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National Bank of Canada - 1H-2021 Earnings, Price Target Update

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National Bank (NA-TSX) is the leading bank in Quebec where they earn about 58% of their revenues. With branches in almost every province, the focus is on small to medium sized enterprises. National Bank with $350.7B in assets as at Apr-30-202 was up by 5.7% compared to $331.6B at the Oct-31-2019 year end. The increase was from gains on securities and mortgage lending. Operations are in four segments; Personal and Commercial Banking, Wealth Management, Financial Markets, and U.S. Specialty Finance and International. Personal and Commercial Banking contributes 40% of earnings, Financial Markets-30%, Wealth Management-20% and US Specialty Finance and International- 10%. International operations include ABA Bank in Cambodia. Since majority control was acquired in 2016, ABA Bank has nearly doubled in size to become the fourth largest bank in the country. National Bank is the largest bank in Quebec, and the second largest financial institution in the province, after Desjardins Group.

Financial

1H-2021

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