August 31, 2016 / 11:32 AM / 3 years ago

National Bank of Canada profit beats market forecasts

A sign is pictured outside a National Bank of Canada branch in Ottawa in this file photo dated August 27, 2009. REUTERS/Chris Wattie

TORONTO (Reuters) - National Bank of Canada (NA.TO) reported third-quarter profit which beat market forecasts on Wednesday, benefiting from sturdy growth in its wealth management and personal and commercial businesses. Canada’s sixth-biggest lender said net income rose by 6 percent to C$478 million ($365 million) in the third quarter of 2016. Earnings per share rose to C$1.31 from C$1.28 a year ago.

Analysts had forecast earnings per share of C$1.20, according to Thomson Reuters I/B/E/S.

Net income from the bank’s personal and commercial division rose by 5 percent to C$203 million from C$193 million a year ago. Net income from its wealth management business also increased by 5 percent to C$80 million.

The bank, which raised C$300 million through a share offer last October, said its core tier 1 ratio, a key measure of its financial strength, stood at 9.9 percent at the end of July, up 10 basis points from the quarter before.

($1 = 1.3105 Canadian dollars)

Reporting by Matt Scuffham; editing by Susan Thomas and W Simon

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