The third quarter profit of the National Bank of Canada rose by 9.7% in its wealth management and capital markets business.
As the period ended on July 31, the net income climbed to $144 million, which is equivalent to $1.24 per share. This data is compared to the previous year, which indicated a $402 million net income or $1.16 per share, according to the Montreal-based lender. Excluding some items, the adjusted profit was at $1.20 per share, defeating the $1.11 average evaluation of 11 market analysts who were surveyed by Bloomberg.
The bank CEO Louis Vachon said the results indicated a steady, yearly growth in all of the company’s business segments. Vachon also emphasized, during an interview in June that the company’s aim is to get at least a 25% of its profits from wealth management alone by the year 2017. The National Bank of Canada is considered the sixth largest based on assets.