National Bank Reports Third Quarter Earnings Beat
Aug 25, 2021 By MarketDepth
The National Bank of Canada (OTCMKTS: NTIOF) reported strong third quarter earnings on Wednesday, backed by provisions introduced to cover bad loans. The bank benefited from its personal and commercial banking and wealth management divisions, which surged by double digits.
The sixth largest commercial bank in Canada reported earnings of CAD2.36 per share, compared to the previous year’s CAD1.66 a share. Furthermore, revenue rose 15.8% to CAD2.2 Billion, higher than last year’s CAD1.9 Billion.
“We remain focused on our strategic objectives in order to deliver solid returns for our shareholders”Louis Vachon, President and Chief Executive Officer of the National Bank of Canada
“The Bank’s strong performance since the beginning of the fiscal year has continued in the third quarter of 2021. The continued improvement in the economic environment was conducive to growth, as demonstrated by a sustained increase in our revenues,” said Louis Vachon, President and Chief Executive Officer of the National Bank of Canada. “We remain focused on our strategic objectives in order to deliver solid returns for our shareholders, while maintaining prudent allowances for credit losses and a high level of capital,” added Mr. Vachon.
Moreover, the bank announced Monday that it would be eradicating Canadian and U.S. stock commissions for online trades as well as exchange-traded funds amid its direct brokerage. The action makes it the first direct brokerage associated with a Canadian bank to execute such a move.