National Bank of Canada (NA) has reported a fiscal third-quarter profit of $790 million, down 4% from $826 million a year earlier.
Like the other major Canadian lenders, National Bank blamed its profit decline on more money set aside to cover potentially bad loans.
The Montreal-based bank, the smallest of Canada's major lenders, recorded $111 million in loan loss provisions during its fiscal Q3, up 95% from $57 million set aside a year earlier.
National Bank said its latest quarter was also negatively impacted by a slowdown in the number of deals at its financial market unit.
The bank's profit for the three months ended July 31 equated to $2.21 per share, down from $2.35 a share a year earlier.
National Bank of Canada’s stock has increased 14% over the last 12 months and currently trades at $100.47 per share.
