subject to approval by the Bank's Board of Directors). SOURCE National Bank of Canada For further information: Marie Chantal Gingras, Chief Financial Officer and Executive Vice-President - Finance, 514-412-2634; Jean Dagenais, Senior Vice-President - Finance, 514-394-6233; Linda Boulanger, Senior Vice-President - Investor Relations, 514-394-0296; Debby Cordeiro, Senior Vice-President - Communications and Corporate Social Responsibility, 514-412-0538 ×

Flinks Frequently Asked Questions (FAQ)

  • When was Flinks founded?

    Flinks was founded in 2016.

  • Where is Flinks's headquarters?

    Flinks's headquarters is located at 1001 Rue Lenoir, Montreal.

  • What is Flinks's latest funding round?

    Flinks's latest funding round is Corporate Majority.

  • How much did Flinks raise?

    Flinks raised a total of $13.65M.

  • Who are the investors of Flinks?

    Investors of Flinks include National Bank Financial, Luge Capital, National Bank of Canada, Panache Ventures, NAventures and 6 more.

  • Who are Flinks's competitors?

    Competitors of Flinks include Yapily, Belvo, Bud, Token, finAPI and 15 more.

  • What products does Flinks offer?

    Flinks's products include Connectivity and 2 more.

  • Who are Flinks's customers?

    Customers of Flinks include Wealthsimple, PayBright and EQ Bank.

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