The Globe and Mail reports in its Thursday edition that National Bank of Canada posted
good third quarter growth across all of its
core units. The Globe's Tim Kiladze writes that investors endorsed the good showing by knocking the bank's shares up $1.51 to close in Toronto Wednesday at $50.91. Mr. Kiladze says the boost to National
Bank's shares proves investors
are still happy to invest in banks, so
long as lenders can prove they
will deliver consistent growth.
Much like its peers that have
reported earnings, National Bank
benefited from surging capital
markets revenues, which popped
21 per cent compared with the
prior year. Underwriting fees and
advisory mandates led the
charge, and stellar fixed-income
trading revenues, up 29 per cent
over the previous year, also
helped in a big way.
Hot markets have also helped
boost wealth management earnings
across Bay Street, because
the banks earn more money on
their assets under management.
National Bank's wealth management
profit climbed 36 per cent
compared with the previous year.
Credit card revenues
were up a healthy 10 per
cent from the prior year.
National Bank's
annual personal and commercial
banking growth amounted to 6
per cent.
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