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Natl Bank Of Canada Results 29-May: Looking For Consistency

FINANCIALS

National Bank of Canada (NACN: A3 pos/BBB+/A+) reports 2Q24 results (12M to Apr-24) on 29-May. A strong performer with upgrades after last results, the market will be looking for consistency, we feel.


  • At last results (28-Feb), beat on revenues (4% above consensus) and net revenues (12% above) though some of this was in trading revenues. Credit metrics were broadly in line. The bank did talk about its lack of US office CRE exposure last time and its better-than-average loan losses do reflect its strong credit characteristics, we feel.
  • Spreads on its pair of €IG index bonds are 4bp tighter on the month and 27bps tighter YTD (€IG banks -13bp and -50bp) and its equity have been consistently outperforming Canadian banks (+13% vs. +1%) YTD.
  • Earnings estimates are 2-3% up for the coming two years since last results, driven by smaller revenue upgrades. So not really much movement at all but at least no failures.

Results are 1130 (London time) with a conf call at 1800 at: https://edge.media-server.com/mmc/p/opsrt2vz

Credit BulletsHomepagemarkets-real-timeCanadaCredit Bank of Canada Market NewsBullet
Credit BulletsHomepagemarkets-real-timeCanadaCredit Bank of Canada Market NewsBullet

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