National Bank Reports Q4 Profit Down From Year Ago, Raises Quarterly Dividend

National Bank Reports Q4 Profit Down From Year Ago, Raises Quarterly Dividend

MONTREAL — National Bank of Canada raised its dividend as it reported its fourth-quarter profit fell four per cent compared with a year ago.

The Montreal-based bank says it will up its quarterly payment to shareholders by five cents to 97 cents per share.

The increased payment came as National Bank says it earned $738 million or $2.08 per diluted share for the quarter ended Oct. 31, down from $769 million or $2.17 per diluted share in the same quarter last year. Revenue totalled $2.33 billion, up from $2.21 billion a year earlier.

Provisions for credit losses totalled $87 million in the fourth quarter compared with a recovery of $41 million a year ago.

National Bank says it earned $2.08 per diluted share on an adjusted basis in its latest quarter, down from an adjusted profit of $2.19 per diluted share in the same quarter last year.

Analysts on average had expected a profit of $2.24 per share, according to estimates compiled by financial markets data firm Refinitiv.

This report by The Canadian Press was first published Nov. 30, 2022.