National Bank of Canada (NA) has reported a fiscal first-quarter profit of $881 million, down 5% from $930 million a year earlier as it set aside more money to cover loan losses.
The Montreal-based lender said its profit equaled $2.49 per share for the quarter that ended on January 31, 2023, down from a profit of $2.64 per share a year earlier.
The profit beat analysts’ consensus forecast of $2.37 per share, according to Refinitiv data.
Revenue during fiscal Q1 totalled $2.58 billion, up 4% from $2.47 billion in the same quarter of fiscal 2022.
National Bank’s provisions for loan losses during the first quarter amounted to $86 million compared with a release of $2 million a year ago.
National Bank’s stock has risen a slight 0.59% over the past year to trade at $100.22 per share.
