Company News

UPDATE 1-Canada's National Bank profit beats as financial markets, wealth management units shine

(Adds estimates, details from release)

Feb 27 (Reuters) - National Bank of Canada on Thursday beat estimates for quarterly profit, helped by growth in its financial markets and wealth management units.

The lender’s strong results mirror those of Royal Bank of Canada, Bank of Montreal, Canadian Imperial Bank of Commerce and Scotiabank, which have benefited from strength in their capital markets business.

Net income rose 10% to C$135 million at its wealth management business, boosted by higher fee-based revenues.

Canada’s sixth-largest lender said net income from its financial markets unit jumped 10%, helped by stronger revenue from the global markets segment.

The bank’s personal and commercial banking unit posted a 4% rise, partly aided by strength in mortgage and commercial lending.

Net income rose to C$610 million ($459.13 million), or C$1.67 per share, in the first quarter ended Jan. 31, from C$552 million, or C$1.50 per share, a year earlier.

Excluding one-time items, the lender earned C$1.70 per share, topping analysts’ expectations for a profit of C$1.66 per share, according to IBES data from Refinitiv.

$1 = 1.3286 Canadian dollars Reporting by Abhishek Manikandan and C Nivedita in Bengaluru; Editing by Devika Syamnath