Written By
Nick Raffoul
Nick Raffoul is the Founder and Lead Analyst at Best Canadian Stocks. He graduated with a degree in Business Administration, has over a decade of writing experience, and grew his personal portfolio 153% from 2020 to 2024.
Affiliate Disclosure: Bestcanadianstocks.ca may earn a commission when you open an account or make a purchase through links on this page. This comes at no additional cost to you and helps us continue providing free financial content to Canadian investors.
National Bank of Canada reported fiscal third-quarter 2026 results Wednesday morning, posting adjusted diluted earnings per share of $3.39 versus Investing.com consensus of C$3.18. Revenue came in at $4.05 billion against consensus of C$3.86 billion. The bank became the third of Canada’s Big Six to report this week after Bank of Montreal and Scotiabank both topped estimates Tuesday. Results cover the three months ended July 31, 2026.
National Bank Tops Consensus on Both Lines
Adjusted diluted earnings per share of $3.39 beat consensus by $0.21, up 26% from $2.68 in the third quarter of 2025. Reported diluted EPS came in at $3.25, up 26% from $2.58 a year earlier, reflecting $55 million in net-of-tax charges tied to CWB integration costs and the amortization of CWB-related intangible assets.
Net income reached $1,307 million, up 23% from $1,065 million in the year-ago quarter. Adjusted net income was $1,362 million, up 23% from $1,104 million. The bank reported integration and transaction-related charges of $51 million ($37 million net of tax), including $24 million ($18 million net of income taxes) related to the Canadian Western Bank transaction and $27 million in other transaction-related charges. Amortization of CWB-related intangible assets added another $25 million ($18 million net of tax).
“We delivered strong earnings and revenue growth, as well as a high return on equity, continuing the momentum achieved since the beginning of the year,” said Laurent Ferreira, President and CEO, in the bank’s release. “Our results also reflected positive operating leverage and resilient credit performance, while we maintained robust capital levels.”
Revenue of $4,053 million came in above the C$3.86 billion consensus, up from $3,449 million a year earlier. Return on equity stood at 16.1%, compared to 13.6% in the third quarter of 2025. The efficiency ratio improved to 51.6% from 55.8%.
Segment Performance Highlights Capital Markets Strength
Capital Markets led segment growth, posting net income of $442 million versus $334 million in the prior-year quarter, a gain of 32%. The bank attributed the increase to “strong growth in global markets revenues.”
Wealth Management net income reached $296 million, up 21% from $244 million, driven by “growth in all types of revenues, mainly fee-based revenues.” Personal and Commercial reported net income of $421 million versus $370 million, up 14%, driven by net interest income growth in line with loan and deposit volumes, partly offset by a lower net interest margin.
U.S. Specialty Finance and International posted net income of $184 million, up 3% from $178 million, reflecting “revenue growth at the Credigy and ABA Bank subsidiaries.”
Credit Quality and Key Metrics
Provisions for credit losses came in at $246 million, compared to $203 million in the third quarter of 2025. Net interest margin stood at 2.19%, down from 2.25%.
The Common Equity Tier 1 ratio was 13.5% as at July 31, 2026, compared to 13.8% at October 31, 2025. The bank declared a quarterly dividend of $1.32 per common share, unchanged from the prior quarter, payable November 1, 2026 to shareholders of record September 28, 2026.
TSX Rises as Banks Beat Estimates Tuesday
The S&P/TSX Composite closed Tuesday at 36,958, up 243.51 points or 0.66%, as investors weighed major bank earnings against new developments in the US-Canada trade dispute, according to Trading Economics.
National Bank closed Tuesday at $222.53, up $5.47 or 2.52%, ahead of its own release. Bank of Montreal gained 0.55% and Scotiabank jumped 7.02% on Tuesday following their earnings releases. Royal Bank rose 1.4%, TD Bank added 2%, and CIBC climbed 2.8%.
National Bank (TSX: NA) closed Tuesday at $222.53, up $5.47 (+2.52%). The stock trades within a 52-week range of $141.46 to $237.13 with a market capitalization of $85.39 billion. Price-to-earnings ratio sits at 19.71 based on trailing twelve-month earnings per share of $11.29. The forward dividend is $5.28 per share, yielding 2.44%. Data as of August 25, 2026 close. Source: StockAnalysis.
BMO and Scotiabank Extended the Beat Streak
Bank of Montreal reported adjusted EPS of $3.96 versus consensus of $3.74 on Tuesday. Scotiabank posted adjusted diluted EPS of $2.28 versus consensus of $2.08. Per Investing.com, every Big Six bank had exceeded consensus for four consecutive quarters heading into this week. National Bank’s beat extends that trend.
For more on Canadian bank stocks and the broader Q3 earnings picture, see our coverage.
Track National Bank and other Canadian bank stocks with a Questrade account. Compare the best investing apps in Canada to find the right platform for your portfolio.
What’s Next for the Big Six
Royal Bank, TD Bank, and CIBC report Thursday, August 27 before the market open. Consensus expectations per Investing.com: RBC EPS C$4.04 and revenue C$18.07 billion; TD C$2.45 and C$15.17 billion; CIBC C$2.50 and C$8.02 billion.
The Kansas City Fed hosts its economic symposium in Jackson Hole Thursday through Saturday, August 29. The Bank of Canada announces its next rate decision Wednesday, September 2, 2026.
Bank results for the quarter ended July 31, 2026; market and stock data as of August 25, 2026 close. Sources: National Bank of Canada, Investing.com, Trading Economics, StockAnalysis.
Disclaimer: The content on bestcanadianstocks.ca is for informational and entertainment purposes only and does not constitute financial advice. Past performance is not indicative of future results. Always consult a qualified financial advisor before making investment decisions. Bank results for the quarter ended July 31, 2026; market and stock data as of the August 25, 2026 close.
Written By
Nick Raffoul
Nick Raffoul is the Founder and Lead Analyst at Best Canadian Stocks. He holds a degree in Business Administration and has over a decade of writing experience. Nick began investing just before the COVID-19 market crash in March 2020, growing his personal portfolio 153% by 2024. In 2022, he founded Best Canadian Stocks to make data-driven investing accessible to all Canadians. His goal is to help all of his readers achieve financial freedom, maximize their spending power, and reach their financial goals. Whether you're maximizing your TFSA, building an RRSP to save for retirement, or looking to buy your first stock, Nick has your back. His work covers Canadian equities, dividend investing, tax-advantaged accounts, and personal finance.