MONTREAL — National Bank of Canada topped expectations as it reported its first-quarter profit rose more than 20 per cent compared with a year ago, boosted by growth across its business.
The Montreal-based bank says it earned net income of $761 million or $2.15 per diluted share for the quarter ended Jan. 31.
The result was up from $610 million or $1.67 per diluted share a year ago.
Provisions for credit losses totalled $81 million, down from $89 million a year earlier.
Excluding specified items, National Bank says it earned $2.15 per diluted share, up from $1.70 per diluted share a year ago.
Analysts on average had expected an adjusted profit of $1.71 per share, according to financial data firm Refinitiv.
This report by The Canadian Press was first published Feb. 24, 2021
