National Bank reports $881M Q1 profit, down from $930M a year earlier
Posted: Wed Mar 01, 2023 11:29 pm
National Bank reports $881M Q1 profit, down from $930M a year earlier
https://www.bnnbloomberg.ca/national-ba ... -1.1889724
National Bank of Canada said Wednesday that it would take a cautious approach to growth as it reported first quarter profits that were down as provisions for credit losses ticked up.
"In a highly uncertain macro environment, we are maintaining a defensive positioning with a disciplined approach to capital, risk and cost management," said chief executive Laurent Ferreira on an earnings call.
National's capital ratio of 12.6 per cent is already higher than most other Canadian banks to give it room to spend for organic growth, but the bank is also setting aside more money for potential loan losses as first quarter provisions totalled $86 million compared with a recovery of $2 million in its first quarter of 2022.
https://www.bnnbloomberg.ca/national-ba ... -1.1889724
National Bank of Canada said Wednesday that it would take a cautious approach to growth as it reported first quarter profits that were down as provisions for credit losses ticked up.
"In a highly uncertain macro environment, we are maintaining a defensive positioning with a disciplined approach to capital, risk and cost management," said chief executive Laurent Ferreira on an earnings call.
National's capital ratio of 12.6 per cent is already higher than most other Canadian banks to give it room to spend for organic growth, but the bank is also setting aside more money for potential loan losses as first quarter provisions totalled $86 million compared with a recovery of $2 million in its first quarter of 2022.