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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.

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