National Bank Q2 2009 Earnings

Scotia Capital, 29 May 2009Q2/09 Better Than Expected - Wholesale Strong• National Bank of Canada (NA) reported a 9% increase in operating earnings to $1.53 per share, above our estimate of $1.30 per share. Earnings were driven by extremely strong trading revenue, particularly from fixed income, as well as higher security gains and securitization revenue. Operating return on equity for the