National Bank profit beats estimates in three main businesses
By Mathieu Dion and Christine Dobby
(Bloomberg) — National Bank of Canada reported profit that beat analysts’ estimates in all three of its main business lines.
In its biggest unit, capital markets, the Montreal-based company said net income in its fiscal third quarter was $442 million, a 32% increase from the same period a year earlier, according to a statement Wednesday.
“Despite trade and geopolitical uncertainty, Canada’s resilience and the retooling of its economy are creating opportunities for growth,” Chief Executive Officer Laurent Ferreira said in the statement. “Our results also reflected positive operating leverage and resilient credit performance, while we maintained robust capital levels.”
On Tuesday, Bank of Montreal and Bank of Nova Scotia kicked off Canadian bank earnings with better-than-expected results across their businesses, helped by strong capital-markets performance as elevated trading activity continued. The Toronto-based lenders reported momentum in businesses outside Canada — U.S. personal and commercial banking for Bank of Montreal, and international for Scotiabank.
National Bank earned $3.39 a share on an adjusted diluted basis in its fiscal third quarter, more than the $3.21 average analyst estimate in a Bloomberg survey.
The company, Canada’s sixth-largest lender, has benefited from stronger loan growth in Quebec as well as its acquisition of Canadian Western Bank, which was completed in February of last year and helped lift revenue. The firm also has greater exposure to capital markets than some of its large Canadian peers, giving it more upside from elevated trading and deal activity.
On credit, National Bank reported provisions for potentially bad loans totalling C$246 million, more than the C$243 million analysts had forecast. Overall net income was $1.36 billion, more than the $1.24 billion analysts forecast.
Net income at the company’s personal and commercial banking unit totalled $421 million in the three months through July, up 14% and better than the $404 million average forecast. In wealth management, the figure was $296 million, higher than the $291 million average forecast.
Shares of National Bank soared along its Canadian peers over the past year, providing a total return of 52% as of Tuesday. Last week’s global bond selloff, dragging down rate-sensitive financial stocks, has slowed some of the momentum.
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Last modified: August 26, 2026
