Charla Jones/The Globe and Mail
National Bank of Canad said Thursday its first-quarter profit rose 45 per cent, topping estimates, as stronger consumer and business loan growth more than offset a decline in trading income.
National, Canada's No. 6 bank, earned $312-million, or $1.80 a share, in the fiscal first quarter ended Jan. 31.
That compared with a profit of $215-million, or $1.22 a share, in the year-before period, when the profit was hurt by a settlement related to the asset-backed commercial paper industry, which froze up in 2007.
The result topped expectations of a profit of $1.64 a share, as polled by Thomson Reuters I/B/E/S.
Personal and commercial banking income rose 15 per cent to $157-million as growing loan volumes more than offset narrowing interest margins, while wealth management income jumped 91 per cent to $44-million due to rising assets and markets.
Financial markets income eased 5 per cent to $137-million, due largely to lower trading activity.
The bank's shares, which are up 4.8 per cent so far this year and hit an all-time high last week, closed at $71.78 on the Toronto Stock Exchange Wednesday.