National Bank of Canada raised its dividend as it reported its fourth-quarter profit fell four per cent compared with a year ago.
The Montreal-based bank said Wednesday it will up its quarterly payment to shareholders by five cents to 97 cents per share.
The increased payment came as National Bank said it earned $738 million or $2.08 per diluted share for the quarter ended Oct. 31, down from $769 million or $2.17 per diluted share in the same quarter last year. Revenue totalled $2.33 billion, up from $2.21 billion a year earlier.
Provisions for credit losses totalled $87 million in the fourth quarter compared with a recovery of $41 million a year ago.
National Bank said it earned $2.08 per diluted share on an adjusted basis in its latest quarter, down from an adjusted profit of $2.19 per diluted share in the same quarter last year.
Analysts on average had expected a profit of $2.24 per share, according to estimates compiled by financial markets data firm Refinitiv.
The results came as National Bank's personal and commercial banking business earned $351 million in its fourth quarter, up from $311 million in the same quarter last year.
National Bank said its wealth management operations earned $198 million in its latest quarter, up from $160 million a year earlier. Its financial markets business earned $205 million, down from $238 million a year ago.
The bank's U.S. specialty finance and international operations earned $132 million, up from $129 million in the same quarter last year, while under the other heading the bank reported a loss of $148 million compared with a loss of $69 million a year earlier.
For its full year ended Oct. 31, National Bank said its overall profit amounted to $3.38 billion or $9.61 per diluted share on $9.65 billion in revenue compared with a profit of $3.14 billion or $8.85 per diluted share on $8.93 billion in revenue during the same period a year earlier.
"We generated superior organic growth across all our business segments and the operating leverage was positive for the year," National Bank chief executive Laurent Ferreira said in a statement.
"We maintain prudent allowances for credit losses and robust capital ratios. We continue to prioritize deploying capital to support organic growth, investing in efficiency improvements and returning capital to shareholders."
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A controversial former school trustee from B.C.'s Fraser Valley who described a political rival as a "strip-tease artist" during an election campaign has been ordered to pay her $45,000 for defamation.
Michael Gordon Jackson, the man on trial after being charged with contravention of a custody order for allegedly abducting his daughter in late 2021 to prevent her from getting a COVID-19 vaccine, called himself to the stand Monday.
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A couple who owned a Colorado funeral home where authorities last year discovered 190 decaying bodies were indicted on federal charges that they misspent nearly US$900,000 in pandemic relief funds on vacations, cosmetic surgery, jewelry and other personal expenses, according to court documents unsealed Monday.
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The historic hush-money trial of Donald Trump got underway Monday with the arduous process of selecting a jury to hear the case charging the former U.S. president with falsifying business records in order to stifle stories about his sex life.
The U.S. Supreme Court on Monday let a Republican-backed law in Idaho that criminalizes gender-affirming care for transgender minors broadly take effect after a federal judge blocked it as unconstitutional.
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Dyson Knight may look like an average college student, but since 2004, he’s actually been a member of the internationally acclaimed Baha Men.
Canadian singer Grimes apologized to fans on Saturday after her Coachella set earlier that evening was beset by technical issues that caused her to scream into the microphone in frustration.
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A high score on a Foo Fighters pinball machine has Edmonton player Dave Formenti on a high.
Celebrity food critic Keith Lee said he was blown away by Toronto, handing a rich ranking to its culinary creators, as the first international stop of his latest food tour.
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The NBA broke all-time regular-season records for total attendance, average attendance and sellouts for the second straight year in 2023-24.
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B.C. resident Robert Conrad spent thousands of hours on Crown land developing an unusual bond with deer.
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If you’re planning to head to the coulees this weekend to enjoy the nice weather, don’t forget to look down.
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A unique photo exhibit is putting cameras into the hands of survivors of domestic and sexual violence in Newfoundland and Labrador.
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