National Bank (NA, $89.92): Profit increase in the fourth quarter, slight decline over the year

National Bank reported net income of $768 million for the fourth quarter of the current fiscal year, up 4% from $738 million in the corresponding period of 2022.

Diluted earnings per share have now increased from $2.08 to $2.14.

On the other hand, the Montreal-based financial institution reports that its adjusted net income in the fourth quarter of this year (excluding certain items) was $867 million, up 17% from $738 million in the corresponding quarter of 2022. Adjusted diluted earnings per share increased from $2.08 to $2.44 during the same period.

The National Bank explains the increases in net results by the increase in total income of all business segments compared to the fourth quarter of 2022, mitigated by the increase in noninterest expenses and provisions for loan losses.

For the full fiscal year ended October 31, net income reached $3.335 billion, down 1% from $3.383 billion in fiscal 2022. Diluted earnings per share also fell from $9.61 in 2022 to $9.38 this year.

The National Bank recorded revenue growth in all business segments, offset by the increase in noninterest expenses.

However, adjusted net income for fiscal 2023 was higher than the previous year, increasing 1%, from $3.383 billion to $3.409 billion, while adjusted diluted earnings per share were roughly flat, from $9.61 to $9.60.

In parallel with the release of its results, National Bank announces an increase in its dividend from $0.04 per common share to $1.06 per common share for the quarter ending January 31, 2024. This dividend will be paid on January 1, 2024. FEBRUARY.

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