The National Bank reports a net profit of 768 million in the fourth quarter of the current financial year, up 4% compared to that of 738 million reported for the corresponding period of 2022.
Diluted earnings per share have meanwhile increased from $2.08 to $2.14.
On the other hand, the Montreal-based financial institution reports that its adjusted net income stood in the fourth quarter of this year at 867 million, which excludes specific items, up 17% compared to 738 million for the corresponding quarter of 2022. Adjusted diluted earnings per share increased during the same period, from $2.08 to $2.44.
National Bank explains the increases in net results by the growth in total income of all operating segments compared to the fourth quarter of 2022, mitigated by the increase in non-interest expenses and provisions for credit losses.
For the entire fiscal year ended October 31, net profit reached 3.335 billion, down 1% compared to 3.383 billion for fiscal 2022. Diluted earnings per share were also declined, from $9.61 in 2022 to $9.38 this year.
National Bank observed growth in revenues from all operating segments which was offset by the increase in non-interest expenses.
Adjusted net income for the 2023 financial year, however, was higher than that of the previous year: it increased by 1%, from 3.383 billion to 3.409 billion, while the adjusted diluted earnings per share remained almost unchanged, from $9.61 to $9.60.
Alongside the publication of its results, National Bank announces an increase in its dividend from $0.04 per common share to $1.06 per common share for the quarter ending January 31, 2024. This dividend will be paid on January 1, 2024. FEBRUARY.
