National Bank of Canada NBKCF

Primary Symbol: T.NA Alternate Symbol(s): NTIOF | T.NA.PR.S | NBCDF | T.NA.PR.W | T.NA.PR.C | T.NA.PR.E | T.NA.PR.G | T.NA.R

Financial Services

National Bank of Canada (the Bank) operates as an integrated financial group. The Bank operates through four segments: Personal and Commercial, Wealth Management, Financial Markets, and U.S. Specialty Finance and International (USSF&I). Its Personal and Commercial segment includes banking, financing, and investing services offered to individuals, advisors, and businesses, as well as insurance operations. Its Wealth Management segment includes investment solutions, trust services, banking services, lending services, and other wealth management solutions offered through internal and third-party distribution networks. Its Financial Markets segment includes corporate banking and investment banking and financial solutions for large and mid-size corporations, public sector organizations, and institutional investors. Its USSF&I segment includes the specialty finance services provided by its subsidiaries, Credigy Ltd. and Advanced Bank of Asia Limited.

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National Bank of Canada

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Post by Dibah420on Mar 02, 2023 2:11pm

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Post# 35315649

Credit Suisse

Credit Suisse Reviews National Bank's Q1 Results

02 Mar 2023 14:07 ET

02:07 PM EST, 03/02/2023 (MT Newswires) -- National Bank reported core cash EPS of $2.56 this quarter, which beat the Street estimate of $2.39 and Credit Suisse at $2.36. Relative to CS estimates, the beat was driven by higher-than-expected revenue (+$0.30/share, as both NII and capital markets were better), offsetting higher expenses (-$0.09/share), as PCLs were in line with expectations..

Taking some shine off the results was net interest margin guidance, which was a bit more cautious than what CS had expected, but seemed not to impact the bank's PTPP earnings guidance for the year (mid to high single digit). Despite the shares' outperformance on earnings day (and over the last twelve months for that matter), CS continues to favor the bank's defensive positioning as the sector heads into a potentially more challenging growth environment.

Forecasting core cash EPS of $9.80 in F2023E (up 1% from $9.71), which reflects the impact of the beat this quarter, offset by lower NIMs estimate. F2024E forecast remains largely unchanged at $10.03 (was $10.06). Target price goes up to $113 (was $110). Reiterate Outperform rating.

Price: 101.74, Change: -0.12, Percent Change: -0.12

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