December 3, 2009 / 12:58 PM / 8 years ago

REFILE-UPDATE 1-National Bank Q4 profit triples on market gains

(Refiling to restore dropped word “profit” in lead paragraph)

* Q4 EPS C$1.39 vs C$0.37 year ago

TORONTO, Dec 3 (Reuters) - National Bank of Canada (NA.TO) said on Thursday quarterly profit more than tripled, helped by stronger financial markets-related profit and fewer writedowns.

Canada’s sixth-largest bank said it had net income of C$241 million, or C$1.39 a share, in the fourth quarter ended Oct. 31.

That’s up from C$70 million, or 37 Canadian cents a share, in the same quarter a year earlier, when the bank took C$158 million in charges, largely related to impaired credit investments.

Excluding one-time items, adjusted profit was C$1.40 per share, the bank said.

    Analysts on average had expected the bank to post a profit of C$1.46 a share, according to Thomson Reuters I/B/E/S.

    Profit from the Quebec-based regional bank’s retail and wealth management operations declined, while income from its financial markets wing more than doubled, it said.

    $1=$1.05 Canadian Reporting by Cameron French, editing by Dave Zimmerman cameron.french@thomsonreuters.com; 416-941-8199: Reuters Messaging: cameron.french.reuters.com@reuters.net

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