National Bank Q3 profit edges higher, provision for credit losses also up
By The Canadian Press on August 30, 2023.
MONTREAL – National Bank of Canada reported its third-quarter profit edged higher compared with a year ago even as the money it set aside for bad loans in the quarter also rose. The Montreal-based bank says it earned $839 million or $2.36 per diluted share for the quarter ended July 31, up from $826 million or $2.35 in the third quarter of 2022. Revenue for the quarter totalled $2.52 billion, up from $2.41 billion in the same quarter last year. National Bank’s provision for credit losses amounted to $111 million for the quarter, up from $57 million a year earlier. On an adjusted basis, National Bank says it earned $2.21 per diluted share, down from $2.35 per diluted share in the same quarter last year. Analysts on average had expected an adjusted profit of $2.38 per share, according to estimates compiled by financial markets data firm Refinitiv. This report by The Canadian Press was first published Aug. 30, 2023. Companies in this story: (TSX:NA) 9-8
