Canada’s National Bank has registered net income of C$478m in the third quarter of 2016, a 6% rise compared to C$453m in the prior-year quarter.
Diluted earnings per share stood at C$1.31 in the quarter compared to C$1.28 in the third quarter of 2015.
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Excluding specified items, the bank’s net income increased 9% to C$486m from C$444m a year earlier, while diluted earnings per share was up by 6% to C$1.33 from C$1.25.
The banking group’s total revenues during the period increased 3% year-on-year to C$1.55bn from C$1.51bn.
The wealth management arm of Canada's National Bank posted net income of C$80m for the third quarter of 2016, a rise of 5% compared to C$76m during the same quarter in 2015.
Excluding specified items, the wealth unit’s quarterly net income stood at C$86m, up C$4m or 5% from the prior year.
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By GlobalDataNational Bank president and CEO Louis Vachon said: “National Bank’s 2016 third-quarter net income showed good growth, mainly in the Wealth Management and Personal and Commercial segments, the latter benefiting from the good credit quality of its loan portfolio. Furthermore, at 9.9% as at July 31, 2016, the Common Equity Tier 1 capital ratio rose towards the Bank’s target.”
