National Bank reports third-quarter profit down from year ago

National Bank reports third-quarter profit down from year ago

National Bank of Canada NA-T -0.74%decrease reported its third-quarter profit fell compared with a year ago as it was hit by higher provisions for credit losses due to a less favourable economic outlook.

The Montreal-based bank says it earned net income of $826-million or $2.35 per diluted share for the quarter ended July 31, down from $839-million or $2.36 per diluted share a year ago.

Revenue totalled $2.4-billion, up from $2.3-billion in the same quarter last year.

Provisions for credit losses amounted to $57-million for the quarter compared with a reversal of provisions for credit losses of $43-million a year earlier.

On an adjusted basis, National Bank says it earned $2.35 per diluted share compared with an adjusted profit of $2.36 per diluted share a year ago.

Analysts on average had expected an adjusted profit of $2.34 per share, according to financial markets data firm Refinitiv.