National Bank of Canada quarterly profit rises

Wed Aug 28, 2013 7:59am EDT
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Aug 28 (Reuters) - National Bank of Canada, the country's sixth-largest lender, said on Wednesday its third-quarter profit rose almost 11 percent, as an increase in trading activity boosted earnings from its financial markets division.

The Montreal-based bank, which earlier this month said it would buy Toronto-Dominion Bank's institutional services business for C$250 million, earned C$419 million, or $2.39 per share, in the fiscal third quarter ended July 31.

That compared with a year-before profit of C$379 million, or $2.14 per share.

Excluding one-time items, the bank earned C$2.22 a share, up from C$1.98 a share, a year earlier.

The bank said income from its financial markets arm rose 42 percent, while income from its wealth management business rose 33 percent. Income from its core personal and commercial segment though rose just 2 percent in the period.

National Bank's larger rivals Bank of Nova Scotia and Bank of Montreal kicked off the reporting season for Canadian banks on Tuesday with slightly stronger-than-expected results that highlighted the resilience of their domestic franchises but weakness in international operations.