National Bank hikes dividend as adjusted earnings
National Bank hikes dividend as adjusted earnings hit record
Canadian Press | 13/05/24 | Last Updated: 13/05/24 8:38 AM ET
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National Postts net income was down from last year, when National Bank had an unusual gain, but its more closely watched adjusted earnings hit a record $369 million — up 6% from the same time last year.
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MONTREAL — Canada’s sixth-largest bank is hiking its dividend and buying back some of its shares, National Bank announced Friday along with a second-quarter profit that beat analyst estimates by a wide margin.
The Montreal-based bank said its adjusted earnings hit a record $369 million — up 6% from the same time last year. That equalled $2.08 per share, a 7% increase from $1.95 per share in the same quarter last year.
National Bank’s net income also beat analyst estimates but was down year-to-year, due to an unusual $198-million gain that it recorded in the second quarter of its 2012 financial year.
Net income equalled $2.49 per share, or $434 million, down from $553 million or $3.22 per share in the quarter ended April 30, 2012.
Revenue dropped 8% to $1.386 billion from $1.499 billion.
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Analysts had been looking for National Bank to produce $1.98 per share in adjusted earnings and $1.99 per share in net income with $1.26 billion of revenue, according to a consensus estimate from Thomson Reuters.
The bank says its quarterly dividend on common shares will rise by 5% to 87 cents per share, starting with the August payout.
It also announced a share buyback program that will enable it to repurchase and cancel up to 3,246,676 common shares in the 12 months beginning June 20.
Canadian Press