August 28, 2008 / 12:16 PM / 10 years ago

National Bank of Canada profit up 18 percent

TORONTO (Reuters) - National Bank of Canada (NA.TO) said on Thursday that third-quarter profit rose 18 percent on better results in its financial markets and retail banking units, as well as a gain on the merger of Canada’s derivatives and stock-exchange operators.

Net income rose to C$286 million ($272 million), or C$1.73 per share, compared with C$243 million, or C$1.48 per share, in the same period the year before.

Excluding items that included a gain of C$88 million on the combination of Montreal Exchange and TSX Group, now called TMX Group (X.TO), and a C$37 million loss related to asset-backed commercial paper, the bank said net income rose 4 percent to C$253 million, or C$1.52 per share.

Analysts had expected a profit of C$1.39 a share before items, according to Reuters Estimates.

Quebec-focused National Bank said net income in its personal and commercial banking business rose 2 percent to C$127 million, while financial markets profit jumped 75 percent to C$163 million.

Wealth management profit fell 8 percent to C$37 million.

Overall, the bank said total revenues excluding one-time items fell 3 percent to C$980 million, from C$1.01 billion a year earlier.

($1=$1.04 Canadian)

Reporting by Lynne Olver; editing By Ted Kerr

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