National Bank of Canada (NA) Q1 2026 earnings summary

Executive summary

• Q1 2026 net income was $1,254 million, up 26% year-over-year, with adjusted net income at $1,320 million, driven by strong performance across all segments and the consolidation of Canadian Western Bank (CWB) results.

• Diluted EPS rose 11% to $3.25, with robust contributions from CWB and share buybacks.

• Double-digit revenue and net income growth across all major business segments, supported by organic balance sheet expansion and CWB integration.

• Annualized CWB synergies are tracking at $247 million, nearing the $270 million target for cost and funding synergies by FY 2026.

• Disciplined capital deployment included share repurchases and a strong CET1 ratio of 13.74%.

Financial highlights

• Total revenues reached $3,893 million, up 22% year-over-year, with CWB contributing 9% of the increase.

• Pre-tax pre-provision earnings (PTPP) grew 23% year-over-year; net interest income increased 43% to $1,394 million.

• Non-interest expenses rose 22% to $2,011 million, with $167 million attributable to CWB.

• Return on equity was 15.7% (adjusted: 16.6%); CET1 ratio at 13.74%.

• Loans rose 23% year-over-year (9% excluding CWB); deposits increased 23% year-over-year (12% excluding CWB).

Outlook and guidance

• EPS growth for 2026 is expected at the top end of the 5%-10% outlook, with a path to 17%+ ROE by FY 2027.

• Full cost and funding synergy target from CWB expected by end of FY 2026; revenue synergies of $200-250 million targeted by FY 2028.

• CET1 ratio targeted to converge to 13% by end of 2027, with continued focus on organic growth, operational efficiency, and pan-Canadian expansion.

• Forward-looking statements highlight risks from economic, geopolitical, and regulatory factors, as well as integration of recent acquisitions.