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National Bank of Canada's Q3 net income up 18%

29th August 2008
By Staff Writer

National Bank of Canada has reported a net income of C$286 million, or C$1.73 per diluted share, for the third quarter of 2008, an 18% increase, compared to C$243 million, or C$1.48 per diluted share, for the same period of 2007.

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Total revenues were C$1.05 billion for the third quarter of 2008, compared to C$1 billion for the same period of 2007.

The bank's net income for the first nine months of the fiscal year 2008 was C$706 million, or C$4.30 per diluted share, compared to C$716 million, or C$4.31 per diluted share, for the same period of 2007. Total revenues were C$2.87 billion for the first nine months of the fiscal year 2008, compared to C$3.02 billion for the same period of 2007.

Louis Vachon, president and CEO of National Bank of Canada, said: "The bank turned in a solid performance this quarter, driven in particular by a strong contribution from the financial markets segment and good growth in business volumes at personal and commercial. Moreover, our financial health remains excellent, as evidenced by the good credit quality of the loan portfolio and our high regulatory capital ratios."

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