Waterloo Region Record

National Bank records $608-million profit in ‘solid’ quarter


MONTREAL — National Bank of Canada reported that its thirdquart­er profit climbed to $608 million, helped by growth across the bank.

The company said Wednesday the profit amounted to $1.66 per diluted share for the quarter ended July 31.

The result compared with a profit of $569 million, or $1.52 per diluted share, in the same quarter last year.

Excluding specified items, National Bank says it earned $606 million, or $1.66 per diluted share, up from $569 million ($1.52 per share) a year ago.

Analysts on average had expected a profit of $1.59 per share, according to the financial markets data firm Refinitiv.

National Bank chief executive Louis Vachon said each business segment contribute­d to earnings growth, to help the bank to post “solid performanc­e” for the quarter.

“In an environmen­t of economic and geopolitic­al uncertaint­y, the bank will maintain its discipline­d approach to managing costs, credit and capital,” Vachon said in a statement.

National Bank’s personal and commercial banking division earned $277 million in the quarter, up from $250 million in the same quarter last year, helped by a growth in mortgage and commercial lending. The wealth management business earned $126 million, up from $120 million a year ago, while the bank’s financial markets arm earned $182 million, up from $178 million. The bank’s U.S. specialty finance and internatio­nal division earned $69 million, up from $54 million in the same quarter of 2018.

National Bank’s common equity tier 1 capital ratio, a key measure of its financial health, was 11.7 per cent at July 31 compared with 11.7 per cent at Oct. 31, 2018.

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