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National Bank reported net income, excluding specified items, of $531 million in Q4 2017, up 15% from $463 million in Q4 2016.

For fiscal 2017, the bank posted record net income of $2.02 billion, compared to approximately $1.26 billion in fiscal 2016, and the 2017 diluted earnings per share stood at $5.38 versus $3.29 in 2016.

In a release, the bank says its earnings increases “were driven by net income growth across all of the bank’s business segments, as well as by the year-over-year effects of several specified items recorded in fiscal 2016.” That included “the bank’s write-off of its equity interest in associate Maple Financial Group Inc. and the restructuring charge.”

“The fourth quarter concludes a record year for the bank, in which its net income exceeded $2 billion for the first time.,” says Louis Vachon, National Bank president and CEO. Along with revenue growth, Vachon credits “an effective management of operating costs.”

The bank’s board of directors also declared an increase of the dividend on its common shares from $0.58 to $0.60 per common share for the quarter ending Jan. 31, 2018. The dividend will be payable on Feb. 1, 2018 to holders of record of common shares on Dec. 27, 2017.

Also read:

Scotiabank’s Q4 profit up 3%

Royal Bank reports 12% rise in Q4 net income

TD’s net income up 11% in Q4

CIBC reports 25% net income gain in Q4

Originally published on Advisor.ca
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