MONTREAL — National Bank of Canada reported a third-quarter profit of $1.07 billion, slightly higher than the $1.03 billion earned a year earlier, as strong revenue growth and early gains from its Canadian Western Bank (CWB) acquisition helped offset higher loan-loss provisions.
The profit amounted to $2.58 per diluted share for the quarter ended July 31, down from $2.89 last year. On an adjusted basis, earnings held steady at $2.68 per share, just shy of analyst expectations of $2.69, according to LSEG Data & Analytics.
Revenue climbed to $3.45 billion from $3.00 billion in the same quarter of 2024. Provisions for credit losses increased to $203 million, up from $149 million a year ago.
Segment performance
- Personal & Commercial Banking: Net income of $370 million, up 1% from $366M.
- Wealth Management: Rose 12% to $244 million.
- Financial Markets: Up 5% to $334 million.
- U.S. Specialty Finance & International: Increased 13% to $178 million.
CEO outlook
“The bank reported solid third-quarter results, reflecting strong revenue fundamentals and credit performance, combined with synergy momentum from the CWB acquisition,” said president and CEO Laurent Ferreira. He added the bank’s strong capital levels and discipline will support continued growth and integration efforts.
Share buyback
National Bank’s board also authorized a normal course issuer bid to repurchase up to eight million shares, or about 2% of its common stock, for cancellation. The buyback is expected to launch around Sept. 25, pending regulatory and TSX approval.