National Bank of Canada reported a third-quarter profit of $1.03 billion, up from $830 million a year ago, helped by strength across its operations.
The Montreal-based bank said Wednesday its net income amounted to $2.89 per diluted share for the quarter ended July 31, up from $2.33 per diluted share a year earlier.
Revenue for the quarter totalled $3.00 billion, up from $2.49 billion in the same quarter last year.
The bank’s provision for credit losses, the amount it sets aside to cover bad loans, totalled $149 million for the quarter, up from $111 million a year earlier.
On an adjusted basis, National Bank says it earned $2.68 per diluted share in its most recent quarter, up from an adjusted profit of $2.18 in the same quarter last year.
The average analyst estimate had been for an adjusted profit of $2.49 per share, according to LSEG Data & Analytics.
“Our strong financial results for the third quarter reflect our diversified earnings mix and solid credit profile as well as disciplined execution across the Bank,” National Bank chief executive Laurent Ferreira said in a statement.
“With our prudent approach to capital, credit, and costs, we remain well-positioned in a complex macro environment and we look forward to the growth opportunities ahead.”
The bank said its personal and commercial operations earned $366 million in the third quarter, up from $319 million in the third quarter of last year, helped by growth in total revenue.
National Bank’s wealth management business earned $217 million in its latest quarter, up from $183 million in the same quarter last year.
The bank’s financial markets business earned $318 million in the quarter, up from $205 million a year earlier, while its U.S. specialty finance and international operations earned $158 million, up from $128 million.
National Bank’s “other” category reported a loss of $26 million in its latest quarter compared with a loss of $5 million in the same quarter in 2023.
This report by The Canadian Press was first published Aug. 28, 2024.
