National Bank Profit Surges 20% in Q3

National Bank of Canada reported its third-quarter profit increased by over 20% compared to the same period last year, thanks to strong performance across all business segments. The bank's earnings for the quarter ended July 31 reached $1.31 billion or $3.25 per diluted share, up from $1.07 billion or $2.58 per diluted share in the previous year.

On an adjusted basis, National Bank earned $3.39 per diluted share in its latest quarter, a significant increase from the adjusted profit of $2.68 in the same period last year. Revenue for the quarter totaled $4.05 billion, up from $3.45 billion a year ago.

The bank's provision for credit losses for the quarter was $246 million compared to $203 million in the same period last year. Analysts had expected an adjusted profit of $3.22 and revenue of $3.87 billion, according to LSEG Data & Analytics.