National Bank Quarterly Income Rises Even as Credit-Loss Provision Increases

By Robb M. Stewart

National Bank of Canada's profit in the latest quarter rose 5.3% thanks to revenue growth across its business segments and even as the lender joined other banks in the country in raising loan loss provisions.

Net income increased for the three months to Jan. 31 to 922 million Canadian dollars ($681.5 million), or C$2.59 a share, from C$876 million, or C$2.47, a year earlier. Earnings in first quarter of 2023 were dented by Canadian government tax measures aimed at the country's banks.

On an adjusted basis, per-share earnings also came in at C$2.59, beating the C$2.36 mean estimate of analysts polled by FactSet.

The lender, one of Canada's Big Six banks, saw its overall revenue for the fiscal first quarter grow 5.8% to C$2.71 billion, in line with what was expected by the market.

The bank recorded C$120 million in provisions for credit losses in the latest period, versus C$86 million a year earlier.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

February 28, 2024 07:10 ET (12:10 GMT)

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