TORONTO (Reuters) - National Bank of Canada’s (NA.TO) quarterly profit rose 3.1 percent, topping analyst estimates, as the lender benefited from stronger retail banking and financial markets earnings.
National, Canada’s sixth-largest bank, said on Thursday it earned C$332 million ($337 million), or C$1.99 a share, in the first quarter, ended January 31. That compared with a profit of C$322 million, or C$1.86 a share, in the year-before period.
Excluding items, it earned C$2.00 a share, easily beating analyst expectations of a profit of C$1.82 a share, according to Thomson Reuters I/B/E/S.
Retail banking income rose 9 percent, while financial markets profit gained 13 percent. This offset a 21 percent profit slide in the smaller wealth management segment.
Reporting By Cameron French; editing by Rob Wilson