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National Bank of Canada's Net Interest Income Starts to Run Into Headwinds in Fiscal Q4

Analyst Note

| Eric Compton, CFA |

Narrow-moat National Bank of Canada reported mixed fiscal fourth-quarter results. Earnings per share were CAD 2.08, down 4% year over year and 11% quarter over quarter. We are starting to see some Canadian banks run into roadblocks when it comes to increasing net interest income. While one peer had previously reported that higher rates would lead to lower NII, most Canadian banks, including NBC, had not seemed to have reached that point just yet. Even so, NII dropped 15% quarter over quarter. While this could partially be blamed on trading-related NII falling in the quarter, as non-trading-related NII did increase, it was still surprising to see such a decline for trading-related NII. The bank still discloses a positive relationship between higher rates and NII growth, and it will be interesting to see if this plays out in 2023, or if rates act as a headwind. 

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Business Description

National Bank of Canada is the sixth-largest Canadian bank. The bank offers integrated financial services, primarily in the province of Quebec as well as the city of Toronto. Operational segments include personal and commercial banking, wealth management, and a financial markets group.

600 De La Gauchetiere Street West, 4th Floor
Montreal, QC, H3B 4L2, Canada
T +1 514 394-6751
Industry Banks - Diversified
Most Recent Earnings Oct 31, 2022
Fiscal Year End Oct 31, 2023
Employees 26,920

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