Canada's National Bank Q1 results beat on CWB acquisition boost

National Bank of Canada

25/02/2026 11:40

Overview

Canada bank's fiscal Q1 adjusted revenue and EPS beat analyst expectations

Company's results driven by diversified business segments and inclusion of CWB results

Company amended share repurchase program, pending regulatory approval

Outlook

National Bank expects impacts from CWB acquisition to drive future growth

Company focuses on organic growth and operational efficiency for long-term value

Result Drivers

CWB ACQUISITION - Inclusion of CWB results drove revenue and net income growth across segments

LENDING GROWTH - Personal and commercial lending grew 17% and 54% respectively, driven by CWB inclusion and organic growth

REVENUE DRIVERS - Fee-based revenue growth and corporate banking activities boosted Wealth Management and Capital Markets revenues

Company press release: ID:nCNWfldqla

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Adjusted Revenue
Beat
C$3.89 bln
C$3.73 bln (9 Analysts)
Q1 Adjusted EPS
Beat
C$3.25
C$2.99 (13 Analysts)
Q1 EPS
C$3.08
Q1 Adjusted Net Income
C$1.32 bln
Q1 Net Income
C$1.25 bln
Q1 Adjusted Credit Loss Provision
C$244 mln
Q1 CET1 Capital Ratio
13.70%


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", 6 "hold" and 1 "sell" or "strong sell"

The average consensus recommendation for the banks peer group is "buy"

Wall Street's median 12-month price target for National Bank of Canada is C$179.00, about 0.9% above its February 24 closing price of C$177.46

The stock recently traded at 14 times the next 12-month earnings vs. a P/E of 14 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)