National Bank reports Q1 profit up from year ago, beats expectations

National Bank reports Q1 profit up from year ago, beats expectations
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MONTREAL — National Bank of Canada topped expectations as it reported a profit of $610 million in its latest quarter, up from $552 million in the same quarter a year earlier, boosted by growth across its operations.

The Montreal-based bank says its profit amounted to $1.67 per diluted share for the quarter ended Jan. 31, up from $1.50 per diluted share in the first quarter of its 2019 financial year.

The results included a charge of three cents per share to settle tax fraud issues related to Maple Financial Group, which operated in Germany.

The Canadian bank wrote off the value of its 24.9 per cent stake in Maple in 2016 after German regulators suspended its operations following investigation into its trading activities.

Excluding specified items, National Bank says it earned $1.70 per diluted share for its latest quarter, up from $1.50 in the same quarter a year earlier.

Analysts on average had expected an adjusted profit of $1.66 per diluted share, according to financial markets data firm Refinitiv.

This report by The Canadian Press was first published Feb. 27, 2020.

Companies in this story: (TSX:NA)

 

 

The Canadian Press

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