Overview
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.
Financial Performance
- 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 bank recorded C$120 million in provisions for credit losses in the latest period, versus C$86 million a year earlier.
Revenue Growth
- 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.
For more information, visit National Bank of Canada’s website.
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