The National Bank shows a stable profit

La Banque Nationale affiche un bénéfice stable

Photo: Graham Hughes The canadian Press
The lender of montreal has made a net profit of 552 million for the quarter ended 31 January, up 2 million compared to the same period of the previous year.

The National Bank posted on Wednesday a profit relatively stable for the first quarter, while the overall growth of its activities has been tempered by the slowdown in its financial markets division.

The lender of montreal has made a net profit of 552 million for the quarter ended 31 January, up 2 million compared to the same period of the previous year. This represented earnings per share of $ 1.50 for the quarter ended January 31, increase compared to $ 1.46 realized a year earlier. The results of the last quarter have been fuelled by the growth of the majority of its activities. Its segment of the financial markets has been affected by the volatility of the markets at the end of last year.

We continue to benefit from the diversification of our activities, the strength of the Quebec economy, and our prudent risk management

— Louis Vachon

The chief executive officer, Louis Vachon, said that the Bank had made ” a good performance […] despite a difficult market environment “. “We continue to benefit from the diversification of our activities, the strength of the Quebec economy, and our prudent risk management. Credit quality remains excellent, and the Bank posted solid ratios of regulatory capital “,-he said in a press release.

Mimicking some of his colleagues, the National Bank noted that its profits related to the markets had been hindered by the environment in turbulent markets at the end of last year. The north american equity markets collapsed at the end of 2018 due to political tensions such as the dispute of trade between the United States and China, as well as the Brexit. Provisions for losses on receivables totaled $ 88 million, a sum slightly higher compared to that of 87 million set aside a year earlier.

The ratio of tier 1 capital in the form of ordinary shares amounted to 11.5 %, down from the 11.7 % recorded a year earlier and 11.7 % in the previous quarter.

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