National Bank of Canada Reports Lower 2Q Profit
By Will Feuer
National Bank of Canada reported lower second-quarter profit despite a rise in revenue, as the bank provisioned more for credit losses than it did a year ago.
The Canadian bank reported a profit of 847 million Canadian dollars (US$620.5 million), or C$2.38 a share, for the period ended April 30, compared with C$889 million, or C$2.53 a share, a year earlier.
Analysts surveyed by FactSet were expecting earnings of C$2.40 a share.
Revenue rose about 2% to C$2.48 billion.
National Bank's personal and commercial business, its largest, saw net income increase by 14% to C$335 million, while profit in its financial markets unit declined 7% to C$268 million.
Provision for credit losses rose to C$85 million in the quarter, compared with an allowance of C$3 million a year ago.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
May 31, 2023 07:00 ET (11:00 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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