The National Bank of Canada has posted a net income of C$307m for the fourth quarter of fiscal 2016, a 12% decrease compared to C$347m in the corresponding quarter of 2015.
Diluted earnings per share stood at C$0.78 compared to C$0.95 in the prior year.
Excluding specified items, the bank’s adjusted net income increased 11% to C$463m from C$417m the year ago, while adjusted diluted earnings per share was up by 7% to C$1.24 from C$1.16 the year ago.
The banking group’s total revenues during the period stood at C$1.57bn, a rise of 12% from the previous year.
The wealth management unit of the bank reported net income of C$84m for the fourth quarter of fiscal 2016, a surge of 20% from C$70m during the same quarter of 2015.
Excluding specified items, the wealth arm’s quarterly net income jumped 21% to C$91m from C$75m in the prior year.
National Bank president and CEO Louis Vachon said: “The bank achieved excellent results in the fourth quarter thanks to strong performance in each business segment. Furthermore, as at October 31, 2016, the Common Equity Tier 1 (CET1) capital ratio stands at 10.1%.
“The bank is continuing its transformation to make the organization even more streamlined and efficient such that it can consistently respond to client requirements with agility.”
