National Bank boosts profits, mortgage lending gains

National Bank of Canada says it had a strong third quarter with good performance across its business units.

The bank reported net income of $608 million, a 7% increase from $569 million in the third quarter of 2018. Third-quarter diluted earnings per share stood at $1.66, up 9% from $1.52 in the same quarter of 2018.

Personal and commercial banking posted an 11% rise in net income at $277 million, with revenues up 5% year-over-year to $891 million. Among this was a 4% increase in personal lending, particularly due to mortgage lending. Commercial lending was up 7% overall.

“Each business segment contributed to earnings growth, helping the Bank to post solid performance in the third quarter of fiscal 2019,” said Louis Vachon, President and Chief Executive Officer of National Bank of Canada. “In an environment of economic and geopolitical uncertainty, the Bank will maintain its disciplined approach to managing costs, credit and capital.”

The bank also posted single-digit gains in net income for its wealth management and financial markets business units while its international and US specialty finance units saw a 28% jump.

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