The earnings call reflects strong financial performance with significant growth in key segments and successful integration of CWB. However, challenges such as economic uncertainty and flat noninterest revenue in certain areas temper the optimism.

Company Guidance

In the National Bank of Canada's third-quarter earnings call for fiscal year 2025, the bank reported a strong performance with an earnings per share of $2.68 and a return on equity of 14%. Key metrics highlighted included a CET1 ratio of 13.9%, reflecting a solid capital position. The bank plans to repurchase up to 8 million shares and review its dividend in the next quarter. P&C Banking net income was reported at $386 million, with the commercial loan book growing by 13% year-over-year. Wealth Management showed a 13% increase in net income, while Financial Markets and ABA Bank also reported growth. The integration of Canadian Western Bank (CWB) is progressing well, with notable synergies realized. The bank ended the quarter with total PCLs of $203 million, or 28 basis points, and a gross impaired loan ratio of 102 basis points. Overall, the bank demonstrated robust revenue growth across segments, with cautious optimism for future economic conditions.

Strong Earnings and Return on Equity

The bank reported earnings per share of $2.68 and a return on equity of 14% for the third quarter of 2025, reflecting strong revenue fundamentals across segments.

Robust Capital Position

The bank ended the quarter with a CET1 ratio of 13.9%, providing ample flexibility and optionality for future growth and share buybacks.

Successful CWB Integration

The integration of CWB is progressing well with the first client migrations completed, contributing to funding and cost synergies at a rapid pace.

Growth in Wealth Management and Financial Markets

Wealth Management saw a 13% year-over-year increase in net income, while Financial Markets reported strong quarterly results with a 5% growth in net income.

Positive Credit Performance

Total PCLs were $203 million, down 17 basis points sequentially, with strong performing allowances and a gross impaired loan ratio of 102 basis points.

ABA Bank Performance

ABA Bank's net income increased by 16% year-over-year, deposits were up 21%, and loans grew by 8%.

National Bank of Canada (NTIOF) Earnings, Revenues Date & History

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NTIOF Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Dec 03, 2025	2025 (Q4)	1.87 / -	1.876	―	―	―
Aug 27, 2025	2025 (Q3)	1.97 / 1.95	1.949	0.00% (0.00)
May 28, 2025	2025 (Q2)	1.75 / 2.07	1.847	12.20% (+0.23)
Feb 26, 2025	2025 (Q1)	1.93 / 2.13	1.883	13.13% (+0.25)
Dec 04, 2024	2024 (Q4)	1.87 / 1.88	1.774	5.74% (+0.10)
Aug 28, 2024	2024 (Q3)	1.80 / 1.95	1.607	21.27% (+0.34)
May 29, 2024	2024 (Q2)	1.78 / 1.85	1.731	6.72% (+0.12)
Feb 28, 2024	2024 (Q1)	1.71 / 1.88	1.862	1.17% (+0.02)
Dec 01, 2023	2023 (Q4)	1.64 / 1.77	1.513	17.31% (+0.26)
Aug 30, 2023	2023 (Q3)	1.72 / 1.61	1.709	-5.96% (-0.10)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

NTIOF Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 27, 2025	$108.78	$105.08	-3.40%
May 28, 2025	$92.67	$96.22	+3.83%
Feb 26, 2025	$87.36	$82.52	-5.54%
Dec 04, 2024	$97.43	$93.81	-3.72%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.