The National Bank of Canada has reported impressive financial results for the fourth quarter, achieving a profit of $1.06 billion. This figure represents a notable improvement year-over-year.
Dividend Increase Announcement
Alongside its quarterly profit, the bank has increased its dividend. The new dividend stands at $1.24 per share, reflecting a six-cent rise. This decision underscores the bank’s strong financial performance.
Financial Performance Highlights
- Fourth Quarter Profit: $1.06 billion
- Net Income Last Year: $955 million
- Earnings per Share: $2.57 diluted, compared to $2.66 diluted last year
- Quarterly Revenue: $3.70 billion, up from $2.94 billion a year earlier
- Adjusted Earnings per Share: $2.82 diluted, an increase from $2.58 diluted last year
Analyst Expectations
Analysts had predicted an adjusted profit of $2.62 per share, according to data from LSEG Data & Analytics. National Bank’s performance exceeded these expectations, showing its resilience in a competitive market.
Recent Acquisitions
The bank also announced plans to acquire the retail and small business segments of Laurentian Bank. This strategic move aims to enhance its market presence and client offerings.
Conclusion
The National Bank of Canada’s strong fourth-quarter performance and increased dividend reflect its ongoing growth and stability in the financial sector. Investors can look forward to the benefits of these developments as the bank continues to expand its operations.
