National Bank of Canada beats quarterly profit expectations

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FILE PHOTO - The National Bank of Canada logo is seen outside of a branch in Ottawa

TORONTO – National Bank of Canada beat analysts’ estimates for quarterly profit on Friday, as earnings rose 23% from a year earlier, driven by strength in its wealth management and financial markets units.

Net income excluding one-off items increased to C$2.65 per share in the three months ended Jan. 31, compared with C$2.15 a year earlier. Analysts had expected C$2.23 per share, according to IBES data from Refinitiv.

The bank also announced its Chief Financial Officer Ghislain Parent will move on to a new role and Marie Chantal Gingras, the bank’s senior vice president of financial accounting, will replace him.

(Reporting By Nichola Saminather in Toronto and Manya Saini in Bengaluru; Editing by Krishna Chandra Eluri)