Northeast Bank falls on downbeat Q1 profit

Northeast Bank

31/10/2022 18:15

** Shares of regional lender Northeast Bank  NBN.O  fall
~4.4% to $41.28 in afternoon trading 
    ** Co reports Q1 profit of $8.3 million vs $9.9 million a
year earlier  
    ** NBN says profit declined partly due to increase in co's
provision for credit losses, or funds it sets aside for loans
that can potentially sour in an economic downturn 
    ** On a per-share basis, income fell to $1.12 vs $1.20 last
year 
    ** Co reassures it remains well-positioned to benefit from
the current high interest rate environment 
    ** Shares in NBN up ~15.6% YTD 
 (Reporting by Manya Saini in Bengaluru)
 ((Manya.Saini@thomsonreuters.com;))