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National Bank of Canada beats estimates

FILE PHOTO: The National Bank of Canada logo is seen outside of a branch in Ottawa, Ontario, Canada, February 14, 2019. REUTERS/Chris Wattie

TORONTO (Reuters) - National Bank of Canada beat analyst estimates for third-quarter profit on Wednesday as it took fewer than expected provisions for credit losses alongside improvement in its financial markets business.

Net income at the smallest of Canada’s six major lenders edged lower to C$602 million ($456.9 million) in the three months to July 31, down from C$608 million a year earlier. Diluted earnings per share remained steady at C$1.66, compared with analyst estimates of C$1.29.

Provisions for credit losses rose to C$143 million from C$86 million a year ago but were down from C$504 million in the previous quarter. Analysts had expected C$278 million.

($1 = 1.3177 Canadian dollars)

Reporting by Nichola Saminather; Editing by David Goodman

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