- Strong performance in its wealth management and financial markets units helped raise National Bank of Canada’s (TSX:NA) Q2 net profit
- Montreal-based National Bank reported profit at its wealth management division increased by 15 per cent in the second quarter, reaching C$205 million
- National Bank of Canada reported a profit of C$906 million, or C$2.54 per share, for the three months ending April 30, up from C$832 million, or C$2.34 per share, the year before
- National Bank last traded at C$113.01 per share
Strong performance in its wealth management and financial markets units helped raise National Bank of Canada’s (TSX:NA) Q2 net profit.
Montreal-based National Bank reported profit at its wealth management division increased by 15 per cent in the second quarter, reaching C$205 million.
The net income for its financial markets segment rose to C$322 million, marking a 20 per cent increase compared with the previous year.
These positive results stand in contrast to those of Bank of Montreal Financial Group (TSX:BMO), which experienced a decline in quarterly adjusted profit because of weaknesses in its U.S. operations.
National Bank of Canada reported a profit of C$906 million, or C$2.54 per share, for the three months ending April 30, up from C$832 million, or C$2.34 per share, the year before.
“National Bank generated strong financial results for the second quarter of 2024, reflecting the disciplined execution of our strategy across business segments and the diversified earnings power of the bank,” National Bank’s president and chief executive officer, Laurent Ferreira, said in a news release. “In what remains an uncertain macroeconomic environment, we are committed to maintaining our prudent approach to capital, credit and costs and to generating long-term value for our shareholders.”
National Bank of Canada operates through four segments: personal and commercial, wealth management, financial markets and U.S. specialty finance and international.
National Bank of Canada (TSX:NA) last traded at C$113.01 per share. In the past month, its stock has risen 1.15 per cent and 12.5 per cent since last year.
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(Top image: National Bank of Canada)