Q2 2026 National Bank of Canada Earnings Call Transcript
Key Points
- National Bank of Canada (NTIOF) reported a 13% year-over-year increase in EPS, reaching $3.23.
- The bank achieved a strong return on equity of 16.8% and maintained a robust CET1 ratio of 13.54%.
- P&C Banking saw net income growth of 18% year over year, driven by strong lending activity and mutual fund growth.
- Wealth Management net income increased by 18% year over year, supported by strong fee-based and transaction revenues.
- The bank announced a 6% increase in its quarterly dividend, bringing it to $1.32 per share.
- Macroeconomic uncertainty, including the conflict in the Middle East, is expected to drive inflation and higher interest rates.
- Personal deposits were slightly down sequentially, as strong equity markets led to increased client flows into investment solutions.
- The CWB legacy book declined by $400 million sequentially, primarily driven by commercial real estate.
- Net interest margin (NIM) decreased by 8 basis points quarter over quarter, with expectations of further slight declines.
- Expenses increased by 9.5% year over year, partly due to litigation expenses and a reversal of a property tax provision in the prior year.
Good morning, and welcome to National Bank of Canada's second-quarter results conference call.
I would now like to turn the meeting over to Marianne Ratté. Please go ahead, Marianne.
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Merci, and welcome, everyone.
We will begin the call with remarks from Laurent Ferreira, President and CEO; Marie Chantal Gingras, CFO; and Jean-Sébastien Grisé, Chief Risk Officer. Our business heads are also present for the Q&A session, including Julie Lévesque, Personal Banking; Judith Ménard, Commercial and Private Banking; Nancy Paquet, Wealth Management; Ãtienne Dubuc, Capital Markets; and Bill Bonnell, International.
Before we begin, please refer to slide 2 of our presentation for forward-looking statements and non-GAAP measures. Management will refer to adjusted results unless otherwise noted.
I will now pass the call to Laurent.
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