National Bank of Canada

’s earnings came up just short of estimates as its capital-markets business failed to match analysts’ forecasts for a unit that’s benefited from market volatility around this year’s tariff chaos.

The Montreal-based lender earned $2.68 a share on an adjusted basis in its fiscal third quarter,

according to a statement Wednesday

, missing the $2.70 average estimate of analysts in a Bloomberg survey. Net income at the firm’s financial-markets unit totaled $334 million for the three months through July, less than the $365 million average forecast of four analysts in a Bloomberg survey.

That comes after National Bank posted record results in its capital-markets division in the second quarter on supercharged trading revenue thanks to market swings in the wake of

U.S. President Donald Trump

’s tariff announcements in early April.

“The bank reported solid third-quarter results, reflecting strong revenue fundamentals and credit performance, combined with synergy momentum from the CWB acquisition,” Chief executive Laurent Ferreira said in the statement.

National Bank, Canada’s sixth-largest lender, completed its takeover of Edmonton-based

Canadian Western Bank,

and this is the second quarter to incorporate the smaller firm’s results.

On credit, provisions for possible loan losses totalled $203 million, less than the $250 million analysts had forecast.

Bloomberg.com