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Canadian bank soars after ABA investment

Canadian bank soars after ABA investment

National Bank of Canada attributed its 5.5 per cent jump in fiscal third-quarter profit to its acquisition of Cambodia’s Advanced Bank of Asia Ltd. (ABA Bank) earlier this year.

Net income for the quarter ending July 31 topped $365 million, up from $346 million a year earlier. The earnings were driven by a $31-million gain through the revaluation of the bank’s investment in ABA Bank, after doubling its stake to reach 90 per cent in May.

National Bank of Canada is the sixth largest Canadian lender by assets.

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