National Bank of Canada quarterly profit rises on financial markets unit strength ...Middle East

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National Bank of Canada quarterly profit rises on financial markets unit strength
National Bank of Canada, reported a higher first-quarter profit on Wednesday as robust performance at its financial markets unit cushioned the hit from an increase in loan loss provisions. First-quarter revenue at the lender’s financial markets unit jumped 10 per cent to C$755 million ($556.09 million). However, an uncertain economic environment and high borrowing costs have raised the threat of more borrowers falling behind on their loan repayments, prompting lenders to set aside bigger rainy-day funds. Montreal-based National Bank’s provisions for credit losses in the first quarter rose to C$120 million from C$86 million. The windfall from high interest rates has also tapered off as bank

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