National Bank of Canada is reporting record earnings for the third quarter ended July 31, 2001. According to the bank, income before goodwill charges was $148 million or 73¢ per share, up 11% over the corresponding quarter of 2000.

Return on common shareholders’ equity before goodwill charges was 15.9%. The bank’s efficiency ratio improved from 65.1% to 62.1%

For the nine months ended July 31, income before goodwill charges was $436 million or $2.16 per share, up 10.9% over the corresponding period of 2000. Return on common shareholders’ equity before goodwill charges was16.2%. The bank’s efficiency ratio Improved from 65.6% to 62.3%, and the Tier 1 capital ratio was 9.5% versus 8.3% a year ago.

“Growing apprehension on financial markets about the health of the global economy and stock market turmoil proved justified in the last quarter but the Bank’s profitability was not affected,” stated Andre Berard, chairman and CEO. “Since the start of the year, the record earnings we’ve achieved clearly show that the bank’s financial base is extremely solid, ranking it among Canada’s most profitable financial companies.”