National Bank of Canada reports profit of $1.07 billion in third quarter

National Bank of Canada reported a third-quarter profit of $1.07 billion, up from $1.03 billion a year earlier. The head office of the National Bank is seen Friday, April 21, 2017 in Montreal. THE CANADIAN PRESS/Ryan Remiorz

MONTREAL — National Bank of Canada reported a third-quarter profit of $1.07 billion, up from $1.03 billion a year earlier.

The Montreal-based bank says the profit amounted to $2.58 per diluted share for the quarter ended July 31, compared with $2.89 per diluted share a year ago.

Revenue for the quarter totalled $3.45 billion, compared with $3.00 billion in the same quarter last year.

National Bank’s provisions for credit losses in the quarter amounted to $203 million, up from $149 million.

The bank says its adjusted profit amounted to $2.68 per diluted share, unchanged from a year ago.

Analysts on average had expected an adjusted profit of $2.69 per share, according to LSEG Data & Analytics.

“The bank reported solid third quarter results, reflecting strong revenue fundamentals and credit performance, combined with synergy momentum from the (Canadian Western Bank) acquisition,” said president and CEO Laurent Ferreira in a press release.

“With strong capital levels and a disciplined approach to credit and efficiency, we will continue to execute our CWB integration plan while investing in business growth.”

The bank’s personal and commercial banking segment reported net income of $370 million, up one per cent from $366 million a year earlier.

Its wealth management segment reported a net income of $244 million, a 12 per cent increase from $217 million last year. Financial Markets profit was $334 million, up five per cent from $318 million last year.

The bank’s U.S. specialty finance and international segment reported a net income of $178 million in the third quarter, up 13 per cent from $158 million in the third quarter of 2024.

The bank also announced Wednesday that its board of directors has authorized a normal course issuer bid to purchase up to eight million or roughly two per cent of its common shares for cancellation. It expects to begin the process around Sept. 25 and conclude a year later.

The bid is subject to the approval of the Office of the Superintendent of Financial Institutions Canada and the TSX.

This report by The Canadian Press was first published Aug. 27, 2025.