- Canadian lender had C$62 million in restructuring costs
- Montreal-based bank raises its dividend 3.8% to 54 cents
National Bank of Canada said fiscal fourth-quarter profit rose 5.2 percent on gains in retail lending and capital markets. The firm raised its dividend 3.8 percent to 54 cents.
Net income for the period ended Oct. 31 climbed to C$347 million ($259 million), or 95 cents a share, from C$330 million, or 91 cents, a year earlier, the Montreal-based lender said Wednesday in a statement. Canada’s sixth-largest bank said it earned C$1.16 a share excluding some items, matching the estimate of 13 analysts surveyed by Bloomberg.
Earnings were pared by restructuring costs totaling C$62 million, less than the estimated C$64 million charge the bank disclosed on Oct. 1. Those expenses included severance costs from job cuts as the bank adjusts to changes in technology and customer preferences.
Revenue rose 3.4 percent to C$1.47 billion from a year earlier, missing analysts’ estimates, while provisions climbed 7 percent to C$61 million.
Adjusted earnings in personal and commercial banking rose 7.5 percent to C$187 million after the restructuring costs. The financial-markets unit’s profit climbed 7.3 percent to C$162 million, while wealth management fell 5 percent to C$76 million.