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National Bank keeps lid on dividend (Charla Jones/The Globe and Mail)
National Bank keeps lid on dividend (Charla Jones/The Globe and Mail)

National Bank keeps lid on dividend Add to ...

The National Bank of Canada isn’t following the dividend-increasing example of country’s large banks, even though the Quebec-based bank’s profits grew by 13 per cent in the third quarter to $379-million.

The country’s sixth-largest bank, which raised the quarterly payout three months ago, kept it steady at 79 cents per share, it said after markets closed.

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Canada’s five largest banks all increased their dividends over the past couple of days after earning $7.8-billion in cumulative profits.

National Bank said its net income attributable to shareholders increased to $360-million from $318-million.

Adjusting for one-time items it earned $353-million, up from $334-million in the prior year. The amount attributable to shareholders grew to $334-million from $316-million in the third quarter of 2011.

Adjusted net income for the period ended July 31 equalled $1.98 per diluted share, up from $1.86 a year earlier.

Revenue grew 11 per cent to $1.2-billion.

The bank was expected to earn $1.90 per share in adjusted profits on $1.25-billion of revenue, according to analysts polled by Thomson Reuters.

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