Tuesday, May 24, 2022

National Bank of Canada third-quarter profit beats expectations

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TORONTO (Reuters) – National Bank of Canada beat analysts’ estimates for quarterly profit on Wednesday, as the bank reversed earlier provisions for credit losses and saw strong performance across business segments compared with a year earlier.

Net income excluding one-off items rose to C$839 million ($665.7 million), or C$2.36 per share, in the three months ended July 31, compared with C$602 million, or C$1.66 per share, a year earlier. Analysts were expecting income of C$2.13 a share, according to IBES data from Refinitiv.

Adjusted income before provisions for credit losses and income taxes at Canada’s sixth-largest lender rose to C$1.09 billion from C$947 million a year earlier.

($1 = 1.2598 Canadian dollars)

(Reporting by Niket Nishant in Bengaluru and Nichola Saminather in Toronto; Editing by Vinay Dwivedi)


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