National Bank Profit Beats Projections

Benefiting from steady growth in its wealth management and commercial enterprises, National Bank of Canada, on Wednesday, reported its third-quarter profits which outdid market forecasts.

The country’s sixth-biggest lender announced that its net income rose by 6 percent to $478 million in the third quarter of 2016. Rising from $1.28 a year ago, its earnings per share is presently at $1.31.

Additionally, the net income from the bank’s personal and commercial division grew by 5 percent to $203 million from $193 million a year ago.

Having raised $300 million through a share offer last October, the bank asserted that its core tier 1 ratio, a major measure of its financial strength, rested at 9.9 percent by the end of July, soaring 10 basis points from the quarter before.