reports its 2021 annual and fourth-quarter results The financial information reported in this document is based on the unaudited interim condensed consolidated financial statements for the fourth quarter of fiscal 2021 and on the audited annual consolidated financial statements for the year ended October 31, 2021 and is prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), unless otherwise indicated. IFRS represent Canadian generally accepted accounting principles (GAAP). All amounts are presented in Canadian dollars.
MONTREAL, Dec. 1, 2021 /CNW Telbec/ - For the fourth quarter of 2021, National Bank is reporting net income of $776 million compared to $492 million in the fourth quarter of 2020. Fourth-quarter diluted earnings per share stood at $2.19 compared to $1.36 in the fourth quarter of 2020. These increases were driven by total revenue growth in most of the business segments, by reversals of allowances for credit losses on non-impaired loans owing to improvements in the macroeconomic outlook and in credit conditions as well as by a reduction in provisions for credit losses on impaired loans compared to the fourth quarter of 2020. Income before provisions for credit losses and income taxes totalled $953 million in the fourth quarter of 2021 compared to $741 million in the fourth quarter of 2020, a 29% increase arising from good performance in most of the business segments, tempered by a year-over-year fourth-quarter slowdown in the Financial Markets segment.
For the year ended October 31, 2021, the Bank's net income totalled $3,177 million compared to $2,083 million in fiscal 2020, and its fiscal 2021 diluted earnings per share stood at $8.96 versus $5.70 in fiscal 2020.These increases were due to a significant year-over-year decrease in provisions for credit losses on non-impaired loans, as macroeconomic and credit conditions improved from those in fiscal 2020, as well as to a significant reduction in provisions for credit losses on impaired loans. Also contributing to the growth in net income and diluted earnings per share was the excellent performance turned in by all the Bank's business segments, notably achieved through revenue growth. For fiscal 2021, income before provisions for credit losses and income taxes totalled $4,074 million, a 20% year-over-year increase driven by revenue growth across all the business segments.
''The Bank delivered outstanding results in fiscal 2021. We generated superior organic growth and an industry-leading return on equity while maintaining strong capital levels and prudent allowances for credit losses. The Bank's sustained performance reinforces our commitment to continue pursuing fitting strategies in terms of business mix, capital allocation, and risk management. We enter the new year on strong footing, well-positioned to generate solid growth across our business segments and deliver superior returns to our shareholders,'' said Laurent Ferreira, President and Chief Executive Officer of National Bank of Canada.
https://www.newswire.ca/en/releases/archive/December2021/01/c4081.html