Since 2018, National Bank of Canada (NBC) has maintained capital ratios at the higher end of the peer range and a risk-adjusted capital (RAC) ratio above 10%. It's improved the quality of its capital while generating solid earnings power, consistently delivering earnings above those of peers when looking at return over regulatory risk-weighted assets on average of 2.7% in the past 10 years compared with the peer average of 2.4%. We expect the bank will continue to hold elevated regulatory capital ratios and general solid earnings power, and that the S&P Global Ratings RAC ratio will remain meaningfully above 10%. S&P Global Ratings revised upward its stand-alone credit profile on NBC to 'a' from 'a-' to reflect its view of
