National Bank net profits soar
MONTREAL–National Bank Financial Group saw its profits and revenue rise in the fourth quarter despite the recessionary economy.
The Montreal-based bank reported net income of $241 million or $1.39 per share for the quarter ending October 31. That was up from year-ago profit of $70 million or 37 cents per share.
Diluted earnings per share at Canada's sixth-largest bank was $1.39, compared with 37 cents for the same quarter of 2008.
National Bank recorded a $54 million provision for credit losses in the fourth quarter, a figure $5 million more than last year online payday loans. The increase was mainly due to losses on personal loans and credit card receivables.
Revenue totalled $1.1 billion, rising 43 per cent from $765 million last year.
For fiscal 2009, the bank's net income totalled $854 million, up 10 per cent from $776 million reported in fiscal 2008.
Filed under: money by Fred