The Montreal-based bank said Wednesday it will now pay a quarterly dividend of $1.14 per share, up from $1.10 per share. And National Bank says it earned $955 million or $2.66 per diluted share for the quarter ended Oct. 31, up from a profit of $751 million or $2.09 per diluted share in the same quarter last year.
Revenue for the quarter totalled $2.94 billion, up from $2.56 billion a year earlier, while the bank’s provision for credit losses amounted to $162 million, up from $115 million a year ago.
On an adjusted basis, National Bank says it earned $2.58 per diluted share in its latest quarter, up from an adjusted profit of $2.39 per diluted share in the same quarter last year. The average analyst estimate had been for an adjusted profit of $2.57 per share, according to data provided by LSEG Data & Analytics.
“Through disciplined execution, strong organic growth and resilient credit performance, we met all of our medium-term financial objectives in 2024,” National Bank chief executive Laurent Ferreira said in a statement. “Looking ahead to 2025 in what will remain a complex environment, we will continue to leverage our diversified business model and disciplined approach to credit, capital and costs as we pursue our growth path.”
National Bank said its personal and commercial banking business earned $327 million, up from $271 million in the same quarter last year, while its wealth management business earned $219 million, up from $155 million a year ago. The bank’s financial markets business earned $306 million, up from $284 million a year earlier.
National Bank’s U.S. specialty finance and international business, which mainly comprises its Credigy Ltd. and Advanced Bank of Asia Ltd. subsidiaries, earned $157 million, up from $145 million in the same quarter last year. The bank’s “other” segment reported a loss of $54 million in its latest quarter compared with a loss of $104 million a year earlier.
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Royal Bank of Canada reports $4.22-billion Q4 profit, raises quarterly dividend
Royal Bank of Canada (RY/TSX) raised its dividend as it reported a fourth-quarter profit of $4.22 billion, up from $3.94 billion in the same quarter last year. The bank said Wednesday it will now pay a quarterly dividend of $1.48 per share, up from $1.42 per share. The increased payment to shareholders came as RBC says it earned $2.91 per diluted share for the quarter ended Oct. 31, up from a profit of $2.76 per diluted share in the same quarter last year.