National Bank Posts Record Earnings, Beats Analysts' Expectations
Canadian bank National Bank of Canada posted stronger earnings in its third quarter, beating analysts' expectations. The lender's net income rose 23 per cent to $1.31-billion, or $3.25 per share, in the three months that ended July 31. This beats the expected $3.21 per share, according to S&P Capital IQ data.
Total revenue increased 18 per cent to $4.05-billion while expenses rose 9 per cent to $2.09-billion. National Bank attributed higher variable compensation and litigation costs for the increase in expenses.
Capital markets profit surged 32 per cent to $442-million, driven by higher revenue across global markets and corporate and investment banking. The lender is conducting a strategic review of its personal and commercial business, where it is underearning compared to other big banks.