Stock Market News
National Bank of Canada posts lower profit on higher provisions
2023.05.31 06:51
© Reuters. FILE PHOTO: The National Bank of Canada logo is seen outside of a branch in Ottawa, Ontario, Canada, February 14, 2019. REUTERS/Chris Wattie/File Photo
(Reuters) – National Bank of Canada (OTC:) reported a fall in second-quarter profit on Wednesday as a shaky economy and a meltdown in the U.S. banking sector prompted the lender to set aside higher provisions.
Net income for the three months ended April 30 came in at C$847 million ($633.41 million) or C$2.38 a share, compared to C$889 million or C$2.53 a year ago.
($1 = 1.3372 Canadian dollars)
