National Bank of Canada (NA.TO), a community banking franchise, on Wednesday announced that second quarter net income decreased from the previous year. Further, the board has increased the quarterly dividend.
For the second quarter, net income decreased 1% to C$896 million from C$906 million last year.
Earnings per share were C$2.17 versus C$2.54 in the prior year.
Adjusted net income were C$1.17 billion, while it was C$906 million in the previous year.
Adjusted earnings per share were C$2.85 versus C$2.54 last year.
Twelve analysts, on average, had expected the company to report C$2.4 per share. Analysts' estimates typically exclude special items.
Net interest income increased to C$1.21 billion from C$635 million in the prior year.
Non-interest income climbed to C$2.45 billion from C$2.12 billion in the previous year.
Revenue surged to C$3.65 billion from C$2.75 billion in the same quarter last year.
Further, on May 27, the Board declared regular dividends on preferred shares and a $1.18 dividend per common share, which is an increase of 4 cents or 3.4%. It is payable on August 1 to shareholders on record as of June 30.
On Tuesday, National Bank of Canada closed trading 0.38% higher at C$129.36 on the Toronto Stock Exchange.
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