National Bank's revenue hits $3bn, reflecting a robust performance across personal and commercial sectors
National Bank of Canada reported a significant increase in its third-quarter profit, reaching $1.03bn, compared to $830m in the same quarter last year, according to BNN Bloomberg.
The Montreal-based bank disclosed that for the quarter ending July 31, net income amounted to $2.89 per diluted share, up from $2.33 per diluted share a year earlier. Revenue also rose, totalling $3bn, an increase from $2.49bn in the previous year.
The bank's provision for credit losses, which covers bad loans, increased to $149m from $111m a year earlier. On an adjusted basis, National Bank earned $2.68 per diluted share, up from $2.18 in the same quarter last year.
This result surpassed the average analyst estimate of $2.49 per share, according to LSEG Data & Analytics.
Chief executive Laurent Ferreira attributed the strong financial performance to the bank's diversified earnings mix and solid credit profile, highlighting disciplined execution across the institution.
He noted that the bank's prudent approach to capital, credit, and costs positions it well in a complex macroeconomic environment, with promising growth opportunities ahead.
The bank's personal and commercial operations saw earnings rise to $366m, up from $319m in the third quarter of the previous year, driven by revenue growth. The wealth management division reported earnings of $217m, up from $183m.
The financial markets business posted earnings of $318m, a significant increase from $205m a year earlier. Meanwhile, US specialty finance and international operations earned $158m, up from $128m.
In contrast, the ‘other’ category recorded a loss of $26m, compared to a $5m loss in the same quarter last year.
