National Bank just dropped its Q3 2025 results, and they’re looking strong! With net income up and a major boost from the CWB acquisition, it seems their strategic moves are really paying off. Are these impressive financial gains a sign of big things to come for the Canadian banking giant?

National Bank demonstrated robust financial performance in its third quarter of 2025, driven by strategic growth initiatives and the successful integration of its recent CWB acquisition. The latest National Bank earnings report reveals significant gains across key metrics, reinforcing its strong position within the Canadian banking sector. Investors closely watching stock performance will note the positive trajectory outlined in these Q3 2025 results.

For the quarter ending July 31, 2025, National Bank recorded a net income of $1,065 million, marking a 3% increase from the prior year. Adjusted net income, excluding specified acquisition-related items, surged by a more impressive 15% to $1,104 million, showcasing the underlying strength of its operations. Diluted earnings per share stood at $2.58, with adjusted diluted EPS holding steady at $2.68, reflecting the impact of common shares issued for the CWB acquisition.

Laurent Ferreira, President and CEO, highlighted the “solid third quarter results” attributing them to strong revenue fundamentals, credit performance, and the synergy momentum from the CWB acquisition. He emphasized the bank’s commitment to disciplined credit practices, efficiency, and continued investment in business growth, underlining the strategic importance of the CWB integration to future Canadian banking expansion.

The Personal and Commercial segment saw a 1% rise in net income to $370 million, with adjusted net income increasing 5%. Total revenues for the segment climbed 21% to $1,449 million, largely bolstered by the CWB acquisition. Both personal and commercial lending experienced substantial growth, 12% and 61% respectively, showcasing robust organic expansion alongside the CWB portfolio.

Wealth Management also delivered strong Q3 2025 results, with net income growing 12% to $244 million and total revenues up 13% to $811 million. This growth was primarily fueled by an increase in fee-based revenues and the strategic inclusion of CWB’s operations, further diversifying the bank’s revenue streams.

In Financial Markets, net income increased 5% to $334 million, driven by a 13% rise in total revenues, mainly from corporate and investment banking activities. The U.S. Specialty Finance and International segment reported a 13% increase in net income to $178 million, with revenue growth primarily attributed to the ABA Bank subsidiary. These segments contribute significantly to overall stock performance.

Capital management remains robust, with the Common Equity Tier 1 (CET1) capital ratio at 13.9% and the Basel III leverage ratio at 4.7% as of July 31, 2025, both showing improvements. The bank also announced a normal course issuer bid to repurchase up to 8,000,000 common shares and declared a dividend of $1.18 per common share, payable November 1, 2025, demonstrating confidence in its financial health and commitment to shareholder returns. These positive indicators further solidify National Bank’s strong standing in financial markets.