Adjusted earnings beat expectations despite higher credit loss provisions.

National Bank of Canada reported a second-quarter profit of $896 million, down slightly from $906 million a year earlier.

The Montreal-based bank says the profit amounted to $2.17 per diluted share for the quarter ended April 30, compared with $2.54 per diluted share a year ago.

Revenue for the quarter totalled $3.65 billion, compared with $2.75 billion in the same quarter last year.

National Bank’s provisions for credit losses in the quarter amounted to $545 million, up from $138 million.

The bank says its adjusted profit, which excludes items related to its recent acquisition of Canadian Western Bank, amounted to $2.85 per diluted share, up from an adjusted profit of $2.54 per diluted share a year ago.

Analysts on average had expected an adjusted profit of $2.40 per share, according to LSEG Data & Analytics.

National Bank’s wealth management division reported a net income of $232 million for the quarter, a 13% increase from the second quarter of 2024. Total revenues were $791 million, up 16% from the previous year, mainly driven by growth in fee-based revenues, net interest income and the inclusion of CWB revenues.

The bank had $825.5 billion in assets under administration and $170.5 billion on assets under management as of March 30, 2025, up from $766 billion and $155.9 billion respectively at the same time last year.