The earnings call highlights strong financial performance, successful integration of CWB, and robust growth in financial markets and wealth management. However, macroeconomic uncertainties, credit quality concerns, and competitive pressures on deposit pricing present challenges.

Company Guidance -

Q3 2025

In the second quarter of fiscal year 2025, National Bank of Canada reported robust financial results, with earnings per share rising 12% year-over-year to $2.85 and a return on equity of 15.6%. The bank's performance was bolstered by organic growth in various segments and the integration of CWB, which contributed $298 million in revenues. The CET1 ratio stood at a strong 13.4%, enabling a $0.04 increase in the quarterly dividend. Wealth Management saw a 15% net income growth, while the financial markets segment achieved over $500 million in net income, driven by high client activity and market volatility. Despite macroeconomic uncertainties, particularly related to global trade and tariffs, the bank maintained a cautious yet optimistic outlook, expecting mid-single-digit EPS growth and a 15% adjusted ROE for the year. Cost and funding synergies from the CWB acquisition are tracking ahead of schedule, with anticipated synergies of approximately $270 million pre-tax by the end of fiscal 2027. The bank also highlighted a disciplined approach to navigating market conditions, focusing on organic growth and a smooth integration of CWB, with revenue synergies expected to start materializing towards the end of the year.

Strong Financial Performance

Earnings per share increased by 12% year-over-year to $2.85, and return on equity was 15.6%. CET1 ratio remains robust at 13.4%.

Successful Integration of CWB

CWB integration is progressing well with early momentum in cost and funding synergies. Revenue synergies expected to start towards the end of the year.

Financial Markets Outperformance

Financial markets generated more than $500 million in net income, with strong client activity and higher trading volumes despite market volatility.

Strong Loan and Deposit Growth

Total loans increased by 22% year-over-year and deposits grew by 23%, with significant contributions from the CWB acquisition.

Positive Outlook for Wealth Management

Wealth Management grew net income by 15% year-over-year, with double-digit fee-based revenue growth and strong deposit base.

National Bank of Canada (TSE:NA) Earnings, Revenues Date & History

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TSE:NA Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Aug 27, 2025	2025 (Q3)	2.71 / -	2.68	―	―	―
May 28, 2025	2025 (Q2)	2.40 / 2.85	2.54	12.20% (+0.31)
Feb 26, 2025	2025 (Q1)	2.65 / 2.93	2.59	13.13% (+0.34)
Dec 04, 2024	2024 (Q4)	2.57 / 2.58	2.44	5.74% (+0.14)
Aug 28, 2024	2024 (Q3)	2.47 / 2.68	2.21	21.27% (+0.47)
May 29, 2024	2024 (Q2)	2.45 / 2.54	2.38	6.72% (+0.16)
Feb 28, 2024	2024 (Q1)	2.36 / 2.59	2.56	1.17% (+0.03)
Dec 01, 2023	2023 (Q4)	2.26 / 2.44	2.08	17.31% (+0.36)
Aug 30, 2023	2023 (Q3)	2.37 / 2.21	2.35	-5.96% (-0.14)
May 31, 2023	2023 (Q2)	2.40 / 2.38	2.55	-6.67% (-0.17)

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

TSE:NA Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
May 28, 2025	C$128.27	C$133.16	+3.81%
Feb 26, 2025	C$125.15	C$118.31	-5.47%
Dec 04, 2024	C$137.04	C$131.81	-3.82%
Aug 28, 2024	C$115.72	C$122.50	+5.86%

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.