National Bank reports Q2 profit down from year ago, raises quarterly dividend
By The Canadian Press on May 31, 2023.
MONTREAL – National Bank of Canada raised its quarterly dividend and reported its second-quarter profit fell compared with a year ago as it faced higher non-interest expenses and increased provisions for bad loans. The Montreal-based bank says it will now pay a quarterly dividend of $1.02 per share, up from 97 cents. The increased payment to shareholders came as National Bank reported a profit of $847 million or $2.38 per diluted share for the quarter ended April 30, down from a profit of $889 million or $2.53 per diluted share a year earlier. Revenue totalled $2.48 billion in the quarter, up from $2.44 billion in the same quarter last year, while the bank’s provisions for credit losses amounted to $85 million, up from $3 million a year earlier. On an adjusted basis, National Bank says it earned $2.38 per diluted share, down from an adjusted profit of $2.53 per diluted share in the same quarter last year. Analysts on average had expected an adjusted profit of $2.40 per share, according to estimates compiled by financial markets data firm Refinitiv. This report by The Canadian Press was first published May 31, 2023. Companies in this story: (TSX:NA) 9-8
