National Bank reports Q3 profit edges higher compared with a year ago

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 article was first reported by The Canadian Press