National Bank of Canada says net profit plunged nearly 33% in the second quarter, while it set aside $ 504 million in provisions for credit losses.
Bank of Montreal says net profit for the period ended April 30 was $ 379 million compared to $ 558 million in the same quarter last year.
The bank says its basic earnings per share reached $ 1.01 compared to $ 1.52 a year earlier, while its diluted earnings per share stood at $ 1.01 compared to $ 1.51 at the same period last year.
Analysts had expected the bank to report diluted earnings per share of 94 cents, according to financial market data company Refinitiv.
The bank said the decline in the company’s bottom line was due to the higher amount of money it had to allocate for provisions for credit losses amid COVID-19.
The bank’s credit loss provisions were $ 504 million compared to $ 84 million in the same quarter last year.
Your time is precious. Receive the Top Business Headlines newsletter in your inbox morning or evening. Register today.