Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Aug. 27 (Bloomberg) -- National Bank of Canada said third-quarter profit rose 9.7 percent on gains in its capital markets and wealth-management businesses.

Net income in the period ended July 31 climbed to C$441 million ($405 million), or C$1.24 a share, from C$402 million, or C$1.16, a year earlier, the Montreal-based bank said today in a statement. Adjusted profit, which excludes some items, was C$1.20 a share, the bank said, beating the C$1.11 average estimate of 11 analysts surveyed by Bloomberg.

Canada’s sixth-largest lender by assets benefited from rising profit at its capital markets business, fueled by higher investment-banking fees and trading, and gains in wealth management. The lender has bolstered its wealth-management business through takeovers including Winnipeg-based Wellington West Holdings Inc. and the Canadian investment-advisory business of HSBC Holdings Plc.

“Results have shown steady year-over-year growth across all business segments,” Chief Executive Officer Louis Vachon, 52, said in the statement.

Revenue rose 13 percent to C$1.52 billion, the bank said. The lender set aside C$49 million for bad loans, compared with C$48 million a year earlier.

Personal and commercial banking earnings excluding some items climbed 6.1 percent to C$190 million from a year earlier, led by growth in consumer loans and mortgage lending, the bank said.

Wealth Management

Wealth-management profit increased 36 percent to C$75 million, helped by higher revenue and contributions from its November purchase of Toronto-Dominion Bank’s institutional-services business, the lender said. National Bank seeks to get a quarter of its revenue from wealth management by 2017, Vachon said in June.

The financial-markets unit, which includes investment banking, posted adjusted profit of C$187 million, a 21 percent advance from a year earlier. Fees for advising on takeovers and arranging stock sales rose 43 percent to C$116 million, while trading revenue climbed 3.2 percent to C$192 million.

National Bank gained 12 percent this year in Toronto trading through yesterday, trailing the 13 percent advance of the eight-company Standard & Poor’s/TSX Commercial Banks Index.

(National Bank of Canada will hold a conference call to discuss results at 1 p.m. Eastern Daylight Time at +1-866-862-3930 access code 3390539# or at

To contact the reporter on this story: Doug Alexander in Toronto at

To contact the editors responsible for this story: Peter Eichenbaum at; David Scanlan at Steven Crabill, Steve Dickson

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.