National Bank of Canada Posts Higher Q3 Profit

National Bank of Canada

reported better-than-expected third-quarter profit. The Montreal-based bank's quarterly net income surged to C$441 million ($404.59 million), or C$1.24 per share, versus a year-ago profit of C$402 million, or C$1.16 per share. Excluding special items, the bank earned C$1.20 per share, versus analysts' estimates of C$1.11 per share. The bank's net income at its financial markets division climbed 21% to C$187 million, while revenue climbed 17 %. Its profit from personal and commercial banking jumped 6% to C$190 million. The bank's personal lending increased 7% in the quarter. National Bank of Canada's net income at its wealth management division surged 31% to C$64 million. "National Bank's third-quarter results have shown steady year-over-year growth across all business segments, particularly in the Wealth Management and Financial Markets segments. Furthermore, the Personal and Commercial segment achieved sustained growth in loan volume, and our credit portfolio continues to be of excellent quality," said Louis Vachon, President and Chief Executive Officer. National Bank of Canada shares gained 3.02% to $46.45 at 10:45 a.m. ET.