National Bank misses expectations as profit hit by challenging markets

July 21, 2019

by — Posted in zujnoi

first_imgNational Bank misses expectations as profit hit by ‘challenging markets’ Earnings from its financial markets division drop 17% Comment Reddit February 27, 20196:55 AM ESTLast UpdatedFebruary 27, 20192:49 PM EST Filed under News FP Street MONTREAL — National Bank reported first-quarter net income of $552 million, up $2 million from the same period a year earlier.The Montreal-based lender’s earnings amounted to diluted earnings per share of $1.50 for the three-month period ended Jan. 31, up from $1.46 a year ago.That’s lower than the $1.54 in diluted earnings per share expected by analysts surveyed by Thomson Reuters Eikon.The bank says its results this quarter were driven by growth in most of its businesses, tempered by a slowdown in its financial markets segment in the wake of the market volatility late last year.National Bank’s saw a year-over-year uptick in profit from Canadian retail banking, wealth management, and its U.S. specialty finance and international operations, but earnings from its financial markets division dropped 17 per cent from one year ago.Chief executive Louis Vachon says the bank delivered a “good performance despite challenging markets.”“We continue to benefit from the diversification of our business, a strong Quebec economy and our prudent approach to risk. Credit quality remains excellent, and the Bank posted solid capital ratios,” Vachon said in a statement. National Bank says its results this quarter were driven by growth in most of its businesses, tempered by a slowdown in its financial markets segment in the wake of the market volatility late last year.Canadian Press What you need to know about passing the family cottage to the next generation ← Previous Next → Join the conversation → Sponsored By: advertisementcenter_img Recommended For YouWorld leaders, Apple CEO offer tributes to Japanese studio after attackBritain and Sweden agree to co-operate on fighter plansChina will ease policy further, but saving big ammunition for potential shocks-sourcesWall St Week Ahead-Prospect of Fed cut pushing dividend investors into tech, energyU.S. ethanol plants expected to cut output on poor margins, oversupply Share this storyNational Bank misses expectations as profit hit by ‘challenging markets’ Tumblr Pinterest Google+ LinkedIn 2 Comments Featured Stories The Canadian Press Facebook More Twitter Emaillast_img

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