National Bank reports $881M Q1 profit, down from $930M a year earlier
By The Canadian Press on March 1, 2023.
MONTREAL – National Bank of Canada reported a first-quarter profit of $881 million, down from $930 million in the first quarter of 2022, as its provisions for credit losses ticked up. The Montreal-based bank says the profit amounted to $2.49 per diluted share for quarter ended Jan. 31, down from a profit of $2.64 per diluted share a year earlier. Revenue totalled $2.58 billion, up from $2.47 billion in the same quarter last year. Provisions for credit losses in the bank’s first quarter amounted to $86 million compared with a recovery of $2 million in its first quarter of 2022. On an adjusted basis, National Bank says it earned $2.56 per diluted share, down from an adjusted profit of $2.64 per diluted share in the same in the same quarter last year. Analysts on average had expected a profit of $2.37 per share, according to estimates compiled by financial markets data firm Refinitiv. This report by The Canadian Press was first published March 1, 2023. Companies in this story: (TSX:NA) 9-8
