National Bank of Canada Profit Rises on Wealth Management Growth

National Bank of Canada Reports Higher Second-Quarter Profit

National Bank of Canada (TSX:NA) reported a rise in second-quarter profit on Wednesday, driven by strong performance in its wealth management business. The Canadian lender posted an adjusted profit of C$1.30 billion ($940.12 million), or C$3.23 per share, for the three months ended April 30, compared with C$1.17 billion, or C$2.85 per share, a year earlier.

Financial Highlights

Adjusted profit increased by 11.1% year-over-year to C$1.30 billion. Earnings per share rose from C$2.85 to C$3.23. The growth was attributed to robust demand in wealth management and operational efficiencies.

Market Reaction

Analysts noted the bank's diversified revenue stream and wealth management growth as positive factors. Results are reported in Canadian dollars, with an exchange rate of 1 USD = 1.3828 CAD.