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.
Reporting by Lynne Olver; editing By Ted Kerr