Canada just passed through the third round of bank earnings in late August and early September. The top banks in the country have put up fantastic results in the first nine months of 2021. These financial institutions have benefited from a rebound in the broader economy. Volatility has picked up in recent weeks, which could give investors a great opportunity to add some top bank stocks on the dip.
National Bank (TSX:NA) is the sixth largest of the Big Six Canadian banks but it is a powerhouse in its home province of Quebec. Shares of this bank stock have climbed 35% in 2021 as of close on September 29. However, the bank stock has dropped 3.4% month over month.
In Q3 2021, National Bank delivered net income growth of 39% to $839 million. Meanwhile, diluted earnings per share rose 42% to $2.36. Net earnings and earnings per share achieved growth of 51% and 56% in the year-to-date period. It delivered growth in all its major segments.
This bank stock possesses a favourable price-to-earnings ratio of 11. It offers a quarterly dividend of $0.71 per share, which represents a 2.9% yield.
Laurentian Bank (TSX:LB) is another Quebec-based bank. However, this is a regional bank with a smaller reach. That does not mean Laurentian is not worth your time. The bank stock has climbed 30% in the year-to-date period. Its shares have declined 3.7% month over month.
Shares of Laurentian Bank boast an attractive P/E ratio of 9.7. It last paid out a quarterly dividend of $0.40 per share. That represents a 3.9% yield.
