Backed by a strong contribution from its wealth management operations, National Bank of Canada last week reported a surge in third quarter profit. The bank earned $162 million, up from $26 million a year ago. Bank stock was $35.59 at the Thursday close.
Last year, the bank included an impairment charge of $112 million resulting from a revaluation of its investment in information technology firm Cognicase. Excluding this charge, third quarter net income this year was up $24 million or 17% from the third quarter of 2002.
Profits in the wealth management division rose to $21 million from $10 million last year, due to improved stock markets and the 2002 acquisition of Altamira Investment Services INC, the bank reported.
Revenues were $851 million at the end of the third quarter, up from last year’s $657 million.