National Bank beats expectations on gains in capital markets and wealth management
Net income jumps 23% to $1.3 billion
Montreal-based National Bank of Canada reported a significant surge in its third-quarter profit, increasing by over 20 per cent compared to the same period a year ago. The bank posted earnings of $1.31 billion, or $3.25 per diluted share, for the quarter ending July 31, up from $1.07 billion, or $2.58 per diluted share, during the prior year's quarter. Adjusted earnings for the period reached $3.39 per diluted share, marking an improvement from $2.68 in the same quarter last year.
The bank's revenue for the quarter amounted to $4.05 billion, reflecting a growth from $3.45 billion a year earlier. However, the provision for credit losses increased to $246 million for the quarter, a rise from $203 million in the same period a year ago. Analysts had anticipated an adjusted profit of $3.22 and revenue of $3.87 billion, according to LSEG Data & Analytics.
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- National Bank reports $1.31 billion Q3 profit up from $1.07 billion a year ago winnipegfreepress.com
