The Financial Post reports in its Thursday edition that National Bank of Canada surpassed analyst estimates in its fiscal first quarter, partly due to its purchase of Canadian Western Bank (CWB). A Bloomberg dispatch to the Post reports that National Bank earned $3.25 a share on an adjusted basis in the three months through January, ahead of the $2.95 expected by analysts in a Bloomberg survey. National Bank's personal and commercial banking net income rose 47 per cent from last year to $427-million, aided by its acquisition of CWB. The capital markets segment reported net income of $443-million, a 5-per-cent increase and exceeding analysts' expectations of $411-million. National closed its acquisition of CWB last February. The bank said it will increase its stock buyback program, now planning to repurchase up to 3.7 per cent of its outstanding common shares, up from 2.04 per cent. National Bank raised its 2026 return on equity target to 16 per cent from 15 per cent based on a strong start to the year, resilient equity market, planned CWB synergies and accelerated share buybacks, it said. The first quarter marked a strong start for the bank, driven by its diverse franchises and prudent capital and credit approach.