National Bank nets $351m in Q4

By Staff | December 6, 2012 | Last updated on December 6, 2012
1 min read

National Bank is boosting its dividend by 5%, or 85 cents, per share, after it reported $351 million in net income for the fourth quarter of 2012, a 20% increase from $292 million in the same quarter of 2011.

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Diluted earnings per share for the quarter ended October 31, 2012 stood at $1.97, up 22% from $1.62 in the same quarter of 2011.

“For the fourth quarter of 2012 and the year as a whole, the Bank performed well on the strength of personal loan growth, financial market trading, and contributions from the Wealth Management acquisitions,” says Louis Vachon, president and CEO, National Bank. “Our loan portfolio maintained its excellent quality, placing the Bank among the industry’s best.”

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For 2012, the Montreal-based bank’s net income totalled $1,634 million, up 26% from $1,296 million in 2011. Diluted earnings per share stood at $9.32 for 2012, up $2.40 or 35% from $6.92 in 2011.

The bank’s total revenues for 2012 amounted to $5,313 million, a year-over-year increase of 14% that was attributable to a gain on the sale of the operations of Natcan Investment Management Inc., to revenues related to holding restructured notes, to growth in personal loan volume, revenues from acceptances, the acquisitions in the wealth management segment, trading activity revenues, and the share in the net income of associate Maple Financial Group Inc.

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Advisor.ca staff

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.