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National Bank reports Q2 profit up from year ago, raises dividend

Canadian Press - Fri May 27, 5:55AM CDT

MONTREAL — National Bank of Canada is reporting a second-quarter net income of $893 million and raising its quarterly dividend.

The Montreal-based bank says it will now pay a quarterly dividend of 92 cents per share, up five cents from 87 cents per share.

The increased payment to shareholders came as the bank says it earned $2.55 per diluted share for the quarter ended April 30 compared with a profit of $801 million or $2.25 per diluted share a year earlier.

Revenue totalled $2.44 billion, up from $2.24 billion.

On an adjusted basis, National Bank says it earned $2.55 per diluted share, up from an adjusted profit of $2.25 per diluted share in the same quarter last year.

Analysts on average had expected an adjusted profit of $2.25 per share for the quarter, according to estimates compiled by financial markets data firm Refinitiv.

This report by The Canadian Press was first published May 27, 2022.

Companies in this story: (TSX:NA)