National Bank profits up 13% year-over-year

by Steve Randall31 May 2018

National Bank of Canada has reported its second quarter earnings with a 13% gain year-over-year to $547 million.

The bank has also started the 2018 financial year well with net income totalling $1,097 million, up 12% from $981 million in the same period of 2017.

“The Bank delivered excellent results in the second quarter of 2018,” said Louis Vachon, President and Chief Executive Officer of National Bank. “Both business growth and improved efficiency were major contributors to this performance.”

All areas of the bank’s business contributed to the gain with an 8% rise in personal and commercial banking net income and a 23% rise from its wealth management business.

The bank’s personal lending book saw growth of 3% year-over-year “particularly due to mortgage lending”, while commercial lending grew 6% from a year ago.

Diluted earnings per share were $1.44 compared to $1.28 in the second quarter of 2017.

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