National Bank of Canada profit falls 13 percent

Tue May 27, 2014 6:05pm EDT
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(Reuters) - National Bank of Canada (NA.TO: Quote), the country's sixth-largest lender, said quarterly profit fell 13 percent as the year-earlier period included a C$102 million ($93.8 million) benefit.

The company's net income fell to C$362 million, or C$1.01 per share, in the second quarter ended April 30, from C$417 million, or C$1.20 a share, a year earlier.

National Bank of Canada said it recorded a rise in the fair value of restructured notes in the second quarter of 2013.

Excluding items, the bank said net income rose to C$375 million, from C$352 million a year earlier.

The Montreal-based bank raised its quarterly dividend to 48 Canadian cents per share for the quarter ending July 31, from 46 Canadian cents per share.

(Reporting by Sneha Banerjee in Bangalore; Editing by Sriraj Kalluvila)