06:58 AM EDT, 08/28/2024 (MT Newswires) -- National Bank (NA.TO) on Wednesday lodged improved earnings for the third quarter driven by "good performance" across its units as it moves to complete the acquisition of rival Canadian Western Bank ( CWESF ) .

National Bank reported adjusted net income, which excludes specified items -- notably the items related to the agreement to acquire CWB recorded during the third quarter of 2024 -- totalled $960 million compared to $781 million in the same quarter of 2023. Adjusted diluted earnings per share stood at $2.68 compared to $2.18 in the third quarter of 2023.

Net income came in at $1,033 million, up 24% from $830 million in the third quarter of 2023. Third-quarter diluted earnings per share stood at $2.89 compared to $2.33 in the third quarter of 2023. National Bank said these increases were driven by good performance in all of the business segments.

Capital IQ had different comparable estimates on earnings, and this likely reflects adjustments in the bank's results.

On the business segments, within Personal and Commercial, provisions for credit losses rose $4 million.

The bank will pay a dividend of $1.10 per common share for the quarter ending October 31, payable on November 1.

On Capital Management, as at July 31, the Common Equity Tier 1 capital ratio under Basel III stood at 13.5%, unchanged from October 31, 2023. As at July 31, 2024, the Basel III leverage ratio was 4.4%, unchanged from October 31, 2023.

On June 11, National Bank agreed to buy all of CWB's outstanding common shares by way of a share exchange valuing CWB at near $5 billion. National Bank said the transaction will enable it to "accelerate its growth" across Canada. The transaction is subject to the satisfaction of customary closing conditions, including regulatory approvals, and is expected to close in 2025.

"Our strong financial results for the third quarter reflect our diversified earnings mix and solid credit profile as well as disciplined execution across the Bank," said National Bank President and Chief Executive Laurent Ferreira. "With our prudent approach to capital, credit, and costs, we remain well-positioned in a complex macro environment and we look forward to the growth opportunities ahead."

National Bank saw its shares ease $0.74 to $119.89 on the TSX yesterday.