The National Bank of Canada has posted a net income of CAD484m ($358.4m) for the second quarter of 2017, a surge of 130% compared to CAD210m ($155.3) in the year ago quarter.
For the quarter ended 30 April 2017, diluted earnings per share were CAD1.28 as against CAD0.52 in the second quarter of 2016.
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The bank’s net income excluding specified items totalled CAD492m, a jump of 108% compared to CAD237m in the year ago period. Adjusted diluted earnings per share were CAD1.30 compared to CAD0.60 a year earlier.
The banking group’s total revenues for the quarter were CAD1.59bn, an increase of 12% from CAD1.42bn in the second quarter of 2016.
The wealth management unit of the bank reported net income of CAD99m in the second quarter of 2017, up 27% from CAD78m reported a year ago. The wealth unit’s quarterly revenues stood at CAD393m, an increase of 11% from CAD353m a year ago.
National Bank president and CEO Louis Vachon said: “Each business segment posted double-digit earnings growth, contributing to the Bank’s excellent performance for the second quarter of 2017. Furthermore, the bank increased its quarterly common share dividend by 2 cents per share or 3.6% to 58 cents per share and continues to strengthen its Common Equity Tier 1 (CET1) capital ratio.”
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