National Bank profit up 10%
National Bank, Canada's sixth largest bank, has reported a third-quarter net income of $441 million, up 10 per cent from the same quarter last year as the bank was helped by growth in its wealth management and financial markets services.
That's up from $402 million on diluted earnings per share of $1.24, compared with $1.16 year-over-year.
Excluding specific items, the Quebec-based bank says it had an adjusted net income of $427 million, up 14 per cent from $374 million in the third quarter of 2013.
Adjusted diluted earnings per share were $1.20 for the quarter, ended July 31. Analysts had expected adjusted diluted earnings per share of $1.11 for National Bank (TSX:NA).
Total revenues were $1.42 billion, up from $1.29 billion in the same period last year.
In the bank's wealth management segment, net income totalled $64 million in the quarter, a 31 per cent increase from $49 million in the same quarter of 2013.
Net income for the bank's financial markets segment was $187 million in the quarter, up 21 per cent from $155 million year-over-year.
Return on equity for the quarter was 19.4 per cent compared with 20.1 per cent year-over-year.
"National Bank's third-quarter results have shown steady year-over-year growth across all business segments, particularly in the wealth management and financial markets segments," president and CEO Louis Vachon said in a news release on Wednesday.
"Furthermore, the personal and commercial segment achieved sustained growth in loan volume, and our credit portfolio continues to be of excellent quality," Vachon said.