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(Reuters) – National Bank of Canada reported a higher third-quarter profit on Wednesday, helped by strong performance in its wealth management and financial markets units.
The Canadian central bank’s interest rate cuts for two straight months, in June and July, have boosted trading and wealth management activities for the country’s lenders.
National Bank of Canada’s upbeat results come in contrast to rival Bank of Montreal, which reported a drop in quarterly adjusted profit on higher loan loss provisions.
Net income from National Bank of Canada’s financial markets unit totaled C$318 million in the third quarter, up 55% from C$205 million a year earlier.
The bank’s adjusted profit rose to C$960 million ($713.12 million), or C$2.68 per share, for the three months ended July 31, from C$781 million, or C$2.18 per share, a year earlier.
($1 = 1.3462 Canadian dollars)
(Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Shinjini Ganguli)