National Bank Q3 2007 Earnings

RBC Capital Markets, 31 August 2007Q3/07 better than expected - Maintain UnderperformNational Bank's core cash EPS of $1.48 were ahead of our expectations of $1.40, and up 18% versus Q3/06. The wholesale division contributed most of the earnings beat, with other divisions close to our estimates. The quarterly dividend was maintained at $0.60 per share, whereas we had looked for an increase.As