MONTREAL — National Bank beat market expectations as it reported a first-quarter profit of $550 million, up 11 per cent from $497 million a year ago.
The Montreal-based lender said the profit amounted to $1.46 per diluted share for the quarter ended Jan. 31, up from $1.34 per share in the same quarter a year earlier.
On an adjusted basis, National Bank earned $1.48 per diluted share for the quarter, up from $1.35 per diluted share in the same quarter in 2017. Analysts had expected adjusted diluted earnings per share of $1.42, according to Thomson Reuters.
National Bank is the latest Canadian lender to report first-quarter earnings boosted by growth at home and beyond the country's borders, as its U.S. specialty finance and international division reported a 32 per cent increase in net income to $50 million during the period.
The lender's domestic personal and commercial banking division earned $230 million for the quarter, up 11 per cent from a year earlier, while its wealth management arm posted a 21 per cent increase in net income to $120 million.
Its financial markets business also reported double-digit growth with net income of $204 million, up 14 per cent from the first quarter of 2017.
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