The sixth largest lender in the country, National Bank of Canada, has reported a 14% increase in its adjusted quarterly profit which was led by its wealth management business and its financial markets.
The bank’s main personal and commercial lending business earnings surged by 7% that is equivalent to 178 million Canadian dollars or 156 million U.S. dollars. This resulted by narrowing interest margins.
With this profit growth, the National Bank joins the Royal Bank of Canada in the only financial institutions to have exceeded or met their fourth quarter profit expectations. National Bank posted a net profit that rose to C$0.91 cents per share or C$330 million in the last quarter that ended in October 31. The bank’s net profit for 2013 was C$320 million that is equivalent to a price of C$0.90 cents a share.
This Montreal-based bank’s earnings amounted to C$1.14 per share that meet analysts estimate that is excluding special items.
What helped the National Bank of Canada enjoy a 14% increase in net profits are financial market fees that went up by 33% and the wealth management business that rose by 42%. Trading revenue may have fallen down on equities and fixed-income businesses but the bank was still able to meet its fourth quarter expectations.
The bank has changed its quarterly dividend, increased it by 2 Canadian cents making it 50 Canadian cents a share.