National Bank Q3 profit edges higher, provision for credit losses also up

MONTREAL –

National Bank of Canada reported its third-quarter revenue edged greater in contrast with a yr in the past whilst the cash it put aside for unhealthy loans within the quarter additionally rose.

The Montreal-based financial institution says it earned $839 million or $2.36 per diluted share for the quarter ended July 31, up from $826 million or $2.35 within the third quarter of 2022.

Revenue for the quarter totalled $2.52 billion, up from $2.41 billion in the identical quarter final yr.

National Bank’s provision for credit score losses amounted to $111 million for the quarter, up from $57 million a yr earlier.

On an adjusted foundation, National Bank says it earned $2.21 per diluted share, down from $2.35 per diluted share in the identical quarter final yr.

Analysts on common had anticipated an adjusted revenue of $2.38 per share, in response to estimates compiled by monetary markets information agency Refinitiv.

This report by The Canadian Press was first revealed Aug. 30, 2023.