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MONTREAL - National Bank of Canada (OTC:NTIOF) (the "Bank") reported net income of $997 million for the first quarter of 2025, an 8% increase from the $922 million recorded in the same period last year. Diluted earnings per share for the quarter stood at $2.78, up from $2.59 in the first quarter of 2024.
The Bank’s income before provisions for credit losses and income taxes reached $1,537 million, a 22% rise compared to $1,261 million in the first quarter of 2024. This growth was attributed to strong performance across all business segments, particularly in Financial Markets and Wealth Management.
Adjusted net income, which excludes specified items related to the acquisition of Canadian Western Bank (TSX:CWB), was $1,050 million, marking a 14% increase from $922 million in the first quarter of 2024. Adjusted diluted earnings per share increased by 13% to $2.93, compared to $2.59 in the prior-year quarter.
"The Bank generated strong first quarter financial results, reflecting solid execution across business segments and our diversified earnings power," said Laurent Ferreira, CEO of National Bank of Canada. "We were also pleased to recently complete the acquisition of Canadian Western Bank, marking a significant step forward in the acceleration of our domestic growth and toward extending the depth of our banking capabilities to the benefit of all our clients," he added.
The Bank’s Common Equity Tier 1 (CET1) capital ratio under Basel III stood at 13.6% as of January 31, 2025, a slight decrease from 13.7% as of October 31, 2024.
For the Personal and Commercial segment, net income decreased by 14% to $290 million, primarily due to a significant increase in provisions for credit losses. Wealth Management reported a 23% increase in net income to $242 million, while Financial Markets saw a 35% rise to $417 million. The U.S. Specialty Finance and International segment’s net income was up 22% to $183 million.
The Bank completed its acquisition of CWB on February 3, 2025, which is expected to enhance customer service by offering a full range of products and services nationwide.
This financial information is based on a press release statement.
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