The banking giant is the last of Canada's Big Six to release its quarterly financial results
National Bank reported a small increase in second-quarter profits for 2022 over last year, with net income of $893 million compared with $801 million in Q2 2021, as Canada’s banking giants rounded out their quarterly earnings results.
The bank said its diluted earnings per share in Q2 were $2.55, a 13% increase over the same time last year, growth that arrived amidst year-over-year increases in revenues across each of its business segments.
Net income on the personal and commercial side was up $8 million over 2021’s second quarter, coming in at $313 million, with second-quarter total revenues growing 9% year over year to $962 million.
Personal lending also registered an increase, rising 9% compared with the same time last year, while commercial lending grew by 18% and second-quarter revenues on the wealth management side were up 7% over Q2 2021 ($579 million compared with $541 million).
The results reflected the “contribution of each business segment to the sustained growth of the bank,” according to president and CEO Laurent Ferreira, whose remarks accompanied the earnings announcement.
“We are maintaining our strategic objectives of delivering a high return on equity and ensuring prudent management of risk and regulatory capital,” he said.
