National Bank of Canada reported a first-quarter profit of $1.25 billion, up from $997 million a year earlier, helped by its acquisition of Canadian Western Bank.
The bank said Wednesday the profit amounted to $3.08 per diluted share for the quarter ended Jan. 31, up from $2.78 in the first quarter of 2025.
Revenue totalled $3.89 billion, up from $3.18 billion a year earlier.
National Bank’s provision for credit losses amounted to $244 million for the quarter, down from $254 million a year earlier.
On an adjusted basis, National Bank says it earned $3.25 per diluted share in its latest quarter, up from an adjusted profit of $2.93 a year earlier.
Analysts on average had expected an adjusted profit of $2.99 per share, according to LSEG Data & Analytics.
National Bank chief executive Laurent Ferreira said the quarter was driven by its diversified and complementary franchises, as well as its prudent approach to capital and credit.
“We are executing on our financial objectives with discipline, driving organic growth and operational efficiency as we reinforce our Pan-Canadian reach, and creating long-term value for our shareholders,” Ferreira said.
National Bank said its personal and commercial banking business earned $427 million in its latest quarter, up from $290 million a year earlier.
The bank’s wealth management business earned $272 million, up from $242 million in the same quarter last year, while its capital markets business earned $443 million, up from $417 million a year earlier.
National Bank’s U.S. specialty finance and international business earned $185 million, up from $183 million a year earlier.