The financial information reported in this document is based on the unaudited interim condensed consolidated financial statements for the quarter and nine-month period ended July 31, 2021 and is prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), unless otherwise indicated. IFRS represent Canadian generally accepted accounting principles (GAAP). All amounts are presented in Canadian dollars.
MONTREAL, Aug. 25, 2021 /CNW Telbec/ - For the third quarter of 2021, National Bank is reporting net income of $839 million compared to $602 million in the third quarter of 2020, and its third-quarter diluted earnings per share stood at $2.36 compared to $1.66 in the third quarter of 2020. This growth was driven by increases in total revenues across all of the business segments and by lower provisions for credit losses in third-quarter 2021, mostly due to an improved macroeconomic outlook compared to third-quarter 2020. Income before provisions for credit losses and income taxes(1) totalled $1,038 million in the third quarter of 2021 compared to $894 million in the third quarter of 2020, a 16% increase arising from good performance across all of the business segments.
For the nine-month period ended July 31, 2021, the Bank's net income totalled $2,401 million compared to $1,591 million in the same period of 2020, and its nine-month diluted earnings per share stood at $6.77 compared to $4.34 for the nine-month period ended July 31, 2020. This significant increase was driven by net income growth across all of the business segments, i.e., increases that were notably due to strong revenue growth and to lower provisions for credit losses recorded in the first nine months of fiscal 2021 given a year-over-year improvement in the macroeconomic outlook. Income before provisions for credit losses and income taxes(1) totalled $3,121 million for the nine-month period ended July 31, 2021, an 18% year-over-year increase driven by revenue growth across all of the business segments.
"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.
https://www.newswire.ca/news-releases/national-bank-reports-its-results-for-the-third-quarter-of-2021-838928765.html