May 29, 2008 / 12:24 PM / in 9 years

National Bank profit drops 29 percent

TORONTO (Reuters) - Second-quarter profit fell 29 percent at National Bank of Canada (NA.TO) as it took losses to protect its asset-backed commercial paper portfolio, the bank said on Thursday.

National Bank, the country’s sixth-largest bank, said net income in the February-April quarter was C$165 million ($167 million), or C$1.00 a share. That compared with profit of C$233 million, or C$1.40 a share, a year earlier.

($1=$0.99 Canadian)

Reporting by Frank Pingue; editing by Janet Guttsman

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