The Montreal-based bank saw higher provisions for credit losses at its international subsidiaries, with total provisions reaching $246 million, about 2.5 per cent above Visible Alpha-compiled analyst forecasts.The credit risk was most pronounced at U.S. specialty-finance lender Credigy, where provisions more than doubled from the same period last year, while provisions at Cambodian subsidiary ABA Bank rose about 20 per cent. (The Logic)

Talking point: National Bank shares fell more than five per cent by midday despite third quarter net profit rising 23 per cent to $1.3 billion. “Investors took National behind the proverbial woodshed and expressed their disappointment in [their] results,” said Jefferies analyst John Aiken in a note to clients. Capital markets accounted for about 34 per cent of total profit, with net income for the unit up 32 per cent year over year to $442 million. Its Personal and Commercial Banking division generated $421 million in net income, up 14 per cent. CEO Laurent Ferreira said the Canada-U.S. trade war would weigh on businesses and consumers, but added Canada’s push to reindustrialize and invest in infrastructure, defence and energy is creating new opportunities for the bank to deploy capital and support economic growth.

Sponsored Content

How to shift your workforce from AI experimentation to adoption

By Jessica Aftimus Rosa

The real-world economic offshoots of sovereign AI

By Deborah Aarts

Increasing healthcare access across Canada

By Deborah Aarts

Paid promotional content