National Bank of Canada (NA) reported that its fiscal third-quarter net income fell 2% from a
year ago as it was forced to set aside money to cover loan loss provisions amid a deteriorating
economic environment.
The Montreal-based lender said it earned net income of $826 million or $2.35 per share for the
three months ended July 31, down from $839 million or $2.36 a share in the same period of
2021.
Analysts had, on average, expected National Bank of Canada to report earnings per share of
$2.34, according to data from Refinitiv.
National Bank said its fiscal Q3 revenue totalled $2.4 billion, up from $2.3 billion in the same
quarter a year ago.
The bank said its provisions to cover loans that could potentially turn bad amounted to $57
million in the quarter compared with $43 million a year earlier.
National Bank of Canada’s stock is down 7% this year and trading at $92.33 per share.
