National Bank of Canada Earnings Top Estimates
December 01 2017 - 7:32AM
Dow Jones News
By Cara Lombardo
National Bank of Canada (NA.T) on Friday said its earnings rose
71% in its fiscal fourth quarter, as its banking and
wealth-management businesses rapidly expanded.
The Montreal-based bank posted net income of 525 million
Canadian dollars ($408 million), or C$1.39 a share, up from C$307
million, or C$0.78 a share, in the same quarter last year. Analysts
polled by Thomson Reuters had expected C$474 million.
The bank reported adjusted fourth-quarter earnings of C$1.40 a
share, up from C$1.24 a year ago. Analysts were looking for
C$1.38.
National Bank of Canada also raised its quarterly dividend to
C$0.60 from C$0.58.
"The fourth quarter concludes a record year for the bank in
which its net income exceeded C$2 billion for the first time," said
National Bank Chief Executive Louis Vachon. "This excellent
performance was driven by revenue growth across all of the Bank's
business segments and by an effective management of operating
costs."
Non-interest expenses dropped 16% in the quarter, though most of
the difference stemmed from a sizable restructuring charge last
year. Excluding certain items, non-interest expenses rose to C$971
million from C$954 million.
The bank's provision for credit losses rose to C$70 million from
C$59 million a year ago, mainly due to higher provisions for the
bank's U.S. specialty-finance and international segments.
Write to Cara Lombardo at cara.lombardo@wsj.com
(END) Dow Jones Newswires
December 01, 2017 07:17 ET (12:17 GMT)
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