The drop in quarterly profit comes as National Bank set aside bigger rainy-day funds to deal with economic uncertainty, which outweighed gains
reported a 5 per cent decline in quarterly profit on Wednesday, as the lender set aside bigger rainy-day funds to deal with economic uncertainty, which outweighed gains stemming from higher interest rates.
Surging inflation has squeezed consumers’ financial strength, prompting banks to increase provisions in case of delays or defaults in loan repayments by borrowers. In January, the Bank of Canada hiked its key interest rate to the highest level in 15 years, but said it would hold off on further increases as long as prices eased as expected.
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