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National Bank of Canada reports rise in profits as it looks to closing CWB deal

The National Bank of Canada reported a significant increase in its second-quarter profits, with adjusted earnings reaching $2.59 per share, surpassing the anticipated $2.36 per share by analysts. This growth was driven by a 4% rise in revenue to $2.71 billion, attributed to higher interest rates and increased loan demand. Despite a slight decrease in net interest income, the bank saw gains in its financial markets and wealth management sectors. Additionally, the bank is progressing towards finalizing its acquisition of Canadian Western Bank (CWB), with the deal expected to close by the end of 2024, pending regulatory approval. This acquisition is part of National Bank's strategy to expand its presence in Western Canada. However, the bank also noted a rise in provisions for credit losses, reflecting caution due to economic uncertainties.

Read the Full MSN Article at:
[ https://www.msn.com/en-ca/money/economy/national-bank-of-canada-reports-rise-in-profits-as-it-looks-to-closing-cwb-deal/ar-AA1vfRvC ]