National Bank of Canada focused on cost management and overall efficiency as it boosted tech spend and pulled back on headcount in the first quarter of 2024.  

Tech spend grew 3.6% year over year to $CA259 million ($190 million) for the quarter ended Jan. 31 as the bank continued to invest in technology across its wealth management, financial markets and personal and commercial banking businesses, according to the bank’s earnings presentation.  

“On the technology front, cost increased 4% as we continued to invest by accelerating automation and simplification,” Chief Financial Officer Marie Chantal Gingras said during today’s earnings call. 

Headcount, however, fell 2% YoY to 18,667, according to the bank’s earnings presentation. 

BY THE NUMBERS: In Q1, the bank reported:  

• An efficiency ratio of 53.5%. 
• Net income of $679 million, up 5% YoY. 

“Our revenue diversification, our expense discipline and our strong capital continue to position us well to deliver profitable long-term growth,” Gingras said. 

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Editor’s note: All amounts have been converted to U.S. dollars.  

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