National Bank of Canada

NA: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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National Bank of Canada Earnings: Strong Trading Results, but Credit Costs a Headwind

Michael Miller , Maoyuan Chen

Dec 4, 2024

Narrow-moat National Bank of Canada reported slightly disappointing fiscal fourth-quarter results, with credit costs a major headwind. Net revenue increased 15% year over year and decreased 2% from last quarter to CAD 2.9 billion. Adjusted net income increased 23% from last year to CAD 960 million. As we incorporate these results, we don’t anticipate materially changing our CAD 109 fair value estimate. We view the shares as overvalued.

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