Mortgage lending helps drive results for National Bank

by Steve Randall on 30 Aug 2018

National Bank of Canada’s net income in its third quarter, 2018, was up 10% to $569 million.

For the first nine months of 2018, the Bank's net income totalled $1,666 million, up 11% from $1,499 million in the same period of 2017, and its diluted earnings per share stood at $4.42 versus $3.99 in the same nine-month period of 2017.

The bank saw strong results across all of its business segments with net income in its Personal and Commercial banking business up 6% to $248 million.

Growth in mortgage lending is noted in the results for its part in growing personal lending by 3%, commercial lending was up 8%.

Louis Vachon, President and Chief Executive Officer of National Bank noted "another quarter of excellent performance in each business segment thanks to sustained revenue growth and effective cost management."

National’s wealth management unit saw a 22% jump in net income, and its financial markets and US speciality finance and international business also gained.

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