Consistent growth in core operating performance Lower credit risk profile Strong presence in midmarket commercial lending in Quebec Partnership strategy used to diversify outside the bank's home turf Geographic concentration of loans and deposits in Quebec Higher proportion of revenues related to capital markets relative to peers The ratings on Montreal, Que.-based National Bank of Canada (National Bank) reflect consistent growth in core operating performance and a lower credit risk profile, which are partially offset by limited geographical diversification and increased exposure to capital markets. The ratings also reflect the bank's market share in the Province of Quebec and overall performance compared with its Canadian peer group. National Bank has maintained a decent track record of risk-adjusted profitability, although below
