By Ketki Saxena
Investing.com - The National Bank of Canada saw a 22.47% surge in profits, with net income rising to $932 million from $761 million in the same period last year. Diluted earnings were $2.65 per share compared with $2.15 EPS in the comparable quarter a year ago, and well exceeding analyst estimates of $2.23 per share.
Revenue rose 11.26% year on year to $2.47 billion from C$2.22 billion this time last year, beating analyst expectations of C$2.3 billion.
YTD, NA stock has returned 4.6% total price return to shareholders and is trading at a P/E multiple of 11.3x. NA offers 3.42% annual dividend yield, paid quarterly.
As of market close yesterday, NA shares were trading at $100.83, down -0.38 (-0.38%) for the day, and with a 52-week range between $79.82 - 106.10. Investing Pro models suggest a Fair Price target of $111.4, representing a financial upside of 10.5%.
NA was the third of the Big Six Canadian banks to report earnings this season, preceded by CIBC at 6:00 A.M ET, and RBC, which kicked off the season yesterday before the opening bell.
BMO and BNS report results on Tuesday next week, and TD (TSX:TD) will close out the season with its earnings call the upcoming Thursday.
All currencies CAD, unless noted otherwise.