Canada's National Bank Q2 results beat, helped by wealth management strength

National Bank of Canada

27/05/2026 11:40

Overview
Canada banking group's Q2 adjusted revenue and adjusted EPS beat analyst expectations
Adjusted net income and adjusted EPS rose 12% and 13% yr/yr, respectively
Company raised quarterly dividend by 8 cents to C$1.32 per share

Outlook
Company did not provide specific guidance for current or future periods in the press release

Result Drivers
SEGMENT GROWTH - Co said good performance across all business segments, especially Personal and Commercial and Wealth Management, drove results
LOWER CREDIT LOSSES - Lower provisions for credit losses, mainly due to prior-year Canadian Western Bank (CWB) loan provisions, supported earnings growth
REVENUE GROWTH - Personal and Commercial segment revenue rose on higher loan and deposit volumes, partly offset by lower net interest margin

Company press release: ID:nCNW48pzha

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Adjusted Revenue
Beat
C$3.91 bln
C$3.81 bln (7 Analysts)
Q2 Adjusted EPS
Beat
C$3.23
C$3.13 (12 Analysts)
Q2 EPS
 
C$3.06
 
Q2 Adjusted Net Income
 
C$1.3 bln
 
Q2 Net Income
 
C$1.23 bln
 
Q2 Adjusted Credit Loss Provision
 
C$227 mln
 
Q2 CET1 Capital Ratio
 
13.5%
 

Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 6 "strong buy" or "buy", 7 "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$202.00, about 4.9% below its May 26 closing price of C$212.40
The stock recently traded at 16 times the next 12-month earnings vs. a P/E of 13 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.)