(Reuters) -National Bank of Canada reported a rise in second-quarter profit on Wednesday, helped by a robust performance in its financial markets units. Increased market volatility due to rapidly shifting U.S. trade policies and the resultant economic uncertainty drove trading volumes higher, boosting banks’ capital markets performance. National’s financial markets profit grew 56% from last […]
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National Bank of Canada’s second-quarter profit rises on strong financial markets business
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(Reuters) -National Bank of Canada reported a rise in second-quarter profit on Wednesday, helped by a robust performance in its financial markets units.
Increased market volatility due to rapidly shifting U.S. trade policies and the resultant economic uncertainty drove trading volumes higher, boosting banks’ capital markets performance.
National’s financial markets profit grew 56% from last year, to C$501 million in the reported quarter.
Bank of Nova Scotia missed profit estimates on Tuesday, weighed by a larger-than-expected amount set aside to cover potential loan losses.
National posted an adjusted profit of C$1.17 billion ($846.78 million), or C$2.85 per share, in the three months ended April 30, compared with a profit of C$906 million, or C$2.54 per share, last year.
Analysts had expected an adjusted profit of C$2.40 per share, according to data compiled by LSEG
($1 = 1.3817 Canadian dollars)
(Reporting by Prakhar Srivastava in Bengaluru; Editing by Pooja Desai)