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Bloomberg
National Bank of Canada (NBC) became the sixth Canadian lender to beat analysts’ estimates, posting a 5.5 percent jump in profit on record earnings in personal and commercial banking and gains in wealth management.
Net income for the fiscal third quarter ended July 31 rose to C$478mn ($365mn), or C$1.31 a share, from C$453mn, or C$1.28, a year earlier, the Montreal-based lender said. Earnings excluding some items were C$1.33 a share, beating the C$1.20 average estimate of 11 analysts surveyed by Bloomberg.
“Net income showed good growth, mainly in the wealth management and personal and commercial segments, the latter benefiting from the good credit quality of its loan portfolio,” Chief Executive Officer Louis Vachon, 54, said. Earnings in the personal and commercial business rose 5.2% to a record C$203mn as provisions fell, while wealth-management profit rose 5% to C$80mn, NBC said.