National Bank Q3 2008 Earnings

TD Securities, 29 August 2008EventYesterday, National reported core cash FD-EPS of C$1.52 vs TD at C$1.47 and consensus C$1.39.ImpactNational turned in a decent quarter in our view with some progress in P&C and help from Financial Markets. The operating trends are largely in line with what we view as our conservative expectations for 2009. The stock has been a top relative performer, but remains