National Bank Q4 profit up 8% from last year to $566 million, dividend going up

MONTREAL — National Bank of Canada hiked its dividend as it reported fourth-quarter net income of $566 million, up eight per cent from the previous year, as each of its three main business units improved earnings.

The Montreal-based bank’s profit during the three months ended Oct. 31 amounted to $1.52 per share on a diluted basis and $1.53 per share after adjustments.

Analysts had estimated $1.52 per share of net income and $1.52 per share of adjusted earnings, according to Thomson Reuters Eikon.

Revenue for the three months ended Oct. 31 was $1.87 billion, slightly above analyst estimates.

During the same period of fiscal 2017, National Bank had $525 million of net income or $1.39 per share and $1.76 billion of revenue.

The bank also said its quarterly dividend will rise three cents to 65 cents per common share, payable Feb. 1.

National Bank’s fourth-quarter results were fuelled by a 10 per cent year-over-year increase in net income from its personal and commercial banking division, totalling $257 million.

The bank’s wealth management division posted net income of $124 million during the fourth quarter, up 14 per cent from the same period a year earlier. Its financial markets segment reported net income of $192 million during the quarter, up from $183 million in 2017.

For the full financial 2018 year, the Montreal-based bank reported net income of $2.23 billion, up 10 per cent from the same 12-month period ended Oct. 31 in 2017.

“2018 ended with record net income of over $2.2 billion driven by strong performance across all business lines and an improved efficiency ratio,” said National Bank’s president and chief executive officer in a statement.

National Bank’s latest quarter was in line with expectations as strength in capital markets offset seasonally-elevated expenses, said Robert Sedran, an analyst with CIBC Capital Markets.

“A good result with each of the operating segments showing consistent trends,” he said in a note to clients.

Just Posted

WATCH: Parkland Garden Centre hosts weekly Craft and Market Sale

A weekly event hosted by the Parkland Nurseries Garden Centre gives Red… Continue reading

Red Deer region’s unemployment drops in November

Provincially and Canada-wide November jobless rate increased

Red Deer loses out on funding for addiction clinic

$8 million divided among eight communities

Man accused in toddler son’s death inept parent, not murderer: defence

EDMONTON — A defence lawyer says a man who is accused of… Continue reading

Feds approve Alberta’s carbon tax on big industrial emitters

OTTAWA — The federal government is giving the Alberta government a passing… Continue reading

Fashion Fridays: Ethical and sustainable gifts for the season

Kim XO, helps to keep you looking good on Fashion Fridays on the Black Press Media Network

Your community calendar

Friday The Annual Old-Fashioned Country Christmas is being held Dec. 13 at… Continue reading

Woman, 58, dies after two vehicles collide with the same deer

NEEPAWA, Man. — RCMP say a 58-year-old woman is dead after a… Continue reading

B.C. treaty commissioner expects UNDRIP bill to speed treaty talks, more deals

VICTORIA — The often bumpy and slow path toward treaty making in… Continue reading

‘Kids will fall through the cracks:’ Advocates critical of child-welfare changes

WINNIPEG — Advocates for children and First Nations say the federal government… Continue reading

‘Mexico, US, Canada trade talks continue in Washington

WASHINGTON — Mexico’s top trade negotiator wrapped up an 11-hour meeting with… Continue reading

Singh reiterates support for Fredericton abortion clinic fighting to stay open

FREDERICTON — NDP Leader Jagmeet Singh visited a Fredericton abortion clinic today… Continue reading

No winning ticket for Friday night’s $21 million Lotto Max jackpot

TORONTO — No winning ticket was sold for the $21 million jackpot… Continue reading

Somber ceremony recalls those killed in Pearl Harbor attack

PEARL HARBOR, Hawaii — More than 2,000 people attended a ceremony Saturday… Continue reading

Most Read