EarningsQ3 2026 Earnings Report
MX:NAN Q3 2026 EPS Results
Actual EPS$41.68
Consensus EPS$39.43
Beat/MissBeat by +$2.25
One Year Ago EPS$32.95
MX:NAN Q3 2026 Revenue Results
Actual Revenue$103.28B
Expected Revenue$47.36B
Beat/MissBeat by +$55.92B
YoY Revenue Growth+10.61%
Earnings Announcement Details
QuarterQ3 2026
Date08/26/2026
TimeBefore Open
Conference CallWednesday, August 26, 2026
MX:NAN Upcoming Earnings
National Bank of Canada's next earnings date is estimated for December 2, 2026, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:NAN Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented strong core operating momentum: double-digit revenue growth, substantial EPS upside (+26% YoY), robust segment performances (capital markets and wealth), healthy loan/deposit growth, positive operating leverage, meaningful synergy capture from the CWB acquisition, and a solid capital and provisioning position. Offsetting items include margin pressure in personal & commercial banking (driven by rapid mortgage growth and deposit mix), above-trend expense growth (variable compensation and investments), a deferred and moderated AIRB capital benefit, and some isolated credit lumpiness (notably an oil & gas provision). On balance, the positives significantly outweigh the challenges, though key execution areas to watch include margin management, expense control, and the successful completion of the AIRB transition.Company Guidance
Strong EPS and Revenue Growth
EPS of $3.39 in Q3 FY26, up 26% year-over-year; Revenues increased 18% year-over-year, driven by fee-based businesses and balance sheet growth.
Robust Profitability and Operating Leverage
Return on equity (ROE) of 16.8% in Q3 and year-to-date ROE of 16.7%; positive operating leverage of ~5.8% (nearly 6%) and management on track to exceed 16% ROE for FY26.
Segment Outperformance — Capital Markets and Wealth
Capital Markets net income $442 million, up 32% year-over-year (global markets revenue $578 million); Wealth Management net income $299 million, up 22% year-over-year; Corporate & Investment Banking revenue +13% YoY and corporate banking loans +13% YoY.
Loan and Deposit Growth
Total loans increased 11% year-over-year and 4% quarter-over-quarter (record mortgage originations); personal mortgages grew 14% YoY; deposits up 11% YoY (1% sequentially).
Solid Capital Position and Shareholder Returns
CET1 ratio of 13.51%; capital generation of 41 basis points in the quarter; repurchased 2.3 million shares in Q3 and intend to complete current NCIB and launch a new NCIB (subject to approvals); dividend payout ratio ~38.8%.
Synergy Realization from CWB Acquisition
Captured $238 million of cost and funding synergies to date; on track to reach $270 million by end of FY26 (~$300 million annualized); achieved fiscal 26 revenue synergy target early ($52 million realized vs $50 million target).
Prudent Credit Performance and Allowances
Total provision for credit losses (PCL) $240 million or 31 bps (stable QoQ) and within FY26 guidance range; impaired PCL $224 million or 28 bps; total allowances $2.7 billion representing 5.3x coverage of net charge-offs and performing allowances coverage ~2.0x.
Stable Net Interest Income and NIM Contribution
Net interest income excluding trading increased ~7% sequentially; all-bank NIM increased 2 basis points QoQ to 2.18%, aided by Treasury contributions (+3 bps) and reclassification effects (+4 bps).
MX:NAN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed