National Bank Of Canada Reports $932M Q1 Profit, Beats Expectations

 National Bank of Canada beat expectations as it reported a first-quarter profit of $932 million compared with $761 million a year earlier.

The Montreal-based bank says the profit for the quarter ended Jan. 31 totalled $2.65 per diluted share, up from $2.15 per diluted share a year earlier.

Revenue totalled $2.47 billion, up from $2.22 billion.

The quarter included a $2-million reversal of its provisions for credit losses compared with the $81 million it set aside for bad loans in the same quarter last year.

On an adjusted basis, National Bank says it earned $2.65 per diluted share compared with an adjusted profit of $2.15 per diluted share a year earlier.

Analysts on average had expected an adjusted profit of $2.23 per share, according to financial markets data firm Refinitiv.

“The bank is entering fiscal 2022 on a positive note thanks to excellent performance by its business segments, strong regulatory capital, and adequate allowances for credit losses,” National Bank chief executive Laurent Ferreira said in statement.