National Bank of Canada on Thursday beat estimates for quarterly profit, helped by growth in its financial markets and wealth management units.
The lender’s strong results mirror those of Royal Bank of Canada, Bank of Montreal, Canadian Imperial Bank of Commerce and Scotiabank, which have benefited from strength in their capital markets business.
Net income rose 10 per cent to $135-million at its wealth management business, boosted by higher fee-based revenues.
Canada’s sixth-largest lender said net income from its financial markets unit jumped 10 per cent, helped by stronger revenue from the global markets segment.
The bank’s personal and commercial banking unit posted a 4 per cent rise, partly aided by strength in mortgage and commercial lending.
Net income rose to $610-million (US$459.13 million), or $1.67 per share, in the first quarter ended Jan. 31, from $552-million, or $1.50 per share, a year earlier.
Excluding one-time items, the lender earned $1.70 per share, topping analysts’ expectations for a profit of $1.66 per share, according to IBES data from Refinitiv.
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