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Aug 30, 2017

National Bank's Q3 profit up 8% on higher revenue, cost control

National Bank profit rises 8% in Q3 — but CIBC the bank to watch: Money manager

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MONTREAL - National Bank of Canada is reporting $518 million of net income for its third quarter, up eight per cent from last year.

The profit is equal to $1.37 per common share (NA.TO) of net income or $1.39 per share after excluding certain items.

The Montreal-based company's total revenue was up eight per cent at $1.68 billion.

Net income at its personal and commercial banking arm rose 21 per cent from last year to $240 million while net income from wealth management was up 31 per cent at $106 million.

CEO Louis Vachon says revenue growth and cost controls contributed to National Bank's third-quarter performance.

National Bank continues a trend that began last week, when Royal Bank (RY.TO) and CIBC (CM.TO) began the industry's third-quarter earnings season with results that were above analyst estimates.

“We view [National’s results] as the best all-around result thus far of Q3/17 Canadian bank earnings season,” Scotiabank Analyst Sumit Malhotra wrote in a report to clients.

“We try not to be too prone to exaggeration as bank reporting seasons rage on, but from our seat this is a very good result from NA that ticks all of the appropriate boxes.”

-- With files from BNN