National Bank reports third-quarter profit up 10 per cent from year ago

National Bank reports third-quarter profit up 10 per cent from year ago
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MONTREAL — National Bank of Canada say its third-quarter profit gained 10 per cent compared with a year ago, helped by growth across its business.

The lender says it earned $569 million for the quarter ended July 31, up from a profit of $518 million in the same quarter last year.

The profit amounted to $1.52 per diluted share for the three-month period, up from $1.37 per diluted share a year ago.

On an adjusted basis, National Bank say sit earned $1.53 per diluted share for the quarter, up from an adjusted profit of $1.39 per share in the third quarter last year.

Analysts on average had expected a profit of $1.50 per share, according to Thomson Reuters Eikon.

National Bank chief executive Louis Vachon said it was “another quarter of excellent performance in each business segment thanks to sustained revenue growth and effective cost management.”

The bank said its personal and commercial banking group earned $248 million in the third quarter, up from $235 million in the third quarter of 2017.

The wealth management division earned $126 million for the quarter, up 22 per cent from $103 million a year ago.

The bank’s financial markets group earned $178 million, up from $165 million in the same quarter last year, while its U.S. specialty finance and international division earned $54 million, up from $51 million.

 

 

Companies in this story: (TSX:NA)

The Canadian Press

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