National Bank of Canada (NA) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to National Bank of Canada's Second Quarter Results Conference Call. I would now like to turn the meeting over to Marianne Ratté, Vice President and Head of Investor Relations. Please go ahead, Marianne. Merci and welcome, everyone. We will begin the call with remarks from Laurence Ferreira, President and CEO, Marius Montagne Gras, CFO, and Jean-Sébastien Grévy, Chief Risk Officer. Also present for the Q&A session are Lucie Blanchet, EVP Personal Banking, Judith Ménard, EVP Commercial and Private Banking, Michael Denham, EVP and Vice Chair, responsible for the integration of CWB, Nancy Paquette, EVP Wealth Management, Etienne Dubuc, EVP Financial Markets, and Bill Bonnet, EVP International, responsible for ABA Bank. Before we begin, please refer to slide two of our presentation for information on forward-looking statements. The bank uses non-GAAP measures, such as adjusted results, to assess its performance. Management will be referring to adjusted results unless otherwise noted. I will now turn the call over to Laurent. Merci, Marianne, and thank you, everyone, for joining us. This morning, we reported second-order results, which include CWB. We generated earnings per share of $2.85, up 12% year-over-year, and a return on equity of 15.6%. Our performance reflects organic growth in our business segments, including an excellent performance from financial markets driven by strong client activity and volatile markets, and as well, early momentum in cost and funding synergies from the CWV acquisitions. We ended the quarter with a CET1 ratio of 13.4%, in line with expectations. Our capital position is strong, allowing us to support business growth, and we also raised our quarterly dividend by $0.04, effective next quarter. Turning to the macroecon...