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National Bank of Canada 1Q Profit, Revenue Beat Expectations

By Adriano Marchese

 

National Bank of Canada on Friday reported better-than-expected profit and revenue growth, beating analyst expectations.

The Canadian commercial bank company said per-share earnings were 2.65 Canadian dollars for the three months ended Jan. 31, the equivalent of US$2.07, compared with C$2.15 in the comparable quarter a year ago. According to FactSet, analysts were expecting C$2.23 a share.

Net income was C$932 million, compared with C$761 million a year ago.

Return on shareholders' equity edged higher to 21.7% from 21.2%.

The bank's common equity tier 1 ratio, a measure of the bank's financial strength, rose to 12.7% from 12.4%.

Revenue rose to C$2.47 billion from C$2.22 billion, beating analyst expectations of C$2.3 billion.

The company reported allowances for credit losses of C$2 million, compared with provisions of C$81 million in the prior-year period.

President and Chief Executive Laurent Ferreira said the bank is "entering fiscal 2022 on a positive note thanks to excellent performance by its business segments, strong regulatory capital, and adequate allowances for credit losses."

 

Write to Adriano Marchese at adriano.marchese@wsj.com

 

(END) Dow Jones Newswires

February 25, 2022 07:08 ET (12:08 GMT)

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