National Bank of Canada's third-quarter profit beat expectations

Data today showed that the National Bank of Canada exceeded analysts' estimates for the third quarter of this year as the bank reversed previous provisions for credit losses and saw strong performance across business sectors compared to last year. Net income, excluding non-recurring items, rose to C$839 million ($665.7 million), or C$2.36 per share, in the three months ended July 31, compared to C$602 million, or C$1.66 per share, a year earlier.

Adjusted income before provisions for credit losses and income taxes in Canada's sixth-largest bank rose to C$1.09 billion in the third quarter of this year, compared to C$947 million during the same period last year.