National Bank of Canada (NA) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

All participants, thank you for standing by. The conference is ready to begin. Good morning and welcome to National Bank of Canada's third quarter results conference call. I would now like to turn the meeting over to Marianne Raté, Vice President and Head of Investor Relations. Please go ahead, Marianne. Thank you and welcome everyone. We will begin the call with remarks from Laurent Ferreira, President and CEO, Marie-Chantal Gingras, CFO, and Jean-Sébastien Griset, Chief Risk Officer. Our business heads are also present for the Q&A session, including Lucie Blanchet, Personal Banking, Judith Menard, Commercial and Private Banking, Michael Denham, CWB Integration, Nancy Paquette, Wealth Management, Etienne Duc, Financial Markets, and Del Bonel, International. Before we begin, please refer to slide two of our presentation for forward-looking statements and non-GAAP measures. Management will refer to adjusted results unless otherwise noted. I will now pass the call to Laurent. Merci, Marianne, and thank you, everyone, for joining us. This morning, we reported earnings per share of $2.68 and return on equity of 14% for the third quarter of 2025. Our results reflect strong revenue fundamentals across our segments, firm traction in costs and funding synergies as we integrate CWB and a strong credit performance. We also ended the quarter with a CET1 ratio of 13.9%. This solid capital position provides us with ample flexibility and optionality. This morning, we announced our intention to repurchase up to 8 million shares. Our decision to buy back shares at this point in time does not factor in benefits from CWB's AIRB conversion. We'll also review our dividend next quarter as per usual practice. Turning to the economy. The Canadian economy has shown some resilience, but has ...