Continuing the trend of stellar fiscal Q1 results among the Big Six, National Bank of Canada has reported net income growth of 25% annually, reaching $761 million.
“I am very satisfied with our performance, which was driven by strong momentum in all of our businesses,” said Louis Vachon, president and CEO of National Bank. “The Bank generated a strong ROE for the quarter, while maintaining robust capital levels and significant reserves for credit losses. This speaks to the adaptability of our franchise and sound diversification of our earnings stream.”
Significant strength was observed in National Bank’s personal and commercial lending business, with net income posting a year over year increase of 8% to $262 million. The bank’s financial markets arm also experienced a 37% increase to $250 million.
The greatest pace of growth was seen in National Bank’s US specialty finance and international business, with a 60% annual gain in profits to reach $136 million during the quarter ending January 31.
With such strong results, National Bank has stressed its continued vigilance against the COVID-19 pandemic.
“The actual impacts will depend on future events that are highly uncertain, including the extent, severity and duration of the COVID-19 pandemic and its variants, as well as the effectiveness of actions and measures taken by governments, monetary authorities and regulators over the long term,” National Bank said. “The bank has ensured the continuity of all its activities since the beginning of this unprecedented crisis.”
- by Ephraim Vecina 24 Feb 2021