National Bank tops profit estimates, increases dividend
National Bank of Canada reported a significant increase in profit for the fiscal second quarter, surpassing analysts' expectations. The bank also raised its quarterly dividend, reflecting strong performance in capital markets and retail banking. With lower loan loss provisions and successful cost savings from its merger with Canadian Western Bank, National Bank is on track for continued growth.
- ▪National Bank earned $1.23 billion, or $3.06 a share, for the quarter ending April 30, up from $896 million, or $2.17 a share, in the same quarter last year.
- ▪The bank raised its quarterly dividend by 8 cents to $1.32 per share, exceeding analysts' expectations of a 5 cent increase.
- ▪Provisions for credit losses decreased to $233 million from $545 million a year earlier, primarily due to lower provisions on performing loans.
Opening excerpt (first ~120 words) tap to expand
ShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountNational Bank of Canada NA-T reported higher profit for the fiscal second quarter and raised its quarterly dividend as lower loan loss reserves and strong performance from capital markets as well as retail banking boosted the lender’s earnings. Montreal-based National Bank was the third major Canadian bank to report profits that beat analysts’ estimates, following Bank of Nova Scotia and Bank of Montreal which each reported earnings for the fiscal second quarter earlier on Wednesday. National Bank earned $1.23-billion, or $3.06 a share, for the quarter that ended April 30. In the same quarter last year, the bank earned $896-million, or $2.17 a share.
…
Excerpt limited to ~120 words for fair-use compliance. The full article is at The Globe and Mail.
Discussion
0 commentsMore from The Globe and Mail
