The National Bank of Canada has posted a net income of CAD518m ($410.3m) for the third quarter of 2017, an 8% increase compared to CAD478m ($378.2m) in the year ago period.
For the quarter ended 31 July 2017, the bank’s diluted earnings per share were CAD1.37, as against CAD1.31 in the corresponding quarter of last year.
The bank’s net income excluding specified items totalled CAD524m, up 8% from CAD486m a year earlier. Diluted earnings per share excluding specified items were CAD1.39, versus CAD1.33 in the third quarter of 2016.
Total revenues during the quarter were CAD1.68bn, up 8% compared to CAD1.55bn a year ago.
The group’s personal and commercial banking unit posted a net income of CAD$240m for the third quarter of 2017, a surge of 21% over CAD199m reported a year ago. The division’s total revenues increased 6% year-on-year to CAD785m.
National Bank president and CEO Louis Vachon said: “For the third quarter of 2017, the Bank posted excellent results owing to solid performance across all its business segments. Sustained revenue growth and cost control also contributed to this performance.”