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National Bank of Canada’s profit drops due to increased provisions.
National Bank of Canada Reports Fall in Q2 Profit
(Reuters) – National Bank of Canada reported a fall in second-quarter profit on Wednesday as a shaky economy and a meltdown in the U.S. banking sector prompted the lender to set aside higher provisions.
The net income for the three months ended April 30 came in at C$847 million ($633.41 million) or C$2.38 a share, compared to C$889 million or C$2.53 a year ago. This news comes as no surprise given the current economic climate.
It’s important to keep an eye on the financial sector during these uncertain times.
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