National Bank reports $997M Q1 profit, up from $922M a year earlier.
National Bank of Canada reported a first-quarter profit of $997 million, up from $922 million a year earlier, helped by strength in its wealth management and financial markets operations.
The Montreal-based bank said Wednesday the profit amounted to $2.78 per diluted share for the quarter ended Jan. 31, up from $2.59 per diluted share a year ago.
Revenue for the quarter totalled $3.18 billion, up from $2.71 billion in the same quarter last year.
National Bank’s provisions for credit losses in the quarter amounted to $254 million, up from $120 million.
The bank says its adjusted profit, which excludes items related to its acquisition of Canadian Western Bank, amounted to $2.93 per diluted share, up from an adjusted profit of $2.59 per diluted share a year ago.
Analysts on average had expected an adjusted profit of $2.65 per share, according to LSEG Data & Analytics.
“The bank generated strong first-quarter financial results, reflecting solid execution across business segments and our diversified earnings power,” National Bank chief executive Laurent Ferreira said in a statement.
“In a context of heightened macroeconomic and geopolitical uncertainty and an evolving credit cycle, we remain committed to maintaining our usual discipline regarding credit, capital and costs.”
The bank’s wealth management business earned $242 million, up from $196 million a year earlier, while its financial markets operation earned $417 million, up from $308 million a year ago.
National Bank said its personal and commercial banking business earned $290 million in the quarter, down from $339 million a year earlier, due to an increase in its provisions for credit losses.
The bank’s U.S. specialty finance and international business earned $183 million, up from $150 million in the same quarter a year earlier.
Source: BNNBLOOMBERG
