WatchNational joins other big banks in beating profit expectations

MONTREAL — National Bank of Canada is reporting $518 million of net income for its third quarter, up eight per cent from last year.The profit is equal to $1.37 per common share of net income or $1.39 per share after excluding certain items.The Montreal-based company’s total revenue was up eight per cent at $1.68 billion.Domestic growth buoys results at Scotia and BMONet income at its personal and commercial banking arm rose 21 per cent from last year to $240 million while net income from wealth management was up 31 per cent at $106 million.CEO Louis Vachon says revenue growth and cost controls contributed to National Bank’s third-quarter performance.National Bank continues a trend that began last week, when Royal Bank and CIBC began the industry’s third-quarter earnings season with results that were above analyst estimates.They were followed by strong results issued by Scotiabank and Bank of Montreal on Tuesday. Toronto-Dominion Bank issues its results on Thursday before markets open. read more