National Bank of Canada earns $906M Q2 profit, raises quarterly dividend
MONTREAL — National Bank of Canada reported a second-quarter profit of $906 million, up from $832 million a year earlier, and raised its dividend.
The Montreal-based bank said Wednesday it will now pay a quarterly dividend of $1.10 per share, an increase of four cents.
The increased payment to shareholders came as National Bank says its profit amounted to $2.54 per diluted share for the quarter ended April 30, up from $2.34 per diluted share in the same quarter last year.
Revenue totalled $2.75 billion, up from $2.45 billion a year earlier, while the bank’s provision for credit losses amounted to $138 million, up from $85 million in the same quarter last year.
On an adjusted basis, National Bank says it earned $2.54 per diluted share, up from an adjusted profit of $2.34 per diluted share a year ago.
Analysts on average had expected a profit of $2.45 per share, according to LSEG Data & Analytics.
“National Bank generated strong financial results for the second quarter of 2024, reflecting the disciplined execution of our strategy across business segments and the diversified earnings power of the bank,” National Bank chief executive Laurent Ferreira said in a statement.
“In what remains an uncertain macroeconomic environment, we are committed to maintaining our prudent approach to capital, credit, and costs and to generating long-term value for our shareholders.”
National Bank said its personal and commercial business earned $311 million in its latest quarter, down from $320 million in the same quarter last year as it faced higher provisions for credit losses.
The bank’s wealth management operations earned $205 million, up from $178 million in the second quarter of 2023, while its financial markets business earned $322
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