The Financial Post reports in its Thursday edition that National Bank of Canada beat analysts' second quarter earnings expectations. The Post's Jane Switzer writes that National's net income for the three months ending April 30 was $1.2-billion, up 38 per cent from $896-million a year ago. Net earnings per share were $3.06. Adjusted net income, which removes the impact of non-recurring items, was $1.3-billion, up 12 per cent from nearly $1.2-billion a year ago. Adjusted earnings per share came in at $3.23, up from $2.85 a year earlier and above the $3.13 forecast by analysts. National Bank chief executive Laurent Ferreira said on a conference call: "Despite macroeconomic uncertainty, clients remained active throughout the quarter and market conditions were favourable. This was reflected in strong growth in both our balance sheet and our key base businesses." Provisions for credit loss were $233-million, less than half of the $545-million it recorded a year ago. "In the current context of heightened uncertainty and softer labour market conditions, we expect further gradual increases in PCL, while our wholesale book remains subject to periodic lumpiness," chief risk officer Jean-Sebastien Grise said on the call.