National Bank Earnings Reports
Get access to the key financial metrics that industry professionals need to know from National Bank’s quarterly earnings reports. WOWA Data Labs has gathered time series for bank balance sheets and the performance of Canadian banks.
National Bank's Financial Highlights
National Bank’s earnings report for Q4 2025 indicates a steady increase in non-interest and net interest income, which both contribute to revenue growth of 26% in a year. Reported trailing annual net income of $4 billion is up 5% from the last year. Adjusted trailing annual net income of $4.5 billion is up 21% year-over-year.
As of Q4 2025, National Bank had $577 billion in total assets and $543 billion in total liabilities. Although National Bank is the smallest of the Big 6, it has shown the highest growth in deposits and loans among its peers.
Over the past 10 years, from Q4 2015 to Q4 2025, National Bank’s total assets have increased by over 167% and reached $577 billion. Deposits have grown by 232%, and net loans have increased by 163%.
The bank's market capitalization also grew significantly, by 320% over the past decade, ending at $61 billion in Q4 2025. National Bank's market cap has been consistently growing since 2024 and is currently at an all time high.
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National Bank's Earnings Highlights for Q4 2025
Earnings Per Share (EPS)*
$2.82
Revenue
$3.70 Billion
Reported Net Income
$1.1 Billion
Dividend Yield
2.96%
*Adjusted diluted earnings per share
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National Bank Earnings
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Over the past year, National Bank’s total revenue averaged $3.50 billion per quarter, while reported and adjusted net incomes totaled $1.1 billion and $1.2 billion, respectively. Over the past 10 years, there has been a balance between interest and operating income, while in the last 2 years, non-interest income has been the dominant source of revenue, accounting for 68% of total revenue in Q2 2025.
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Over the past 10 years, the reported and adjusted net incomes have been following each other closely, with a few quarters of reported net income understating adjusted net income. Both reported and adjusted net incomes have steadily increased with elevated volatility between Q4 2019 and Q2 2024. In Q4 2025, there is the significant gap between the reported and adjusted net incomes.
National Bank Financial Position
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National Bank’s Assets
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Breakdown of National Bank's Assets into Components
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Over the past 10 years, National Bank’s assets have increased by 167%, which is a significant growth among the Big 6 Banks. This increase is largely due to the loan portfolio, which is the largest asset component on the balance sheet.
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As with many other banks, National Bank’s largest asset group is loans (55%), followed by securities (31%). The National Bank has had a relatively stable asset distribution over the past 10 years. Even with elevated volatility during COVID, the asset distribution stayed relatively stable.
Loan Portfolio Composition
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National Bank's Loan Portfolio Breakdown
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National Bank's loan portfolio has grown by 163% over the past 10 years. Total net loans and acceptances increased from $115 billion in Q4 2015 to $303 billion by Q4 2025. Business loans are the leading loan segment, accounting for $138 billion in loans. Total mortgages are the next largest loan group, with a balance of $114 billion in loans. The last significant loan group is personal loans, with $40 billion on their account.
Credit Risk Management
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National Bank's Credit Risk Data
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National Bank’s allowance for credit losses has been increasing steadily in the past 10 years. Part of this increase is attributed to a quick expansion of the loan portfolio, but there was also a rapid increase in ACL in Q2 2016, Q2 2020, and Q2 2025.
While the bank has maintained a steady net write-off, its rapid increase in ACL and PCL ratios may signal excess risk in a loan portfolio. The ACL increased from $0.6 billion in Q4 2015 to $2.4 billion in Q4 2025. Provision for Credit Losses (PCL) has fluctuated based on economic conditions, with a significant spike during the pandemic period (Q2 2020) at $504 million and milder increase of $244 million on Q4 2025.
Deposit Growth
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National Bank's Deposits Dataset
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National Bank's total deposits grew from $129 billion in Q4 2015 to $428 billion by Q4 2025, which represents a 232% increase over 10 years. As of Q4 2025, the main depositor group at National Bank is business and government, with $298 billion stored in demand, notice, and term deposits. Individuals keep $124 billion in deposits, and other deposit-taking institutions hold $6 billion.
National Bank’s upcoming earnings report for Q1 2026 will be released on February 25, 2026, before the market opens.
Disclaimer:
- Any analysis or commentary reflects the opinions of WOWA.ca analysts and should not be considered financial advice. Please consult a licensed professional before making any decisions.
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- Interest rates are sourced from financial institutions' websites or provided to us directly. Real estate data is sourced from the Canadian Real Estate Association (CREA) and regional boards' websites and documents.