Good core profitability and capital adequacy Steady credit quality metrics supported by prudent underwriting and lower-than-peer exposure to unsecured consumer lending Strong presence in retail and midmarket commercial lending in Quebec Higher revenue concentration in Quebec versus that of large peers, albeit declining Higher proportion of capital markets-related revenues relative to that of peers The stable outlook on National Bank of Canada (NBC) reflects S&P Global Ratings' view that NBC has a strong retail and commercial franchise and relatively strong client loyalty, particularly in its home province of Quebec, a reasonably diverse portfolio of business lines, and a well-established strategy. Our stable outlook also incorporates our expectation that while credit impairments will gradually increase over the next two years due
