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Growth in business segments drive National Bank of Canada's fiscal Q1 profit

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Growth in business segments drive National Bank of Canada's fiscal Q1 profit

National Bank of Canada posted net income attributable to its shareholders of C$527 million, or C$1.46 per share, for the fiscal first quarter.

A year ago, the Montreal-based lender reported net income attributable to shareholders of C$478 million, or C$1.34.

The S&P Capital IQ consensus normalized EPS estimate was C$1.42.

National Bank President and CEO Louis Vachon attributed the increase in net income to the growth in its business segments, sustained revenue growth and effective cost management.

For the quarter, the net income of the company's financial markets division rose to C$204 million from C$179 million a year ago. Its personal and commercial division's net income grew to C$230 million from C$208 million, and the wealth management division's profit climbed to C$126 million from C$104 million.

Total revenue for the quarter was C$1.81 billion, compared to C$1.63 billion a year ago.