National Bank reports third-quarter profit up 10 per cent from year ago

MONTREAL - National Bank of Canada say its third-quarter profit gained 10 per cent compared with a year ago, helped by growth across its business.

The lender says it earned $569 million for the quarter ended July 31, up from a profit of $518 million in the same quarter last year.

The profit amounted to $1.52 per diluted share for the three-month period, up from $1.37 per diluted share a year ago.

On an adjusted basis, National Bank say sit earned $1.53 per diluted share for the quarter, up from an adjusted profit of $1.39 per share in the third quarter last year.

Analysts on average had expected a profit of $1.50 per share, according to Thomson Reuters Eikon.

National Bank chief executive Louis Vachon attributed the improvement to sustained revenue growth and effective cost management.

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