(Toronto) Shares of National Bank and Royal Bank of Canada hit record highs Wednesday as both banks reported results that beat analysts’ expectations.
Despite economic headwinds, both banks reported notable increases in revenue that helped boost profits, while RBC also reported much lower-than-expected provisions for credit losses.
An adjusted profit that beat analysts’ projections helped push National Bank’s share price up nearly 6% to $126.91 on the Toronto Stock Exchange on Wednesday, marking a gain of more than 27% over the previous year.
The same was true for RBC, whose shares rose by just over 3% during the day. At the close, the stock climbed by 2.2% compared to the previous day’s price, to $159.98.