National Bank of Canada beats profit estimates on financial markets strength

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

(Reuters) - National Bank of Canada beat analysts’ estimates for first-quarter profit on Wednesday, as it set aside less capital to cover its loan losses and as earnings from its financial markets unit surpassed pre-pandemic levels.

Net income excluding one-off items rose to C$761 million ($605.41 million), or C$2.15 a share, in the three months through January, compared with C$620 billion, or C$1.70 a share, a year earlier. Analysts had expected C$1.71 a share, according to IBES data from Refinitiv.

Reporting By Nichola Saminather and Sohini Podder; Editing by Amy Caren Daniel