A brief review of the business performance of the top 6 Canadian banks, in terms of key selected indicators, for Q3 and YTD FY2014.

1. The Top 6 Canadian Banks: Selected Indicators of Q3
and YTD 2014 Results

2. For the 3 quarters ending July 31st2014, RBC continues to lead, while most struggle with improving ROE…
•The top 6 Canadian banks reported collective net income of $25.5 billion for the 1st3 quarters of FY2014, or an increase of almost 11 % vs. the same period in 2013
•RBC continued to lead in terms of total revenue, net income and ROE (tied with National Bank) for the 3 quarters ended July 31st
–CIBC however, led in EPS for the same period
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3. Key Performance Indicators
Among the key performance indicators for the top 6 banks are:
•Total Revenue
•Net Income
•ROE (Return on Equity)
•EPS (Earnings per Share)
The following charts show how each bank performed in a universe of top 6 bank results.
(Sources: Reported Top 6 Banks’ Q3 and YTD 2014 results)
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4. Top 6 Banks –Q3 2014 % Share of Top 6 Revenue
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•In addition to having the greatest share of total revenue of the top 6 Canadian banks (not unexpected), RBC also showed the greatest % growth vs. Q3 2013, followed by ScotiabankTotal Revenue$MM - Q3 2014$MM - Q3 2013% Change VYATotal Revenue% Share of Top 6RBC8,977.07,168.025.2RBC28TD7,509.07,085.06.0TD23Scotia6,487.05,515.017.6Scotia20BMO4,215.04,000.05.4BMO13CIBC3,358.03,249.03.4CIBC10National Bank1,460.01,285.013.6National Bank5TOTAL32,006.028,302.013.1

5. Top 6 Banks – 1st 3 Qtrs. 2014 % Share of Top 6 Revenue
• Similarly, RBC led in both total revenue and % growth for the first 3 quarters VYA, followed
by Scotiabank in terms of % increase in total revenue, and by TD in terms of share of total
revenue
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Total Revenue $MM - 1st 3Q 2014 $MM - 1st 3Q 2013 % Change VYA Total Revenue % Share of Top 6
RBC 25,701.0 22,743.0 13.0 RBC 28
TD 22,509.0 20,259.0 11.1 TD 24
Scotia 17,857.0 15,899.0 12.3 Scotia 19
BMO 12,378.0 11,925.0 3.8 BMO 13
CIBC 10,159.0 9,538.0 6.5 CIBC 11
National Bank 4,100.0 3,900.0 5.1 National Bank 4
92,704.0 84,264.0 10.0 0

6. Top 6 Banks – Q3 2014 % Share of Top 6 Net Income
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• As per historical trends, RBC led in share of total net income in Q3, while Scotia edged ahead
of TD. However, TD did show the greatest % growth vs. Q3 2013
Reported Net
Income $ - Q3 2014 $ - Q3 2013 % Change VYA
Reported Net
Income % Share of Top 6
RBC 2,378.0 2,285.0 4.1 RBC 26
TD 2,107.0 1,523.0 38.3 TD 23
Scotia 2,351.0 1,747.0 34.6 Scotia 25
BMO 1,126.0 1,123.0 0.3 BMO 12
CIBC 921.0 878.0 4.9 CIBC 10
National Bank 441.0 402.0 9.7 National Bank 5
9,324.0 7,958.0 17.2

7. Top 6 Banks –1st3 Qtrs. 2014 % Share of Top 6 Net Income
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•On a YTD 2014 basis, TD reclaimed its no. 2 spot in terms of share of total net income, behind RBC
•TD also showed the greatest % growth in net income vs. the same period in 2013Reported Net Income$ -1st 3Q 2014$ - 1st 3Q 2013% Change VYAReported Net Income% Share of Top 6RBC6,671.06,241.06.9RBC26TD6,137.05,024.022.2TD24Scotia5,860.04,934.018.8Scotia23BMO3,263.03,121.04.5BMO13CIBC2,404.02,525.0-4.8CIBC9National Bank1,208.01,192.01.3National Bank525,543.023,037.010.9

8. Top 6 Banks – Q3 2014 Return on Equity (ROE)
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• While TD showed the greatest % increase in ROE vs. Q3 2013, it was CIBC, Scotia, and National
Bank who led in % ROE for Q3 2014
Reported ROE - % % - Q3 2014 % - Q3 2013 % Change VYA ROE - % Index-RBC = 100
RBC 19.6 21.3 -8.0 RBC 100
TD 16.3 12.8 27.3 TD 83
Scotia 20.6 17.2 19.8 Scotia 105
BMO 14.4 15.5 -7.1 BMO 73
CIBC 21.0 22.3 -5.8 CIBC 107
National Bank 20.1 21.0 -4.3 National Bank 103

9. Top 6 Banks – 1st 3 Qtrs. 2014 Return on Equity (ROE)
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• National Bank just did very slightly better than RBC in terms of ROE for YTD FY2014
• TD showed the greatest % increase VYA, but ranked fifth in the top 6 banks
Reported ROE - % % - 1st 3Q 2014 % - 1st 3Q 2013 % Change VYA ROE - % Index-RBC = 100
RBC 19.0 20.0 -5.0 RBC 100
TD 16.3 14.4 13.2 TD 86
Scotia 17.6 16.8 4.8 Scotia 93
BMO 14.3 14.9 -4.0 BMO 75
CIBC 18.5 21.9 -15.5 CIBC 97
National Bank 19.1 21.7 -12.0 National Bank 101

10. Top 6 Banks Q3 2014 Earnings Per Share (EPS)
• Preventing a clean sweep
by RBC, National Bank led
in Earnings per Share (EPS)
• Both CIBC and RBC
however posted significant
improvements vs. Q3 2011
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• CIBC led by far in EPS for Q3 2014, followed by Scotiabank
• TD, though it showed the greatest % increase vs. Q3 2013, ranked last in Q3 2014 EPS
Reported EPS
(diluted) $ - Q3 2014 $ - Q3 2013 % Change VYA EPS Index-RBC = 100
RBC 1.59 1.51 5.3 RBC 100
TD 1.11 0.79 40.5 TD 70
Scotia 1.85 1.36 36.0 Scotia 116
BMO 1.67 1.66 0.6 BMO 105
CIBC 2.26 2.13 6.1 CIBC 142
National Bank 1.24 1.16 6.9 National Bank 78

11. Top 6 Banks 1st 3 Qtrs. 2014 Earnings Per Share (EPS)
• Preventing a clean sweep
by RBC, National Bank led
in Earnings per Share (EPS)
• Both CIBC and RBC
however posted significant
improvements vs. Q3 2011
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• When looking the 3-quarter YTD 2014 EPS figures for the top 6 banks, CIBC, despite a decline
vs. the same period VYA, continued to lead in EPS, while BMO edged out Scotia
Reported EPS
(diluted) $ - 1st 3Q 2014 $ - 1st 3Q 2013 % Change VYA EPS Index-RBC = 100
RBC 4.43 4.10 8.0 RBC 100
TD 3.22 2.61 23.4 TD 73
Scotia 4.57 3.82 19.6 Scotia 103
BMO 4.85 4.57 6.1 BMO 109
CIBC 5.87 6.09 -3.6 CIBC 133
National Bank 3.34 3.04 9.9 National Bank 75

13. Deepak Pershad, Principal
dpershad@insightsbydesign.ca
www.insightsbydesign.ca
416.925.6536