National Bank of Canada
XMUN:NBC
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National Bank of Canada
XMUN:NBC
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Bank Handlowy w Warszawie SA
F:6HW
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National Bank of Canada
National Bank of Canada is a Canadian bank that takes deposits, makes loans, and sells everyday banking services to people and businesses. It serves personal customers with checking accounts, mortgages, credit cards, and savings products, and it works with small and midsize companies on lending, cash management, and other banking needs. It also earns money from wealth management and capital markets. In wealth management, it helps clients invest and plan for the future through advice, brokerage, and related fees. In capital markets, it supports companies, governments, and investors with services such as lending, trading, debt and equity financing, and advisory work. The bank makes most of its money from the spread between what it pays for deposits and what it earns on loans, plus service fees and commissions. What makes National Bank different is its mix of retail banking, wealth management, and market-based services, along with a strong home base in Quebec. That combination lets it serve everyday banking customers, business clients, and institutional customers through the same financial group, while playing a broad role in Canada’s financial system.
National Bank of Canada is a Canadian bank that takes deposits, makes loans, and sells everyday banking services to people and businesses. It serves personal customers with checking accounts, mortgages, credit cards, and savings products, and it works with small and midsize companies on lending, cash management, and other banking needs.
It also earns money from wealth management and capital markets. In wealth management, it helps clients invest and plan for the future through advice, brokerage, and related fees. In capital markets, it supports companies, governments, and investors with services such as lending, trading, debt and equity financing, and advisory work. The bank makes most of its money from the spread between what it pays for deposits and what it earns on loans, plus service fees and commissions.
What makes National Bank different is its mix of retail banking, wealth management, and market-based services, along with a strong home base in Quebec. That combination lets it serve everyday banking customers, business clients, and institutional customers through the same financial group, while playing a broad role in Canada’s financial system.
Strong quarter: National Bank reported Q3 EPS of $3.39, up 26% year-over-year, with revenue up 18%, positive operating leverage of nearly 6% and a 16.8% return on equity.
Broad growth: Results were supported by strong Capital Markets, Wealth Management and Personal Banking performance, alongside 11% year-over-year loan growth and 11% deposit growth.
Mortgage momentum: Personal mortgages grew 14% year-over-year, driven primarily by market share gains and strong execution rather than aggressive pricing, although competitive mortgage spreads pressured P&C margins.
Credit resilience: Total provisions for credit losses were $246 million, or 31 basis points, stable sequentially. Management maintained its full-year impaired PCL outlook of 25 to 35 basis points.
AIRB delay: The CWB portfolio’s AIRB conversion was deferred to late 2027 as additional model refinements are needed. The expected benefit remains 35 to 55 basis points, but is now expected toward the lower end of that range.
Capital and returns: CET1 was 13.51%. Management remains confident in achieving more than 17% ROE in 2027 while moving CET1 toward approximately 13% by year-end 2027, without accelerating buybacks.
CWB synergies: The bank has captured $238 million of cost and funding synergies and $52 million of revenue synergies, ahead of its fiscal 2026 revenue synergy target of $50 million.