National Bank of Canada reports better-than-expected earnings

The second quarter of the fiscal second quarter of the National Bank of Canada got a boost from a surge in trading as recession fears roiled markets.

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The financial-markets unit's revenue went up 7.7% to C $632 million $496 million in the three months through April, the Montreal-based lender said Friday. The average projection was beat by analysts C $524.4 million. The overall profit was above estimates.

Concerns that global central banks will increase rates will hurt the economy have hammered equity and bond markets this year. It has led to a surge in trading volume that has benefited firms like National Bank, which has put a chill on financing transactions. The company's trading revenue went up 40% to C $349 million.

The shares of the National Bank increased by 2.8% to C $97.49 at 9: 53 a.m. in Toronto. The stock has gained 1.1% this year, compared with a 2.6% drop for the S&P TSX Commercial Banks Index.

Also in the earnings release:

Profit was C $2.55 a share, excluding some items. On average, analysts estimated C $2.25.

No National Bank took C $3 million in provisions for credit losses. Analysts said the lender would set aside C $44.8 million in provisions.

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