National Bank of Canada, the sixth-largest lender in the country, on Wednesday reported a drop in profit for its fiscal fourth quarter, since the bank set aside higher provisions in the face of a recession.
National Bank of Canada reported CAD 87 million in provisions for the three months ended on October 31st, up from CAD 41 million in the year-ago period.
The bank’s personal and commercial division recorded a 13% surge in net income, driven by strong lending, as the nation’s central bank hikes interest rates in order to curb multi decade-high inflation.
Pre-tax, pre-provisions earnings from wealth management went up 23% year-on-year in the fourth quarter, while earnings from financial market operations increased 10% year-on-year, with higher trading revenue offsetting lower investment banking income.
The lender’s net income, excluding special items, went down to CAD 738 million ($546 million) (CAD 2.08 per share) in the three months ended on October 31st, from CAD 776 million (CAD 2.19 per share) in the year-ago quarter.
The median analyst estimate had pointed to earnings of CAD 2.24 per share.
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