National Bank reports 'record' Q3 net earnings of $419; revenue up 5%

MONTREAL – National Bank (TSX:NA) is reporting what it calls record results for the third quarter, including an 11 per cent increase in net income to $419 million from $379 million in the same period last year.

The net earnings translate into $2.39 per diluted share compared with $2.14 in the year earlier period.

Revenue rose five per cent to $1.29 billion from $1.22 billion.

Ex-items, net income was a record $391 million or $2.22 per diluted share, up from $353 million or $1.98 per share in the same 2012 period.

National Bank was expected to earn $2.06 per share in adjusted profits on $1.3 billion in revenues in the third quarter, according to analysts polled by Thomson Reuters.