National Bank of Canada shares jumped 5.79% in early Toronto trading , lifting the stock to C$187.73 after the lender posted a sharply higher first-quarter profit and outpaced analyst expectations on earnings. The move pushed the stock within reach of its 52-week high of C$189.36, after opening at C$181.81 and trading in a day’s range of C$181.06 to C$189.36.
For the quarter ended Jan. 31, the Montreal-based bank reported profit of C$1.25 billion, up from C$997 million a year earlier. Diluted earnings were C$3.08 per share, and on an adjusted basis the bank earned C$3.25 per share, comfortably ahead of the C$2.99 consensus estimate cited by market data services. A separate earnings snapshot also highlighted net income of C$904.1 million with adjusted earnings of C$2.34 per share, reflecting differing reporting frames and adjustments across summaries.
Revenue lift alongside steadier credit costs
Total revenue for the quarter came in at C$3.89 billion, up from C$3.18 billion a year ago, as contributions from across the franchise strengthened. Provision for credit losses was C$244 million, down from C$254 million in the prior-year quarter, a modest improvement that helped preserve momentum as investors stay sensitive to credit trends across Canadian banking.
The market’s reaction followed a broad set of shareholder-friendly signals: higher profit, a beat versus expectations, and new updates on capital returns. The stock’s rally also comes against a backdrop of a still-busy Canadian bank earnings window, keeping incremental beats and capital actions in sharp focus.
Business lines show broad-based gains
National Bank attributed the quarter’s strength to diversified franchises and a disciplined approach to capital and credit. Segment results underlined that breadth:
Personal and commercial banking delivered earnings of C$427 million, rising from C$290 million a year earlier. Wealth management earned C$272 million, up from C$242 million. Capital markets produced C$443 million, up from C$417 million. The bank’s U.S. specialty finance and international business earned C$185 million, slightly higher than C$183 million in the prior-year period.
The quarterly print also reflected the impact of National Bank’s acquisition of Canadian Western Bank, which the company cited as a contributor alongside underlying performance across its operating lines.
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Dividend set at C$1.24 as capital returns stay in focus
Alongside the earnings update, National Bank’s board declared a quarterly dividend of C$1.24 per common share for the quarter ending April 30, 2026. The dividend is payable May 1, 2026 to shareholders of record on March 30, 2026. The bank also declared dividends on multiple series of first preferred shares with varying payment dates in late April and mid-May.
From a market lens, the combination of an earnings beat and a clear dividend cadence tends to matter most during bank reporting season, particularly when investors are weighing capital returns against loan growth and credit quality.
Buyback authorization expanded, pending approvals
National Bank also announced plans to amend its normal course issuer bid to increase the maximum number of common shares it may repurchase for cancellation. The amended program would allow repurchases of up to 14.5 million common shares, representing 3.70% of the 392,169,565 common shares issued and outstanding as of Sept. 11, 2025, subject to approvals from regulators and the Toronto Stock Exchange.
The existing program, launched on Sept. 25, 2025, currently allows buybacks of up to 8.0 million shares, or about 2.04% of the same share count reference date. The bank said the amendment is expected to become effective on or about March 12, 2026, subject to required approvals, and the program is scheduled to expire on Sept. 24, 2026. Investors typically view an expanded repurchase ceiling as an added tool for capital management, particularly when earnings momentum is strong.
Valuation and trading levels investors are watching
At C$187.73, the stock was trading above the prior close of C$177.46. The move also brought the shares closer to the top end of the C$106.67 to C$189.36 52-week range shown on market screens. Other widely watched dashboard metrics included a TTM P/E of 18.67, TTM EPS of 10.06, and a quoted forward dividend yield around 2.79%. Volume early in the session registered at 872,268 shares versus an average of about 1,667,970, suggesting heightened interest as the market digested the earnings release and capital-return updates.
For investors tracking near-term expectations, a screen-based one-year target estimate was shown at C$175.50, underscoring that the post-earnings pop is also testing valuation comfort levels after a strong run. With Canadian bank results continuing to shape sector sentiment, traders are likely to keep a close eye on credit-loss trends, capital actions, and whether capital markets and wealth fees hold up as the year progresses.
For the full quarterly results release from the bank, see National Bank’s official statement on its first-quarter 2026 results.
