August 28, 2019 / 10:48 AM / 5 months ago

National Bank of Canada profit beats on growth across businesses

FILE PHOTO: The National Bank of Canada logo is seen outside of a branch in Ottawa, Ontario, Canada, February 14, 2019. REUTERS/Chris Wattie

TORONTO (Reuters) - National Bank of Canada (NA.TO) reported quarterly profit above analysts’ expectations on Wednesday, helped by growth across all its businesses, including personal and commercial lending.

Net income rose about 11% to C$277 million in its personal and commercial banking unit and 5% to C$126 million in its wealth management business.

Overall net income rose to C$608 million ($458.00 million), or C$1.66 per share, in the third quarter ended July 31 from C$569 million, or C$1.52 per share, a year earlier.

Excluding one-time items, the bank, which is Canada’s sixth largest lender, earned C$1.66 per share. Analysts on average had expected a profit of C$1.59 per share, according to IBES data from Refinitiv.

Reporting by C Nivedita in Bengaluru; Editing by Anil D'Silva

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