Skip to main content
Complete Olympic Games coverage at your fingertips
Your inside track on the Olympic Games
Enjoy unlimited digital access
$1.99
per week for 24 weeks
Complete Olympic Games coverage at your fingertips
Your inside track onthe Olympics Games
$1.99
per week
for 24 weeks
// //

Pedestrians walk past the head office of the National Bank Financial Group in Montreal on March 30, 2011.

Christinne Muschi/Reuters

National Bank of Canada increased its fiscal fourth-quarter profit by 7 per cent and raised its quarterly dividend.

The Montreal-based bank reported higher profits from each of its four divisions, as it continues to benefit from a buoyant economy in Quebec, where its business is heavily concentrated.

For the three months that ended Oct. 31, National Bank earned $604-million, or $1.67 per share, compared with $566-million, or $1.52 a share a year earlier.

Story continues below advertisement

Adjusted to exclude certain items, National Bank said it earned $1.69 per share, well ahead of the consensus estimate among analysts of $1.62, according to Refinitiv.

National Bank increased its quarterly dividend by 3 cents to 71 cents per share.

For the full fiscal year, National Bank reported profit of $2.32-billion, a 4-per-cent increase from 2018, while earnings per share improved 7 per cent to $6.34.

"The outlook in Quebec remains favourable and we continue to take advantage of Canada's broader economic soundness," said chief executive officer Louis Vachon, in a statement.

Provisions for credit losses, or the money banks set aside to cover bad loans, were $89-million, up from $73-million a year earlier and consistent with analysts' expectations.

Profit from personal and commercial banking rose 5 per cent to $270-million, driven by higher loan and deposit volumes even though the margin on loans narrowed slightly.

The financial markets arm delivered profit of $205-million, up 7 per cent from a year earlier, due to strong growth in revenue from global markets, which offset a decline in corporate and investment banking revenue. Wealth management profit increased 10 per cent to $130-million thanks to higher revenues from fees.

Story continues below advertisement

And a large increase in revenue from the bank’s Cambodian subsidiary, ABA Bank, helped push profit from the U.S. specialty finance and international division 42 per cent higher, to $78-million.

Your time is valuable. Have the Top Business Headlines newsletter conveniently delivered to your inbox in the morning or evening. Sign up today.

Your Globe

Build your personal news feed

  1. Follow topics and authors relevant to your reading interests.
  2. Check your Following feed daily, and never miss an article. Access your Following feed from your account menu at the top right corner of every page.

Follow the author of this article:

Follow topics related to this article:

View more suggestions in Following Read more about following topics and authors
Report an error Editorial code of conduct
Tickers mentioned in this story
Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

If you do not see your comment posted immediately, it is being reviewed by the moderation team and may appear shortly, generally within an hour.

We aim to have all comments reviewed in a timely manner.

Comments that violate our community guidelines will not be posted.

UPDATED: Read our community guidelines here

Discussion loading ...

To view this site properly, enable cookies in your browser. Read our privacy policy to learn more.
How to enable cookies