Company Reports

National Bank of Canada is the sixth-largest Canadian bank, and this group of six banks collectively holds over 90% of the nation's banking deposits. The bank is the most Canadian-focused of the Big Six, with roughly 81% of its revenue derived from Canada in 2025.

National Bank of Canada reported slightly disappointing results in the third quarter, with shares falling by around a mid-single-digit percentage after the earnings release. Adjusted earnings per share came in at CAD 3.39, up 26% year over year.

National Bank of Canada is the sixth-largest Canadian bank, and this group of six banks collectively holds over 90% of the nation's banking deposits. The bank is the most Canadian-focused of the Big Six, with roughly 81% of its revenue derived from Canada in 2025.

National Bank of Canada reported slightly disappointing results in the second quarter, with shares falling around 4.2% following the earnings release. Adjusted earnings per share came in at CAD 3.23, up 13% year over year.

National Bank of Canada reported strong first-quarter earnings across its business segments. Adjusted net income increased 26% from a year ago to CAD 1.32 billion, or up 16% excluding the results from the Canadian Western Bank acquisition that closed in February 2025.

National Bank of Canada is the sixth-largest Canadian bank, and this group of six banks collectively holds over 90% of the nation's banking deposits. The bank is the most Canadian-focused of the Big Six, with roughly 81% of its revenue derived from Canada in 2025.

National Bank of Canada's capital market segment had a strong performance in fiscal 2025, mostly driven by impressive results from its trading business.

National Bank of Canada is the sixth-largest Canadian bank, and this group of six banks collectively holds over 90% of the nation's banking deposits. The bank is the most Canadian-focused of the Big Six, with roughly 81% of its revenue derived from Canada in 2025. The pending acquisition of Laurentian Bank’s Retail/SME banking portfolios and syndicated loan portfolio will add some incremental Canadian revenue exposure to National Bank of Canada.

National Bank of Canada reported slightly disappointing results. Adjusted net income increased 8% from a year ago to CAD 1.03 billion, excluding the results from the Canadian Western Bank acquisition. Adjusted earnings came in at CAD 2.82 per share, up 9% from last year.

National Bank of Canada is the sixth-largest Canadian bank, and this group of six banks collectively holds over 90% of the nation's banking deposits. The bank is the most Canadian-focused of the Big Six, with roughly 73% of its revenue derived from Canada in 2024. National Bank of Canada also has the most concentrated branch network in Canada among the Big Six, primarily located in Quebec, although this is set to change somewhat after the closing of its acquisition of Canadian Western Bank in February 2025.

National Bank of Canada reported slightly disappointing third-quarter results. Adjusted net income increased 5% from a year ago to CAD 1.01 billion, excluding results from the Canadian Western Bank acquisition. Adjusted earnings came in at CAD 2.68 per share, flat from last year.

National Bank of Canada is the sixth-largest Canadian bank, and this group of six banks collectively holds over 90% of the nation's banking deposits. The bank is the most Canadian-focused of the Big Six, with roughly 73% of its revenue derived from Canada in 2024. National Bank of Canada also has the most concentrated branch network in Canada among the Big Six, primarily located in Quebec, although this is set to change somewhat after the closing of its acquisition of Canadian Western Bank in February 2025.

National Bank of Canada reported strong results, with trading revenue up 23% from a year ago. Adjusted net income increased 21% from a year ago, excluding the results from the recently closed Canadian Western Bank acquisition (Feb. 3).

On April 2, US President Donald Trump announced sweeping tariffs on goods imported from the rest of the world. Canada and Mexico were spared from these new tariffs; however, the previously announced tariffs on Canada are still in place, and the 25% global auto tariff has taken effect.

Narrow-moat National Bank of Canada reported slightly disappointing first-quarter results and updated 2025 guidance, with expenses and credit costs as major headwinds. Adjusted revenue increased 19% year over year to CAD 3.2 billion, mostly driven by double-digit growth in wealth management and financial market segments. Personal and commercial banking revenue only grew 4% from a year ago. Adjusted net income increased 14% from last year to CAD 1.1 billion. As we incorporate these results, we anticipate increasing our 2025 trading revenue and 2025 net interest income growth projections (excluding Canadian Western Bank, or CWB) but expect a higher 2025 expense forecast will largely offset the benefit of higher top-line results. As such, we don’t anticipate materially changing our CAD 110 fair value estimate and view the shares as slightly overvalued. We have already included a negative CAD 1.5 per share impact from the CWB acquisition.

On Feb. 1, the Trump administration announced a 25% tariff on Canadian goods and a 10% tariff on Canadian oil and gas goods. The Canadian government announced a retaliatory tariff later on Feb. 1, starting with 25% tariffs on CAD 30 billion of US products like beverages, cosmetics, and paper products (effective on Feb. 4) and on an additional CAD 125 billion of US goods including cars and trucks (effective in three weeks).

After taking a fresh look at National Bank of Canada, we are increasing our fair value estimate to CAD 110 from CAD 109. We maintain our narrow moat rating and Standard Capital Allocation Rating. We are increasing the bank’s Morningstar Uncertainty Rating to Medium from Low given its exposure to the Canadian housing market and uncertainty related to US-Canada tariffs. We view shares as overvalued.

National Bank of Canada is the sixth-largest Canadian bank, and this group of six banks collectively holds over 90% of the nation's banking deposits. The bank is the most Canadian-focused of the Big Six, with roughly 73% of its revenue derived from Canada in 2024. National Bank of Canada also has the most concentrated branch network in Canada among the Big Six, primarily located in Quebec, although this is set to change somewhat after it closes its acquisition of Canadian Western Bank in February 2025.

Narrow-moat National Bank of Canada reported slightly disappointing fiscal fourth-quarter results, with credit costs a major headwind. Net revenue increased 15% year over year and decreased 2% from last quarter to CAD 2.9 billion. Adjusted net income increased 23% from last year to CAD 960 million. As we incorporate these results, we don’t anticipate materially changing our CAD 109 fair value estimate. We view the shares as overvalued.

Narrow-moat National Bank of Canada reported decent fiscal third-quarter results. Net revenue increased 19% year over year and 9% from last quarter to CAD 3.0 billion. The bank continued to deliver positive operating leverage in the quarter, as expenses increased 9% year over year. Adjusted net income increased 23% from last year to CAD 960 million. Credit provisioning increased by 8% to CAD 149 million sequentially. We incorporate these results and increase our fair value estimate to CAD 109 per share from CAD 107 due to earnings since our last update. We see the shares as moderately overvalued, and some of the bank's larger Canadian peers present more attractive opportunities.