Q3 2024 National Bank of Canada Earnings Call Transcript
Key Points
- National Bank of Canada (NTIOF) reported strong financial results for Q3 with earnings per share of $2.68 and a return on equity of 17%.
- The bank's diversified earnings mix and solid credit profile contributed to robust performance.
- Personal and commercial banking segments delivered solid revenue growth of 7% year over year.
- Wealth management saw a 19% increase in net income and a 20% growth in assets under management year over year.
- The bank maintains a strong capital position with a CET1 ratio of 13.5%, supporting growth and dividend increases.
- The Canadian economy faces challenges with a restrictive monetary policy and rising unemployment rates.
- Net interest margin in personal and commercial banking was pressured due to the conversion of BAs to CORRA loans and lower deposit margins.
- Provisions for credit losses increased slightly to $149 million, reflecting a complex macro environment.
- The bank's financial markets segment may face volatility due to geopolitical tensions and central bank rate changes.
- The integration of Canadian Western Bank is still in early stages, with cost synergies and revenue opportunities yet to be fully disclosed.
Good morning, and welcome to National Bank of Canada's third-quarter results conference call.
I would now like to turn the meeting over to Marianne Ratté, Vice President and Head of Investor Relations. Please go ahead, Marianne.
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Merci, and welcome, everyone. We will begin the call with remarks from Laurent Ferreira, President and CEO; Marie Chantal Gingras, CFO; and Bill Bonnell, Chief Risk Officer. Also present for the Q&A session are Lucie Blanchet, Head of Personal Banking and Client Experience; Michael Denham, Head of Commercial and Private Banking; Nancy Paquet, Head of Wealth Management; Ãtienne Dubuc, Head of Financial Markets; and Stéphane Achard, Head of International.
Before we begin, I would like to refer you to slide 2 of our presentation for information on forward-looking statements and non-GAAP financial measures. The bank uses non-GAAP measures, such as adjusted results, to assess its performance. Management will be referring to
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