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National Bank Of Canada Q4 Profit Drops; increases Its Stake To 100% In Credigy

National Bank of Canada (NA.TO) reported that its fourth-quarter net income attributable to the bank's shareholders and holders of other equity instruments dropped to C$490 million or C$1.36 per share from C$590 million or C$1.67 per share last year.

Net income per share, excluding specified items, was C$1.69 for the fourth quarter of fiscal 2020, stable compared to last year. Analysts polled by Thomson Reuters expected the company to report earnings of C$1.52 per share for the quarter. Analysts' estimates typically exclude special items.

Quarterly total revenues were C$2.00 billion, up C$85 million or 4% from last year. Analysts expected revenues of C$1.98 billion for the quarter.

The bank has declared a dividend of C$0.71 per common share for the quarter ending January 31, 2021. This dividend is payable on February 1, 2021 to common shareholders of record on December 28, 2020.

In addition, National Bank of Canada said that it is increasing its stake to 100% in Credigy Ltd. It became a shareholder of Credigy in 2006 and subsequently increased its stake to 80%.

Founded in 2001 and headquartered in Atlanta, Georgia, Credigy is a global specialty finance company with flexibility to acquire or finance a diverse range of assets.

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