By Ketki Saxena
Investing.com -- The National Bank of Canada (TSX:NA) reported earnings (TSX:NA) of $847 million or $2.38 per diluted share, down from last year's profit of $889 million or $2.53 per diluted share as the bank faces higher non-interest expenses and rising provisions for potential loan defaults.
Revenue came in at $2.48 billion for this quarter –compared to $2.44 billion during the same time frame last year. Meanwhile, provisions set aside by the bank to deal with credit losses also shot up significantly - going from just $3 million last year to approximately $85 million.
National Bank also announced an increase in its quarterly dividend. Starting from this quarter, shareholders will receive a $1.02 per share dividend, up from the previous amount of 97 cents.