National Bank Of Canada Stock Earnings Reports

National Bank reported Q3 2025 EPS of $2.68 and a 14% ROE, driven by broad-based revenue strength, early realization of CWB integration synergies and continued solid credit performance. All-bank revenue rose 19% YoY and pre-tax pre-provisions (PTPP) rose 21% with positive operating leverage of 2%. CET1 ended the quarter at 13.9% (benefitting from divestitures, tax recoveries and a small AIRB conversion); management announced a NCIB to repurchase up to 8 million shares and said the dividend will be reviewed next quarter. The CWB integration is progressing well: first client migrations completed with good retention, $69 million of synergies realized to date ($173 million annualized, ~64% of the 3-year target) and management expects to hit the year‑1 synergy target of $135 million by December 2025. Loans and deposits continued to expand (total loans ~$293B, deposits ~$303B excluding CWB), NII excluding trading was stable (all‑bank NIM ~2.22%), and Wealth and CIB franchises delivered strong results (Wealth net income +13% YoY; record advisory and DCM fees in CIB). Credit remains constructive: total PCLs fell to 28 bps, allowances are $2.3B (≈5x net charge-offs) and management now expects impaired PCLs to finish around the middle of the 25–35 bps range for the full year. Management reiterated that buybacks are a complement to organic growth, AIRB conversion benefits are expected mainly toward end-2026, and revenue synergies will be discussed in more detail on the Q4 call.