Canada's National Bank drops after higher-than-expected rainy-day funds
BUZZ-Canada's National Bank drops after higher-than-expected rainy-day funds ** Shares of National Bank of Canada NA.TO down 5.6% to C$210.04
** Loan loss provisions, or the money banks set aside for potentially souring loans, came in at C$246 mln, higher than analysts' estimate of C$236.80 mln, according to data compiled by LSEG
** "New tariffs on both sides of the border will impact additional industries, business investment and affordability for consumers," National Bank CEO Laurent Ferreira said
** The Canadian lender posted an adjusted profit of C$1.36 bln or C$3.39 per share, compared with expectations of C$3.22 per share
** Five of 13 brokerages rate the stock "buy" or higher, seven "hold" and one "sell"; their median PT is C$225.25
** As of Tuesday's close, NA was up ~29% YTD
(Reporting by Prakhar Srivastava in Bengaluru)
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