National Bank reports $492M fourth-quarter profit, beats expectations

MONTREAL — National Bank of Canada topped expectations as it reported a fourth-quarter profit of $492 million.

The Montreal-based bank says its profit for the quarter ended Oct. 31 amounted to $1.36 per diluted share, down from a profit of $604 million or $1.67 per diluted share a year ago.

article continues below

Revenue totalled $2 billion in the quarter, up from $1.91 billion in the same quarter last year.

Provisions for credit losses in the quarter were $110 million, up from $89 million a year ago.

On an adjusted basis, National Bank says it earned $1.69 per diluted share for the quarter, in line with its result a year ago.

Analysts on average had expected an adjusted profit of $1.52 per share, according to financial data firm Refinitiv.

This report by The Canadian Press was first published Dec. 2, 2020.

Companies in this story: (TSX:NA)

© Copyright Pipeline News