Canadian banks report strong quarterly earnings

Major Canadian financial institutions are reporting quarterly results. National Bank of Canada announced a third-quarter profit of $1.31 billion for the period ending July 31, representing an increase of more than 20 per cent compared to the previous year. The bank reported revenue of $4.05 billion, up from $3.45 billion a year ago.

Other significant financial activity includes Bank of Montreal (BMO), which previously reported a second-quarter profit of $2.63 billion, and Scotiabank, which recently moved to acquire a remaining minority stake in Scotia Group Jamaica Limited for approximately $500 million in cash.

In the technology sector, Intuit reported earnings per share of $12.80 US, exceeding analyst estimates, while Zoom Video Communications reported earnings per share of $1.55 US, also surpassing expectations.