National Bank of Canada reports Q4 profit up from year ago, raises quarterly dividend

National Bank profits

Photo: THE CANADIAN PRESS/Paul Chiasson

National Bank of Canada raised its dividend as it reported its fourth-quarter profit rose compared with a year ago. A National Bank sign is seen on May 30, 2016 in Montreal.

National Bank of Canada raised its dividend as it reported its fourth-quarter profit rose compared with a year ago.

The Montreal-based bank said Wednesday it will now pay a quarterly dividend of $1.14 per share, up from $1.10 per share.

National Bank says it earned $955 million or $2.66 per diluted share for the quarter ended Oct. 31, up from a profit of $751 million or $2.09 per diluted share in the same quarter last year.

Revenue for the quarter totalled $2.94 billion, up from $2.56 billion a year earlier, while the bank's provision for credit losses amounted to $162 million, up from $115 million a year ago.

On an adjusted basis, National Bank says it earned $2.58 per diluted share in its latest quarter, up from an adjusted profit of $2.39 per diluted share in the same quarter last year.

The average analyst estimate had been for an adjusted profit of $2.57 per share, according to data provided by LSEG Data & Analytics.

"Through disciplined execution, strong organic growth and resilient credit performance, we met all of our medium-term financial objectives in 2024," National Bank chief executive Laurent Ferreira said in a statement.

"Looking ahead to 2025 in what will remain a complex environment, we will continue to leverage our diversified business model and disciplined approach to credit, capital and costs as we pursue our growth path."

National Bank said its personal and commercial banking business earned $327 million, up from $271 million in the same quarter last year, while its wealth management business earned $219 million, up from $155 million a year ago.

The bank's financial markets business earned $306 million, up from $284 million a year earlier.

National Bank's U.S. specialty finance and international business, which mainly comprises its Credigy Ltd. and Advanced Bank of Asia Ltd. subsidiaries, earned $157 million, up from $145 million in the same quarter last year.

The bank's "other" segment reported a loss of $54 million in its latest quarter compared with a loss of $104 million a year earlier.