February 26, 2009 / 1:57 PM / 9 years ago

CORRECTED - UPDATE 1-National Bank profit falls 73 pct on charges

(Corrects to insert dropped word “million” in 1st paragraph)

* Q1 net C$69 mln vs C$255 mln

* Revenue down 6 percent

OTTAWA, Feb 26 (Reuters) - National Bank of Canada (NA.TO) said on Thursday first-quarter profit fell 73 percent as it took charges of C$184 million related to asset-backed commercial paper.

Montreal-based National Bank, Canada’s sixth-largest bank, earned C$69 million ($55.6 million), or 36 Canadian cents a share, in the quarter, ended Jan. 31. That compares with a net profit of C$255 million, or C$1.58 a share, in the same period last year.

Excluding unusual items, the bank said it earned C$253 million, or C$1.51 a share, up from C$237 million, or C$1.46 a share, last year.

Analysts had expected, on average, a profit of C$1.26 a share before exceptional items, according to Thomson Reuters.

Revenue declined 6 percent to C$876 million.

In December, the Quebec-focused bank said it would be better able to cope with economic conditions in coming quarters after it streamlined and simplified its organizational structure. ($1=$1.24 Canadian) (Reporting by Susan Taylor; editing by John Wallace)

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