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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


(END) Dow Jones Newswires

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

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