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National Bank beats expectations; posts double-digit Q1 profit increase

February 24, 2014

MONTREAL _ National Bank (TSX:NA) says "strong momentum" help propel it to improved earnings in the first quarter that beat analyst expectations.

Canada's sixth-largest bank reported after markets closed Monday that net income in the three months ended Jan. 31 totalled $405 million or $1.15 per diluted share in the three months ended Jan. 31, up from $373 million or $1.05 per share in the same 2013 period.

Ex-items, were $384 million or $1.09 per share, up 12 per cent from $344 million or 97 cents in the same year-earlier period and well above the average of $1.05 per share of adjusted earnings in analyst forecast as compiled by Thomson Reuters.

"First quarter results are showing strong momentum for National Bank," president and CEO Louis Vachon said in releasing the results after markets closed.

"In personal and commercial Banking, loan and deposit growth remained strong and net interest margins improved on a sequential basis (and) . . .credit quality remained excellent," Vachon said.

"Wealth Management benefited from good organic growth and the contribution from newly acquired TD Waterhouse Institutional Services. Financial Markets also did well with solid client-driven activities and good cost control," he added.

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Source: Canadian Press DataFile

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