Financial Overview and Sector Exposure
EXPENSE MANAGEMENT CONTINUED FOCUS ACROSS THE BANK
Adjusted Revenue (1)
-
($MM; YoY)
$2,281
Q1 21
Adj. Rev.
+11%
+11%
+4%
$11
$23
$2,530
+14%
$64
+9%
$74
$77
P&C
Wealth Financial
Banking Management Markets
Non-Interest Expenses
($MM; YoY)
USSF&I
Other
Q1 22
Adj. Rev.
+13%
+8%
+15%
($3)
$29
($12)
(4%)
$1,277
+7%
$47
$36
$1,180
Eff. Ratio
51.7%
55.5%
59.5%
39.3%
28.1%
Q1 21
Non-int. Exp.
P&C
Banking
Wealth
Management
Financial
Markets
USSF&I
Other
50.5%
Q1 22
Non-int. Exp.
(1) On a taxable equivalent basis. This is a non-GAAP financial measure. See slide 2.
■ P&C: Expense growth driven by salaries and continued
IT investments to support our transformation
■ Wealth: Expense growth mostly related to variable comp.
Shift in revenue growth mix (from higher transaction to
higher fee-based) increases variable costs
Additional FTE to support growth
Q1 efficiency ratio <60%
■ FM: Expense growth mostly related to variable comp.
Targeted IT investments to support future growth and
further diversify our revenue streams
Q1 efficiency ratio <40%
■ USSF&I: Low efficiency ratio
■ Other: ~$20MM reversal of provision for provincial
compensatory tax on salaries
Partly offset by higher IT investments and timing of
employer's contributions to payroll taxes
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