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National Bank of Canada's profit rises on wealth management, markets strength

Kitco Media
By Reuters
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Updated:
Reuters
National Bank of Canada's profit rises on wealth management, markets strength teaser image

May 29 (Reuters) - National Bank of Canada (NA.TO), opens new tab reported a rise in second-quarter net profit on Wednesday, helped by strong performance in its wealth management and financial markets units.

Easing fears of a recession have encouraged investors to venture back into stocks and other fixed-income products, boosting wealth management units and trading desks of lenders.

Profit at the bank's wealth management unit rose 15% in the second quarter to C$205 million.

Net income of its financial markets segment came in at C$322 million, up 20% from a year earlier.

The upbeat results contrast with rival BMO Financial Group (BMO.TO), opens new tab, which reported a drop in quarterly adjusted profit, hurt by weakness in its U.S. business.

National Bank of Canada's profit rose to C$906 million ($662.9 million), or C$2.54 per share, for the three months ended April 30, from C$832 million, or C$2.34 per share, a year earlier.

Reporting by Pritam Biswas in Bengaluru; Editing by Shailesh Kube

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