National Bank of Canada earns $906M Q2 profit, raises quarterly dividend

National Bank of Canada reported a second-quarter profit of $906 million, up from $832 million a year earlier, and raised its dividend.

The Montreal-based bank says it will now pay a quarterly dividend of $1.10 per share, an increase of four cents.

The increased payment to shareholders came as National Bank says its profit amounted to $2.54 per diluted share for the quarter ended April 30, up from $2.34 per diluted share in the same quarter last year.

Revenue totalled $2.75 billion, up from $2.45 billion a year earlier, while the bank’s provision for credit losses amounted to $138 million, up from $85 million in the same quarter last year.

On an adjusted basis, National Bank says it earned $2.54 per diluted share, up from an adjusted profit of $2.34 per diluted share a year ago.

Analysts on average had expected a profit of $2.45 per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published May 29, 2024.