National Bank of Canada says its net income was up 8% year-over-year to $518 million, a $40 million rise. The first 9 months of 2017 saw profits rise to $1.499 billion from $949 million in the same period of 2016.
“For the third quarter of 2017, the Bank posted excellent results owing to solid performance across all its business segments,” said Louis Vachon, President and Chief Executive Officer of National Bank. “Sustained revenue growth and cost control also contributed to this performance.”
Residential mortgages contributed to the sustained growth for National’s personal lending business which was up 5% year-over-year. Overall the personal and commercial banking division gained 21% to $240 million.
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Another of the big banks has seen third quarter profits rise, confirming the trend across the group.